The What, Why and How of writing a Business Plan

2 2-4 The Schedule Group discussion: how to implement in Turkey an effective service of entrepreneurial support and how to manage it Meaning and role of facilitators The What, Why and How of Writing a Business Plan A scheme for the business plan Assuring coherence between the Business Idea, opportunity/environmental restriction and personal characteristics How to assist women in this process, how to evaluate business ideas and support the ideas generation Teamwork: How to apply the business plan to a micro business in Turkey

The What, Why and How of writing a Business Plan Group discussion: a service for women entrepreneurs in Turkey How to implement in Turkey an effective service of entrepreneurial support How to manage it Meaning and role of facilitators

The What, Why and How of writing a Business Plan The What, Why and How of Writing a Business Plan That First Lasting Impression –A Business Plan is often the first contact entrepreneurs have with a funding source. –Funding sources, e.g., VCs, “angels”, bankers, all review Business Plans. A powerful, first class Business Plan leads to a meeting with a funding source.

The What, Why and How of writing a Business Plan What is a Business Plan? A document written for fund raising A document written for myself A description of the plans for a business The “road map to success” All the above….

The What, Why and How of writing a Business Plan A Business Plan Describes… The business - What business are we in? The markets - Where is the opportunity? Industry forces - What are the competitive threats? What’s our competitive edge? Who is the team to implement the Plan? What resources are available for success? How much capital is required? How much risk is to be taken?

The What, Why and How of writing a Business Plan Sections to a Business Plan: general USA model Executive Summary Product or Service Markets and Customers Competitor/Industry Analysis Company-Management-Operations Financials Appendices

The What, Why and How of writing a Business Plan Executive Summary Describes the Principal Determinants for Success Present an overview of the niche markets your product serves, show how you will market your product, compare your product to competitive products, show revenue/profit/cash flow. Present the amount and types of funds needed and what is the financial return to the investor or partner for funds/partnering. Present a concise Summary of the key points from each Section of the Business Plan.

The What, Why and How of writing a Business Plan Appendices Purpose: to support information presented in the Business Plan Full Financial Statements Management Resumes Photos/drawings of product, brochures Competitive Analyses Industry Comparables for Investors’ Exit: Show how others have made $$$$$ whose performance is similar to your business model

The What, Why and How of writing a Business Plan What Resources are Available? Text books on “how to”, BPlan “kits” Consultants to write it… buyer beware! Small Business Administration (sba.gov) Incubators

BUSINESS PLAN BASICS: an overview Technology Intellectual Property Market Analysis Competitive Analysis Sales and Distribution Team Financial Projections Detailed Support/Foundation Full Business Plan PowerPoint Presentation Executive Summary Elevator Speech Mission Statement

The What, Why and How of writing a Business Plan BUSINESS PLAN BASICS: The need to Understand My Business The Business Plan is a result of a PLANNING PROCESS –Who are your customers? –Why will the buy your service or product? –What will they pay? –How will you make and deliver the service/product –What resources (people, money, technology) will you need? –Can you make money/create value? Why Write a Business Plan?

The What, Why and How of writing a Business Plan BUSINESS PLAN BASICS: What Should Be In A Business Plan? –The Plan is a SELLING DOCUMENT –Don't lose sight of the vision –The excitement must come through –The Plan should project your image –BUT: The Plan Must Be Defensible

The What, Why and How of writing a Business Plan BUSINESS PLAN BASICS: What should be in a Business Plan? –Executive Summary –The Opportunity and the Company and its Services/Products –Market Research/Analysis –Economics of the Business –Marketing Plan –Design and Development Plan –Manufacturing and Operations Plan –Management Team –Schedule –Critical Risks, Problems and Assumptions –The Financial Plan –Appendices

The What, Why and How of writing a Business Plan BUSINESS PLAN BASICS: What should be in a Business Plan? –Cover Page Name of Company Address Telephone/fax/ Confidentiality legend Securities law legend Control numbering of copies –Table of Contents Put one in Include page numbers

The What, Why and How of writing a Business Plan BUSINESS PLAN BASICS: What should be in a Business Plan? –Executive Summary An Executive Summary is –NOT an abstract of the plan –NOT an introduction –NOT a preface –NOT a random collection of highlights An Executive Summary IS the Business Plan in miniature

The What, Why and How of writing a Business Plan Assuring coherence between the Business Idea, opportunity/environmental restriction and personal characteristics How to assess the entrepreneur How to analyze and evaluate the business idea

The What, Why and How of writing a Business Plan How to assist women in this process, how to evaluate business ideas and support the ideas generation Basic tools: handouts and forms Define the schedule of meeting with women

The What, Why and How of writing a Business Plan Teamwork: How to apply the business plan to a micro business in Turkey Select an outline between the many available Adapt the outline to your target Enrich the outline