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Bell Ringer

Bell Ringer. Business Plan - a proposal that describes a new business to potential investors and lenders What do you think a business plan might include?. Chapter 39. Developing A Business Plan. Objectives. Identify the purpose and importance of a business plan

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Bell Ringer

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  1. Bell Ringer • Business Plan- a proposal that describes a new business to potential investors and lenders • What do you think a business plan might include?

  2. Chapter 39 Developing A Business Plan

  3. Objectives • Identify the purpose and importance of a business plan • Identify the major sections of a business plan • Discuss how to describe and analyze a proposed business situation • Discuss how to develop a business’s organization plan

  4. Objectives • Discuss how to provide details related to goods or services to be offered. • Discuss how to develop a marketing plan. • Discuss how to describe the elements found in the financial section of a business plan • Discuss how to identify sources of equity capital • Discuss how to identify sources of debt capital

  5. The Business Plan • Business Plan- proposal that describes a new business to potential investors and lenders • Maps out course of the business • Helps obtain financing • Guides the opening of the business • Plans the successful mgmt of the business

  6. 3 Main Sections of a Business Plan • Description and analysis of the proposed business situation • Organizational and marketing plan • Financial plan

  7. Description and Analysis of the Proposed Business • Introduces proposed business concept • Should clearly identify the products & services the business will sell • Includes personal business philosophy & a self-analysis that describes your business experience, education, and training • Includes a trading area analysis, a market segment analysis, and an analysis of potential locations

  8. Type of Business, Business Philosophy, and Type of Products • 1. Begin with a description of the type of business you plan to open • Present marketing research data or significant trends that will influence the success of your business • Explain how a current or changing situation has created an unfulfilled consumer want that your business will address.

  9. Type of Business, Business Philosophy, and Type of Products • 2. State the Business Philosophy- tells how your think the business should be run and shows your understanding of your business’s role in the marketplace. • Reveals your attitude toward your customers, employees, and competitors.

  10. Type of Business, Business Philosophy, and Type of Products • 3. Describe the product or service you will offer • Explain potential consumer benefits & why your product or service will be successful • Include as many facts as you can

  11. Self-Analysis • 4. Self-Analysis- a description of your personal education, training, strengths, weaknesses, and a plan for personal development in the field of marketing

  12. Trading Area Analysis • 5. Define your Trading Area- the geographical area from which a business draws its customers • Analyze with respect to geographic, demographic, and economic data, and competition.

  13. Trading Area Analysis • Geographic data- includes population distribution, or how many people live in a certain area • Demographics- identifiable and measurable population statistics such as age, gender, marital status, and race/ethnicity

  14. Trading Area Analysis • Economic factors- include economic growth projections, trends in employment, interest rates, business mergers, and governmental regulations.

  15. Trading Area Analysis • Disposable income- personal income remaining from wages after all taxes are taken out

  16. Market Segment Analysis • Market Segment Analysis- description of the target market and the buying behavior of the potential customers • Buying behavior- process individuals use to decide what they will buy, from where they will buy it, and who they will buy it from

  17. Analysis of Potential Locations • Buy, Lease, or Build • Competing and Complementary Businesses • Hours of Operation • Visibility • Safety • Customer Accessibility • Personal Issues • Zoning and Other Regulations

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