Running head: PLANNING FOR A SMALL BUSINESS 1

Planning for a Small Business and Aiding Its Success

Susan T. Allen

Florida SouthWestern State College

PLANNING FOR A SMALL BUSINESS 2

Abstract

This paper explores what an entrepreneur does to increase the success rate of his or her small

business whether it’s new or established. Also, the role of the business plan and examination of

it. Some of the organizations in this area that assist small businesses are listed as well.

Keywords: business, company, business plan, entrepreneur, success

PLANNING FOR A SMALL BUSINESS 3

Planning for a Small Business and Its Success

Ferrell, Hirt, Ferrell (2018) suggest the critical element of business success is the

business plan. Therefore, an entrepreneur should establish a healthy business plan to increase the

success rate of his or her small business. Even a well-established company can benefit from a

robust business plan. Planning reduces the likelihood of failure by foreseeing the future and

eliminating potential obstacles early. Selecting the form of business ownership (sole

proprietorship, partnership, corporation, franchise) best suited for the business reduces taxation.

The selection of financial resources to use promotes the growth of the company and

sustainability whether new or established such as startup capital, equity financing or debt

financing. According to Mariotti (2015) “the entrepreneur sacrifices time, energy and money in

the present in order to create a more profitable future” (p. 20). For example, an owner may

borrow against assets, bank or from friends and family to obtain funding for business, yet saving

could eliminate the need. Also, starting from scratch with a company or buying an existing

business, research is necessary as to the viability of the industry, cost analysis, product analysis

to prevent the firm from failing. As in life, without a plan, the objective is destined to fail.

Business Plan. The business plan is a roadmap and reference document to guide a

business to success (as cited in Ferrell et al. (2018). The business plan allows companies to

assess market potential, determine price and manufacturing requirements through careful

research, identify the best level of distribution channels, and cultivate the best product selection.

The project/plan should consist of a detail of the business structure, the study of the competition

(market research), financial statements, contingency for obtaining and sustaining sufficient

funds, executive summary, legal structure, regulations, service line, intellectual party rights, and

research development.
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Charlotte County Organizations. The Florida Small Business Development Center in

Port Charlotte is a satellite center of the Florida SBDC at Florida Gulf Coast University. It

provides no cost consulting, low cost training, business data, and research resources. It offers

specialized services such as capital access, market growth, government contracting, international

trade, business continuation, cybersecurity, disaster planning, and recovery. The Charlotte

County Chamber of Commerce and the Punta Gorda Chamber of Commerce are organized to

advance the prosperity and general welfare to its business members. Charlotte County Economic

Development provides business recruitment, expansion, and retention, demographic and market

data support to prospective businesses. Business Building Blocks for Women helps with

navigation of the initial stages of creating and running a business. Enterprise Florida recruits

new business and works to retain and expand existing industry and business.
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References

Ferrell, O.C., Hirt, G.A., & Ferrell, L. (2018) M starts here. Business 6/e. New York, NY.

McGraw-Hill Education

Mariotti, S. (2015). An entrepreneur's manifesto. Retrieved from

https://ebookcentral.proquest.com

https://flvec.com/charlotte/

https://www.sba.gov/starting-business/write-your-business-plan