Who Needs a Business Plan? YOU, if you’re: …running a business. A business plan is like a map. Without it you don’t know where you’re going, and you won’t know when you get there! With a plan, you have goals, objectives, and priorities to guide your decision-making.

Who Needs a Business Plan? YOU, if you’re: …applying for a financial loan. Banks and lenders expect to see a summary of your plans, and if you are applying for a large loan, or if you have little experience, they will want many details about your planned business.

Who Needs a Business Plan? YOU, if you’re: …going to have partners. The plan defines the agreements between partners and the expectations of “who” will be responsible for “what.”

Who Needs a Business Plan? YOU, if you’re: …going to have employees who need to understand the businesses’ goals. The plan provides a blueprint for everyone to work by and to use in making decisions.

Your Assignment Identify a business that you would like to start within Raleigh. The following slides will be used as a template for your plan, and include the things you need to research and include in your business preparations.

[Company Name] Business Plan

Business Concept Pretend you are speaking with a banker for the first time in hopes of getting financing for your business. Summarize your ideas for creating a successful business, so that the banker will invite you to tell him/her more. (One or two sentences.)

Mission Statement A clear statement of your company’s long-term mission in one or two sentences. Use words that will help guide your future decisions regarding the growth of your company. For ideas of mission statements, read this page and review the examples.

Business Location Find a location in the Wake County/RTP area. (Use resources such as Google Maps.) Describe the location of your proposed business. Include the name of the shopping center or business park, if applicable. Possibly insert a map showing the location.

The President and CEO YOU! Imagine that you are 30 years-old. Describe your education. Where did you attend college? When did you graduate? What degree did you receive? Describe your work experience leading to this entrepreneurial endeavor.

Target Market Describe the demographics and current characteristics of your particular target market specific to the Raleigh/Wake County/RTP area.

Opportunities Problems and opportunities Remember that the definition of a Business Opportunity is “An idea that has commercial value/potential.” State consumer problems (from the customer’s point of view) and define the nature of product/service opportunities that are created by those problems.

Competition Summarize your competition (locally and globally, if applicable) Outline your company’s competitive advantage

Goals & Objectives Five-year goals State specific, measurable objectives. State market share objectives. .

Financial Plan NOT REQUIRED for this EBT Project. Students should be aware that this part of the business plan is always required to get financing for a business. Future accounting and finance classes will prepare you to complete this part of a future business

Risks & Rewards Risks Summarize risks (things that could cause your business to fail) of proposed project and how you will address these risks to increase your probability for success. Rewards Estimate expected pay-off.

Resource Requirements Technology requirements Personnel requirements Inventory requirements

Marketing and Promotions Marketing Plan - Describe how you will let the public know that you are “open for business.” Link to business website. (Use Weebly.com to develop a website for your business, or spend your last few days in class creating a PhotoStory video)

Sources used in developing this presentation: Who needs a Business Plan by Tim Berry. Microsoft Office Business Plan Template.

How will you do this?: Brainstorm with your classmates, with your parents, and with other adults in your life – especially those who are entrepreneurs or are business owners. Use your internet research skills.