Unit 1 Topic 1.3.5.  Must learn: the purpose of a business plan  Should learn: the process of setting up a business step by step  Could learn: the.

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Presentation transcript:

Unit 1 Topic 1.3.5

 Must learn: the purpose of a business plan  Should learn: the process of setting up a business step by step  Could learn: the importance of minimising risk by doing a business plan

What does a business plan consist of?

 A business plan is a detailed development plan for a business. It includes information about the company’s:  Location  Ownership  Products/services  Resources  Production methods  Marketing  Financial details  It is usually completed on a 2-5 year basis

A business plan helps you to:  Clarify your vision and decide whether or not to go ahead with an idea.  Determine if your product and/or service has a sufficient market to support it and whether or not it will be profitable.  Estimate your start-up costs and how much you'll need to invest or finance.  Convince investors and lenders to fund your business.

 Define your target market  Establish or revaluate your competitive position within the marketplace.  Define corporate objectives and programs to achieve those objectives.  Help your business make money from the start by developing effective operational strategies.  Understand the risks involved and anticipating potential problems so that you can solve them.  Set a value on a business for sale or for legal purposes.

Let’s watch some clips  7Q0aM What happened when Santa didn’t write a business plan?  BwoPc BwoPc

 In your groups decide on a company that you will start up.  Using the example, draw up a business plan and include a cash flow forecast.  Next week you will deliver a presentation to a very important panel (the bankers, who will decide whether or not to give you a loan).  You must be able to justify your business plan details, decisions and forecasts. You should dress appropriately.

The plan must include: Section 1: The business idea and legal structure Section 2: Resources, production and quality issues Section 3: Marketing Section 4: Financial resources

Guidance notes  Your business plan should be explicit  Think about the type of ownership  Be able to justify the contents and financial forecasts  Consider your PR strategy  Be confident, speak clearly and don’t waffle!  Be realistic!

 State 3 elements of a business plan?  Name 2 advantages of having a business plan?  State 2 reasons why a business plan may be inaccurate?  Who might be interested in seeing a business plan?  How does a business plan minimise risk?