Original Business Name Original Business Name What type of business are you starting? What type of business are you starting? –Retail-walk-in customers –E-tail-selling to customers online –Service-do something for customers rather than sell them a product –Manufacturing-making products
Mission Statement Mission Statement –Short term business goals Less than five years Less than five years –Long-term business goals Over five years Over five years These include things that the business wants to achieve including sales figures, earning a profit, or a minimum customer base. These include things that the business wants to achieve including sales figures, earning a profit, or a minimum customer base.
Product or service description Product or service description –If you are creating a new product is a patent required.
Location Location –City, state –Find an available location by searching real estate Web sites –What other types of businesses are located within a 5-10 mile radius
Project costs associated with that location Project costs associated with that location –Rent or mortgage payment –Renovations –Licenses
Competitive advantage Competitive advantage –What makes your business better than your competitors Unique products / services Unique products / services Extended hours Extended hours
Success factors Success factors –Identify personal talents / abilities that will help you run the business successfully –Describe personal assets Similar to talents but do not have to directly relate to running the business Similar to talents but do not have to directly relate to running the business –College degree
Financial status Financial status –Current amount saved –Current income –These amounts may be fictional yet realistic.
III. Market Analysis Business Plan Writing Instructions Business Plan Writing Instructions
Pricing Strategy Explain the pricing strategy used to sell your product or service Explain the pricing strategy used to sell your product or service –Skimming pricing-high at first then monitor the market to see when you need to adjust the price –Penetration pricing-low at first to get customers interested and then raise price after demand has increased –Competition pricing-find out what your competitors are charging and charge a similar price
Competition List major competitors List major competitors –Strengths –Weaknesses List these for each of at least three competitors. List these for each of at least three competitors.
Market Trends Identify customer trends Identify customer trends –Eating healthier food –Going on vacations –Getting in shape
Marketing Strategy General description of your marketing plan with approximate budget planned General description of your marketing plan with approximate budget planned –How will customers know about your business –How much will it cost to inform your customers about your business Describe your method of sales and distribution Describe your method of sales and distribution –Mall –Store –Kiosk –Online
Marketing Strategy Explain your sales strategy Explain your sales strategy –Direct sales –Direct mail Describe your advertising strategies Describe your advertising strategies –Slogans –Ads –Web sites –Promotions –Coupons
Structure Create an organizational chart that displays the hierarchy of the employees of your business and their job title. Create an organizational chart that displays the hierarchy of the employees of your business and their job title. You still need to create this even if you plan to be the only employee of the business. You still need to create this even if you plan to be the only employee of the business. You must also include their responsibilities and salaries You must also include their responsibilities and salaries
President / CEO Major decisions Receives profits from sales Cashier (3) Handle customer transactions $8.00 / hour Stock Handler (2) Unload trucks / stock shelves $9.00 / hour Customer Service Rep Handle customer complaints $10.00 / hour Vice President Takes over when president is not available $50,000
Personnel Describe Describe –the positions they will hold and how many of each employee you will hire –necessary qualifications for each job title –the training process –hours each job title will be working Number and length of shifts Number and length of shifts –Future labor needs If you are starting with fewer employees than your ideal amount If you are starting with fewer employees than your ideal amount
Development and Production Describe your production process Describe your production process Identify possible suppliers and materials needed to produce your product or service Identify possible suppliers and materials needed to produce your product or service Describe the necessary equipment, how much it costs, and whether you will rent or buy it Describe the necessary equipment, how much it costs, and whether you will rent or buy it
Explain your inventory process Explain your inventory process –Manual –Perpetual –Frequency Describe your delivery procedures Describe your delivery procedures –If applicable
Government regulations Government regulations –Licenses –Permits –Zoning requirements –Copyrights or trademarks
Insurance Insurance –Describe potential business risks and what insurance you should purchase to protect the business from those risks
Operating Costs Worksheet Operating Costs Worksheet Start Up Capital / Expenses Worksheet Start Up Capital / Expenses Worksheet –Itemized list of items / expenses –Possible sources of funds Projected Income Statement Projected Income Statement Templates found on my Entrepreneurship page Templates found on my Entrepreneurship page –Use the PDF file as a guide –Fill in templates with customized information
Include these three Résumé Résumé –Personal – items can be fictional –Templates available in Word Floor plan Floor plan –Drawn to scale –Electronic format (Word) Business Card Business Card –Business name, address, phone #, email, and logo or slogan