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    3 Replies Latest reply on Jun 11, 2008 5:03 PM by Lighthouse24

    Business Plan help

    mharvey Wayfarer
      I am writing a business plan, but i am stuck. i am stuck on the personnel plan. I am not planning on hiring anyone. my husband and i are going to be the only two people working in the establishment. But in the furture, as our business grows, we plan on having independent contractors work with us. Since we are opening a tattoo and body piercing establishment, we don't really need to have anyone else working for us at the moment. how should i write this down?

      Also, I am stuck on how to figure out the charts and tables for everything. I'm not sure on how to do that. If there is any advice, please let me know.

      thank you
        • Re: Business Plan help
          Lighthouse24 Ranger

          It sounds like you're using a generic template to build your plan, so it's possible that not everything will apply. You do need to outline yours and your husband's qualifications and experience in detail somewhere in the plan. If you intend to hire contractors at some point in the next three years, then that would be a part of your personnel plan -- you'd expand on it by outlining their minimum qualifications, where and how you'd find them, when and how you'd expect to use them, how and how much you'd pay them, etc.

          What specific charts and tables are hanging you up?
          1 of 1 people found this helpful
            • Re: Business Plan help
              mharvey Wayfarer
              I'm Stuck up on the financial charts. I've been taking a look at other business plans and basing mine off of what i see and how others are written and sectioned out. as for other shops we have worked at in the past, most of the artist have been paid on a percentage of what they make and worked as independent contractors, as they can work when they need to and come as they please. it's pretty much the percentage we are taking out for booth rental. we won't be taking out taxes from what they make, as they will be paid in cash everyday. From our previous experience, when charged credit cards, there is no tax as it was a service performed. But that was in california. They only things that will have sales tax is the products we intended to sale.

              But as for the charts and tables, it's for the financial section for projected income and Loss and Profit. Also, the sales forecast. We do expect income steadily increase, but I don't understand how to show that as most of our income will be from the services provided. and it will be paid in cash most of the time.
                • Re: Business Plan help
                  Lighthouse24 Ranger
                  My suggestion is to do the Sales Forecast first -- it's basically a month-to-month projection of how much money you'll have coming in. For your business, I think it would make sense to categorize this by type of service/product (tats, piecings, jewelry items, etc.) and/or by booth/artist. Estimating how much you'll make month by month for each category allows you to think about and plan for any seasonal highs and lows in your business, for periods of time when an artist might be on vacation or unavailable, etc.

                  Do the P&L next. It lets you figure all the costs associated with sales in each of the categories above, and allows you to break those costs down (into merchandise, supplies, equipment, etc.). It also allows you to estimate your overall operating expenses (salaries, rent, utilities, advertising, etc.) from month to month. It's a lot of trouble, but worth it because as you work through it, you'll be more accurate about thinking of how various things (weather, holidays, college breaks, military leaves, etc.) might affect your income and your expenses. Finally, it lets you determine is you're really going to make enough money to operate profitably, or if your going to have to find ways to increase sales or decrease costs in order to make it.

                  If you don't like the templates you're using, try the ones that SCORE provides:
                  http://www.score.org/template_gallery.htm
                  l

                  I hope that helps you move forward. Best wishes.