A New BEGINNING: PLANNING FOR EXPANSION
Congratulations! You have completed your NxLeveL® Business Plan. Now that you’re familiar with the business planning process, you can utilize these powerful tools again and again as your business grows and prospers.
There are several questions to ask at this point, including how you feel about the plan, whether the timing is right to continue with the project, and how your family feels about implementing the plan. In this final session, we ask you to consider your business future, including managing business growth.
Growth Planning Worksheet
Successful entrepreneurs distinguish themselves by their ability to plan for growth. They identify trends that are likely to affect the business environment. They plan for their financial needs and begin laying the groundwork for additional financing long before they need it. They create management controls to sustain performance, utilize budgets to safeguard cash, and identify the staff they’ll need in order to grow.
1.	Do you expect to pursue horizontal growth (increase sales of an existing product within an existing market) or vertical growth (offering a new product or seek out a new market for an existing product)? Name the growth strategy you favor (building market share, demand innovation, strategic acquisition, going international, etc.). Why is this the best option for your business?
Growth Planning Worksheet—continued
2.	In light of your answer above and the things you’ve learned in this session, do you need to update your business plan to add or improve your growth plans? If so, what sections need to be updated before you finish your plan? If not, when will you revisit this question?
3.	Explain the role of innovation in your plans for continued expansion. How will current and future innovations drive growth at your business? How will you create a culture of innovation at your business and use it to grow consistently?
Barriers and Pitfalls Worksheet
If you intend to move forward with your business, there will be barriers and pitfalls along the way. Thinking about these problems before you move forward will help you overcome them.
1.	What are the biggest barriers and pitfalls you expect to face in the first year of business? What about your second and third years?
2.	What will you do to overcome or manage these problems?
Getting Started: Implementation Checklist
If you’ve decided to move forward with your business concept, the following checklist will serve as a reminder of some of the details that need your attention.
Research zoning laws for business location.
Research other local or state laws that may apply to your business.
Check state and local business license requirements. Secure necessary licenses and permits.
Research local, state and federal tax information.
Finalize business name, logo and ownership structure.
Choose and register domain name for website (if applicable).
Create a business identity on social media channels.
File “doing business as” (DBA) registration.
Obtain federal tax ID number.
Establish business bank account.
Establish an accounting and recordkeeping system, and create a record management plan.
Protect your intellectual property (e.g., patents, trademarks, trade secrets).
Identify intellectual property you need to buy or license (e.g., photos, art, website content).
Identify capital required and potential sources of financing.
Seek necessary debt or equity financing.
Secure facilities.
Buy or lease equipment.
Purchase adequate supplies and inventory.
Obtain insurance for facilities, equipment or other needs.
Create a business continuity plan.
If hiring employees, check on federal and state requirements.
Publicize and promote business idea.
Create a sales plan.
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