Starting a Small Business in Lake Saint Louis: Writing a Business Plan

Are you thinking about starting a small business? According to the , the is an ideal place for new small businesses, boasting a friendly community population of more than 12,000 and development plans in place for more than 2,000 housing units, plus two major shopping centers.

“Lake Saint Louis is primed for new commercial and business growth,” reads the Lake Saint Louis Dardenne Prairie Area Chamber of Commerce Community Map ebook. “The recent opening of two new interchanges on I-64 gives your company unlimited opportunities to grow and prosper.”

And according to , Lake Saint Louis is home to more than 700 businesses and was named one of the Top 100 Places to Live in 2009 and 2011 by CNN/Money Magazine.

Potter said in a letter to prospective business owners that Lake Saint Louis has experienced major residential growth in recent years, and a number of new businesses have moved into the city. He said that this, along with the business-friendly community, makes Lake Saint Louis a very “business-friendly” environment.

“The Board and staff are committed to working with new businesses to help you get started in the City,” Potter wrote in the letter. “We try to make the approval process as fair and efficient as possible so there are no surprises in the process.”

Let’s get planning!

If you’re considering , we hope you’re following our small business series. So far, we’ve covered the concept phase of starting your own business, including and inside information on buying a franchise.

Once you’ve decided what your business you'd like to open, it’s time to bring the concept into reality. The first step on that journey is to create a business plan, which can be simply defined as a written description of the steps you’ll take to launch and build your business.

Why do I need a business plan?

A business plan can serve you in a number of ways. If you’re seeking investors to help fund your business, you’ll need a well-written business plan to show your potential investors your vision. And a business plan serves as a blueprint for your business, giving you a clearer understanding of how to manage your company.

What do I need to include in a business plan?

A good business plan will outline your business goals and strategies. It will also help you to anticipate potential issues that may come up and give you time and space to plan solutions ahead of time. It will also outline the organizational structure, including responsibilities and the amount of money you’ll need to finance the business until it becomes self-sufficient.

You’ll start with a cover and a title page. Once you’ve finished writing the business plan, you’ll add a table of contents. The core components of the business plan include the business concept, the marketplace description and analysis and the financial breakdown.

This is a very high-level overview, of course, and each section will be broken down further in your plan. Depending on the nature and size of your business and your funding requirements, your business plan may be anywhere from a single page to more than 100 pages.

The following resources offer in-depth assistance with writing business plans.

• Lake Saint Louis Economic Development Department—“The City is always striving to be more business friendly and strengthen ties between the City and its businesses,” reads the department’s page on the city’s website. “City staff work to promote the City of Lake Saint Louis as a destination for businesses, jobs, and economic development.”
• Lake Saint Louis – Dardenne Prairie Area Chamber of Commerce—If you join the Chamber of Commerce, you’ll receive a variety of benefits, including online member-to-member support and a private social network for members, so you can get advice from a local business owner who has been where you are when you’re ready to write your business plan.
• —The library district offers a number of resources for business owners (and prospective business owners), including help with writing business plans.
• Economic Development Center (EDC) of St. Charles County—In addition to a wide range of services for small businesses, the EDC has a business consultation service and a small incubator program.
• Rufkhar & Associates, LLC—This Lake Saint Louis tax and accounting company offers many business services, including business start up assistance. You can even get a free consultation if you’re not sure you’re ready to commit.
• Missouri Business Portal—This website acts as a portal for business registration, filings, licenses and permits in the state of Missouri. It also offers a wide variety of resources, including a detailed guide to writing a business plan.
• SCORE (Service Corps of Retired Executives)—This St. Louis-based organization offers free, confidential business counseling, as well as workshops and seminars for start-up entrepreneurs and existing businesses. The SCORE Business Plan Template is a free 31-page document that offers both a template and detailed instructions for filling it out.
• Small Business Association: Writing a Business Plan—This section includes a detailed account of the essential elements required for a good business plan, tips on making your business plan stand out, free templates for writing a business plan and a thorough explanation of why you need one.
• Small Business Administration: How to Write a Business Plan—SBA also has a free online training course on writing business plans. It is a self-paced course that offers step by step information on starting and managing a business.

Have you always dreamed of starting your own business? Subscribe to our daily newsletter so you won’t miss a single part of this ongoing series! Next week, we’ll share tips and resources for finding free classes and business training for business owners.

Do you own your own business in Lake Saint Louis? We want to share your story with the community! Contact Patch reporter Angela Atkinson at angela.atkinson@patch.com to arrange for an interview.