Opportunity Recognition Chapter 6 Section 1 - What is a Business Plan.

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Opportunity Recognition Chapter 6 Section 1 - What is a Business Plan

What is a Business Plan Business Plan - is a statement of your business goals, the reasons you think these goals can be met, and how you are going to achieve them ● BP forces you to figure out how to make your business work ● Shows investors that you carefully thought out your business ● The more explanation, the more money investors will invest

What is a Business Plan ● BP becomes a decision-making tool ● BP tracks whether the company is meeting its goals ● BP is always changing Depending on type of business changes are made when necessary For-profit - BP will typically focus on your financial goals Nonprofit - BP will typically focus on your mission and services

What is a Business Plan BPs have no set format BPs are based on the audience Four main types of plans for a start-up business Quick Summary Oral Presentation Investor’s Business Plan Operational Business Plan

What is a Business Plan Quick Summary - synopsis lasting from 30 seconds to three minutes Oral Presentation - short, colorful and entertaining - interest investors Investor’s Business Plan - typically what investors are looking for Operational Business Plan - operational plan

What is a Business Plan The Three C’s Concept - What is your product or service and how is it different from similar products or services Customer - Who will be buying your product or service and why? Capital - How will you locate the money your business will need? What will be your costs and what kind of profit can you expect?

What is a Business Plan BPs ● are no longer than 20 pages ● should require no more than 1 hour of reading Business Idea Opportunity & Market Analysis Financial Strategies Organizational Structures Legal Structures Business Management Plan for Growth

What is a Business Plan Executive Summary One or two page summary of highlights, including the key selling points of the investment opportunity

What is a Business Plan Executive Summary Mission Statement Business Name & Location Date Business Will Begin Owner’s Name, Function, & Contact Information Opportunity Products or Services Economics of One Unit (EOU) Future Plans

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