1. Chapter 3.1
The Business Plan!

2. Goals Explain the purpose of writing a business plan.
Describe the importance of a business plan.
List and Describe the basic elements of a business plan

3. Lemonade

4. Business Plan
Now that you have a business idea, you need to start making plans!
The Business plan is a written document that describes all the steps necessary for opening and operating a successful business

5. Importance of the Plan
Helps you thinks about all the aspects of your business
Will help you secure financing
Helps you communicate your ideas to others
Can serve as a tool for managing your business

6. Basic Elements of a Business Plan
A business plan should include:
Introduction
Marketing
Financial Management
Operations
Concluding Statement

7. Sweet Tea

8. Introduction / Executive Summary
This is the first page. You need to sell your idea!
Included:
Identification of the problem your business will solve
A detailed description of the business and its goals
The ownership of the business and the legal structure
The skills and experience you bring to the business
The advantages you and your business have over your competitors.

9. Marketing Product and Services
Market – Who are your prospective customers?
Industry
External factors – High competition, lack of suppliers
Growth potential of the industry
Economic trends
Technology trends
Location

10. Financial Management Identification of risks
Projected income/cash flow statement
Projected three year plan – plan for growth
Capital and repayment plan

11. Operations How will the business be managed on a day-to-day basis
Hiring and personnel procedures
Insurance
Lease or Rental agreements
Equipment needs

12. Concluding Statement
Summarize the goals and objectives you have for your business