The Business Plan January 2012. Objective The student will be able to create a business plan for an idea. List four ways to enter business Describe the.

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Presentation transcript:

The Business Plan January 2012

Objective The student will be able to create a business plan for an idea. List four ways to enter business Describe the purpose of a business plan List the elements of a business plan Practice: Notetaking on Business Plan

WHY WRITE A BUSINESS PLAN? Whether you are starting up a business on your own, purchasing an existing business or taking over the family business. Any prospective entrepreneur needs a guide to follow.

Ways to buy a business Buy a franchise Buy an existing business Take over the family business Buy an existing non-franchise

Parts of a business plan Summary Company description Product and Services plan Marketing plan Legal Plan Management Plan Operating Plan Financial Plan

Company Description Explains the types of company and gives its history if it already exists. Tells whether it is a manufacturing, retail or service, or other type of business.

Summary A brief one- three page overview of the total business plan.

Products and Service Plan Describes the product and or service; points out any unique features. Explains why people will buy the product or service.

Marketing Plan Shows who the potential customers are and what kind of competition the business will face. Outlines the marketing strategy and specifies what makes the company unique.

Legal Plan Shows the proposed type of legal organization the ownership will take. Points out any legal concerns.

Management Plan Identifies the key people who will direct and manage the company. Cites their experience and special skills.

Operating Plane Explains the type of manufacturing or operating system the business will use. Describes the facilities, personnel, materials, and processing requirements.

Financial Plan Specifies the financial needs and proposed sources of financing. Presents projections of revenues, costs and profits

Quick check 1. Name four ways to in which you could enter business. 2. Define franchise, franchisor, franchisee 3. What is a business plan? 4. What part does a business plan play in financing the business? 5. Describe three basic parts of a business plan. 6. Which part of the plan do you think is important?