Parts of a Business Plan

• There are 16 essential parts to a business plan • It can vary but you want it more specific as opposed to less specific

• Part one is the Executive summary• This is a brief summary of the most important points of the business plan• This contains the most important information from each section• It needs to be attention grabbing so people keep reading

Management Team Plan

• This presents qualifications of you and your partner• Do you have what it takes to do this?

• Are you trying to create an interstellar space ship with no knowledge of math or physics?• Do you plan on hiring some one who can do this?

Company Description

• This describes the size, scope and type of business you plan to start.• It also describes why the venture will succeed

Product or Service Plan

• Describes the product/ service• Note why this product/ service is new or unique• Any potential future products/ services that could grow from original

• You are trying to convince a complete stranger to give you money, they need to be impressed in some way.

Vision or Mission Statements

• This states the guiding principles that the company will follow when running their operations• Vision Statement- establishes the scope and purpose of a company

and reflects its values and beliefs• Mission Statement- expresses the specific aspirations of the company

Internet Research

• Go to bplans.com• Did the plans include all the information presented in the textbook?• Who sponsors this website? Why?

Industry Overview

• This will present the research into the industry• Every business is classified in an industry• An industry includes companies that provide similar, complementary, or

different products and services.

• Include recent and future trends in the industry

Market Analysis

• This shows what is your ideal customer profile• This determines your marketing and sales strategies• You will also look into your competition and customers• Include geographic, economics, and demographic data of the target

market and business location

Competitive Analysis

• Describe the advantages your business has over existing businesses• Determine your advantages and disadvantages in the business world

Marketing Plan

• This will show how the company plans to make their customers aware of their products• It will include market niche, pricing, company image, marketing

tactics, a media plan, and marketing budget.

Tech and trends

• Search online for “technology mutual funds”• Find two• List their name, investment strategy, goals, and objectives

Operational, Organizational, Financial, and Growth Plans• Includes the business processes that result in production and delivery

of the product or service• Who is in charge of what and what type of business is this?• Partnership, sole proprietorship, corporation, etc

• The financial forecast- revenue and cost estimates in the future• How will the business expand- organically or inorganically

Contingency Plan

• What are the risks of getting into this business and how can you minimize them. • Not too many, alien invasions and such are possible but at this point quite

unrealistic

Document format

• Cover page• Company name, address, phone number, web site, email address, and logo

• Title page• Company name; the names, titles, and addresses of owners; the date the plan

was submitted; and the name of the preparer

• Table of Contents• Details the components of the business plan

• Supporting documents• Posters or prototypes and such.