Developing an Idea

Getting Started

Take a look at the small business brochure developed by the Buda Economic Development Corporation.

Think about why you want to start a business. Do you have the business skills necessary? If not, you should consider finding a mentor. The BudaChamber of Commerce can be a great place to start. If you are confident you have the skills necessary, then you need to decide if you are prepared to spend the time & money needed to get your business started. This begins with gathering information that will ultimately form a business plan.

Business Plan

A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.

A business plan typically includes the following information:

Executive Summary
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.

Company Description
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.

Market Analysis
Before launching your business, it is essential for you to research your business industry, market and competitors.

Organization & Management
Every business is structured differently.You need to determine the best organization and management structure for your business.

Service or Product Line
What do you sell? How does it benefit your customers? What is the product lifecycle? Tell the story about your product or service.

Marketing & Sales
How do you plan to market your business? What is your sales strategy?

Funding Request
If you are seeking funding for your business, find out about the necessary information you should include in your plan. This may vary depending on your funding sources

Financial Projections
If you need funding, providing financial projections to back up your request is critical. Even without funding, you will want this information so you can ensure your personal financial situation is adequate.