The genealogist business plan should describe exactly what genealogy services you offer. Genealogy itself may be infinitely broad, but the service suite attached to it is narrow. Will you offer an online review of someone's lineage, or perhaps a printed report of their immediate ancestry? Or is your vision for the genealogy business more complex – i.e., will you pursue potential relatives, reach out to people in a client's family tree, or offer in-depth historical or namesake research? The precise type of service you'll bring to market is important here – and so you should describe it as carefully as possible so that a banker or investor can quickly grasp what you're all about. The business plan should also cover these points:
• How will you market against upstart websites offering similar services?
• What are your average price points for different sorts of engagements?
• How will you advertise your services?
• Do you have significant web development costs, and when will you encounter them?
• Can you identify all start-up costs by category?
• Will you have any personnel needs, or is this a solo operation?
Your business plan for genealogy should also offer a complete financial pro forma, even if most of the figures you present are only preliminary estimates. The model needs to show your anticipated revenues, expenses (profit and loss statement and balance sheet) a cash flow, and a break-even point. If you are seeking private investment, a five-year model with an equity proposition is a good idea, though most bank-ready plans need only three years of projection and a simple loan repayment schedule. MasterPlans has written for a wide range of businesses including web-based businesses that offer lineage tracing and family reconnection services. Call us to learn about the planning process and our team's qualifications. (877) 453-2011.
