Unit 4 Seminar NS499

The Business Plan What is a business plan? What is a business plan?

Components of a Business Plan The executive summary The executive summary The proposed scope of the new business The proposed scope of the new business Should: Should: Describe in detail the business and its goals Describe in detail the business and its goals Identify ownership and legal structure Identify ownership and legal structure Discuss skills/experience you or partners bring to the business Discuss skills/experience you or partners bring to the business Identify advantage over competition Identify advantage over competition Financial needs Financial needs

How the business Plan is Read Characteristics of project Characteristics of project Caliber of people in deal Caliber of people in deal Terms of the deal Terms of the deal Balance sheet Balance sheet What is unique What is unique

Writing a Business Plan Introduction Introduction Company Profile Company Profile Market Analysis Market Analysis Marketing Plan Marketing Plan Financial Plan Financial Plan Appendices Appendices

Marketing Components of Service model marketing Components of Service model marketing Simplicity Simplicity Relationships Relationships Marketing yourself Marketing yourself Creating your brand Creating your brand

Marketing What is the function of marketing? What is the function of marketing? What activities are involved in marketing? What activities are involved in marketing?

Marketing Assessing and reacting to trends in the marketplace Assessing and reacting to trends in the marketplace What are some trends in healthcare right now? What are some trends in healthcare right now? Your marketing strategy depends on these trends Your marketing strategy depends on these trends

Marketing Your mission statement Your mission statement What is this? What is this? How can it help your business? How can it help your business?

The marketing Mix The fours P’s? The fours P’s? Why are they important? Why are they important?

Marketing Strategies Concentrated marketing Concentrated marketing Differentiated marketing Differentiated marketing Undifferentiated marketing Undifferentiated marketing

The Marketing Plan Identify the product line and target market Identify the product line and target market Conduct market research Conduct market research Goals and objectives Goals and objectives Determine marketing mix Determine marketing mix Develop action plan, delegate responsibilities Develop action plan, delegate responsibilities Financial plan Financial plan Measure and Evaluation Measure and Evaluation

Business Ownership Three business structures Three business structures What are they? What are they?

Sole Proprietor What does this mean? What does this mean? Advantages? Advantages? Disadvantages? Disadvantages?

Partnership What does this mean? What does this mean? Advantages? Advantages? Disadvantages? Disadvantages?

Corporation What is this? What is this? Advantages? Advantages? Disadvantages? Disadvantages?

Protecting your Business Ideas What are some traditional ways to protect your ideas? What are some traditional ways to protect your ideas? Other options Other options Written agreement Written agreement Personal discretion Personal discretion Incorporation Incorporation

Copyrights Issued by U.S. Copyright office Issued by U.S. Copyright office What rights are the owners granted? What rights are the owners granted? How long are they effective? How long are they effective? Copyright is your responsibility Copyright is your responsibility “Cease and desist” order must be issued for abuse “Cease and desist” order must be issued for abuse

Trademarks Why and by whom are they issued? Why and by whom are they issued? Service Mark Service Mark To establish trademark rights: To establish trademark rights: File trademark application File trademark application $245 fee $245 fee Effective for 20 years with option to renew Effective for 20 years with option to renew

Patent What is the purpose of a patent? What is the purpose of a patent? Some companies choose to not patent Some companies choose to not patent Costly process Costly process

Best Ways to Protect Yourself Be ethical Be ethical Ask advice of those who are successful Ask advice of those who are successful Make well thought out decisions Make well thought out decisions Keep good documentation Keep good documentation Learn from experience Learn from experience