Sponsored by the U. S. Small Business Administration
The Chamber of Commerce for Anderson and Madison County


Business Plan

A business plan is essential for success in starting or operating a business. Banks and investors will always ask to see your business plan before they will consider investing. The following ten steps will help in producing a plan for your business.

1. Research. Get as much information as possible on your proposed new business.

2. Projections. You must list accurate projections of sales and profits.

3. Capital. You must have enough money on hand and in reserve to back up your goals in the event your business does not catch on as fast as you had hoped.

4. Competition. You must have accurate knowledge of competitors and potential competitors and their experiences - both good and bad.

5. Location. It must be convenient for customers to come to you. If not, then you must devise a plan to reach them.

6. Image. You must consider the kind of public image you want to create with your product or service.

7. Records. Complete, accurate records are needed for tax purposes, for your bank, for guidance of your business, and for yourself.

8. Professional Help. You must rely on experienced help from expert professionals such as banks, lawyers, accountants and consultants

9. Purchasing. You must know when and where to buy, how to control inventory, how to conserve working capital, how to cut obsolescence, and how to meet and beat the competition.

10. Profit. The bottom line is that you must make a profit or you fail. You must account for all expenses of doing business and then add a fair margin in order to show a profit for your risk.

For help in developing a business plan and finding professional, contact SCORE to schedule a counseling session at no cost to you.

Contact us by calling the Anderson Chamber of Commerce at (765) 642-0264 or write to:

Union Bldg, Suite 211
1106 Merdian Street
Anderson, IN 46016

You may also send E-mail to us at