Drafting a business plan is a crucial step for your craft brewery. A business plan can provide a road map for the direction of your company, and it can help you define your craft brewery’s goals and objectives. It may also help you obtain external funding. While writing a business plan may seem like a daunting task, the below key elements may help you get on the right track.
Additionally, while you’re compiling information about your business, it may also be beneficial to consider your brewery's insurance needs. The specialists at G & H Financial Insurance in Katy, Texas, are ready to help. Contact us today for more information.
What Is a Business Plan?
A business plan is a foundational document for your craft brewery. By drafting one, you can formulate a detailed strategy for your business, and the process affords you the opportunity to describe your business’s structure, operations, products and goals. Although no two business plans are identical, there are certain key elements that are commonly incorporated, including:
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Executive Summary – This section typically provides a brief overview of the company. It generally contains your business’s mission statement and provides information regarding its leadership, location, employees, products, services and operations.
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Business Description – This section typically provides a detailed description of your craft brewery. It includes comprehensive information regarding your goals and target market. This part also may include a description of your leadership’s experience and your organization’s strengths.
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Products and Services – This part generally provides information on your products and services and what they offer to customers. It can include information on the manufacturing process and your company’s intellectual property.
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Business Organization and Management – This segment usually includes details on the organizational structure of your craft brewery. It often contains information about the leaders’ responsibilities and roles within the organization.
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Market Analysis – This aspect of the business plan typically analyzes your target market. It can be where you assess the competition your company will face and project how effective your business will be in the industry while considering market trends.
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Marketing Plan – This section generally details how you will attract and retain customers. It can include specifics regarding products, promotions, pricing and how sales will occur.
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Financial Information – This part usually includes details on your financial planning and projections. It can include information regarding your goals and outlook and how you intend to be financially successful. Visual aids such as graphs and charts could also be used to strengthen this component of your business plan.
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Appendix – The last part commonly includes supplemental information supporting the details listed in the business plan. Items like licenses, permits, resumes or financial or legal documents may be included.
Next Steps
While you are drafting your craft brewery’s business plan, it is best to keep in mind that each business is unique and these plans are intended to evolve with your company. A strong business plan may help provide direction for your company and may help you attract potential investors or secure financing.
Also, remember that your craft brewery has insurance needs. The professionals at G & H Insurance are available to discuss available coverages and options. Give us a call at 877-868-8063 for more information.