Prepare a 1 - 2-page outline of business plan.

BUSINESS PLAN PLANNING WORKSHEET

Conceptualize Identify a problem What businesses are Target Audience Differentiation Strategy the business solves currently addressing the Demographics issue

(Ideas) (Research) (Competitive Analysis) (Consumer (Create/innovate) Characteristics)

_________________ __________________ ___________________ ____________________ ________________________

_________________ __________________ ___________________ ____________________ ________________________

_________________ __________________ ___________________ ____________________ ________________________

Operational Needs Financial Needs HR Needs Technological Needs Legal/Licensing/Insurance

(Procedures/Processes/ (startup & operational) (Management/Employees) (Communication/Software) (Industry Requirements) Equipment) _________________ __________________ ___________________ ____________________ ________________________

_________________ __________________ ___________________ ____________________ ________________________

PURPOSE A BUSINESS PLAN SERVES

A business plan serves many purposes, but the primary intent is to:

• Identify market needs and how the company plans to fulfill those needs.
• Identify target audience demographics.
• Explain the competitive environment and major industry players.
• Identify the business needs:
  • Raw Materials
  • Production Requirements
  • Capital
  • HR Resources
  • Technological: Hardware/Software
• Communicate the goals of the business.
• Communicate how the company plans to meet its goals & objectives.
• Communicate how likely the business is to succeed - Supported by research.
• Communicate contingency plans to prevent losses:
  • As a result of new players entering the market
  • As a result of crisis (e.g., natural disaster, accidents, etc.)
  • As a result of an economic downturn
• Communicate differentiation strategies.
• Communicate market and selling strategies.
• Communicate anticipated return-on-investment (e.g., shareholders/lenders)
  • How do you plan to ensure investments are safe and have real potential for growth?
  • How will you guarantee lenders that you are a good financial risk?

ALSO,Problem/Purpose Statement - Explain the need for the business and how you plan to address the need.