{"id":603,"date":"2015-09-10T15:26:51","date_gmt":"2015-09-10T20:26:51","guid":{"rendered":"http:\/\/www.utires.com\/blog\/?p=603"},"modified":"2024-10-02T11:59:32","modified_gmt":"2024-10-02T08:59:32","slug":"sales","status":"publish","type":"post","link":"https:\/\/www.utires.com\/articles\/sales\/","title":{"rendered":"Estimation of Sales and Profits and The Business Plan (tire shops)"},"content":{"rendered":"<style type=\"text\/css\">\n  h1 {<br \/>    text-align: center;<br \/>    margin-top: 45px;<br \/>    margin-bottom: 45px;<br \/>    border-bottom-width: 1px;<br \/>    border-bottom-style: solid;<br \/>    border-bottom-color: #e7e7e7;<br \/>    font-weight: normal;<br \/>    font-family: \"Calibri Light\", Arial;<br \/>    padding-bottom: 20px;<br \/>  }<br \/>  .middlenote {<br \/>  \tmargin: 20px;<br \/>  \tbackground-color: #E7E7E7;<br \/>  \tpadding: 10px;<br \/>  }<br \/>    .widthsHalf{<br \/>    width: 50%;<br \/>    margin:0!important;<br \/>  }<br \/>  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left top, left bottom, from(#f8f8f8), to(#f6f6f6));<br \/>\tbackground: -moz-linear-gradient(top,  #f8f8f8,  #f6f6f6);<br \/>}<br \/>table tr:last-child td{<br \/>\tborder-bottom:0;<br \/>}<br \/>table tr:last-child td:first-child{<br \/>\t-moz-border-radius-bottomleft:3px;<br \/>\t-webkit-border-bottom-left-radius:3px;<br \/>\tborder-bottom-left-radius:3px;<br \/>}<br \/>table tr:last-child td:last-child{<br \/>\t-moz-border-radius-bottomright:3px;<br \/>\t-webkit-border-bottom-right-radius:3px;<br \/>\tborder-bottom-right-radius:3px;<br \/>}<br \/>table tr:hover td{<br \/>\tbackground: #f2f2f2;<br \/>\tbackground: -webkit-gradient(linear, left top, left bottom, from(#f2f2f2), to(#f0f0f0));<br \/>\tbackground: -moz-linear-gradient(top,  #f2f2f2,  #f0f0f0);<br \/>}<\/p>\n<p><!--TABLE--><\/p>\n<\/style>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.utires.com\/articles\/sales\/#ESTIMATING_SALES_AND_PROFITS\" title=\"ESTIMATING SALES AND PROFITS\">ESTIMATING SALES AND PROFITS<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.utires.com\/articles\/sales\/#MONTHLY_OPERATING_STATEMENT\" title=\"MONTHLY OPERATING STATEMENT\">MONTHLY OPERATING STATEMENT<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.utires.com\/articles\/sales\/#FAILURE_FACTORS\" title=\"FAILURE FACTORS\">FAILURE FACTORS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.utires.com\/articles\/sales\/#EDITORS_NOTE\" title=\"EDITOR\u2019S NOTE:\">EDITOR\u2019S NOTE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.utires.com\/articles\/sales\/#START-UP\" title=\"START-UP\">START-UP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.utires.com\/articles\/sales\/#THE_BUSINESS_PLAN\" title=\"THE BUSINESS PLAN\">THE BUSINESS PLAN<\/a><\/li><\/ul><\/nav><\/div>\n<h2 align=\"center\"><span class=\"ez-toc-section\" id=\"ESTIMATING_SALES_AND_PROFITS\"><\/span>ESTIMATING SALES AND PROFITS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Regardless of whether the main goal of a projected operating statement is to secure a bank loan, estimate cash requirements, or inform management planning, it\u2019s essential to create this statement before launching your business. As operational data becomes available, make sure to update and refine your projections on a regular basis.<\/p>\n<p>The steps for estimating monthly sales and profits are as follows:<\/p>\n<p><strong>1.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Start with the store size in square feet.<\/p>\n<p><strong>2.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Estimate the annual sales per square foot for the business based on sales per square foot for other businesses in the same trade area and similar businesses in other areas.<\/p>\n<p><strong>3.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Calculate the total annual sales volume: dollars per square foot x square feet = total sales.<\/p>\n<p><strong>4.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Estimate the seasonal sales patterns for the business attributing varying percentages of the total volume to each month of the year.<\/p>\n<p><strong>5.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Allocate the total annual sales calculated in step 3 to months: annual sales x monthly percentage = monthly sales.<\/p>\n<p><strong>6.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Adjust these normal monthly sales totals to reflect the start-up period, this is strictly a value judgment.<\/p>\n<p><strong>7.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Deduct from the monthly sales totals the cost of goods sold. The remainder is your gross profit margin. Then deduct your fixed and variable expenses. What\u2019s left is your net profit before taxes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MONTHLY_OPERATING_STATEMENT\"><\/span>MONTHLY OPERATING STATEMENT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>(The following pro forma operating statement is based on a 3 000- to 4 000-square-foot tire\/battery facility with three bays at the low end four at the high end and annually doing $432 000-$720 000. The shop is open from 7 a.m. to 7 p.m. Monday through Friday 9 a.m. to 6 p.m. Saturdays 10 a.m. to 5 p.m. Sundays. Low-end payroll consists of two full-time general service personnel two part-time along with one full-time salesperson and one part-time, the high-end three full-time general service personnel two part-time plus an assistant manager\/salesperson and two part-time assistants. In both cases the owner is manager.)<\/p>\n<table style=\"width: 100%;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"222\" \/>\n<col width=\"244\" \/> <\/colgroup>\n<tbody>\n<tr>\n<td width=\"222\" height=\"27\"><strong>INCOME<\/strong><\/td>\n<td width=\"244\"><strong>RANGE<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Gross Sales<\/td>\n<td>$36 000 to $60 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">(Cost of Sales)<\/td>\n<td>(15 900) to\u00a0 (25 000)<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Gross Profit<\/td>\n<td>$20 100 to $35 000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" height=\"27\"><strong>OPERATING EXPENSES<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"25\"><\/td>\n<td>$3 000\u00a0 to $4 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Utilities\/Phone<\/td>\n<td>470 to 600<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Owner\/Manager\u2019s Salary &#8230;<\/td>\n<td>2 500 to 3 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Payroll\/Benefits\/Taxes<\/td>\n<td>3 000 to 5 500<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Advertising\/Promotion<\/td>\n<td>1 800 to 2 800<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Professional Services<\/td>\n<td>320 to 510<\/td>\n<\/tr>\n<tr>\n<td height=\"25\"><\/td>\n<td>280 to 450<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Repairs\/Maintenance<\/td>\n<td>360 to 570<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Depreciation<\/td>\n<td>580 to 780<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Licenses\/Taxes<\/td>\n<td>250 to 390<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Interest<\/td>\n<td>160 to 260<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Insurance<\/td>\n<td>\u00a0830 to 1 200<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Miscellaneous<\/td>\n<td>\u00a0200 to 300<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">TOTAL EXPENSES<\/td>\n<td>\u00a013.75 to 20.36<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" height=\"27\"><strong>NET PROFIT BEFORE<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"25\">TAXES<\/td>\n<td>$6 350 to $14 640<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" height=\"25\">NET PROFIT AS A PERCENTAGE OF GROSS<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">SALES\/REVENUE<\/td>\n<td>0.176 to 0.244<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 align=\"center\"><span class=\"ez-toc-section\" id=\"FAILURE_FACTORS\"><\/span>FAILURE FACTORS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most small-business surveys show that the primary reasons for business failure lie in the following areas:<\/p>\n<p><strong>1.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Inefficient control over costs and quality of product.<\/p>\n<p><strong>2.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bad stock control.<\/p>\n<p><strong>3.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Under pricing of goods sold.<\/p>\n<p><strong>4.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bad customer relations.<\/p>\n<p><strong>5.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Failure to promote and maintain a favorable public image.<\/p>\n<p><strong>6.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bad relations with suppliers.<\/p>\n<p><strong>7.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Inability of management to reach decisions and act on them.<\/p>\n<p><strong>8.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Failure to keep pace with management system.<\/p>\n<p><strong>9.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Illness of key personnel.<\/p>\n<p><strong>10.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Reluctance to seek professional assistance.<\/p>\n<p><strong>11.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Failure to minimize taxation through tax planning.<\/p>\n<p><strong>12.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Inadequate insurance.<\/p>\n<p><strong>13.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Loss of impetus in sales.<\/p>\n<p><strong>14.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Bad personnel relations.<\/p>\n<p><strong>15.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Loss of key personnel.<\/p>\n<p><strong>16.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Lack of staff training.<\/p>\n<p><strong>17.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Lack of knowledge of merchandise.<\/p>\n<p><strong>18.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Inability to cope adequately with competition.<\/p>\n<p><strong>19.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Competition disregarded due to complacency.<\/p>\n<p><strong>20.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Failure to anticipate market trends.<\/p>\n<p><strong>21.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Loose control of liquid assets.<\/p>\n<p><strong>22.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Insufficient working capital or incorrect gearing of capital borrowings.<\/p>\n<p><strong>23.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Growth without adequate capitalization.<\/p>\n<p><strong>24.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Bad budgeting.<\/p>\n<p><strong>25.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Ignoring data on the company\u2019s financial position.<\/p>\n<p><strong>26.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Inadequate financial records.<\/p>\n<p><strong>27.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Extending too much credit.<\/p>\n<p><strong>28.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Bad credit control.<\/p>\n<p><strong>29.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Over borrowing or using too much credit.<\/p>\n<p><strong>30.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Bad control over receivables.<\/p>\n<p><strong>31.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Loss of control through creditors\u2019 demands.<\/p>\n<h2 align=\"center\"><span class=\"ez-toc-section\" id=\"EDITORS_NOTE\"><\/span>EDITOR\u2019S NOTE:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although we have covered all the details necessary for you to set up and operate this business business-management experience and\/or education will certainly reduce your chances of failure. If you don\u2019t have management education or experience we highly recommend that you enroll in a small-business-management course at one of your local community colleges. You may also wish to acquire the Entrepreneurs Institute. For more information call toll-free: 1(800)421-2300, California resident\u2019s call 1(800)352-7449.0. TIRE DEALER START-UP<\/p>\n<h2 align=\"center\"><span class=\"ez-toc-section\" id=\"START-UP\"><\/span>START-UP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>EXPENSES <\/strong>(Based on a new 3 000- to 4 000-square-foot tire\/battery store with projected annual gross sales of $480 000-$720 000. Equipment and inventory ranges apply only to a tire-battery operation. Figures will rise if brake shock muffler and alignment services are offered, see text.)<\/p>\n<table style=\"width: 100%;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"415\" \/>\n<col width=\"427\" \/> <\/colgroup>\n<tbody>\n<tr>\n<td width=\"415\" height=\"34\"><strong>ITEM RANGE<\/strong><\/td>\n<td width=\"427\"><\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Rent (sec. dep. + 1st mo.)<\/td>\n<td>$6 000 to $8 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Initial Tire\/Battery Inventory<\/td>\n<td>9 000 to 13 500<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Equipment\/Fixtures<\/td>\n<td>22 510 to 55 860<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Lease hold Improvements ($5- $10\/Sq. ft.)<\/td>\n<td>15 000 to 40 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Licenses\/Tax Deposits<\/td>\n<td>125 to 250<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Grand Opening\/Advertising<\/td>\n<td>4 000 to 6 000<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Utilities\/Phone Deposits<\/td>\n<td>150 to 400<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Professional Services<\/td>\n<td>960 to 1 530<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Owner\/Operator Salary<\/td>\n<td>1 500 to 1 800<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Payroll<\/td>\n<td>2 000 to 3 500<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Supplies<\/td>\n<td>620 to 900<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Insurance (1st quarter)<\/td>\n<td>2 490 to 3 600<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Miscellaneous<\/td>\n<td>400 to 600<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">TOTALS<\/td>\n<td>64.755 to $135.940<\/td>\n<\/tr>\n<tr>\n<td height=\"25\">Suggested Operating Capital<\/td>\n<td>$30 000 to $50 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 align=\"center\"><span class=\"ez-toc-section\" id=\"THE_BUSINESS_PLAN\"><\/span>THE BUSINESS PLAN<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The process of creating a business plan forces you to take a realistic objective unemotional more or less detached look at your proposed business in its entirety. Why is it so important to see your venture as a whole? Most people who have business ideas deal with them haphazardly. Putting a business plan together and writing down specifics not only gives you a chance to see your business as creator but allows you to step outside it and take a realistic approach to implementing your creation.<\/p>\n<p>A finished business plan becomes an operating tool that will help you manage your business and work toward its success. The final completed plan is the chief instrument for communicating your ideas to others business people bankers partners etc. If you seek financing for your business the plan will become the basis for your loan proposal.<\/p>\n<p>A strong business plan holds few surprises for its target. It conforms to generally accepted guidelines of form and content. Aside from introductory material a business plan typically has as many as 13 sections. Each section should include specific elements that will clarify your business goals. The overall structure is as follows:<\/p>\n<p><strong>Cover sheet.<\/strong><\/p>\n<p><strong>1.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Statement of purpose and summary.<\/p>\n<p><strong>2.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Description of business.<\/p>\n<p><strong>3.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market analysis.<\/p>\n<p><strong>4.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market strategy.<\/p>\n<p><strong>5.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Design and development plans.<\/p>\n<p><strong>Operations plan.<\/strong><\/p>\n<p><strong>7.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Management structure.<\/p>\n<p><strong>8.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Timetables and schedules.<\/p>\n<p><strong>9.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Potential pitfalls.<\/p>\n<p><strong>10.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Community benefits.<\/p>\n<p><strong>11.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Financial data.<\/p>\n<p><strong>12.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Supporting information.<\/p>\n<p><strong>13.<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 SB A materials.<\/p>\n<p>The last section is included only if the purpose of developing your business plan is to obtain SB A financing. Documents required by the SB A may be useful to you in setting up your business.<\/p>\n<p>This is the order of the plan as it should appear in the bound copy: title page, statement of purpose, table of con-tents (prepared last), description of business, market analysis, market strategy, design and development plans, operations plan, management structure, timetables and schedules, potential pitfalls, community benefits, financial data, and supporting documents.<\/p>\n<p>An important fact to keep in mind when preparing your plan is that you will not be creating it in the same order that it is presented.<\/p>\n<p>A business plan should have a cover. There is no reason to have your work bound in leather, what is required is that it be neat and of adequate size to hold your material. Buy a blue black or brown cover at a stationery store. Further a lender is more likely to think well of you if you remain conservative in this regard than if you spend money on unnecessary show. Subtle factors like this reflect on your business judgment. In some respects the way a person reads your business plan will affect his judgment of your management ability.<\/p>\n<p>Include a \u201ctitle page\u201d in your business plan. On this page put the name of the business the name(s) of the principals who own it as well as the business address and phone number. If you have a professional businesslike logo it can be used to dress up your title page.<\/p>\n<p>Next comes a statement of purpose and summary and this can be labeled as such. The summary should tell the reader what you want. This is very important. All too often what the business owner desires is buried in the middle of the report. Make clear what you are asking for in the statement summary. The statement of purpose cannot be completed with numbers until you&#8217;ve calculated your capital needs. But you can write a draft sentence and leave the numbers blank to be filled in later. The summary can cite the nature of the business the legal form of operation (sole proprietorship partnership corporation limited partnership) the amount and purpose of the loan being requested repayment schedule the equity share of the borrower and the equity-debt ratio after the loan security or collateral is offered. Also listed are the market value estimates or quotes on the cost of any equipment to be purchased with the loan proceeds.<\/p>\n<p>Suppose you own a business and want to expand. This is how your statement of purpose might read.<\/p>\n<p>Venetian Blinds Inc. a closely-held company incorporated under the laws of the State of Ohio is seeking a loan of $75 000to purchase equipment and inventory as well as property and buildings at520Olive Street Springfield Ohio. The money will be used to perform necessary renovations and improvements to maintain sufficient cash reserves and provide adequate working capital to successfully expand an existing wholesale\/retail window decorating company. The sum together with the $20 000equity investment of the principals will be sufficient to finance the transition through the expansion phase so that this recently started business can operate as an ongoing profitable enterprise.<\/p>\n<p>Make it easy for the loan analysts to know your wants and capabilities, that way they can say yes or no immediately and waste neither your time nor theirs.<\/p>\n<p>Whether the plan is to be used for financial or operations purpose its statement of purpose should be kept short and businesslike probably no more than half a page. It could be longer depending on how complicated the use of funds may be but the summary of a business plan like the summary of a loan application is generally no more than one page.<\/p>\n<p>In financially-oriented business plans the page following might have a table that shows how the loan proceeds will be distributed the source and the use of funds. You can amplify this with a small list showing what is going to be used as collateral and the conditions of the loan you propose.<\/p>\n<p>Following the statement of purpose come a table of contents, you will naturally prepare this last but be aware that you do need to include one. When you or others look over your plan you should be able to quickly find certain information financial data market information and the like.<\/p>\n<p>The section describing the business provides the reader with a general idea of the venture. Include any variables that provide insight into the business the industry and its markets.<\/p>\n<p>In the market analysis section your main objectives are to provide research that defines the potential customers the size of the market the competition and how much of the market share you can reasonably hope to attain. This is perhaps the most important section you\u2019ll be deal- A ling with. You\u2019ll be developing expected v sales figures that define factors to be discussed in later sections. Because of this it may be to your advantage to complete this section before any other in the business plan.<\/p>\n<p>Once you have defined your potential market and expected sales figures you have to detail how you will reach those projections. Based on your marketing analysis you want to describe exactly what your marketing strategy will be.<\/p>\n<p>The section on design and development plans is geared toward detailing the status of the proposed product or service before it is ready to hit the market, if your product or service is already completely developed you can forego this section.<\/p>\n<p>If you have developed the idea but not the product have plans to improve an existing product or are an existing company with plans to introduce a new product this section is extremely important to the business plan. The investor will want to know the development progress of any product or service concept costs associated with making it a marketable item as well as the estimated period of time.<\/p>\n<p>In the operations section you\u2019ll want to describe your facility requirements plus any production or inventory-purchasing plans. It is essential to present any costs the business will acquire in the production and inventory cycle.<\/p>\n<p>Of course any investors will also be interested in the management structure of the organization. They are going to want to know who will run the business what type of support personnel there will be etc. They will also want to know what kind of compensation any management personnel will receive as well as any equity positions that may be given in order to attract key individuals.<\/p>\n<p>After the management section you\u2019ll coordinate all the preceding information into a timetable that will chart the development of the company from start-up to a projected break-even and beyond. This is an integral step to raising money. Your main task in this section is to Interrelate all the major events involved in your company\u2019s growth to projected deadlines for the completion of those items.<\/p>\n<p>The pitfall section is included to show that you have thought of all the potential difficulties you might encounter when starting this venture. This type of information lends credibility to your ability to manage and conceptualize the various risks involved in business.<\/p>\n<p>Aside from the pitfalls you also want to show potential investors the community benefits that will be derived from your business. This would include the economic impact of your business upon the community in the form of jobs increased money circulated through the local area living standards etc. In addition describe how your business will affect the human element as well as the community in general. If you\u2019re providing a product or service that is unavailable in that community this is a definite plus, if your business will increase community pride that is another benefit.<\/p>\n<p>Supporting documents follow the financial data. Some people prefer to put a half-page summary of personal information right after the summary of the business and before the table of contents. This is a matter of discretion; many advisors believe that it makes sense because lenders are investing in the individual as much or more than they are in a business. Frequently individual tenacity dedication and character are the deciding factors of success in small business. In any case it\u2019s important for lenders to know that they have a person able to make a go at a business, a personal summary following the first summary of the business can give them this information.<\/p>\n<p>Personal data might show you\u2019re educational and work history in a functional way and things you\u2019ve done that support your ability to run a business. Credit references and a summarized financial statement can be included as well; any financial statement should be no more than 60 days old. Keep this in mind if you\u2019re presenting a plan to different prospects for a period longer than this and update your financial statement as required.<\/p>\n<p>This is just a brief overview of what is needed in a business plan. For more information that will guide you through the preparation of a business plan see Entrepreneur&#8217;s detailed report No. X3402 How to Develop a Successful Business Plan?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ESTIMATING SALES AND PROFITS Regardless of whether the main goal of a projected operating statement is to secure a bank loan, estimate cash requirements, or inform management planning, it&rsquo;s essential to create this statement before launching your business. As operational data becomes available, make sure to update and refine your projections on a regular basis. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[20],"tags":[],"class_list":["post-603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","has_thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estimation of Sales and Profits and The Business Plan (tire shops) - Tire Reviews, Buying Guide &amp; Interesting Facts - Utires.com<\/title>\n<meta name=\"description\" content=\"Unlock the potential of your tire shop with effective sales and profit estimation! This comprehensive guide covers the importance of projected operating statements for securing bank loans, estimating cash requirements, and enhancing management planning. 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