Plan for Your Small Business Success in Bastrop

Owning and running a small business is incredibly time-intensive. Nothing frustrates a small business owner more than a duplication or repetition of effort. For those new to business ownership and management, writing a business plan is an excellent first step to gaining the efficiency of operation that leads to long-term success. 

Today is the right time to set your business in the right direction for 2024. The Bastrop Economic Development Corporation (BEDC) is proud to be a resource for business owners and entrepreneurs. It is fortunate to serve existing Bastrop businesses and is eager to help bring more to the community.

The content below will help guide you through creating a business plan and provide access to the critical resources ready to help give direction, facilitate networking, and navigate the steps to secure essential financing and other operational tools.

What Is a Business Plan?

A business plan precisely defines your business, identifies your goals, and serves as your company’s resume. It shows all interested parties — employees, investors, partners, and yourself — that you are committed to building the business. Creating a plan forces you to think through and select strategies to propel your growth, including market research to support your plans. The essential components of a business plan include a current and pro forma balance sheet, an income statement, and a cash flow analysis.

Why You Need a Business Plan

A business plan helps you properly allocate resources, handle unforeseen complications, and make sound business decisions. A good business plan is crucial to any loan application because it provides specific and organized information about your company and how you will repay borrowed money. Additionally, the plan can inform sales personnel, suppliers, and others about your operations and goals. A business plan is for more than just startups. It is a living document that needs to be updated annually as your company grows and changes.

Components of a Typical Business Plan

Texas Economic Development provides excellent guidance for creating a business plan. Utilizing its outline by breaking it down into several segments and working on it step-by-step can help make drafting a more manageable task.

Summary

• Write a brief statement on the business, including a mission statement, current location, staff, and financial information.

Company profile

• Write a detailed description of the business, its goals, products or services and how they will resolve marketplace issues.

Ownership and management

• Discuss the ownership of the enterprise and the legal structure
• Skills and experience you or your staff bring to the business
• Explain the anticipated daily business management procedures
• Discuss hiring and personnel procedures
• Discuss insurance, lease, or rent agreements, and issues pertinent to your business

Marketing strategy

• Identify the customer demand for your product/service
• Identify your market, its size, and locations
• Explain how your product/service will be advertised and marketed
• Explain the pricing strategy 

Project financing

• Include financial projections and funding requests necessary over a set timeframe
• Develop a monthly operating budget for the first year
• Develop an expected return on investment (ROI) and monthly cash flow for the first year
• Account for production estimates and delivery of products and services 

Business plan resources

The Texas State Small Business Development Center (SBDC) at the nearby McCoy College of Business at Texas State University offers confidential and free counseling for every stage of business development. Contact these experts for necessary assistance today.

The Office of the Governor’s Small Business Handbook is an excellent resource covering everything necessary to start, grow or manage your endeavor in Texas.

Plan for success today!

A business plan is critical to meeting your goals; there is no better time to begin crafting one than today! Once you have a business plan draft, review it with a colleague or contact the resources above. Once that step is complete, and if you require financing, make an appointment to review and discuss it with your banker.

The Bastrop EDC is proud to work with area businesses and residents to facilitate the local economy's growth. Contact us to learn more about becoming part of our vibrant community.