In order to be presented at a bank for funding, the skateshop business plan needs to show that you can most likely generate steady enough revenues to pay off the SBA-backed loan throughout start-up and the first year of operation. The plan should show a clear break-even point and offer a financial pro forma that shows three years of revenues, cash flow statements, profit and loss tables, a balance sheet, and a month by month estimate for key metrics in the first year you have your doors open. But to get funding your skateshop plan must also show that the market opportunity is compelling. Industry data and careful descriptions of the market are vital. Some considerations for the document:
• How many customers might you have within the area?
• What is the average price point of a pair of clothing, skateboard equipment, etc.?
• How many staff people will you need to run the company?
• What marketing components will you use?
• When can you hit break-even?
You should provide full descriptions and/or images of the skate products you will sell. The plan also needs to look at competitive threats in the market: aside from e-commerce sales, where are there similar shops located that could take sales away from you? What are their sales or which features/products, if any, are they able to offer that you are not? Showing that you have a grasp on the market and your customer base, the industry and its trends, and the methods you'll use to connect with customers is extremely important to the bank and the SBA. MasterPlans has written business plans for skateboard sellers, skate retailers, and even skate and snowboard manufacturers from coast to coast. Call us today to learn more about how MasterPlans can deliver for you. (877) 453-2011.
