Developing a Business Plan. What is a Business Plan? ä A business plan is a document that outlines your plan for initiating and operating a business.

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Presentation transcript:

Developing a Business Plan

What is a Business Plan? ä A business plan is a document that outlines your plan for initiating and operating a business

Why Create a Business Plan? ä It provides a path to follow ä It makes it easy to let your banker, attorney, and accountant evaluate your goals and objectives ä It can serve as a communications tool for informing salespeople, suppliers, and others about your operations and goals ä It can help you develop as a manager Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS

A Business Plan Structure ä Cover Sheet ä business name, address, and phone number ä principals ä date ä Executive Summary ä Table of Contents ä I. The Business Concept, The Opportunity (analysis of industry), The Company, Potential Market Share ä II. The Marketing Plan ä overall marketing strategy ä four Ps

A Business Plan Structure (Continued) ä III. The Operations Plan ä location and facilities ä regulatory considerations ä labor availability ä processes ä equipment ä annual expenses ä financial summary ä IV. The Management Team ä organization ä key management personnel ä ownership structure

A Business Plan Structure (Continued) ä V. Implementation Time Schedule ä VI. Potential Risks ä VII. Conclusion ä References ä Financial Appendices ä income statements and notes of explanation ä balance sheets and notes of explanation ä cash flow statements and notes of explanation ä breakeven analysis ä financial ratio analysis

Tips for Making Your Plan Work ä Appearance ä Your plan must look good ä Structure ä Your plan needs a sound structure ä Impression ä Your plan must convey the impression that you know what you are talking about ä Content ä Your plan must have the “nuts and bolts” to support your idea

Organizing Your Business ä Sole Proprietorship ä The individual is the sole owner of all assets, bears all profits and losses, and is personally liable for all debts and obligations of the business. Outside assets such as a home, car and personal bank account are subject to claims of business creditors. ä Partnership ä Similar to a proprietorship, but consisting of two or more owners. ä Corporation ä A separate legal entity with limited liability. Formed when a transfer of either money or property, or both, takes place by prospective shareholders in exchange for capital stock in the corporation. Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS