Step 1 – Course Work and Business Plan Development
□ Write a detailed Business Plan
□ Learn the BEP Laws and Regulations and Pass the Exam
□ Learn the BEP Reporting Requirements and Pass the Exam
Developing a Detailed, Written Business Plan:
Are you interested in starting a business? Creating a business plan is one of the most important steps you will take. The development of a business plan is the key for a successful business. It requires the evaluation of your entire business and the business plan is considered a road map of your business. The business plan generally projects 3-5 years ahead and outlines the direction a company intends to take to reach its yearly milestones including revenue projections. A well thought out plan also helps you to step-back and think objectively about the key elements of your business venture and drives your future decision-making process.
The vending industry is highly competitive. To be a successful business owner in this industry a person must be able to manage every aspect of their business efficiently and effectively. BEP businesses typically have several vending machines at several different locations. The BEP Licensed Operator must be able to provide their customers with the products they want, in the quantity they want, and when they want it. The BEP and/or the nominee agency will make suggestions for consultants, classes and information that may be helpful for completion of the business plan. However, the business plan must be completed by the trainee.
Sample Business Plan Outline:
1.0 Executive Summary
1.1 Objectives
1.2 Mission
1.3 Keys to Success
2.0 Products and Services
2.1 Product and Service Description
2.2 Competitive Comparison
2.3 Supplier Contact Information
3.0 Market Analysis Summary
3.1 Market Trends
3.2 Market Growth
3.3 Industry Analysis
3.4 Main Competitors
4.0 Management Summary
4.1 Organizational Structure
4.2 Management Team
4.3 Personnel Plan
5.0 Financial Plan (putting real numbers to your business)
5.1 Important Assumptions
5.2 Break-even Analysis
5.3 Projected Profit and Loss
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5.5 Long-term Plan
The business plan demonstrates the ability of individuals to communicate effectively and understand the financial details of their business while possessing the ability to use a computer including email, spreadsheets and word processing.
BEP Licensed Operators must be able to count their money, make deposits, and make change for customers. They must be able to keep a thorough record of their business transactions, review and understand their profit and loss statements, implement marketing strategies, and understand legal correspondences. They must be able to communicate both verbally and in writing with customers and colleagues. They will need to conduct inventories, place and receive product orders, hire and fire staff and stay current with all industry change. It is important that they stay current with the existing and future requirements mandated by law governing the activities of all small business owners. The BEP Licensed Operator must also be able to perform the physical demanding aspects of the job and at times the difficult working conditions of the job.
BEP Licensed Operators can employ staff to help them with some of these tasks however; the BEP Licensed Operator must understand that they are ultimately held responsible for the operation of their Business Enterprise. For example, if a business owner employs an accountant to handle the businesses financials, the business owner still needs to be able to review the financial records and determine if the information is accurate. If the accountant breaks the law, the business owner can be held liable. Remember to account for the cost of these staff in the financial analysis of your plan.
Once completed, all business plans need to be reviewed and approved by the Workforce Development Area (WDA) Business Plan Review Committee utilizing the “Customized Self Employment Business Plan checklist” provided by the counselor.
BEP Laws and Regulations:
Trainees must understand the laws and regulations that will affect them as Licensed Operators. The documents below outline these laws and regulations, by clicking on the link you can open the documents with the information you must master.
Code of Federal Regulations
Once you have a firm grasp of these documents you will take a series of tests to verify your understanding of the BEP and the laws, rules, policies and procedures that govern the BEP and the Licensed Operators in the BEP. Trainees must achieve a score of 85% correct or better on every test in order to advance to the next course. Trainees that do not successfully pass a test will be allowed to retake the test weekly as long as their test scores improve. If the score continues to be less than 85%, the BEP and/or nominee agency, counselor and trainee will determine how to proceed.
Once you are ready to take the tests please contact the BEP program director to arrange for the exams. Do this by sending an email to kent.walser@rsvw.org
Developing a Detailed, Written Business Plan:
Next you will be required to learn the BEP monthly reporting requirements and procedures. These procedures are outlined in the document below:
BEP Reporting Procedures
Once you have a firm grasp of these documents you will take a series of tests to verify your understanding of the BEP Reporting requirements and procedures. Trainees must achieve a score of 85% correct or better on every test in order to advance to the next course. Trainees that do not successfully pass a test will be allowed to retake the test weekly as long as their test scores improve. If the score continues to be less than 85%, the BEP and/or nominee agency, counselor and trainee will determine how to proceed.
Once you are ready to take the tests please contact the BEP program director to arrange for the exams. Do this by sending an email to kent.walser@rsvw.org