preparing a business plan beekeeper example

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Preparing a business plan beekeeper example sample culinary restaurant resume

Preparing a business plan beekeeper example

Getting stung on occasion is a part of beekeeping. Protective clothing and keeping bees of a gentle line will mean that stings will be infrequent. A list of several excellent resources for beekeeping information is included in the resource section but this workbook is intended to focus on the business aspect of starting an apiary.

It will serve as a guide to help you write your Beekeeping Business Plan. After completing the workbook you should have a clearer understanding of your business concept and the requirements and commitment it will take to turn your concept into a reality. You will also be more prepared to discuss your project with others such as bankers or investors. It is important to remember that a Business Plan can serve two primary purposes: 1 to be your road map in setting up and managing your beekeeping business and 2 to support a loan request.

To develop a good business plan, you will need to do research in all aspects of your business. The title page of your business plan should provide the reader with general contact information including the name of the apiary and the name, address, and phone number of the owner s. Executive Summary. This introductory section provides the banker or investor with a first impression of your business concept, typically in one page or less.

Although it appears near the front of the plan, it is most effectively written after the rest of your plan is completed. General Business Information. This section identifies the apiary s mission statement, target market, competition, pricing strategy, distribution strategy, and promotion plan. Management and Operations. The purpose of this section is to describe the legal form of the business, skills available within management to successfully run the business, employee information, and other considerations necessary to successfully operate and manage the business.

Financial Information. This section should include a thorough analysis of the use of financing proceeds, five-year financial projections, and owner s equity information. This workbook will take you through the process of developing all areas of the business plan. It may be necessary to alter the contents of the workbook to suit the particular circumstances involved in your business.

Some areas may not relate to your business concept at all and some areas may require additional information. After completing this workbook, you should have a clearer understanding of your business concept and the requirements and commitment it will take to turn your concept into a reality. Becoming an entrepreneur involves a deep financial and emotional commitment. There is more to owning your own business than just writing a business plan. It s important to remember that you are risking your money and perhaps your financial security.

The Illinois Small Business Development Center Network is here to assist and counsel you through the planning process. Although they are the first parts of the plan to be read, it is most effective if they are the last parts you write. It makes sense that you need to go through the entire business planning process before you can effectively write an executive summary that covers all the critical elements.

Title Page The Title Page should be a professional presentation giving the reader general contact information. It should be neat, attractive, and short. The Title Page should: Identify the apiary. Identify the principals and the location and telephone numbers where they can be reached.

Some optional items that are often included on the Title Page are: A graphic that represents the business. This is typically a picture of the business or product or a copy of the business trademark. A few sentences that state the company s mission statement or a short summary of the financing request.

The items included on the Title Page may seem obvious, but it s amazing how many business plans are submitted for financing that don't have a Title Page or have an incomplete one. Nothing will turn off an investor faster than having to look up your telephone number in the phone book because you left it off the Title Page. Executive Summary The introduction to the business plan is called the Executive Summary and provides an overview of the business plan in one page or less. This section provides the banker or investor with a first impression of your business concept.

Although it appears near the front of the plan it is most effectively written after the rest of your plan is completed. We recommend that you work closely with your business counselor in preparing this very important component of your business plan. The Executive Summary should include: The name and address of the apiary. The owner s names. Brief description of the business to be conducted.

Legal form of the business. Purchase terms, if buying an existing business. Requested loan amount and how the loan will be repaid. How the loan amount will be spent broken down into broad categories. Amount and form of owner s equity owner s investment in the business. Expected outcome of business operations.

What trends are responsible for the industry s growth. A detailed description of your apiary. The location of your apiary. Types of honey, honey products, and services to be offered. What differentiates your apiary from the competition. A sense of where you want the business to be in three to five years and how you plan to achieve these goals. History of the business if the business plan is to be used to support the purchase or expansion of an existing apiary. Details should include years in existence, current owner, current location, market share, strengths, weaknesses, and financial information for the past three to five years.

Most of them are hobbyists with 10 or fewer hives, a much smaller number are sideliners with up to hives. There are probably at most a few thousand commercial beekeepers who have 1, to 2, or more colonies. A knowledgeable individual beekeeper can take care of colonies. A current estimate of the number of bee colonies in the US is 2.

The average annual honey crop per colony is 40 pounds, however this includes a large number of colonies managed primarily for pollination rather than for honey production. While the price of honey rose dramatically during shortages in , over the past decade raw honey has been worth about 80 cents per pound. While the majority of beekeepers produce surplus honey for sale, others also may specialize in one or another type of beekeeping.

For example, rental of hives for pollination is an important component of the beekeeping industry. Rearing queens and package bees for sale is an even more specialized component. This part of the industry is concentrated in far southern states, Texas and California, where there are climatic advantages to raising bees early in the season similar to those enjoyed by fruit and vegetable producers.

Almost all large commercial beekeepers winter their colonies in sunbelt states, where warmer temperatures and early nectar flows reduce honey consumption and allow for earlier population increase. For example, many migratory beekeepers over-winter colonies in California that are used to pollinate the almond crop. The colonies are then moved to the upper Midwest where large crops of honey are produced. Closer to home, in February commercial beekeepers in northern Arkansas and Missouri and potentially southern Illinois may send colonies to California for almond pollination.

The warmer climate allows these colonies to increase in population rapidly. When they return to the Midwest, they can be used to pollinate apples in southern Illinois and along the Illinois River; later they can be used for pollination of cucumbers, melons and pumpkins.

In addition, the increased populations in hives returning from almond pollination allow at least one northern Arkansas beekeeper to produce queens, small colonies called divides or nuclei and package bees for sale to other beekeepers. This same opportunity could be open to beekeepers in southern Illinois. Some beekeepers manage to rent each colony three or more times each year. There are also a relatively small number of equipment manufacturers and suppliers to the industry.

The relatively large hobby and sideliner component of the industry is important in part because they constitute a major market for suppliers and manufacturers. Characteristics of Beekeeping in Illinois The beekeeping industry in Illinois is less commercially oriented than in states like Wisconsin and Minnesota. In much of Illinois, soybeans are the major source of nectar for surplus honey.

However, large areas dominated by row crops often lack trees, brambles, wild flowers and weeds that sustain colonies before the soybean nectar flow. Areas with a greater diversity of landscape, such as the northwestern, western and southern parts of the state, could presumably support a much larger industry than they do currently.

Depending on location, weather and management practices, colonies may produce an average of 30 to pounds of surplus honey a year. In the same apiary or bee yard, some colonies will produce no surplus honey and others may approach pounds or more.

In Illinois, colonies usually don t begin storing surplus honey until the clover blooms, although during some years, black locust and basswood trees produce a surplus crop. Honeybees can forage for nectar up to three miles or so, however bee yards should be located much closer to important nectar sources. In Illinois, as in the rest of the country, there has been a significant decrease in the number of beekeepers over the past years. The total number of colonies also declined similarly, although to a lesser degree.

The major reason for this decline is believed to be the arrival of two parasitic mite species subsequent to In many cases these parasites wiped out beekeepers entire inventories of colonies. In addition, many of the older beekeepers decided to get out of the business after their colonies were devastated by the mites. There are now several chemicals that can be used to control the parasitic mites, and beekeepers who use them rarely experience major losses.

The beekeeper population in Illinois and throughout the country is aging, and relatively few people appear to be getting into the business. Beekeeping involves hard physical labor; it is a labor intensive enterprise. There are no air conditioned, labor saving tractors or other machines in beekeeping. However, for those who enjoy independent, outdoor work, the decline in the number of beekeepers and colonies in Illinois provides opportunities to those interested in obtaining income from sale of honey or pollination services.

For example, some retiring beekeepers may be willing to enter partnerships with younger individuals, who can learn the ropes and eventually buy out the older beekeeper. In addition, over the past 10 or more years, those wishing to expand their operations have been able to purchase equipment and bee colonies from the retiring beekeepers at considerably reduced prices.

The decline in the number of beekeepers creates opportunities for new or existing beekeepers to provide honey to markets formerly served by those who left the industry. In addition, at least in some areas, the decrease in the number of both domestic and wild colonies should lessen competition for nectar sources and result in greater honey production. Further, the drop in colony numbers creates greater demand for colonies rented for pollination of apples, cucumbers and other crops.

In southern Illinois a number of orchards must rent pollinating colonies from Missouri, in the absence of pollinating beekeepers from Illinois. How well you market your honey, along with a few other considerations, will ultimately determine your degree of success or failure. If in addition to selling honey, you raise queens, package bees, and also pollinate crops, then successfully marketing your queens, packages, and pollination services will also have an impact on your degree of success or failure.

The key element of a successful marketing plan is to know your customers their likes, dislikes, and expectations. By identifying these factors, you can develop a marketing strategy that will allow you to attract customers and fulfill their needs. Components of your marketing plan should include: A mission statement An analysis of your target market.

An analysis of your competition. A marketing strategy to reach your target market. Mission Statement A company s mission statement captures, in a few sentences, your business purpose, its goals and objectives, and the philosophies underlying them.

The mission statement tells your customers, employees, suppliers, and the community what your business is all about. Mission Statement Develop your company s mission statement. Target Market Your target market is the group or groups who are most likely to buy your product or service. A clear target market is the heart of any marketing plan and can often be the difference between succeeding in business and failing. This group can be defined by: Type Are your customers individuals i.

Demographics physical or population characteristics such as age, gender, or economic status. Geographic Location Are your potential customers mostly tourists or from your local market? Lifestyle - What will your customers be looking to find at your apiary?

What do you think is your apiary s strongest selling point? This could be your honey, the experience of visiting the apiary itself, the area, the people working in your apiary, or something else entirely. Identify any trends in your target market that may affect your business, as well as market size. Demographic information can be located on the US Census website at Who, by definition, are the people who will be buying most of your honey, honey products, queens, packages, or pollination services?

Target Market Analysis After you define your target market in general terms, the next step is to analyze some characteristics of this group. The more you know about your customer, the better prepared you will be to focus your marketing campaign towards these people. Where does your target market live, work and shop? What are your customer s needs and wants? Which of these needs or wants will your apiary meet and how? Competition After you define your market, the next step is to define your competition.

There are two ways to define competitors: One is by product and marketing strategy These competitors are businesses who use similar marketing strategies and sell similar products to your target market. These businesses are considered your direct competitors. Other apiaries in your area are the most obvious form of this type of competition. The second way is to define your competitors by your customers Who is competing for your customer s dollar?

Ask yourself the question: Where is your target market currently purchasing the products and services you are planning to offer? Use the form on the following page to assist you with an analysis of your closest competitors. Make copies and use additional sheets if needed. Include approximate distance from your location. Number of years in business What types of honey and related honey products do they offer?

What is your perception of their prices? Are they appropriate for their honey, related honey products and services? How do they advertise and promote their product or service? How do you perceive their business: Steady? What are their strengths? Their strengths can also be your strengths.

What are their weaknesses? Their weaknesses can be your opportunities! How will your business compare to this competitor? Will you be working with this competitor to increase regional tourism? Five basic forms exist in the marketing of honey: section comb honey, finely crystallized or creamed honey, chunk honey, cut-comb honey, and liquid extracted honey.

Given that the production of section comb honey requires specialized equipment, intense management, and an abundant nectar flow for good returns, it is not recommended for the beginner. Additional surplus honey can be obtained from colonies managed for extracted honey rather than from those managed for comb honey. Combs used for extracted honey production require some type of reinforcement e. However, these materials would not be palatable to the consumer of chunk, section, or cut-comb honey.

Since both cut-comb and extracted honey production require similar management schemes, most of the equipment can be used interchangeably. Cut-comb honey, the least expensive to produce, is ideal for the beginner beekeeper. The production of extracted honey requires special equipment for uncapping combs and removing the honey from the cells. Also, read the information in the Resource Section of this document titled Additional Opportunities in Beekeeping to complete this section.

Packaging is another element in the product mix. Since honey can be packed and marketed in a wide variety of containers, the selection of the appropriate container s for your operation will depend on cost, availability, volume of honey handled, market outlets, and consumer appeal. It is very important to put time and effort into the construction of your label. Your label becomes as important a part of your apiary s image as does the quality of your honey and honey related products.

The image that the label portrays should fit the profile of the types of honey and related honey products you will be producing. Care should be taken in its design and implementation. Labeling laws vary from state to state so be sure to check on your state s regulations. Product Mix Develop a product list and approximate quantities to be produced for the first five years. Remember, this is just a plan. In reality, actual quantities produced will be adjusted annually based on factors such as market acceptance, sales history, and raw material availability.

While price is an important component of comparison shopping, it is not the only reason customers purchase a product. Price, perceived quality, service and profitability are all tied and intertwined together. While there is no magical formula for deciding your individual pricing schematic, there are a few guidelines that will help develop a price strategy that will work with you. The first step is to break down your product or service into a tangible quantity. For an apiary, this would obviously be a jar of honey.

The other products or services to be offered pollination services or the sale of Queens should also be broken down into tangible per unit quantities. The second step is to develop a price for each of your tangible quantities. What you charge for your product or service depends on the following: 1 Direct material costs - All directly related out-of-pocket expenses for production of the product or service. Overhead costs are the costs involved in running your apiary including marketing, labor, utilities, loan interest, taxes, insurance, maintenance, accountant fees, and other operating expenses.

These are costs not directly related to the particular product or service but they are costs that must be recovered. While you should consider what your competitors are charging, it doesn t necessarily mean that their pricing strategy is the right fit for your market.

This loyalty is based both on the customer s palate and experience, and upon a perception of the inherent capabilities for quality of the customer s relationship with certain honey varieties, grades, or standards. Items 4 thru 7 should be used as adjustments to the final price. If you find you must adjust your price down to your cost or below your cost, you may not be able to compete. That is, you may not have a viable product or service.

Go back and see if you can cut your expenses or change your product mix without sacrificing quality. Another solution might be that your target market is not right; maybe you are targeting a lower income group than this product or service needs to succeed. How will the honey and related honey products be sold? There are three basic approaches to marketing the honey crop.

Small beekeepers, with only a few colonies, can sell all of their honey from the home to relatives, neighbors, and other members of the community. As the size of your beekeeping operation increases, other market outlets will have to be found.

Local groceries, food coops, fruit stands, farmers markets, health food stores, and roadside markets are good potential outlets. When even larger volumes of honey are produced, the beekeeper may have to pack in large bulk containers and sell directly to wholesale dealers and packers.

This method of selling is the least profitable. Develop a distribution strategy for your business. Describe your selling strategy and how you are going to reach your customer. This can be achieved using a website, signage, paid advertising, directory listings, publicity, and direct mail. Most small beekeepers sincerely attempt to provide their customers with a high-quality product in a clean, attractive container.

When they do a good job, their customers return regularly, and they have no problem selling their entire crop. To have repeat patronage, it is better for beekeepers to sell their crop gradually throughout the year than to try and market all the honey they produce soon after it is harvested.

Take the time to visit the websites of other Illinois apiaries and Illinois beekeeping industry organizations for other marketing opportunities and ideas. Additional marketing information and assistance can be obtained from your local beekeeping organizations and the Illinois Department of Agriculture. Promotion Plan Develop a promotion plan for your apiary.

Calculate both a start-up and a monthly advertising and promotion budget. Each form has advantages and disadvantages. Before deciding on a form of business ownership, an attorney should be consulted who specializes in these issues. Sole Proprietorship A sole proprietorship is a single individual who owns and operates a business.

There is no legal separation between the individual and the business. It is the simplest form of business ownership to start up and to maintain. Income is reported annually on the owner s personal income tax return. You can download this publication from the IRS website at or you can receive one by mail by contacting the IRS at General Partnership A general partnership is very similar to a sole proprietorship except that there are two or more individuals who own the business. The partners are able to pool their resources and share control of a business.

A general partnership is relatively simple to start up and maintain. A written partnership agreement is not a legal requirement but is strongly recommended to clarify each partner s rights and responsibilities. A separate set of income tax returns must be filed annually for the partnership but the partnership itself is not subject to income tax. The individual partners report their share of the partnership income on their personal income tax returns. You can download this publication from the IRS website at or you can receive one by mail by contacting the IRS at When a business name is different from the owner s full legal name s , the Illinois Assumed Name Act requires sole proprietorships and general partnerships to register with their local county clerk's office for registration under the Assumed Name Act.

Limited Partnership A limited partnership is an organization made up of a general partner, who manages the business, and limited partners, who invest money, but have limited liability and are not involved in day-to-day management. More information on limited partnerships can be obtained from the Illinois Department of Revenue. Limited Liability Company A Limited Liability Company LLC is the non-corporate form of doing business that provides its owners with limited liability, flow-through tax treatment and operating flexibility through participation in management of the business.

Anyone considering the formation of an LLC is strongly encouraged to use an attorney. A corporation may sell shares of stock, which are certificates indicating ownership, to as many people as is desirable. The shareholders then elect a board of directors, which elects a president and other officers who run the company on a day-to-day basis. Among the advantages of corporate formation are limited liability of the shareholder and ease of transferring ownership.

The corporation provides a wall of liability protection between the business and the owners but the owner should be aware that most banks will require a personal guarantee from the major shareholders as collateral on any corporate financing. If the name of the business includes the word Corporation, Inc.

It is recommended that an attorney be consulted in forming a corporation. A set of corporate income tax returns will need to be filed annually. The corporation is taxed on the income of the business. Double taxation can occur when the income is distributed to the shareholders in the form of dividends. An annual report will also need to be filed with the Illinois Secretary of State s office. In general, an S Corporation passes through income and expenses to its shareholders, who then report them on their personal income tax returns.

To qualify for S Corporation status, a corporation must meet several requirements. You can download this form from the IRS website at or you can receive one by mail by contacting the IRS at Cooperative A cooperative is an association of persons united to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

The cooperative entity is similar to a "C" Corporation except the profits are passed through to the member-owners without corporate taxation. A cooperative exists to provide economic services to its members rather than just to generate a return on investment. A portion of all of its capital comes from members rather than outside investors. Capital is obtained by direct contributions through membership fees or sale of stock, by agreement with members to withhold a portion of net income based on patronage, or through assessments on some regular basis such as per unit of product sold or purchased.

List the names of all principals involved in the business. Management and Employees The two essential ingredients for success in any business are a good business idea and the right people to turn that idea into a business. Key Persons and Management Discuss key persons and tasks for which they will be responsible. Include resumes of owners and key personnel. Be sure to highlight apiary-related experience.

A sample resume format is shown on the following page. List employees you will be hiring, general duties, hiring qualifications, salary, and proposed hiring date. You should also note whether the position will be yearround or seasonal. Refer to the Beekeeping Calendar in the Resource Section for help with labor planning. The work schedule should provide coverage for the scheduled operating hours of the apiary. The seasonality of the apiary should be taken into account in predicting labor costs.

Refer to the Beekeeping Calendar in the Resource Section for help. For cash flow projections, expenses should be estimated monthly for the first year and quarterly thereafter. These risks form the basis for your business insurance needs. Some sources of information on business insurance are listed below. Illinois Department of Insurance Maintains experience information on insurance companies. Best s Key Rating Guide Maintains financial strength information on insurance companies. Local insurance agencies Check yellow pages for listings.

Include copies of your insurance carriers cost quotes. Include their address, their product lines, and any special credit terms. Professional consultants can add strength to your business idea by filling in weaknesses discovered in the analysis of management skills.

Many of these issues may directly affect your sales both positively and negatively. Complete the following sections as they apply to your apiary. Describe the economic factors that will affect your product or service. Examples include: economic trends, spending trends, taxes, inflation, interest rates, etc Describe any legal or governmental factors that will affect your business.

However, do check first regarding whether or not you are then tied to supplying the company with honey etc for a set period of time, and whether this suits you, and also whether you are happy to supply honey in this way. In addition, check whether you would have to sign an agreement forbidding you to set up a business entirely of your own, whereby you cease to supply the company you worked for.

Some beekeepers prefer to set up small-scale, organic practices, charging a premium for their products, selling directly to the public or specialist delicatessens. Find out as much as you can about the market, products, services, prices, your customers, relevant law, prior to committing yourself.

Having considered these questions, what actions need to be taken, when, by whom and at what cost? There are many cost effective ways to promote your products. Make a list, and decide whether there are actions you can take. Use this in marketing, to talk about a caring family business with generations of expertise. Customers are buying from people, not a faceless organisation. Limited business experience of book keeping — only ever provided a few jars of honey for friends.

Enrol on a small business course or book keeping course, buy a simple on-line software package, or check on line for suitable courses. Check with the local council for free, helpful resources. Depending on regulations in your country.

You can use the - free beekeeping business plan template a PDF download please note, it will open in a new window to help you get started, but ensure that you add any legal considerations applicable to your own country. Which honey tastes the sweetest? How to clean used beekeeping equipment. Found a bee? Bumble Bees Digging? Why Wasps Are Fab! Creating A Beekeeping Business Plan Updated: 30th April Here are some factors to consider if you are drawing up a beekeeping business plan and a free template for you to use , whether you wish to become a honey producer, or are wanting to offer a variety of products and services related to beekeeping, honey bees and hives.

Marketing SWOT analysis General administration Tips If you require a loan to help you get started, then you will need to demonstrate to the lender that you have thought about the business in detail.

Many who initially attend local club meetings have at least an initial curiosity or interest in beekeeping as a potential hobby.

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Calculate both a start-up and a monthly advertising and promotion budget. Each form has advantages and disadvantages. Before deciding on a form of business ownership, an attorney should be consulted who specializes in these issues. Sole Proprietorship A sole proprietorship is a single individual who owns and operates a business.

There is no legal separation between the individual and the business. It is the simplest form of business ownership to start up and to maintain. Income is reported annually on the owner s personal income tax return. You can download this publication from the IRS website at or you can receive one by mail by contacting the IRS at General Partnership A general partnership is very similar to a sole proprietorship except that there are two or more individuals who own the business.

The partners are able to pool their resources and share control of a business. A general partnership is relatively simple to start up and maintain. A written partnership agreement is not a legal requirement but is strongly recommended to clarify each partner s rights and responsibilities. A separate set of income tax returns must be filed annually for the partnership but the partnership itself is not subject to income tax. The individual partners report their share of the partnership income on their personal income tax returns.

You can download this publication from the IRS website at or you can receive one by mail by contacting the IRS at When a business name is different from the owner s full legal name s , the Illinois Assumed Name Act requires sole proprietorships and general partnerships to register with their local county clerk's office for registration under the Assumed Name Act.

Limited Partnership A limited partnership is an organization made up of a general partner, who manages the business, and limited partners, who invest money, but have limited liability and are not involved in day-to-day management. More information on limited partnerships can be obtained from the Illinois Department of Revenue.

Limited Liability Company A Limited Liability Company LLC is the non-corporate form of doing business that provides its owners with limited liability, flow-through tax treatment and operating flexibility through participation in management of the business. Anyone considering the formation of an LLC is strongly encouraged to use an attorney. A corporation may sell shares of stock, which are certificates indicating ownership, to as many people as is desirable.

The shareholders then elect a board of directors, which elects a president and other officers who run the company on a day-to-day basis. Among the advantages of corporate formation are limited liability of the shareholder and ease of transferring ownership.

The corporation provides a wall of liability protection between the business and the owners but the owner should be aware that most banks will require a personal guarantee from the major shareholders as collateral on any corporate financing. If the name of the business includes the word Corporation, Inc.

It is recommended that an attorney be consulted in forming a corporation. A set of corporate income tax returns will need to be filed annually. The corporation is taxed on the income of the business. Double taxation can occur when the income is distributed to the shareholders in the form of dividends. An annual report will also need to be filed with the Illinois Secretary of State s office.

In general, an S Corporation passes through income and expenses to its shareholders, who then report them on their personal income tax returns. To qualify for S Corporation status, a corporation must meet several requirements. You can download this form from the IRS website at or you can receive one by mail by contacting the IRS at Cooperative A cooperative is an association of persons united to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

The cooperative entity is similar to a "C" Corporation except the profits are passed through to the member-owners without corporate taxation. A cooperative exists to provide economic services to its members rather than just to generate a return on investment. A portion of all of its capital comes from members rather than outside investors. Capital is obtained by direct contributions through membership fees or sale of stock, by agreement with members to withhold a portion of net income based on patronage, or through assessments on some regular basis such as per unit of product sold or purchased.

List the names of all principals involved in the business. Management and Employees The two essential ingredients for success in any business are a good business idea and the right people to turn that idea into a business. Key Persons and Management Discuss key persons and tasks for which they will be responsible. Include resumes of owners and key personnel. Be sure to highlight apiary-related experience.

A sample resume format is shown on the following page. List employees you will be hiring, general duties, hiring qualifications, salary, and proposed hiring date. You should also note whether the position will be yearround or seasonal.

Refer to the Beekeeping Calendar in the Resource Section for help with labor planning. The work schedule should provide coverage for the scheduled operating hours of the apiary. The seasonality of the apiary should be taken into account in predicting labor costs. Refer to the Beekeeping Calendar in the Resource Section for help. For cash flow projections, expenses should be estimated monthly for the first year and quarterly thereafter.

These risks form the basis for your business insurance needs. Some sources of information on business insurance are listed below. Illinois Department of Insurance Maintains experience information on insurance companies. Best s Key Rating Guide Maintains financial strength information on insurance companies. Local insurance agencies Check yellow pages for listings. Include copies of your insurance carriers cost quotes. Include their address, their product lines, and any special credit terms.

Professional consultants can add strength to your business idea by filling in weaknesses discovered in the analysis of management skills. Many of these issues may directly affect your sales both positively and negatively. Complete the following sections as they apply to your apiary. Describe the economic factors that will affect your product or service. Examples include: economic trends, spending trends, taxes, inflation, interest rates, etc Describe any legal or governmental factors that will affect your business.

Examples include: potential changes in Health Department or zoning regulations. Describe any environmental factors that will affect your business. Example: include material availability. The financial section gives the banker the tools to evaluate the financial feasibility of the business plan and to determine credit worthiness. The financial section also gives the prospective owner the tools to see how revenue and expenses will play out in the business. The following worksheets will give you an idea what initial financial data need to be collected to develop financial projections that will evaluate an apiary project effectively.

You may want to seek assistance from your accountant or a Small Business Development Center counselor to assist you in developing your financial projections. For any type of loan request, the financial section of the business plan should include the following: Sources and Uses of Funds Statement This statement should give the lender a detailed analysis of how the funds to start the business will be spent and where the money is coming from.

Supporting information for this statement should include: A breakdown of construction costs, if building a facility. A detailed list of equipment to be purchased. An explanation of requested working capital cash requested for operating expenses. A list of amount and form of Owner s Equity. Loan amortization schedules for financing requested. Financial Projections A five 5 year projection of financial data is suggested in most loan requests.

These projections should include: Projected Statement of Cash Flows This statement shows the cash flowing into the business e. Year one cash flow should be shown on a monthly basis and the second through fifth years should be shown quarterly.

This statement justifies to the lender that the business can repay the loan and still have cash in the bank. It is also a tool to determine the amount of working capital necessary to get the business through the start up phase. Projected Income Statements Annual profit and loss statements should be provided for all five years. These statements show the projected income and expenses to determine the company s net income or bottom line.

It shows the company s assets, liabilities, and owner s equity. Balance Sheets should be provided as of the date of the loan and as of the year-end date for the five projected years. Break Even Analysis This analysis calculates the amount of sales the company needs to make to break even. This statement breaks down costs into fixed costs costs that remain the same regardless of the amount of sales and variable costs costs that rise and fall in relation to sales.

Financial Ratios Lenders use financial ratios to evaluate your loan request. It answers the question, Can you pay your short term debt? A high debt to equity ratio can indicate a risk of insolvency inability to meet long term debt. Personal Income Tax Returns - Three 3 years of personal income tax returns of the principals involved in the business are required. Letters of Commitment - If the plan includes multiple loans, each loan must be documented in commitment letters.

Loans from financial institutions must have language indicating the loan amount, the specified term and interest rate, collateral, any other conditions attendant to the loan, and the fact that the loan is approved loan approval can be contingent on securing other financing.

The Five "C's" of Credit One of the most common questions a prospective small business owner has is What is the bank looking for in my loan request. Each situation is different but most banks utilize some variation of the five C s. Capacity to repay is the most critical of the five C s.

The prospective lender will want to know exactly how you intend to repay the loan. The lender will consider the cash flow projections in your business plan, the timing of the repayment, and the probability of successful repayment of the loan.

Payment history on existing credit relationships--personal and commercial--is considered an indicator of future payment performance. Prospective lenders also will want to know about your contingent sources of repayment. Capital is the money you personally have invested in the business your owner s equity and is an indication of how much you have at risk should the business fail. Prospective lenders and investors will expect you to have contributed from your own assets and to have undertaken personal financial risk to establish the business before asking them to commit any funding.

If you have a significant personal investment in the business you are more likely to do everything in your power to make the business successful. Collateral or "guarantees" are additional forms of security you can provide the lender. If for some reason, the business cannot repay its bank loan, the bank wants to know there is a second source of repayment. Assets such as equipment, buildings, accounts receivable and in some cases inventory are considered possible sources of repayment if they are sold by the bank for cash.

Both business and personal assets can be sources of collateral for a loan. A guarantee, on the other hand, is just that-- someone else signs a guarantee document promising to repay the loan if you can't. Some lenders may require such a guarantee in addition to collateral as security for a loan.

Conditions focus on the intended purpose of the loan. Will the money be used for working capital, additional equipment, or inventory? The lender will also consider the local economic climate and conditions both within your industry and in other industries that could affect your business. Character is the general impression you make on the potential lender or investor.

The lender will form a subjective opinion as to whether or not you are sufficiently trustworthy to repay the loan or generate a return on funds invested in your company. Your educational background and experience in business and in your industry will be reviewed. The quality of your references and the background and experience of your employees also will be taken into consideration.

A business plan is. Business Plan Guidelines The following Business Plan Format checklist is meant as a guideline only listing the most important sections of the business plan in the order in which they will likely appear.

Before You Start a Business A Basic Checklist The following is a list of questions that every entrepreneur should answer before going into business. These questions are all yes or no answers. There is. Goodwin, Jr. August 18, Overview Help participants. What is a business plan? A business plan is the presentation of an idea for a new business. When a person or group is planning to open a business, there is a great deal of research that must be done. Cover Sheet Name of business, owner s , address, phone and fax numbers, web site address.

Table of Contents The Table of Contents outlines each section and where. Cash flow is an estimate of the timing of when the cash associated with sales will be received and when. The business plan is a written. Writing a business plan is hard work. One professional estimates it s as hard as writing a novel. To assist you in preparing your plan, we ve prepared the following Business Plan Questionnaire.

If you have any questions contact the Business. A Business. Must be aged 18 or over, eligible to work in Canada, and a Manitoba resident. Must develop and submit a sound business plan which. Composition of Farm Household Income and Wealth Today it is rare for any household to receive all of its from a single source.

Even when only one household member is employed, it is possible to earn from. Small Business Administration. Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,. You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential.

Ensure that telephone 1. Identify the Business 2. Cover Page and Table of Contents The cover page of your business plan should include contact information such as your name, the name of your business,. The sample. What exactly is your product or service?

Be specific. Why do you want to start or expand your own. Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,. Dollars and Sense Introduction Your dream is to operate a profitable business and make a good living. Before you open, however, you want some indication that your business will be profitable, if not immediately.

Background of the Business If an existing business, give a brief history of the company. If a new business, describe in detail what your company will be about. The Industry Name and describe the market or industry that you will work within in other words, the chosen sandbox where you will play. For market or industry descriptions see the North American Industry. A business plan describes the business: how it operates, how it is managed, how it interacts in the marketplace, how it functions financially and what its strengths and weaknesses.

Business Plan Outline www. The business plan is a key component for a successful business. A plan is vital because it: Provides an organized system for researching. Starting your Business Guide Small Business Resources The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the purposes. Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural environment.

Accurate records. A guide to using the business plan template Small Business Development Corporation 13 12 49 smallbusiness. Starting an Agricultural or Food based Business Kent Jorgensen Spring If you have decided to start an agricultural or food based business, you may have felt overwhelmed by trying to decide what is.

It describes what you want to do and how you plan to do it, usually covering. A business plan helps you to determine if your business is likely to be viable, and focuses your efforts to improve your chances of success. As you prepare. The Business Plan is a clearly written analysis of your company. Small business administration and extended. For assistance or general information.

Your financial forecasts are an essential. Funding Options In a commercial a few years ago, baseball legend and philosopher Yogi Berra said they give you cash, which is just as good as money. In typical Yogi fashion, there is some wisdom behind. Arizona Limited Liability Company Discussion If you will be setting up a limited liability company in Arizona, the best time for discussion of questions is before preparing the operating agreement and.

The Importance of a Business Plan Developing a business plan is the first step to a successful business. This guide will provide an outline in organizing your effort to gather and evaluate information. Identify the nine common start-up costs that need to be considered when starting a new venture; 2.

Is there a market for the goods you will produce or the services you will supply? Excerpted from FastTrac GrowthVenture Financial statements and reports must be read together to learn the whole financial story. For example, an Income Statement may report a large sale to a new customer,. Corporations and LLCs: The most common entities 2. Comparing corporations and LLCs 3. Things to consider when forming a business entity 4. Rate of Return Components! Risk and Present Value Analysis!

You as Seller, You as Buyer! To Incorporate or Not to Incorporate? That is the Question. By Julia Sylva, Esq. There are many avenues that a company, new or old, may take in the formation of a business. This paper will discuss the. Business Plan Guide Toll Free: 1.

Small Business Administration Online Women's Business Center If you monitor the ratios on a regular basis you'll gain insight into how effectively you. Accounting Theory. In recent years the amount of theory being asked on the Leaving Certificate paper has steadily increased. This is a trend that is likely to continue. Below is an outline of the likely. Sometimes it is for maintaining growth; sometimes it is for maintaining the status quo. From where does. Some even question the value of spending time.

It also requires. Farmer-to-Consumer Marketing 6 Financial Management Scope of Financial Management Managing the financial affairs of a direct marketing operation includes: Raising capital Identifying financial objectives. Hachfeld, David B. Note: Some of the following information may not be relevant for your business type. However, this should provide you with a clear guide so that you cover everything you need to write a comprehensive business.

Starting Your Business :: Checklist Business Startup Introduction Starting a business can be an overwhelming task, but approaching it in a thoughtful, thorough way can help to make the process less daunting. The foundations you put in place. Log in Registration. Search for. Beekeeping Business Plan Workbook. Size: px.

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There are many cost effective ways to promote your products. Make a list, and decide whether there are actions you can take. Use this in marketing, to talk about a caring family business with generations of expertise. Customers are buying from people, not a faceless organisation.

Limited business experience of book keeping — only ever provided a few jars of honey for friends. Enrol on a small business course or book keeping course, buy a simple on-line software package, or check on line for suitable courses. Check with the local council for free, helpful resources.

Depending on regulations in your country. You can use the - free beekeeping business plan template a PDF download please note, it will open in a new window to help you get started, but ensure that you add any legal considerations applicable to your own country. Which honey tastes the sweetest? How to clean used beekeeping equipment. Found a bee? Bumble Bees Digging? Why Wasps Are Fab! Creating A Beekeeping Business Plan Updated: 30th April Here are some factors to consider if you are drawing up a beekeeping business plan and a free template for you to use , whether you wish to become a honey producer, or are wanting to offer a variety of products and services related to beekeeping, honey bees and hives.

Marketing SWOT analysis General administration Tips If you require a loan to help you get started, then you will need to demonstrate to the lender that you have thought about the business in detail. Here are some ideas of what your business might include:. Strengths: Lifelong experience of beekeeping — generations of beekeepers in the family.

How To Maximise Use this in marketing, to talk about a caring family business with generations of expertise. Weaknesses Limited business experience of book keeping — only ever provided a few jars of honey for friends. How to Minimise Enrol on a small business course or book keeping course, buy a simple on-line software package, or check on line for suitable courses.

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A guide for Agricultural Producers promotes the planting of bee forage on public and private lands, to support wild pollinator. The Liberty Hyde Bailey Library. Cornell Studies in Classical Philology. It is also a legislated to main navigation Skip to in the province. Apiculture staff, inspections and lab. The Environments of East Asia. Cornell Studies in Security Affairs. The Northern Forest Atlas Guides. PARAGRAPHThe Food For Bees initiative available to answer questions and and crops Animal production. Many factors need to be.

Preparing a Business Plan. A Guide for Agricultural Producers. Bee Keeper Example. Province of British Columbia. Ministry of Agriculture, Fisheries and Food. A Beekeeping Business Plan Needs To Cover Finances: costs, sales, cash flow, profit & loss · Initial set up costs (hives, honeybees, beekeeping. The example follows through a business plan which has been prepared to provide direction for the management of a hive beekeeping operation. The left hand.