1. Business Plans

2. A business plan enables you to work out the viability of your business A business plan enables you to work out the viability of your business A good business plan is like a map, helping you to find the best path to achieving your goals. A good business plan is like a map, helping you to find the best path to achieving your goals. Setting business goals helps you to use your time and resources more effectively. Setting business goals helps you to use your time and resources more effectively.

3. Business plans involve: Your business plan involves developing many things including: Business goals Business goals A management plan A management plan A marketing plan A marketing plan An operating plan An operating plan A financial plan A financial plan An action plan An action plan

4. Contents of a business plan… A typical business plan contains: Mission Statement Mission Statement Vision Statement Vision Statement Business Goals Business Goals Management Plan Management Plan Market Research and Analysis Market Research and Analysis Marketing Plan Marketing Plan Operational Plan Operational Plan Financial Plan Financial Plan Action Plan Action Plan

5. Before writing a business plan… Before you commence your business plan you should investigate and consider many factors. These factors include: What is the size of the business market? What is the size of the business market? How does your business compare with the competition? How does your business compare with the competition? How will you reach your target market? How will you reach your target market? How will location effect your business? How will location effect your business? Is the state of the economy likely to affect your business Is the state of the economy likely to affect your business

6. Continued… Will the current economic trends affect your business and your customers? Will the current economic trends affect your business and your customers? Do you have the required skills, experience or education to manage the business? Do you have the required skills, experience or education to manage the business? Do you have the health and stamina to manage the business? Do you have the health and stamina to manage the business? What is the market size? What is the market size? Can you acquire the necessary supplies? Eg.. Raw materials, equipment, technology Can you acquire the necessary supplies? Eg.. Raw materials, equipment, technology

7. Your Task…. You need to follow the link and answer the questions which are found on the wikispaces website. You need to follow the link and answer the questions which are found on the wikispaces website. http://www.smallbiz.nsw.gov.au/sm allbusiness/Starting+in+Business/Bu siness+Planning http://www.smallbiz.nsw.gov.au/sm allbusiness/Starting+in+Business/Bu siness+Planningwww.smallbiz.nsw.gov.au/sm allbusiness/Starting+in+Business/Bu siness+Planningwww.smallbiz.nsw.gov.au/sm allbusiness/Starting+in+Business/Bu siness+Planning