Business Plan

  • All written work should be typed and double-spaced.  Type font should be 12-point (certainly no larger).
  • Students pick their own business for their business plans.
  • Chapter 6 of the course textbook explains the format for a typical business plan.  A sample business plan appears in “Appendix A” of the course textbook.  The project rubric explains the content expectations for this project, and these expectations appear in CAPITAL LETTERS below; however, when you write your project you should NOT include the CAPITAL LETTERS in it.  The summary that appears below will provide the actual structure for this project.
  • Financial forms are available in the “course information” section of the course, and students should utilize these forms for the financials of their business plans.
  • Title Page

 

  1. Company name, address, phone number, fax, web address
  2. Possible Company logo
  3. Name(s), title(s), address(es), and phone numbers of the owner(s and key executives)

 

 

 

Table of Contents:  Listing of all sections in plan along with page numbers

 

 

 

Executive Summary (ABILITY TO SELL GOODS/SERVICES)

 

  1. Clear, concise description of the business that creates interest
  2. An overview of the whole business plan
  3. Simple, believable, and achievable mission statement
  4. How combined efforts in all areas of the business will move toward its goal
  5. What are the company’s objectives?
  6. When did (will) the business start and what is its history (stage of development, achievements to date, etc.)?
  7. What is its primary product or service and its distinctive competence?
  8. Provide an industry overview of relevant trends (economics, culture, legal, national, industry, and/or community)
  9. Location

 

  1. What resources are most critical to your location decision?
  2. What personal and environmental factors will influence your location decision?
  3. How important is customer accessibility to your location decision?
  4. What laws and tax policies of state and local governments have been considered?
  5. What is the cost of the proposed site?
  6. What are the major considerations in choosing between a new and an existing building?
  7. What is the possibility of leasing a building or equipment?
  8. How feasible is it to locate in a business incubator?
  9. What is the major objective of your building layout?  If you have a layout, please provide it.
  10. What types of equipment do you need for your business, and how does this impact your location choice?

 

  1. Build the strong case that you have the ability to sell the goods / services.

 

 

 

Management Plan (FOUR FUNCTIONS OF MANAGEMENT)

 

  1. Who are the members of your management team? What are the skills, education, and experience of each member?
  2. What are the four functions of management and how are they carried out in your plan?
  3. What style of management will be used? What is the decision-making process in the company? What mechanisms are in place for effective communications between managers and employees?

 

 

 

Personnel Plan (ADDRESS VARIOUS PERSONNEL ISSUES)

 

  1. Include job descriptions and organizational chart for your employees.
  2. Do you plan to use consultants? If so, please describe their qualifications.
  3. What are your plans for future employee recruitment?
  4. What are the compensation and benefit plans for managers and employees?
  5. What are the employee retention and training programs? Who is responsible for job descriptions and employee evaluations?
  6. Does the company intend to become a publicly traded company or an acquisition candidate?  Why?

 

 

 

Legal Plan (UNDERSTAND LAWS RELATED TO BUSINESS)

 

  1. Will the business function as a sole proprietorship, partnership, or corporation? If a corporation, will it be a C corporation, an S corporation, or a limited liability company?
  2. What are the liability implications of the legal form of organization chosen?
  3. What are the tax advantages and disadvantages of this form of organization?
  4. Where will the corporation be chartered?
  5. If a corporation, when will it be incorporated?
  6. What attorney or legal firm has been selected to represent the firm? What type of relationship exists with the firm’s attorney or law firm?
  7. What legal issues are presently or potentially significant?
  8. What licenses and/or permits may be required?
  9. What is your exit strategy?

 

 

 

Employee Relations (TEAMWORK)

 

  1. How will personnel be motivated?
  2. How will creativity be encouraged?
  3. How will commitment and loyalty be developed?

 

 

 

Marketing Analysis (INTERDEPENDENCE OF WORLD MARKETS)

 

  1. Possible risk factors of market environment
    1. Economic and environmental
    2. What forecasting technique will you use? What are the results?
  2. Industry trends and situations (any possible trade associations?)
  3. Who are your competitors? List 3 with their strengths and weaknesses
  4. What is your most significant benefit?
  5. How will you maintain and improve status in market?

 

 

 

Marketing Strategy (MARKETING MODEL)

 

  1. Target Market.

 

  1. What is the customer profile for your product or service?
  2. Segmentation strategy?
  3. Geographical area you will serve?
  4. Benefits of your product/service?
  5. 2. Marketing Mix.

 

    1. Product name (reasoning) & protection of legal rights
    2. Pricing strategy (how do you justify your pricing)?
    3. Cost factors?
    4. Break even analysis (for different pricing situations)
    5. Credit policies
    6. Distribution channels
    7. Retail stores
    8. Layout of store
    9. Packaging
    10. Warranties, repair service

 

  1. Promotion
    1. Advertising
    2. Promotional budget
    3. Salespeople?

 

      1. Special selling skills will they need
      2. Compensation scheme for sales force

 

    1. Sales promotions?
    2. Will you be attending/participating in any trade shows?
    3. Other publicity?

 

 

 

Financial Statements and Risk Assessment

 

  1. What is the total financing required to start up the business?
  2. How much money do you plan to invest in the venture? What is the source of this money?
  3. Will you need financing beyond what you personally plan to invest?  If additional financing is needed for the startup, how will you raise it? How will the financing be structured – debt or equity? What will the terms be for the investors?
  4. How and when will you arrange for investors to cash out of their investment?
  5. Financial statements – income statement, balance sheet, cash flow projection (see Course Information for financial forms)
  6. Based on your pro forma financial statements, will there be a need for future financing within the first five years of the firm’s life? If so, where will it come from?
  7. What uncontrollable risks will you company face? (weather, economy, etc.)
  8. What risks will you insure? How much will this coverage cost you?

 

 

 

Appendixes

 

  1. Personal resume with three professional references
  2. Any possible photographs
  3. Any possible marketing research studies

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