Unit 3.1: Understanding the Usefulness of a Business Plan

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Unit 3.1: Understanding the Usefulness of a Business Plan

Presentation transcript:

Unit 3.1: Understanding the Usefulness of a Business Plan Entrepreneurship Unit 3.1: Understanding the Usefulness of a Business Plan

Understanding the Usefulness of a Business Plan Students will be able to: Describe purposes of a business plan List common components of a business plan Identify available sources for business plan information

“If I know what business I want to start, why do I need a business plan?”

Purposes of a Business Plan #1. To plan and set objectives of business #2. To convince others to invest in your business

Purpose of a Business Plan #1. To plan and set objectives of business • Organizes and analyzes critical data • Describes products/services • Identifies customers and markets • Determines if can meet financial goals

Purpose of a Business Plan #2. To convince others to invest in your business • Bankers • Investors • Partners • Potential Management

Common Components of a Business Plan Business plans can be written as a short 10-page prospectus or can be upward to 50 pages or more, depending on the complexities of the business. However, all business plans should contain several common elements . . .

Eight Common Components of a Business Plan Goals and objectives of your company – a.k.a. Mission Statement Company description – Includes history and background of idea Market and competitive analysis Products/Services you will offer – Includes operational plan

Eight Common Components of a Business Plan Form of ownership and organizational plan Management and staffing Marketing plan Current and projected financial statements

Available Sources for Business Plan Information Chamber of Commerce Small Business Development Centers Free one-on-one assistance Workshops SCORE (Service Corps of Retired Executives) Volunteers time to help young entrepreneurs SBA (Small Business Administration) Also offers financial assistance Gives special assistance to women, minorities, and the physically challenged Trade Associations

More Available Sources for Information Publications Magazine articles, newspapers, books Internet sites for small business and entrepreneurs Professional business consultants Other Government agencies Division of Commerce

Understanding the Usefulness of a Business Plan Let’s Review: Describe purposes of a business plan List common components of a business plan Identify available sources for business plan information