1. Business Administration & Management
Mr. Bernstein
Elements of a Sound Business Plan
April 14, 2015

2. Business Administration & Management Mr. Bernstein
Business Plan
Critical document that describes all aspects of the business venture
Business Description
Organizational and Marketing Plan
Financial Plan
The plan outlines the purpose of the business, guides decisions, and may be instrumental in obtaining capital

3. Business Administration & Management Mr. Bernstein
Business Description
Type of business and statement of purpose
Business Philosophy
Types of Products
Self-Analysis – Personal strengths and weaknesses
Geographic “Trading” Area
Market Segment Analysis
Potential Locations

4. Business Administration & Management Mr. Bernstein
Organizational and Marketing Plans
Type of Ownership
Start-Up Steps
Planned Personnel with Job Descriptions, including Management
Marketing Plan – the Four P’s:
Products (also in Business Description)
Pricing
Place (also in Business Description)
Promotional Activities

5. Business Administration & Management Mr. Bernstein
Financial Plan
Capital Requirements
Sources of Capital
Projected Income and Expenses
Repayment Plan

6. Business Administration & Management Mr. Bernstein
Common Mistakes in Business Planning
Undefined Target Market
Poor Research
Ignoring Competition
Unrealistic Financial Projections (ie Projecting Exaggerated Growth Levels)
Underestimating Capital Needs
Inconsistencies within Plan