the business plan january 2012. objective the student will be able to create a business plan for an...
TRANSCRIPT
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The Business PlanJanuary 2012
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Objective The student will be able to create a
business plan for an idea. List four ways to enter business Describe the purpose of a business
plan List the elements of a business plan
Practice: Notetaking on Business Plan
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WHY WRITE A BUSINESS PLAN?Whether you are starting up a business on your own, purchasing an existing business or taking over the family business. Any prospective entrepreneur needs a guide to follow.
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Ways to buy a business
Buy a franchise Buy an existing business Take over the family business Buy an existing non-franchise
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Parts of a business plan
Summary Company description Product and Services plan Marketing plan Legal Plan Management Plan Operating Plan Financial Plan
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Company DescriptionExplains the types of company and gives its history if it already exists. Tells whether it is a manufacturing, retail or service, or other type of business.
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SummaryA brief one- three page overview of the total business plan.
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Products and Service PlanDescribes the product and or service; points out any unique features. Explains why people will buy the product or service.
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Marketing Plan Shows who the potential customers are and what kind of competition the business will face. Outlines the marketing strategy and specifies what makes the company unique.
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Legal PlanShows the proposed type of legal organization the ownership will take. Points out any legal concerns.
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Management PlanIdentifies the key people who will direct and manage the company. Cites their experience and special skills.
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Operating PlaneExplains the type of manufacturing or operating system the business will use. Describes the facilities, personnel, materials, and processing requirements.
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Financial PlanSpecifies the financial needs and proposed sources of financing. Presents projections of revenues, costs and profits
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Quick check
1. Name four ways to in which you could enter business.
2. Define franchise, franchisor, franchisee
3. What is a business plan?4. What part does a business plan play
in financing the business?5. Describe three basic parts of a
business plan.6. Which part of the plan do you think is
important?