Entrepreneurship Business Plan

Section 1-Executive Summary Type of Business Brief description of your major/service involved.

Section 2-Description and Analysis of the Business Situation Self-analysis: Resume Trading are analysis: geographic, demographic, and economic areas; competitive advantages of proposed business over competition Customer analysis: target market: income, sex, age, family size, family life cycle, occupation, education, ethnicity, social class, psychographics, (picture of your costumer) Analysis of location: address, traffic patterns, parking spaces, availability, square footage (size), and cost Proposed organization: type of ownership: sole proprietorship, partnership, corporation; steps in starting to form the business; planned personnel

Section 3-Prosoped Marketing/Promotion Plan Proposed product or service: equipment and potential suppliers or manufacturing plans. Five items prepared from the menu. Proposed pricing policy: Menu Promotional activities: Personal promotion: non-media sales plan (how will customer be greeted, waited on, etc), staffing (how will they be dressed, provide a picture or sketch of the uniform), and merchandising appeal (what will establishment look like, provide a floor plan) Non-personal promotion: media (newspaper, TV, billboard, radio, etc, provide a copy), basic appeal, and initial promotion plan (grand opening). Place: channel of distribution from manufacturer or service provided to consumer

Section 4-Proposed Financing Plan Projected income/cash flow statement: projected budget describing income and expenditures for the first year. What is your start-up cost to open your business? Personal/internal capital: earnings, borrowing, long-term equity External capital: short-term and long-term borrowing, long-term equity Repayment plan: plan to repay borrowed funds or provide return on investment to equity funds

Section 1-Executive Summary Type of Business Brief description of your major/service involved

Section 2-Description and Analysis of the Business Situation

Resume Purpose: Introduce yourself to an employer Focus attention on your qualifications and accomplishments Goal is to create interest so that you are called for an interview Resume is your marketing tool and should tell the employer: Who you are What you know What you have done Tracks and organizes you employment history Account for all time periods Print on standard letter size, white or ivory rag paper Include your significant contribution at each position References

Resume Name Address City, State, Zip Code Address State and Local Academic Awards Athletic Honors School Activities Community Service Work Experience

References Name Title Company Mailing Address City State Zip Code Work Phone Other: Cell or Home

Resume Francis Panther 100 Panther Drive Franklin, NC

State and Local Academic Awards Honor Roll 9,10,11,12 Athletic Honors Lettered in Softball 9 State Championship Participant for Swimming 11 Set School Record for Swimming 11 Captain for Volleyball 10, 12 Athletic Award for Volleyball 9,10,12

School Activities Monogram Club 9,10,11,12 Students Against Destructive Decisions 9,10,11,12 Fellowship of Christian Athletes 9,10,11,12 Student Earth Foundation 9, 10, 11 Teachers of Tomorrow 12 Chess Club 9 Foreign Language Club 11

Community Service Volunteer at Murphy Medical Center 9 (30 hours) Middle School Basketball Stats 9 (45 hours) Softball Manger 9 (207 hours) Middle School Basketball Stats 10 (55 hours) Special Olympics 11, 12 (30 hours)

Work Experience Cashier, Ingles 11,12 Waitress, Chatuge Cove Marina 10, 11, 12 Sales Associate, Mountain Valley Country Store 12

Trading Area Analysis Geographic: Macon County, Franklin Demographics: See U. S. Census Economic areas: See U. S. Census Competitive advantages of proposed business over competition (price, location, service, atmosphere, etc.)

Customer Analysis Target Market: Income Sex Age Family size Family life cycle Occupation Education Ethnicity Social class Psychographics (Picture of Your Customer)

Analysis of Location Address Traffic Patterns Parking Spaces Availability Square Footage (size) Cost

Proposed Organization Type of Ownerships Sole Proprietorship Owner is only one responsible for the business activities 76% of all business in the US are this. Only one who receives profits Liability: one responsible for money owed to other

Proposed Organization Type of Ownerships Sole Proprietorship Advantages: Easy and inexpensive to create Compete authority over all business activities and receives all the profits Least regulated form of ownership Business itself pays no taxes because it is not separate from the owner Income is taxed a the personal rate of the owner Personal tax rate is often lower than other forms of ownership

Proposed Organization Type of Ownerships Sole Proprietorship Disadvantages: Financial Unlimited Liability responsible of all debts and actions of the business. Debts incurred have to be paid from the owners’ personal assets. Example, owner's home, car, and bank account could all be at risk. Difficult to raise capital because owner may not have sufficient assets to qualify for a loan. Owner may be limited to abilities and skills. Death of the owner automatically dissolves the business.

Proposed Organization Type of Ownerships Partnerships More than one person shares the business decisions and outcomes. Share the assists, liabilities, and profits.

Proposed Organization Type of Ownerships Partnership Advantages: Scrambler and Stabilizer Inexpensive to create General partners have compete control Share ideas and secure investment capital more easily and in greater amounts

Proposed Organization Type of Ownerships Partnership Disadvantages: Very difficult to dissolve on partner’s interest in the business without dissolving the partnership. Personality conflicts Disagreements about authority Roles are not clearly defined. Bound by the laws of agency, they can be held liable for each other’s action. If not the business can be sued for breach of contract.

Proposed Organization Type of Ownerships Partnership Do the following to survive. Share business responsibilities Put things in writing Establish partnership agreement Always be honest about how the business is doing Consult an attorney

Proposed Organization Type of Ownerships Corporation Chartered, or registered by a sate. Legally operate apart from its owner or owners Lives on after the owners have sold their interest or pass away. Protects the entrepreneur from being sued for actions and debts of the corporation. Complex to create and operate Ask an attorney to guide you through the incorporation process. This includes filing a Certificate of Incorporation with the state and issuing stock. Stock certificates indicate the amount of equity, or ownership, ach investor has in the business. Required Board of Directors

Proposed Organization Type of Ownerships C-Corporation Advantages: Raises money by issuing share of stock Common stocks has voting rights Preferred Stock are first to receive their investment back in case of business failure. Limited Liability: owners are liable only up to the amount of their individual investments. Can create pension and retirement funds Can offer profit sharing plans to their employees.

Proposed Organization Type of Ownerships C-Corporation Disadvantages: Expensive to set up Income is more heavily taxed Pays taxes on its profits From these profits, it pays its stockholders earnings, or dividends Stockholders must pay income taxes on their dividends

Proposed Organization Type of Ownerships Subchapter S Corporation Avoid double taxation of a C- Corporation Taxed like a sole proprietorship or partnership Profits pass through the corporation and are taxed only once

Proposed Organization Steps in Starting to Form the Business Environmental Health Service FOOD ESTABLISHMENT PLAN REVIEW APPLICATION $100.00/$200.OO Zoning Business Application Ordinance APPLICATION FOR BUSINESS LISCENSE $42.50 Miscellaneous $25.00

Proposed Organization Steps in Starting to Form the Business County Deed Office Assume Name $14.00 State Department of Revenue Planned Personnel Full-time Part-time

Section 3-Prosoped Marketing/Promotion Plan

Proposed Product or Service Equipment Potential suppliers or manufacturing plans. Five items prepared from the menu.

Proposed Pricing Policy Menu

Promotional Activities Personal Promotion – Non-media sales plan: how will the customer be greeted, waited on, etc. –Staffing: how will they be dressed, provide a picture of sketch of the uniform –Merchandising appeal: what will establishment look like, provide a floor plan

Promotional Activities Non-personal Promotion Media: newspaper, TV, billboard, radio, etc, (provide an example), basic appeal, and initial promotion plan (grand opening).

Place Channel of distribution from manufacturer or service provided to consumer

Section 4-Proposed Financing Plan

Projected Income/Cash Flow Statement Projected budget describing income and expenditures for the first year. What is the start-up cost to open your business?

Start-Up Cost Salaries Advertising Equipment Rent Utilities Insurance Telephone Miscellaneous general expense (MRO)