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Putting Your Idea On Paper

Putting Your Idea On Paper. Young Entrepreneurs Project. Put Your Idea in Writing. Developing your business plan is your road map to success in the business world.

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Putting Your Idea On Paper

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  1. Putting Your Idea On Paper Young Entrepreneurs Project

  2. Put Your Idea in Writing • Developing your business plan is your road map to success in the business world. • A business plan is a written document that outlines measures and actions to define where you want to go and how you will get there. • Without a business plan, you have no written goals or objectives to measure your success.  • Starting a business is a full of uncertainties. • Developing a thorough business plan helps minimize those uncertainties.

  3. Before You Begin Writing Your Business Plan, Consider These Questions: • What service or product does your business provide, and what need does it fill? • Who are the potential customers for your product or service, and why will they purchase it from you? • How will you reach your potential customers? • Where will you get the financial resources to start your business?

  4. Main Parts Of A Business Plan • The following slides will break down a business plan into 5 parts.

  5. Introduction • Give a detailed description of the business and its goals. • Discuss the ownership of the business and the legal structure. • List the skills and experience you bring to the business. • Discuss the advantages you and your business have over your competitors.

  6. Marketing • Discuss the products/services offered. • Identify the customer demand for your product/service. • Identify your market, its size and locations. • Explain how your product/service will be advertised and marketed. • Explain the pricing strategy.

  7. Operations • Explain how the business will be managed on a day-­to-­day basis. • Discuss hiring and personnel procedures. • Discuss insurance, lease or rent agreements, and issues pertinent to your business. • Account for the equipment necessary to produce your products or services. • Account for production and delivery of products and services.

  8. Financial Plan • Explain your source and discuss the amount of initial equity capital you’ll need. • Develop a monthly operating budget for the first year. • Develop an expected return on investment and monthly cash flow for the first year. • Provide projected income statements and balance sheets for a two-­year period.

  9. Financial Plan • Discuss your break­even point. • Explain your personal balance sheet and method of compensation. • Discuss who will maintain your accounting records and how they will be kept. • Provide "what if" statements that address alternative approaches to any problem that may develop.

  10. Concluding Statement • Summarize your business goals and objectives and express your commitment to the success of your business. • Resources • For a more in-depth look at writing a business plan go to: www.sba.gov/starting_business/planning/writingplan.html • Complete the Put Your Idea in Writing Worksheet.

  11. The End

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