Business plans for owner operators take on a different sort of importance. A large company seeking second-stage capital – one where the shares are divided between several people, and decisions are made in committee – is a different type of animal. Your straight-forward owner operator model should be treated differently in a plan. If you run your own business and are the sole employee (or one of only a small handful), there is an extra importance placed on the document that outlines your funding needs and uses. Whether you drive a long-haul truck, oversee a small diner, or run a repair company with one part-time assistance, your business is your livelihood. You are the reason it succeeds or fails. In that environment, and with those stakes, you need a business plan that will get you to the next level. Make sure your document covers all of the following questions convincingly:
• What problem does your service suite or product line solve for consumers?
• Who are the companies you compete against?
• What are the biggest threats to your sales?
• How can you market yourself differently going forward to increase revenues?
• Will you consider hiring anyone in the next 3 years?
The business plan for owner operators needs to make it clear that you know how to run the operation successfully, but have an action plan to call in reinforcements if needed. Even if you don't want to bring on any support staff during a three-year projection, there is no harm in outsourcing select tasks to consultants under your P&L. Anyone you 1099 to work on your company's behalf should be shown there. For the financial model, you will need three years of projected revenues and expenses and a clear, concise loan repayment timeline. The break-even should be quick but realistic, and your net profit and Y3 should be in line with other businesses of this type. Want to have a professional business plan writer assist with this document? Call the experts at MasterPlans today: (877) 453-2011.
