1. The Business Plan The student will... Discuss elements needed in a formal written business plan

2. What is a business plan? A document that describes a new business. It explains to lenders and investors why the new business deserves financial support.

3. Why make a business plan? To obtain financing To serve as a living guide to the business To provide a start-up blueprint

4. The Parts of the Business Plan Executive Summary Product/Service Plan Management Team Plan Industry/Market Analysis Operational Plan Organizational Plan Marketing Plan Financial Plan Growth Plan

5. Executive Summary A brief recounting of the key points in business plan Reader uses it to decide if concept interests them, then will read on Should be no longer than two pages Should include the most important information from each section of the plan Persuade reader business will succeed.

6. Product/Service Plan Present product or service offered Nature of business should be clear Note unique features of product or service and possible spin-offs (additional products) when business is established

7. Management Team Plan Present your qualifications Present qualification of any partners you’ll have Analyze the expertise you are missing and how you will solve that problem Describe the advisory board that will help you get started

8. Industry/Market Analysis Presents your research into the industry and market Analyze your customers, competition, and industry Include information about the prospective location’s geographic, economic, and demographic data

9. Operational Plan All the processes that take place in the business so that the product or service is produced and delivered to the customer. If manufacturing, discuss status of product development How much time and money to get product ready for the market Explain distribution plan

10. Organization Plan Looks at the people aspect of the business Discusses management philosophy, legal form of the company, key management personnel, and key employment policies

11. Marketing Plan How a company makes its customers aware of its products or services Includes such features as the market niche, pricing policy, company image, marketing tactics used to reach customer, a media plan, and a marketing budget

12. Financial Plan Presents the forecasts for the future of the business Explains the assumptions made when calculating forecast figures Information in the form of financial statements Shows that the new business will be financially healthy

13. Growth Plan Looks at how the business will expand in the future Explains potential for plan to grow over its life