Business Planning

Depositphotos_9285473_1000As they say, if you don’t know where you are going, any road will get you there!
There are thousands of good ideas. It’s mostly the ideas backed by a solid plan that become successful businesses. One of the most important aspects to consider when starting up or expanding a business is making sure you have an appropriate business plan that provides a detailed analysis of such areas as your company’s mission and goals, marketing plan, operations plan, financial statements and exit strategies (if any). A good business plan is a necessity when looking for financing from investors and banks.

There are many organizations that can assist in some aspect of formulating your business plan. Here are some organizations, which can be very useful to your business planning:

Hawaii Small Business Development Center (SBDC)
SBDC provides professional business consulting, research and training to business owners and new entrepreneurs. They link federal, state and local resources, the educational community and the private sector to meet the needs of Hawaii’s businesses. Their services are underwritten through funding from the U.S. Small Business Administration and the State of Hawaii.

Patsy T. Mink Center for Business & Leadership (MCBL)
Funded in part by the Small Business Administration, the Patsy T. Mink Center for Business & Leadership (MCBL) at YWCA Oahu promotes the economic and leadership advancement of entrepreneurs and women at all levels and stages in their careers. MCBL’s mission is to equip women to become successful entrepreneurs and leaders by providing one-on-one business counseling, innovative workshops and unique, specialized programs in a nurturing environment.

SCORE Hawaii
SCORE Hawaii is a national nonprofit association dedicated to entrepreneur education and the formation, growth and success of the nation’s small businesses. SCORE Counselors are real-world professionals with time-tested knowledge who donate thousands of hours to help small businesses succeed. Counselors are experts in such areas as accounting, finance, marketing, management, manufacturing and business plan advisory & strategy review.

High Technology Development Corporation (HTDC)
HTDC is a state agency established by the Hawaii State Legislature in 1983 to facilitate the development and growth of Hawaii’s commercial high technology industry. The State views high technology as an important driver in the diversification of Hawaii’s economy and one that provides quality, high-paying jobs for Hawaii residents. HTDC runs an incubator, which provides office space to companies as well as a variety of business support services.

Hawaii Enterprise Zones Partnership Program
The Hawaii Enterprise Zones Partnership Program (EZ) was established by the Hawaii State Legislature to help stimulate certain types of business activity and employment in areas where they are most needed. The EZ Program is a significant tool towards the State’s efforts to stimulate businesses and job creation.

Eligible businesses that satisfy EZ hiring requirements are exempt from the Hawaii General Excise Tax (GET) on eligible revenues and can claim partial personal or corporate income tax credits for up to seven consecutive years. They also qualify for a GET exemption on work done at their site by a Hawaii State licensed contractor or sub-contractor. The counties also offer additional incentives, including incremental property tax relief, priority permit processing, or fee waivers.

Here are more resources that can be helpful in your business planning:
Agribusiness Incubator UH
Chamber of Commerce of Hawaii
Enterprise Honolulu
Hawaii Island Economic Development Board
Hawaii Procurement Technical Assistance Center
Hawaii Small Business Development Center
High Tech Development Corporation
Honolulu Minority Business Development Center
Kauai Economic Development Board
Kuhao Business Center (Molokai)
Maui Economic Development Board
Patsy T. Mink Center for Business & Leadership
U.S. Small Business Administration