Question
Prepare a 1 - 2-page outline of your business plan. Eventually, this outline will become the table of contents for your final plan. BUSINESS PLAN
Prepare a 1 - 2-page outline of your business plan. Eventually, this outline will become the table of contents for your final 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)
_________________ __________________ ___________________ ____________________ ________________________
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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.
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