Before launching into a new venture, there are a number of things to consider concerning the business planning process. This guide, "A Feasibility Study to Answer ‘Should I start a new business?’" will help ground the decisions you're making about your business and assure you're starting off on the right foot.

Basic Business Plan Outline

One of the greatest values the business planning process can provide is a thoughtful, researched and analyzed look at the vision the founders have and how uniquely and successfully the organization can position itself in the environment and community it enters. There are many different approaches to writing a business plan. Below is a suggested outline.

Executive Summary:
This is a summary of the entire plan. You need to articulate why this business plan will succeed when implemented.

I: General description

Mission Statement

• A good mission statement will uniquely position the strategic vision of the organization and provide clear direction for all artistic, programming and institutional decision making for your organization.

Consumer Analysis

• Which consumers does the company want to serve?
• How many consumers want its product?

Environment Analysis

• Describe national and local trends that will affect your business.
• Consider demographic changes, legislative actions, technological changes, economic trends, and so forth.
• Provide current industry information - market size, potential for growth, etc.

Competition Analysis

• Identify three of your main competitors by name.
• State the distance between you and each of the competitors.
• Describe their trading areas in comparison to yours.
• Identify the strengths and weaknesses of your competitors.

II: Product strategy

• Describe what your organization will do and how you'll do it.
  • Ex. number of performances in your season, when you'll produce, number of programs and outreach to what schools, etc.
• What are the advantages your product over competition (price, unique features, etc.)
• What are the disadvantages
• Does your product or service require any governmental or industry licenses or contracts?

III: Operational plan

Place of performance

• Describe facility in which you plan to perform.
  • Lease, Own, Itinerate, etc.
• If Lease or Own:
  • Can it be used ‘as is' or does it need transformation?
  • Is it correctly zoned or is rezoning necessary?
• Describe your trading area.
  • Identify the businesses adjacent to your site: Do they attract a large number of customers? do they serve the same customers as you? Do they whether have similar operating hours?
  • Is there parking lot or street parking?
  • Is there anything hindering accessibility to the area such as medians, one-way streets, congested traffic; or hindering accessibility into the structure such as steps without ramp access, second floor without elevator, etc.?

Management, Personnel and Board

• Define organizational structure: who does what?
• Include a paragraph describing the education and work experience of all key personnel.
• Describe board size, make-up and roles (officers and committees)

IV: Financial plan

Budget

• Develop a budget
• Detailed expenses
• Sales projections
• Fundraising needs

Fundraising

• What potential funders do you plan to approach?
• What's the immediate potential for individual donors?
• What's the giving potential of your board?

V: Marketing

Market strategy

• Territorial objectives - local, regional, national

Pricing strategy

• Detail your prices

Distribution or Place strategy

• How will you sell tickets/services?

Promotional strategy

• What mix of personal selling, advertising, sales promotion, publicity, and /or direct marketing activities should the company pursue?
• What should the promotional or media schedule be?

VI: Conclusion

• How risky or reasonable is this plan?
• Can it realistically be achieved?
• What criteria will you monitor to tell how this plan works?