Entrepreneurs and investors take risks every time they fund a start-up.
However, a typical sales agency business plan will include at least the following elements. When you create a personal success profile, use it not just to make you feel good, but to make you worry a little. You will either have to learn to do it yourself, or be prepared to engage the services of others to do it for you.
Your capital requirements The chances are that you will be starting out as a solo and your only expenses will probably be those needed to keep yourself going in the business.
Know which of your personal assets can be used as collateral.
Know who will be willing to lend you money when you need it. The nature of your business Sure, we know! Some of your principals will want you to service the products you sell. Others will have work for you to do other than selling.
Most agents who have been around the block a few times will tell you that although you make your money selling, there will be a lot you have to do that you never anticipated just to keep the doors open.
Record keeping The tax and legal requirements of your state and the federal government will pretty much dictate how you keep your records. However, think about the other records you will need to keep. Each of your principals will have many customers.
And there will probably be several people at each customer site that you will have to know and work with. And, of course, multiply this by the results of your prospecting.
You will have to know where each of these people is on their way to becoming one of your customers. Fortunately, there are many good computer contact management programs that greatly simplify this work. Agency personnel Whether you plan to remain a solo or build a big, multi-person agency, you will be working with others.
They may be actual employees, and they may just be suppliers to your agency. Either way, you will have to plan how to work with each. For example, if you plan to work with sub-reps, you will have to plan just as carefully as you would if you were going to hire employees.
Your business plan should be very specific on the relationships you will have with all who have anything at all to do with your sales agency. For example, an agent recently told us that although he has worked from a home office for many years, he never checked the local ordinances which regulate working at home.
He only discovered that there were such ordinances in place when the tax collector made an inspection of his home as part of a tax revaluation program his town was doing. He discovered that he should have been paying local taxes and that he was going to get nicked for a tidy piece of change simply because his business plan failed to set him straight.
You may want to take on a small spare parts inventory for a few principals someday. If this is even a remote possibility, include it in your business plan.
Actually, many agents discover that they not only make a good return on spare parts resale, but they also effectively lock out competitors when they can provide needed parts to customers immediately. Advertising and promotion Most agencies spend very little on advertising and promotion.
However, the times are changing, and we hear more and more from agents who are doing local promotion.Medical and Health Care Business Plans Get inspired with business plan examples that suit your business.
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