Posted: September 18th, 2017
- All written work should be typed and double-spaced. Type font should be 12-point (certainly no larger).
- Students pick their own business for their business plans.
- Chapter 6 of the course textbook explains the format for a typical business plan. A sample business plan appears in “Appendix A” of the course textbook. The project rubric explains the content expectations for this project, and these expectations appear in CAPITAL LETTERS below; however, when you write your project you should NOT include the CAPITAL LETTERS in it. The summary that appears below will provide the actual structure for this project.
- Financial forms are available in the “course information” section of the course, and students should utilize these forms for the financials of their business plans.
- Title Page
- Company name, address, phone number, fax, web address
- Possible Company logo
- Name(s), title(s), address(es), and phone numbers of the owner(s and key executives)
Table of Contents: Listing of all sections in plan along with page numbers
Executive Summary (ABILITY TO SELL GOODS/SERVICES)
- Clear, concise description of the business that creates interest
- An overview of the whole business plan
- Simple, believable, and achievable mission statement
- How combined efforts in all areas of the business will move toward its goal
- What are the company’s objectives?
- When did (will) the business start and what is its history (stage of development, achievements to date, etc.)?
- What is its primary product or service and its distinctive competence?
- Provide an industry overview of relevant trends (economics, culture, legal, national, industry, and/or community)
- What resources are most critical to your location decision?
- What personal and environmental factors will influence your location decision?
- How important is customer accessibility to your location decision?
- What laws and tax policies of state and local governments have been considered?
- What is the cost of the proposed site?
- What are the major considerations in choosing between a new and an existing building?
- What is the possibility of leasing a building or equipment?
- How feasible is it to locate in a business incubator?
- What is the major objective of your building layout? If you have a layout, please provide it.
- What types of equipment do you need for your business, and how does this impact your location choice?
- Build the strong case that you have the ability to sell the goods / services.
Management Plan (FOUR FUNCTIONS OF MANAGEMENT)
- Who are the members of your management team? What are the skills, education, and experience of each member?
- What are the four functions of management and how are they carried out in your plan?
- What style of management will be used? What is the decision-making process in the company? What mechanisms are in place for effective communications between managers and employees?
Personnel Plan (ADDRESS VARIOUS PERSONNEL ISSUES)
- Include job descriptions and organizational chart for your employees.
- Do you plan to use consultants? If so, please describe their qualifications.
- What are your plans for future employee recruitment?
- What are the compensation and benefit plans for managers and employees?
- What are the employee retention and training programs? Who is responsible for job descriptions and employee evaluations?
- Does the company intend to become a publicly traded company or an acquisition candidate? Why?
Legal Plan (UNDERSTAND LAWS RELATED TO BUSINESS)
- Will the business function as a sole proprietorship, partnership, or corporation? If a corporation, will it be a C corporation, an S corporation, or a limited liability company?
- What are the liability implications of the legal form of organization chosen?
- What are the tax advantages and disadvantages of this form of organization?
- Where will the corporation be chartered?
- If a corporation, when will it be incorporated?
- What attorney or legal firm has been selected to represent the firm? What type of relationship exists with the firm’s attorney or law firm?
- What legal issues are presently or potentially significant?
- What licenses and/or permits may be required?
- What is your exit strategy?
Employee Relations (TEAMWORK)
- How will personnel be motivated?
- How will creativity be encouraged?
- How will commitment and loyalty be developed?
Marketing Analysis (INTERDEPENDENCE OF WORLD MARKETS)
- Possible risk factors of market environment
- Economic and environmental
- What forecasting technique will you use? What are the results?
- Industry trends and situations (any possible trade associations?)
- Who are your competitors? List 3 with their strengths and weaknesses
- What is your most significant benefit?
- How will you maintain and improve status in market?
Marketing Strategy (MARKETING MODEL)
- Target Market.
- What is the customer profile for your product or service?
- Segmentation strategy?
- Geographical area you will serve?
- Benefits of your product/service?
- 2. Marketing Mix.
- Product name (reasoning) & protection of legal rights
- Pricing strategy (how do you justify your pricing)?
- Cost factors?
- Break even analysis (for different pricing situations)
- Credit policies
- Distribution channels
- Retail stores
- Layout of store
- Warranties, repair service
- Promotional budget
- Special selling skills will they need
- Compensation scheme for sales force
- Sales promotions?
- Will you be attending/participating in any trade shows?
- Other publicity?