Business Support Insurance Business Plan

Ideal Business Support Services

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Company Summary

Ideal Business Support Services, soon to be located in Salem, OR, will offer business support services for the insurance industry. Ideal will concentrate on transcription, database management, word processing and website development. These services will be offered to insurance agents who do not have the staff to perform these functions. By providing these services to the agents, the agents do not need to pay the overhead for the equipment, personnel, and knowledge.

The business will be based in downtown Salem and will have four employees in addition to Sarah Helpinghand, the founder and owner. Ideal is projected to reach profitability by month 11.

2.1 Company Ownership

Ideal Business Support Services is an Oregon corporation owned by Sarah Helpinghand.

2.2 Start-up Summary

Ideal Business Support Services have the following start-up expenses:

  • Computer system with three workstations, a printer, CD-RW, Microsoft Office, and Microsoft Access.
  • Office furniture including four desks and chairs, three file cabinets.
  • Legal fees regarding business formation and generating and reviewing contracts.
  • Copier, fax, and two phone lines.
  • Website development.
  • Various office supplies.
  • Two laptop computers with Pentium processors and Microsoft Office Professional version.
  • Transcription machine.

Please note that any equipment that will be used for more than a year will be considered a long-term asset and will be depreciated using the straight-line method.

Start-up
Requirements
Start-up Expenses
Legal $1,000
Stationery etc. $100
Other $0
Total Start-up Expenses $1,100
Start-up Assets
Cash Required $57,400
Other Current Assets $0
Long-term Assets $8,500
Total Assets $65,900
Total Requirements $67,000
Start-up Funding
Start-up Expenses to Fund $1,100
Start-up Assets to Fund $65,900
Total Funding Required $67,000
Assets
Non-cash Assets from Start-up $8,500
Cash Requirements from Start-up $57,400
Additional Cash Raised $0
Cash Balance on Starting Date $57,400
Total Assets $65,900
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0
Capital
Planned Investment
Sarah $67,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $67,000
Loss at Start-up (Start-up Expenses) ($1,100)
Total Capital $65,900
Total Capital and Liabilities $65,900
Total Funding $67,000
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Start-up
Requirements
Start-up Expenses
Legal $1,000
Stationery etc. $100
Other $0
Total Start-up Expenses $1,100
Start-up Assets
Cash Required $57,400
Other Current Assets $0
Long-term Assets $8,500
Total Assets $65,900
Total Requirements $67,000
Start-up Funding
Start-up Expenses to Fund $1,100
Start-up Assets to Fund $65,900
Total Funding Required $67,000
Assets
Non-cash Assets from Start-up $8,500
Cash Requirements from Start-up $57,400
Additional Cash Raised $0
Cash Balance on Starting Date $57,400
Total Assets $65,900
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0
Capital
Planned Investment
Sarah $67,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $67,000
Loss at Start-up (Start-up Expenses) ($1,100)
Total Capital $65,900
Total Capital and Liabilities $65,900
Total Funding $67,000