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What is a Business Plan And How to Create One

What is a Business Plan And How to Create One. BUS 101 Introduction to Business. A Business Plan is…. a document that identifies the goals of your proposed company and explains how they will be achieved a blueprint for a proposed company. Purposes of a Business Plan.

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What is a Business Plan And How to Create One

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  1. What is a Business PlanAnd How to Create One BUS 101 Introduction to Business

  2. A Business Plan is…. • a document that identifies the goals of your proposed company and explains how they will be achieved • a blueprint for a proposed company

  3. Purposes of a Business Plan • Describes how you will build your business • Includes ideas about how you intend to make it strong • Lists your financing plans

  4. Sources for Business Ideas Previous Experience Hobbies Industry Experience

  5. Ownership Options • Start from Scratch • Buy an Existing Business • Buy a Franchise

  6. Business Plans Include: • Business Concept • Management Qualifications • Legal Form Of Business • Explain Goods/Services • ID Customers/Competitors • Product Development • Production Methods • Marketing • Projected Profits & Borrowing Needs

  7. Benefits Of a Business Plan • Forces You To Think Critically • Reduces Risk • Analyze the Concept and Industry • Helps persuade Investors & Lenders

  8. Planning Strategic Decisions • Management • Staffing • Production • Marketing • Finance

  9. Executive Summary A brief concise statement Often a 1-3 Page Overview Most Important Part Used in decision-making by managers Written as a summary after the plan is completed

  10. Description Of Business What will we do? What goods/services will be provided? How are we unique? How do we sell ourproduct? Where is our location? Who are our customers?

  11. Industry Analysis Industry Players? Industry Outlook? Industry Projected Sales? Factors of Expansion Or Contraction? Affect of Future Economic Conditions?

  12. Mission Statement & Core Values Mission Statement - Purpose or mission of company Core Values - Fundamental beliefs about what is/is not appropriate in conducting business activities, ideals

  13. Management Plan Member Qualifications Education Experience Expertise Legal Form Sole Proprietorship Partnership Corporation

  14. Goods and Services Description Better Than Competitors Market Needs Competitive Advantage

  15. Development and Production How to Obtain/Make Product Product Design Design/Manufacture Technology Own or Contract Facilities Where to locate What type of Equipment Design/layout of facility Number of Employees How many units to produce How to ensure high Quality

  16. Marketing Target Market Pricing Distribution Promotion

  17. Global Issues Buying and Selling In Other Countries Identify Cross- Border Challenges How To Overcome Challenges Strategies for the future

  18. Financial Plan Cash Needs Start-up Operations Funding Sources Repay Debt Projections Expected Sales Costs Profits (Losses)

  19. Why Businesses Fail Bad Business Idea Cash Flow Problems Inexperience or Incompetence Lack of Customer Focus Inability to Handle Growth

  20. Can you Succeed? Work Hard Have a Unique Idea Plan well Execute Have a Passion for Business “If you fail to plan, you plan to fail”

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