PREPARED BY : BUSINESS FEEDER MANAGEMENT

YOUR DREAM COMPANY

BUSINESS PLAN
WITH
START-UP CHECKLIST
2023-2024
 i

ACKNOWLEDGEMENTS

We would like to express our heartfelt appreciation and gratitude to everyone who has
contributed to the creation of this Business Plan with Start-up Checklist book. Without their
support, dedication, and expertise, this book would not have been possible. We are
immensely thankful to the following individuals and organizations:
Our team of researchers and writers who have diligently conducted market research,
analyzed data, and crafted the business plan with meticulous attention to detail.
The business experts, entrepreneurs, and industry professionals who have graciously shared
their expertise and experiences, enriching the content of this book with real-world insights
and practical advice.
The publishers, editors, designers, and other professionals who have contributed to the
production, design, and layout of this book, making it visually appealing and reader-friendly.
The readers and users of this book who will find value in its contents and use it as a resource
for their business endeavors.
Finally, we would like to express our deepest appreciation to our customers and clients,
whose trust and support have inspired us to create this business plan book. We are
committed to helping you succeed in your entrepreneurial journey, and we hope that this
book serves as a valuable tool in your pursuit of business success.
Thank you to everyone who has played a part in bringing this Business Plan with Start-up
Checklist book to life. Your contributions are sincerely appreciated.

Warmest regards,

Hashitha Munasinghe
BSc Finance Management (Special), USJP
Business Analysist and Compliance Specialist
Founder of Business Feeder Management Services Company
 ii

INSTRUCTION FOR ASSIGNMENT

Here are instructions for fulfilling a startup checklist for your business:

Define Your Business Idea: Clearly define your business idea and determine the
problem or need your product or service solves. Identify your target market,
customers, and competitors. Conduct market research to validate your idea and
ensure its viability.

Develop a Business Plan: Create a comprehensive business plan that outlines

your business goals, strategies, financial projections, and marketing plans.
Consider your business structure, legal requirements, and financial resources.
Your business plan will serve as a roadmap for your startup.

Register Your Business: Register your business with the appropriate government
authorities, such as obtaining the necessary permits, licenses, and tax
identification numbers. This may vary depending on your location and business
type. Make sure to comply with all legal and regulatory requirements.

Set Up Your Finances: Establish a system for managing your finances, including
setting up a business bank account, organizing bookkeeping and accounting
processes, and developing a budget. Consider working with a financial
professional to ensure proper financial management.

Develop Your Branding: Create a strong brand identity for your startup, including
your business name, logo, website, and marketing materials. Ensure that your
branding is consistent across all channels and represents your business's unique
value proposition.
 iii

Create a Marketing Strategy: Develop a marketing strategy to promote your

business and attract customers. Identify your target audience, create a
marketing budget, and select appropriate marketing channels such as social
media, email marketing, content marketing, and paid advertising.

Set Up Your Online Presence: Establish a professional online presence for your
startup by creating a website, setting up social media profiles, and optimizing
your online listings. Ensure that your online presence aligns with your branding
and marketing strategy.

Hire and Train Your Team: If you plan to have employees, hire and train the right
team members who align with your business goals and culture. Develop job
descriptions, establish policies and procedures, and provide appropriate training
to ensure your team is equipped to support your startup's success.

Develop Your Product or Service: If you're offering a product or service, develop

it to meet the needs of your target market. Test your product or service, gather
feedback, and make necessary improvements before launching to the public.

Plan for Operations and Logistics: Develop a plan for your day-to-day operations,
including inventory management, order fulfillment, customer service, and other
logistical considerations. Establish processes and systems to ensure smooth
operations and efficient delivery of your products or services.

Obtain Insurance: Consider obtaining appropriate insurance coverage to protect

your business from potential risks and liabilities. This may include general
liability insurance, property insurance, professional liability insurance, and other
types of coverage based on your business needs.
 iv

Review Legal and Tax Considerations: Seek legal and tax advice to ensure
compliance with applicable laws and regulations. Consider consulting with a
lawyer, accountant, or other professionals to understand your legal and tax
obligations as a startup.

Build Your Network: Build relationships with other entrepreneurs, industry

professionals, and potential customers. Attend networking events, join industry
associations, and participate in relevant communities to expand your network
and gain valuable insights and opportunities.

Plan for Scalability: Consider the long-term growth and scalability of your
startup. Develop a plan for expanding your operations, increasing your customer
base, and scaling your business as it grows. This may include hiring additional
team members, expanding to new markets, or diversifying your product or
service offerings.

Review and Update Your Checklist: Regularly review and update your startup
checklist as your business evolves. Update your goals, strategies, and plans
based on your progress, market changes, and business needs.

By following these instructions and completing a comprehensive startup

checklist, you can lay a solid foundation for your business and increase your
chances of business.
 v

TABLE OF CONTENTS

I. Write a Business Plan 01

II. Estimate Startup Costs 10

III. Register Your Business 12

IV. Open Accounts & Obtain Permits 13

V. Create a Financial Accounting System 14

VI. Create a Management System 14

VII. Launch Branding & Marketing 15

VIII. Your Mind Map of Business 16

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Business Formation - Startup Checklist

Write a business plan

❑ Executive summary
 2

❑ Business description

➢ Company overview

➢ Vision

➢ Mission

➢ Values
 3

❑ Product or Services

➢ Types of Products or Service

➢ Product Names

➢ Raw Materials for Product Processing

➢ Packing and Labeling diagram

➢ Product Diversification

➢ Product Pricing
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❑ Market Analysis
➢ Target Market
• Age -

• Gender -

• Location -

• Occupation -

• Education -

• Needs -

• Interests -

➢ Customers’ buying habits

• .
• .
• .
• .
• .
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➢ Main competitors
• .
• .
• .
• .
• .

➢ Competitors’ strengths and weaknesses

• .
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• .
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❑ Marketing Channel Plan

➢ Traditional Marketing ➢ Digital Marketing

• News Paper Advertisement • Social Media Marketing (SMM)

• Flyers and Brochures

• Content marketing

• TV Commercials

• Search Engine Optimization (SEO)

• Radio Voice Over

• Bill boards • Search Engine Marketing (SEM)

• Exhibition

• Email Marketing

• Public Relation

• Affiliate Marketing
• Word of Mouth

• Cold Calling
• Pay-Per-Click (PPC)

• Postal mail

• Instant Message Marketing (IMM)

• Direct Marketing
 6

❑ Operation Plan
➢ Operating Location

➢ Resources to Production
• Land -

• Building –

• Machinery -

• Equipment -

• Furniture -

• Human Resource -

➢ Suppliers
• .
• .
• .
• .
• .
• .
• .

➢ Transportation method
• .
• .
• .
• .

➢ Operation Structure Chart

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❑ Management Team

➢ Job Position 1 - ……………………………………

➢ Job Position 3 - ……………………………………
• Qualification
• Qualification
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• Job duties
• Job duties
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➢ Job Position 2 - ……………………………………

➢ Job Position 4 - ……………………………………

• Qualification • Qualification

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• Job duties • Job duties

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❑ Financial projections

➢ Pro-forma Income Statement

Pro-Forma Financial Position
Sales Revenue
…………………………………………..……………………
Non-Current Asset
……………………………………………………………………………………
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- Cost of sales …………………………………………………………………………… ………
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Gross Profit
Current Asset
……………………………………………………………..…
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+ Other income ……………………………………………………………………………………
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- Sales and Distribution Expenses Total Assets - …………………………………………

………………………………………………………………….

Equity
……………………………………………………………………………………
- Administration Expenses ……………………………………………………………………………………
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Non-Current Liabilities
- Financial Expenses
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Liabilities
- Other Expenses
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Net Profit
…………………………………………………………………. Total Equity and Liabilities -.…………………….
 9

➢ Pro-forma Cash Flow ➢ Financial Statement Analysis

• Operation Activities • Current Ratio

…………………………………………………………………………………… ……………………………………………………………………………………
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• Investment Activities ……………………………………………………………………………………

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• Financial Activities
• Debt-Equity Ratio
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Total Generating Cash in Year
• Return On Equity
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Beginning Balance of Cash
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Ending Balance of Cash ……………………………………………………………………………………
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 10

Estimate Startup Costs

❑ Create a startup budget (Variable Cost for Budget-Monthly)

Production Material Cost

➢
(FIXED COST FOR BUDGET-One Time) • Raw Materials Cost
……………………………………………………………………………………
➢ Annual Production Quantity ……………………………………………………………………………………
………………………………………………………………… ……………………………………………………………………………………
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➢ One-time startup costs • Packing Materials Cost
• Business Planning ……………………………………………………………………………………
……………………………………………………. ……………………………………………………………………………………
• Company Incorporation ……………………………………………………………………………………
……………………………………………………. …………………………………………………………………………………..
• Logo Design ➢ Production Labor Cost
……………………………………………………. ……………………………………………………………………………………
• Trademark Registration ……………………………………………………………………………………
…………………………………………………….. ……………………………………………………………………………………
• Package Design ……………………………………………………………………………………
……………………………………………………… ➢ Production Overhead costs
• Web Site • Production building Rent
……………………………………………………… ………………………………………………………..
• Accounting System • Depreciation Production PPE
……………………………………………………… ……………………………………………………….
• Management System • Salaries of maintenance personnel
……………………………………………………… ……………………………………………………….
• Certification /Permits / License • Salaries of the material handlers
……………………………………………………… ……………………………………………………….
……………………………………………………… • Salaries of the quality control staff
…………………………………………………….. ………………………………………………………..
• Other Startup expenses • Water and Electricity
……………………………………………………… ………………………………………………………..
……………………………………………………… • Other Utilities for factory
……………………………………………………… …………………………………………………………

Total - ……………………………………. Total Production Cost - ……………………………

➢ Fixed Asset ➢ Sales and Distribution Expenses

• Land and Building • Cost of printing and stationery
……………………………………………………. used in marketing
• Machinery …………………………………………………..
……………………………………………………. • Sales Commission
• Motor Vehicles …………………………………………………..
…………………………………………………… • Advertising Expenses
• Equipment …………………………………………………..
…………………………………………………… • Bad debts
• Furniture …………………………………………………..
………………………………………………….. • Showroom rent
• Other NCA ……………………………………………………
……………………………………………………… • Sales Travel and transport
……………………………………………………… ………………………………………………….
…………………………………………………….. • Expenses for sales office
…………………………………………………
Total Fixed Cost • Other Fees for Marketing
……………………………………………… …………………………………………………..
 11

➢ Administration Cost ❑ Create a dedicated startup savings account

• Salaries and wages cost
employees engaged in finance,
accounts, human resources,
information technology division, ……………………………………………………………………………….
etc.
………………………………………………………
………………………………………………………
❑ Research available grants, startup services,
………………………………………………………
• Office maintenance cost. & other resources for Funding requirement
………………………………………………………
• Personal Investment or Personal
………………………………………………………
……………………………………………………… Savings
• General Repairs and maintenance ……………………………………………………
costs. • Venture Capital
……………………………………………………… ……………………………………………………
………………………………………………………
• Insurance cost • Business Angels
……………………………………………………… …………………………………………………….
…………………………………………………….. • Assistant of Government
• IT Services Cost …………………………………………………….
………………………………………………………
• Commercial Bank Loans and
……………………………………………………..
• Building Rent and Maintenance Overdraft
Costs …………………………………………………….
……………………………………………………… • Financial Bootstrapping
……………………………………………………… …………………………………………………….
➢ Financial Expenses
• Buyouts
…………………………………………………………………
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➢ Other Expenses
…………………………………………………………………
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Total Non-Production Cost -……………………….

Total Variable Cost (Monthly)

…………….…………………………………………………..

Working Capital Requirement Time Period

…………………………………………………………………

Total Budget

…………………………………………………….
 12

Register your business

➢ Register trademarks
❑ Choose a structure
(2003 No 36 Intellectual Property Act)
• Sole proprietorship
• Partnership • M1 Application
• Company • Class Selection
❑ Choose a Business name and Brand name
• Publication
• Legal -
• Brand - • Gazette

❑ Reserve Your Business names in Online • Acceptance Letter

➢ Claim a Website domain name
• Registration application
…………………………………………………………………
➢ Claim relevant social media handles • Trade mark Certificate

• Facebook

• Instagram

• WhatsApp

❑ Register your business

➢ Check state & local registration requirements
(2007 No 07 Company Act)
• Business Name Reservation
• Form 01 – Company
• Articles of Association
• Form 18 - Director
• Form 19 – Secretary
• Certified Form 01
• Certified Articles of association
• Gazette and Paper articles
• Business Registration Certificate
• Company Official Stamp
• Director Stamp
• Secretary Stamp
• Share Certificate
 13

Open accounts & obtain permits ➢ Central Engineering Consultancy

Bureau
➢ Ceylon Ceramics Corporation
❑ Open a company bank account ➢ Ceylon Fisheries Corporation
➢ Ceylon Hotels Corporation
➢ Choose a Bank yourself
➢ National Livestock Development
➢ Board Resolution
Board
➢ Business Current Account
➢ Sri Lanka Ayurvedic Drugs
➢ Business Savings Account
Corporation
➢ Mobile SMS/ Email Settings
➢ Sri Lanka Broadcasting Corporation
➢ Corporate Banking Facilities
➢ Sri Lanka Bureau of Foreign
➢ Business Foreign Currency Account
Employment
➢ Sri Lanka Cashew Corporation
❑ Obtain an Employer Identification Number ➢ Sri Lanka Cement Corporation
➢ Internal Employee No ➢ Sri Lanka Export Credit Insurance
➢ Appointment Letters Corporation
➢ EPF/ETF Registration ➢ Sri Lanka Handicrafts Board
➢ Sri Lanka Land Reclamation &
❑ Get Registrations, licenses, permits, Development Corporation
Certification and any Other Approvals
➢ Sri Lanka Ports Authority
➢ Register of Companies (ROC)
➢ Sri Lanka Railway Authority
➢ Inland Revenue Department
➢ Sri Lanka Rubber Manufacturing
➢ Sri Lanka Customs
Export Co. Ltd
➢ Board of Investment
➢ Sri Lanka State Plantations
➢ Central Bank Sri Lanka
Corporation
➢ Industrial Development Board
➢ State Development & Construction
➢ Sri Lanka Standard institute
Corporation
➢ National Chamber of Commerce
➢ State Engineering Corporation of Sri
➢ Ceylon Chamber of Commerce
Lanka
➢ Export- Import Control Commission
➢ State Pharmaceuticals Manufacturing
➢ Sri Lanka Tea Board (SLTB)
Corporation
➢ Coconut Development Authority
➢ State Printing Corporation
➢ Sri Lanka Tourism Board
➢ State Timber Corporation
➢ Agricultural Insurance Board
 14

Create a financial accounting system Create a management system

❑ Hire a bookkeeper/accountant ❑ Create an organizational chart
OR
………………………………………………………………………………
❑ Set up essential bookkeeping documents
………………………………………………………………………………
➢ Bills
………………………………………………………………………………

………………………………………………………………………………
➢ Invoices
………………………………………………………………………………

➢ Payment Voucher ………………………………………………………………………………

………………………………………………………………………………

➢ Paid Stamp ………………………………………………………………………………

………………………………………………………………………………

➢ Petty Cash Book ………………………………………………………………………………

………………………………………………………………………………

➢ Ledger Books ………………………………………………………………………………

………………………………………………………………………………
➢ Income statement
………………………………………………………………………………

………………………………………………………………………………
➢ Balance sheet
………………………………………………………………………………

………………………………………………………………………………
➢ Cash flow statement
………………………………………………………………………………

➢ Notes ❑ Purchase project management software

OR

➢ Fixed Asset Register ❑ Set up essential management tools

➢ Calendar & scheduling system
➢ Bu dg et tr a ck er
❑ Purchase accounting software (optional) ➢ Team management system
➢ Short- & long-term goals and timelines
❑ Estimate your tax liability
➢ Choose & track KPIs
 15

Launch branding & marketing ❑ Set up relevant social media accounts

❑ Determine brand guidelines

➢ Design or commission a logo

❑ Print business cards

➢ Meaning of Logo ❑ Letter Head

………………………………………………………………………………………
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……………………………………………………………………………………… ❑ Mail signature
………………………………………………………………………………………

➢ Select a color palette

• Color 1 -
………………………………………………………………
• Color 2 -
………………………………………………………………
• Color 3
……………………………………………………………… ❑ Create Product service broachers

❑ Create a website
❑ About Us page

❑ Contact information

❑ Launch The Product or Services

❑ Site menu/navigation bar

❑ Core Product/Services & pricing

❑ Online ordering

❑ Customer testimonials

❑ Co m pan y bl og
 16

Your Mind Map of Business