We’ll focus on writing a toothpick production business plan.
Any business enterprise you wish to operate requires a carefully designed plan of action that’s easily implemented.
This contributes towards the development and growth of the business idea. The business plan is what we’re referring to. This article provides a template for persons seeking to establish a toothpick production business.
With a well-laid-out plan, you can easily achieve your goal of a thriving toothpick production business. Now, we’ve taken the time to provide a guide on how to proceed.
All you have to do is follow the information provided for guaranteed success in this regard.
TOOTHPICK BUSINESS PLAN
No good plan is approached haphazardly. In other words, there must be a process through which the plan unfolds.
Basically, we’re referring to the key components that must be contained in your toothpick production business plan.
They include the executive summary, the company description, and the products & services sections.
There are other sections such as the market analysis, strategy & implementation, organization & management team, and the financial plan & projection sections.
i. Executive Summary
The name alone gives a hint of what this section is about. The executive summary section simply summarizes the contents of the plan. These are condensed to a few pages to help readers get a picture of what the plan is about.
No one wants to commit their time going through all the pages of a business plan unless they’re given an idea of how viable the business idea is. This is what you want your executive summary to achieve.
It should hold your reader’s attention through its well-thought-out contents.
While introducing your business idea and plan, certain basic sections shouldn’t be left out. These are the business name & location, products and/or services offered, the mission & vision statements, and also the purpose of the plan.
Business Name & Location
Naming your toothpick production business is something you’ll have to do first.
The name you’ve settled for should be included here. Asides from the name, you need to inform your audience of where the business will operate from or its operational base.
All such information provides a starting point from where the investor begins to get an idea of how your operations will be coordinated.
Products and/or Services Offered
A toothpick production business will be involved in just that.
However, you’ll need to state if there are any additional products or services. Have these briefly stated here in addition to highlighting their benefits to target clients?
Mission & Vision Statements
Under this subsection, you want to provide a business outlook by focusing on pointing out the path towards the attainment of your business goals.
For example, the mission statement should explain what your business offers, how it does what it does, and those served by such products.
The mission statement must be short, clear, and specific. The vision statement on the other hand clearly defines the planned future of your toothpick production business.
It’s a long-term roadmap that guarantees the accomplishment of your business’ overall strategies.
Purpose of the Plan
This is where you clearly state the purpose for writing your plan. Identifying the purpose helps towards achieving set goals or strategies.
ii. Company Description
Under the company description section, there should be a fuller breakdown of what’s involved in running your toothpick production business.
Here, details supplied should include your preferred legal structure, the history as well as the particular customer need(s) you intend to fill.
You must include an overview of products and services in addition to identifying your suppliers. The company description must include a summary of company growth in addition to market highlights.
Lastly, include a summary of your short and long-term goals with a clear path towards profitability.
iii. Products & Services
The products and services section requires a fuller detail being supplied regarding all products as well as services.
A critical inclusion should be the benefits derived from your products. This section should be inclusive of the market role of your products and services, and the advantages such have over those of competitors
What’s the lifecycle of your product?
Also provide information on any relevant trade secrets, patents, and copyrights. If there are ongoing research and development activities, have such included.
iv. Market Analysis
From your market analysis section, your audience should be able to clearly see your understanding of this business concept.
Writing this section requires a lot of research with key additions being a sketch of targeted customer segments.
Others include industry description and outlook as well as historical, current, and projected marketing data. A careful assessment of your competitors must be carried out with a focus on their strengths and weaknesses.
v. Strategy & Implementation
Effective sales and marketing strategies must be designed to help with easy implementation. This too requires a lot of careful and detailed work.
The strategy and implementation section must include information on how your toothpick production business will be promoted to your target market.
Provide details on cost, pricing, distribution, and promotions. There’s more!
You’ll need to explain how your business will function in terms of its operations cycle starting from acquisition (of supplies), production, and delivery.
Also, consider adding your labor sources as well as the number of employees needed.
vi. Organization & Management Team
A sound organization and management team enhances your business’s chances of success and growth. You’ll need to have this carefully worked out by providing details on your company’s organizational structure.
Start with an organizational chart that describes key departments and employees.
Next, information about the owners of the tooth production business owners must be included. This should be backed with details such as names, level of involvement, percentage ownership, and biography.
Profiles of management team members must also be provided here.
vii. Financial Plan & Projections
Your toothpick production business plan requires the inclusion of a financial plan and projections section. To do a good job, you’ll need the input of a financial expert.
A professional accountant is one such expert.
Here, the focus is on providing key details on financial statements such as the historical financial data, realistic prospective financial information as well as an analysis of financial data.
With these sections above fully covered, you should have a good plan that enhances the success potential of your toothpick production business.