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Chapter 5 Feasibility & Business Planning

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1 Chapter 5 Feasibility & Business Planning

2 Business Concept Clear and concise description of an opportunity
4 Elements: The product/service and features The customer The benefit The distribution Purpose: to focus your thinking and begin the Business Planning process

3 Feature A distinctive aspect, quality or characteristic of a product or service

4 The Customer Demographic of people that you are trying to reach and sell to Done thru: Marketing Advertising Word of mouth Reputation

5 Benefit Something that promotes or enhances the value to the customer
Example: convenience, good deal

6 Distribution How can you get your product/service to your customers
Retail store Wholesale – selling to retail stores Mail order Online Door-to-door delivery

7 Concept Statement Eastside Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood. Lower East Side, Manhattan, New York City

8 Feasibility Analysis The process used to test a business concept
Does it have potential to sell? Is there enough demand? What are my margins?

9 Define Vocabulary from book on back of your notes
Industry Competitive Grid Prototype Target Customers Business Model

10 5.2 The Business Plan Entrepreneurship

11 Business Plan a document that describes a new business and a strategy to launch the business

12 Business Plan It contains several sections and is written with great detail People that you would like to read your business plan would include: Investors Bankers Potential Management Partners

13 Purpose of the Business Plan
Emphasize key points that will persuade the reader of the value of your Business Concept

14 Business Plan Sections
Executive Summary Management Team Plan Company Description Product & Service Plan Mission & Vision Statements Industry Overview Market Analysis Competitive Analysis Marketing Plan

15 Business Plan Sections
10. Operational Plan 11. Organizational Plan 12. Financial Plan 13. Growth Plan 14. Contingency Plan 15. Cover Page 16. Title Page 17. Table of Contents 18. Supporting Documents

16 1. Executive Summary a brief recounting of the key points contained in a Business Plan

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