the business plan january 2012. objective the student will be able to create a business plan for an...
TRANSCRIPT
The Business PlanJanuary 2012
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
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.
Ways to buy a business
Buy a franchise Buy an existing business Take over the family business Buy an existing non-franchise
Parts of a business plan
Summary Company description Product and Services plan Marketing plan Legal Plan Management Plan Operating Plan Financial Plan
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.
SummaryA brief one- three page overview of the total business plan.
Products and Service PlanDescribes the product and or service; points out any unique features. Explains why people will buy the product or service.
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.
Legal PlanShows the proposed type of legal organization the ownership will take. Points out any legal concerns.
Management PlanIdentifies the key people who will direct and manage the company. Cites their experience and special skills.
Operating PlaneExplains the type of manufacturing or operating system the business will use. Describes the facilities, personnel, materials, and processing requirements.
Financial PlanSpecifies the financial needs and proposed sources of financing. Presents projections of revenues, costs and profits
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?