1. Business Plan – how the business will operate and how you are going to make it succeed Objective: Explain the Nature of Business Plans

2. Main Purpose of Business Plans  Establish objectives  Understand risks

3. Start-up BusinessesExisting Businesses Who needs a business plan?  Estimate financial needs  Define managers’ roles  Address market changes  Take advantage of new opportunities

4. Components of a Business Plan Refer to the following website: http://articles.bplans.com/writing-a-business-plan/a-standard- business-plan-outline/29