Plan

Develop a Business Plan

 A business plan serves as a road map for decision-making and helps you remain focused on the core mission of the company. It’s a living, breathing document - something that should be reviewed often and modified as the business grows. Banks and landlords frequently request this document as a means of assessing the viability of a venture. Even if it is not required by an outside entity, every business needs a plan.

Business Plan Resources

  • Small Business Development Center (SBDC) - A program administered by the U.S. Small Business Administration provides free and low-cost assistance to small businesses and aspiring entrepreneurs through classroom offerings and one-on-one counseling sessions. 
  • SCORE: Mid Maryland - A local business mentor group made up of volunteer experts that offer real life experience and advice across a range of industries. 
  • Maryland Women’s Business Center (MWBC) - An organization that works with small businesses to start, sustain, and grow their businesses. Its services include workshops and seminars, online training, and business counseling. 
  • Reference Solutions - A free resource available through Frederick County Public Libraries that offers detailed records about 12 million U.S. businesses to help guide your market research. 
  • Business Insights - Frederick County’s Office of Economic Development offers a free database, powered by SizeUp, that allows you to find data on potential customers, suppliers, and competitors.
  • Data Driven Frederick - Hood College’s analytics center offers data and regional indicators about Frederick County.
  • City Economic Development - our team can connect you to a variety of local data & information, including the real estate market, development plans, traffic counts, community demographics, and more.

Plans vary in format, but traditionally include some combination of the following:

  • executive summary
  • company description
  • products & services overview
  • marketing plan
  • operational plan
  • management & organization
  • start-up expenses & capitalization
  • financial plan  

Blank business plan templates are available online through organizations such as SCORE Mentors and the U.S. Small Business Administration. 

Choose a Business Structure

Selecting the right business structure is important for legal and tax purposes. There are many different options for business format, including:

  • Sole Proprietorship
  • Partnership
  • Limited Liability Company (LLC)
  • Corporation

We recommend you discuss the options with both a lawyer and an accountant before deciding on your business structure, as each structure comes with different legal liabilities and tax implications. 

Starting a Charity / Non-Profit Organization

Visit the Maryland Secretary of State’s Non-Profit Organization page for information.