My group and I had to build an item and we hypothesized what would happen if we put it on the market. We made 30 for the higher-ups in the University as a gift. We ended up making card wallets through laser printing. This class is for engineers and for business students. Business students have to write a business plan about what happened and what could happen. 8 step business plan explaining our product (Which is card wallets), the market that it is in, the design process (which we did through laser cutting through the material), how we overcame problems during the process (We put a little hole at the top so someone can put it on their keychain, that was too far up and it would tear easily. You can just make something up about what happened or not, it does not really matter), 3 years of company growth, marketing strategy, and our business ideology. The name of our business is called "Basic Buc's Minimal Accessories". The goal of the company is to either sell off-patent designs for accessory products like wallets, earrings, etc. Or become a subsidiary company under a larger brand to sell our products ourselves. Please help me create a business plan. I will give you a thumbs up! Thank you
A Successful Business Plan Can Mean the Start of a Successful Business When starting a business, writing a business plan is the first step in the establishment of your prospective business. A business plan is a document that summarizes a company's operational and financial objectives and contains detailed plans and budgets that show how the objectives are to be accomplished. It is the roadmap for the success of your business. For anyone starting a business, it is a vital first step. A business plan is essential to determine if your business model is viable if you have the idea to start a new company. If seed financing is required, you should have a business plan prepared for investors that demonstrates how the proposed business will be profitable. The formal and traditional business plan has the following sections: Executive summary Industry overview Market analysis Competitive analysis Marketing plan Management plan Operation plan Financial plan Appendices and Exhibitions The executive summary is an overview of your business and your plans. The length of the executive summary does not have to be overwhelmingly long. In fact, it should be as brief as possible while still conveying the most important parts of your business plan. It must be easy to read and written in non-technical language. Your executive summary should highlight at least one important statement from each of the other sections of your business plan. Think in terms of giving the recipient what they need to decide whether to invest in your business. If the reader only reads the executive summary, he or she should have an obvious idea about your business, goals, and strategic plan to achieve your goals. Basic information about your business, such as your business name and location, description of your business and its products or services, your management team, and the mission statement should be included in the executive summary. The goal of an executive summary is to get read and convince the reader that your business plan is worth reading in its entirety and ultimately that your business is worth investing time or money in. Industry Overview An overview of the industrial sector in which your business will be a part, including industry trends, major industry players, and estimated industry sales. Use these questions to focus your research before writing this section of the business plan: What is the size of your industry? What sectors does this industry include? Who are the main actors in this industry? What are the markets and customers in this industry? What are the estimated sales of the industry this year? Last year? Past year? What economic trends have affected this industry, and how? What national/economic trends could affect it in the future, and how? What is the long-term prospect for this industry? . Market Analysis The Market Analysis comprises examination of the primary target market for your product or service, including geographic location, demographics, the needs of your target market, and how these needs are currently being met. Its purpose here is to show the reader of your business plan that you have a thorough understanding of the people you are planning to sell your goods or services to. And so comprehensive that you can make educated predictions about how much of your goods or services they could buy. Target Market... to define the target market, the following questions must be answered: What proportion of your target market has used a product similar to yours before? How much of your product or service can your target market buy? (Estimate this in gross sales or units of product/service sold.) What proportion of your target market could be repeat customers? How might demographic changes affect your target market? How might your target market be affected by economic events (for example, a closure of local factories or an opening of local department stores)? How might broader socio-economic trends affect your target market? How might government policies (for example, new statutes or tax changes) affect your target market? Conducting your own market research is true that it takes time, but it must be done if your business plan is to have any validity. You may have the most fantastic product or service in the world, but if no one is interested in buying it, you really have wasted money, time, and energy. Competitive Analysis An investigation of your direct and indirect competitors, with an evaluation of your competitive advantage and an analysis of how you will overcome any barrier to entry to your chosen market. In this section of the business plan, you must distinguish your business from the competition, persuading the reader(s) of your plan that your business will be able to compete successfully. The competition analysis section can be the most . difficult section to compile when writing a business plan because before you can analyze your competitors, you have to research them. In the competitive analysis, you need to gather information about your competition by answering the following questions: What markets or market segments your competitors serve; What benefits does your competition offer; Why customers buy from them; As much as possible about your products or services, prices, and promotion. In analyzing your competitors, you have to answer the question how is my company going to compete? For many small businesses, the key to successfully competing is to identify a niche where they can capture a specific target market whose needs are not being met. . Marketing Plan The Marketing Plan provides details of your sales strategy, pricing plan, advertising, and promotional activities, and benefits of the product or service. This is where you present the reader with your new business unique selling proposition, describe how you are going to get your products or services to market and how you are going to persuade people to buy them. Products or services and your only sales proposal Focus on the uniqueness of your product or service and how the customer will benefit from using the products or services you are offering. Use these questions to write a paragraph summarizing these aspects for your marketing plan: Prices for placing strategy The pricing strategy part of the marketing plan involves determining how you are going to price your product or service; the price you charge has to be competitive, but it still allows you to make a reasonable profit. You set your prices by calculating your costs, estimating the benefits to Management Plan A summary of your business's legal structure and management resources, including your internal management team, external management resources, and human resource needs. If the goal of your business plan is to obtain financing, it is advisable to ensure that your management plan includes an advisory board as a management resource. A convenient way to organize the Management Plan section is to divide it into sections detailing your Ownership structure legal structure of business Internal Management Team External management resources Human Resources Needs - How many employees will your business need, and what will it cost? Next, determine how much the salary each employee will receive and total the cost of the salary for all Operations Plan A description of your company's physical location, facilities and equipment, types of employees required, inventory, and supplier requirements. And any other pertinent operational details, such as a description of the manufacturing process. Depending on what type of business you are going to operate, it may also include information on inventory and supplier requirements and a description of the manufacturing process. The Operations Plan should include: Financial Plan A description of your financing requirements, your detailed financial statements, and an analysis of financial statements. This section of the business plan will present the three main financial documents of any business, the balance, the income statement, and the statement of cash flows. (In the case of a new business, this last document will be a cash flow projection). It's at the end of your business plan. Still, the financial plan section is the section that determines whether your business idea is viable and is a key component in determining whether your plan is going to be able to attract any investment in your business idea. Think of your business expenses as divided into two categories; your start-up expenses and your operating expenses. For the purposes of your business plan, you will create a pro forma Balance Sheet aimed at summarizing the information in the income statement and the cash flow projections. Usually, a business prepares a balance sheet once a year. Once you have completed your balance sheet, you are ready to write a brief analysis of each of the three financial statements. When you are writing these review paragraphs, you want to keep them short and cover the highlights, rather than writing an in-depth review. The financial statements themselves (Income Statement, Cash Flow Projections, and Balance Sheet) will be included in the Appendices to your business plan
