ENTREPRENEURSHIP TRUST
BUSINESS PLAN S e p t e m b e r 2 2, 2 0 1 0 - U n d e r C o n s t r u c t i on
1007 Prospect Drive P.O. Box 22 Toledo, IA 52342 (641) 484-3108 info@tamacountyiowa.org www.tamacountyiowa.org/entrepreneurs
Table of Contents
Meeting Times and Dates Content Description
Page
Date
Time
Location
1. 2. 3. 4. 5. 6. 7. 8. 9.
2 3 4 5 6 7 8 9 10
09/01/2010 10/13/2010 09/01/2010 09/01/2010 09/22/2010 09/01/2010 09/22/2010 10/13/2010 10/13/2010
6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m. 6:30 p.m.
Reinig Reinig Reinig Reinig Reinig Reinig Reinig Reinig Reinig
Table of Contents . . . . . . . . . . . . . . . . Executive Summary . . . . . . . . . . . . . . Business Description & Vision . . . . . . Definition of the Market . . . . . . . . . . Description of Products & Services . . Organization & Management . . . . . . Marketing & Sales Strategy . . . . . . . . Financial Management . . . . . . . . . . . Appendices . . . . . . . . . . . . . . . . . . . . .
2
Executive Summary This section should:
After reviewing this section, the reader should:
Be written last Provide an enthusiastic snapshot of your company explaining who you are, what you do and why Be less than 2 pages
Want to learn more about your business Have a basic understanding about your company
To be completed after Oct 13, 2010.
3
Executive Summary Business Description and Vision This section should:
Mission statement (business purpose) Company vision (statement about company growth) Business goals and objectives Brief history of the business List of key company principals
After reviewing this section, the reader should know:
Who the business is and what it stands for Your perception of the company’s growth and potential Specific goals and objectives of the business Background information about the company
MISSION STATEMENT Tama County Economic Development Commission strives to cultivate a local economic environment that is pioneering, evolving, engaging the entire county in building the context and products necessary to attract and retain businesses and the labor force needed to ensure an economic foundation that will sustain the desired quality of life for all community members. VISION STATEMENT Increase the level of capital investment Increase the number of fair market living wage jobs Increase the efficiency at which capital and jobs are combined ENTREPRENEURSHIP GOALS Increase entrepreneurship via new business and retention (and healthy evolution) of existing base Increase success (rate) of businesses CORE VALUES: Trustworthy, Accessible, Inclusive, Pioneering, and Evolving BACKGROUND Iowa is one of the states that has the lowest level of Entrepreneurship, 2000 - 2010. Iowa is #2 in the lowest cost for doing business making it a haven for startups. In 2009, 50% of the visible businesses that started up in 2004 were still in existence. This number is significantly stronger than National numbers.
4
Executive Definition ofSummary the Market This section should:
Describe your business industry and outlook Define the critical needs of your perceived or existing market Identify your target market Provide a general profile of your targeted clients Describe what share of the market you currently have and/or anticipate
After reviewing this section, the reader should know:
Basic information about the industry you operate in and the customer needs you are fulfilling The scope and share of your business market, as well as who your target customers are
GEOGRAPHIC MARKET Tama County, Iowa INDUSTRY OUTLOOK A culture of entrepreneurship in rural areas with some of the most fertile soil in the world like Tama County, Iowa is becoming increasingly important as manufacturing replaces workers with technology, urban areas struggle to absorb increasing populations with decreased efficiencies, and technology/ connectivity allows rural labor forces to communicate and collaborate with higher density population bases at a fraction of the cost of doing business in higher density areas. MARKET NEEDS Thus far the Tama County Entrepreneurship Trust has identified two core areas of needs in serving the Tama County Entrepreneur. a) Perspective would relate to the meaningful translation of the thousands of existing entrepreneurial assets that form the foundation of our resource network which can be strengthened and combined increasingly better for Tama County’s specific localized needs. b) Exposure would relate to increasing the contact that these entrepreneurship assets have on our local culture as a philosophy for a way of living, thinking and solving problems as opposed to waiting for others to take on innovation. ENTREPRENEUR LIFE STAGE SCOPE: ALL
Maturity
Retiring Maturing Startup Pre-Startup
Time
5
Executive Summary Description of Products and Services This section should:
Specifically describe all of your products and services Explain who your products and services are competitive If applicable, reference a picture or brochure of your products, which would be included in the plan’s appendix
After reviewing this section, the reader should know:
Why you are in business What your products and services are and how much they sell for How and why your products and services are competitive
On the Agenda for Sept 22, 2010
6
Executive Summary Organization and Management This section should:
Provide a description of how your company is organized as well as an organization chart, if applicable Describe the legal structure of your business (proprietorship, partnership, corporation, etc.) Identify necessary or special licenses and/or permits your business operates with Provide a brief bio description of key managers within the company
The legal form of ownership for your business Who the leaders are in your business as well as their roles The general flow of operations within the firm
After reviewing this section, the reader should know:
LEGAL FORMATION Upon formation, the Tama County Entrepreneurship Trust would enjoy all the benefits of an 28E Department of the Tama County Economic Development Commission. An independent board referred to as the “Management Team” will be able to make decisions, raise funding and share resources similarly to other Departments of the 28E public-private partnership. MANAGEMENT TEAM Eric Joyce Lincoln Savings Bank Cletus Rowan Rowan Equipment and Fabrication Sandy McAntire Kissing Emu Farms Jacque Goodman Iowa Valley Community College District Lindi Roelofse Tama County Economic Development
- CEO - VP of Startups & Selling Businesses - VP of Hidden Entrepreneurs - VP of Education - Ex-Officio
Richard Arp North Tama School Board Carolyn Dolezal Tama-Toledo Chamber of Commerce Jeff Dolezal Tama-Toledo Community Leader Zane Dreesman High School Student Sheri Guillot Custom Creations by Sheri Jolene Holden Traer Community Leader Pete Holden Mayor of Traer, American Alternative Energy Inc. Jerimi Kopsa State Bank of Toledo Rick Krug Farmers Savings Bank & Trust - Traer Joyce Legg Tama County Public Health Dwayne Luze Dysart Development Corporation, Tama County Economic Development Don Lyons Mayor of Dysart, Tama County Economic Development Yvonne Mallory Iowa Valley Community College District Mark McFate South Tama School Board Bill Parker Gladbrook-Reinbeck Principal Merle Parks Garwin City Council, Tama County Economic Development Nick Podhajsky Farmer, Tama County Economic Development Keith Sash Mayor of Gladbrook Cindy Schulte Iowa Valley Community College District Roy Wiggs MSRW, LLC Byron Witt Appraisal and Real Estate Services Ellen Young Traer Betterment ADVISORY TEAM Dale Cyphert University of Northern Iowa, College of Business Ann Graham Pilgrim Heights Camp & Treat Center Jason Grimm Iowa Valley RC&D Lyle Niemeyer SCORE
7
Executive Marketing and Summary Sales Strategy This section should:
After reviewing this section, the reader should know:
Identify and describe your market—who your customers are and what the demand is for your products and services Describe your channels of distribution Explain your sales strategy, specific to pricing, promotion, products and place (4Ps)
Who your market is and how you will reach it How your company will apply pricing, promotion, product diversification and channel distribution to sell your products and services competitively
On the Agenda for Sept 22, 2010
8
Executive Summary Financial Management This section should include:
New Business Estimate of start-up costs Projected balance sheet (1 year forward) Projected income statement (1 year forward) Projected cash flow statement (12 months forward) Existing Business Balance sheets (last 3 years) Income statements (last 3 years) Cash flow statement (12 months) If Applying for a Loan Current personal financial statement on each principal Federal tax return for prior year
After reviewing this section, the reader should:
Have a good understanding regarding the financial capacity and/or projections for your company
On the Agenda for Oct 13, 2010
9
Executive Summary Appendices This section should include as attachments:
Company brochures Resumes of key employees List of business equipment Copies of press articles and advertisements (if available) Picture of your business location and products (optional) Information supporting the growth of your industry and/or products (optional) Key business agreements, such as lease, contracts, etc. (optional)
To be completed after Oct 13, 2010.
10