Haidan DongAre you thinking of starting your own print broker business? The first thing you’ll need is a business plan. The purpose of a business plan is to help secure financing from a bank or other financial institution and to have an official printed document that makes your goals, dreams and business aspirations concrete. Quite simply, a business plan is a road map to your business’s future from a marketing, financial and operational viewpoint.
Remember that your goals must be SMART (specific, measurable, attainable, realistic and time sensitive). Instead of “I want to be rich”, which is vague, not measurable and possibly not realistic, you might consider a goal such as: “Within one year my goal is to achieve $100,000 in revenue, which I will attain by implementing the marketing plan in this document on a monthly basis.”
To create a winning business plan you must understand the problem that you want to solve as a print broker before you can work on a solution. This involves strategizing, planning, goal setting, marketing and making financial considerations.
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This is what your business plan should include:
Executive Summary
Begin by developing an executive summary; a recap of your management and marketing strategy for attracting, keeping and multiplying your customer base. Expand upon your management team, their experience, their strengths and their skills.
Financial Projections
What are your sources of funding? How will you use the money and how much of your own money will you be investing in your own printing business? What are your financial projections for the first year through the next 5 years?
Organizational Plan
Describe your primary business, your vision for doing business as a print broker and a description of your business model.
Business Strategy
Give an overview of your business strategy. Where will you locate your business? What legal structure will you put in place? Who will manage the business and how many employees will you have? What about accounting and legal services? How will you protect and use your intellectual property to raise profits? Who is your competition and how will you determine pricing?
Marketing Plan
Identify your target market and give a recap of the timing ramifications of going into business at this time. How will economic conditions affect your startup? What are trends in the business marketplace that you can take advantage of and profit from?
Financial Documents
The financial documents section should include a cash flow forecast, projected balance sheet and projected profit and loss statement. Consider outsourcing your printing in order to maximize your print profits. Factoring in wholesale printing from the beginning will help to accurately predict your projected profits.
Let this outline serve as a springboard for realizing your dreams, putting a plan down on paper to create a successful print broker business, and measure your progress year by year according to financial projections.
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