Contemporary Entrepreneurship Planning the Small Business ROP Business and Computer Applications Ron Runyan, Presenter

Planning the Small Business n The n The Business Plan ServesServes as a manual to help the entrepreneur during the design and start-up phases of the business. Awritten description of all steps necessary to ensure success in owning and operating a business. Agood business plan is an ever- evolving resource that grows and changes with the business.

Formulating a Business Plan 1.History and Background 1.Description of Product or Service 2.Idea History 3.Summary of Experience 2.Goals and Objectives 3.Marketing Plan 1.Consumers and Demand 2.Competition 3.Geographic Market 4.Pricing Policy 4.Legal Requirements 5.Form of Ownership 6.Financial Plan 6.Capitalization Plan 7.Proj Income Statement 8.Proj Operating Statement 9.Cash Flow Projection 7.Organization and Staffing 6.Organizational chart 7.Employee requirements 8.Resumes 9.Personal Financial Statement 10.References 8.Special Considerations

To go or not to go into business? n Marketing plan n Financial plan n Personal financial statement Is there a market?Is there a market? Amount of $ to reach that market?Amount of $ to reach that market? Enough resources to pull it off?Enough resources to pull it off?

Sources for Planning Assistance n Local Community College n Chamber of Commerce n Small Business Administration n Accountants and Attorneys Review or develop financial planReview or develop financial plan Legal requirements of businessLegal requirements of business