INITIAL STARTUP CONSIDERATIONS
STEP 1:
BUSINESS PLANNING
Developing a business plan is crucial to success. A wellwritten
business plan or adoption of a proven business
model can help secure funding, help market your products
or services and help establish strategic partnerships. While
there are different ways to clarify your plan in a formal
document, there are a few essential components that should
always be included.
1. DESCRIPTION OF BUSINESS
This section of your business plan should contain the “who,
what, when, where, why, and how” of your business. Some
relevant points include location, products and services,
employees, management structure, and labor policies.
2. MARKET ANALYSIS
This section of your business plan should include
demographic information about your customers and how you
plan to reach them, information about potential competitors,
timing of and barriers to market entry, your marketing
budget, and your advertising plan.
3. FINANCIALS
This section of your business plan should include your
balance sheets, cash flow projections, income statements, and
break-even analysis. You will need to articulate all of your
expenses and revenues by month and by year for a five-year
time period.
Additionally, your business plan should include a cover sheet
and an executive summary that provides an overview of your
entire plan.
BUSINESS PLANNING NEXT STEPS
• Many startups no longer need a formal lengthy business
plan to get started. Based on the type of company you are
trying to start and the sources of funding you are seeking,
you may only require a simpler format. It is important
to determine the most appropriate format through
early exploratory meetings with advisors, potential
stakeholders, investors, and lenders.
• Attend local business planning seminars hosted
by community agencies. Some organizations to
consider are the Department of Consumer and
Regulatory Affairs Small Business Resource Center,
U.S. Small Business Administration, DC Small
Business Development Center, and the Washington
DC Economic Partnership.
• Create your business plan. You can locate examples of
business plans that cover a variety of industries and
formats online. For more information visit
sba.gov/tools/business-plan,, bplans.com,
forms.entrepreneur.com, or canvanizer.com.
• If you would like to work with an experienced
counselor to help develop your business plan,
we recommend that you contact one of several
resource centers in DC. At the end of this chapter,
we have included a list of organizations that provide
comprehensive business startup assistance.
BUSINESS PLANNING RESOURCES
DEPARTMENT OF CONSUMER AND REGULATORY
AFFAIRS SMALL BUSINESS RESOURCE CENTER
The Department of Consumer and Regulatory
Affairs (DCRA) Small Business Resource Center
(SBRC) provides District-based small businesses and
entrepreneurs with training, consulting, and technical
assistance. Service offerings include a number of
regulatory process one-on-one sessions, educational
workshops and forums where subject matter experts
from a variety of DCRA’s divisions lend their expertise
on corporations, business licensing, zoning (occupancy
and home occupancy permits), and permitting special
events and vending. Additionally, the SBRC conducts two
annual forums, Build It In DC and Entrée DC, designed
to disseminate information, inspire entrepreneurship
and encourage growth among current and future
business owners.
Through partnerships with District and federal
government agencies and nonprofits that provide small
business development and technical assistance, the
SBRC also provides regular updates about small business
opportunities and referrals to other small business
resource providers throughout the District.
1100 4th Street, SW, 2nd Floor, Washington, DC 20024
(202) 442-8170 · dcra.dc.gov · dcbiz.ecenterdirect.com/signup
12 ©2018 WASHINGTON DC ECONOMIC PARTNERSHIP
/business-plan
/bplans.com
/forms.entrepreneur.com
/canvanizer.com
/dcra.dc.gov
/signup
