Developing a Business Plan
Conduct a feasibility study to begin developing a plan for a new business. Your study will help you forecast the potential for success of the business. This study will become part of your business plan which you will use to justify your proposal to lenders.
A basic business plan includes the following elements (.pdf from Small Business Resource Center).
[Library Resources to use for each element].
Name and Type of Business [Gale Business, IBIS World]
Description of Product/Service [Gale Business, IBIS World]
Business History & Development
Location [Reference Solutions]
Market Analysis [Mintel]
Competition [Reference Solutions]
Management [Gale Business]
Financial Information
Business Strengths & Weaknesses
Business Growth
Example Business Plans
These business plans and many more are available in the Small Business Resource Center (SBRC), below. These plans are from real U.S. companies.
Salon Flora
Epiphany Salon
The Clubhouse: Men's Salon & Spa
Information Resources
- Gale Business: Entrepreneurship
Gale Business: Entrepreneurship covers all major areas of starting and operating a business: financing, management, marketing, human resources, franchising, accounting, taxes, and more. Some notable resources include broad overviews of business topics and example business plans from actual businesses.
- IBISWorldReports on industries. Provides an overview of industries. Includes a definition, the industry supply chain, main activities, and similar/related industries. Also includes helpful details like jargon used in the industry and a glossary.
Example IBIS report on the hair and nail salon industry in the U.S.
- Illinois Department of Commerce & Economic Opportunity (DCEO)This very useful collection of publications and guides will help you develop a small business plan and provides information on business in Illinois.
Especially helpful: Step-by-Step Business Plan Workbook
- Mintel
Mintel is the world’s leading market intelligence agency. Use this resource to find analysis of consumers, markets, new products, and competitive landscapes in local and global economies. Includes full datasets as well as analysis and reports. An excellent resource for gathering information for a business plan. This resource is only available to COD students, faculty, and staff.
- Reference Solutions
Reference Solutions is a database consisting of United States and Canadian company information searchable by name, executive title, business type, sales volume, year established, address, location, industry, white page directory listings, and more. It allows 500 prints or downloads per session.
- SBDC NetThis site is the national information clearinghouse of the U.S. Small Business Administration and state agencies that are part of the SBA network. Includes information on all aspects of starting and running a small business. Includes market research information, industry information, and much more.
Example report:Beauty Salon Report.
