Creating a Professional Business Plan Based on chapter 5 entrepreneur project. Starting A Business – you won’t be doing these steps, but this is what it would take. Step 1: File articles of incorporation with the state (skip if sole proprietorship)
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Describe your product in as much detail as possible. Include both the physical product description and the psychological product description.
What is your product’s price and how was it decided?
How are you going to promote your products to the customers? Will you use advertising, personal selling, public relations, sales promotion, etc.? How will you know if the promotional plan is successful?
What place do you plan to market your products and services?
What is your target market (demographics, geographics, psychographics)?
What are the revenue assumptions? Price of products services? Units sold? Increase in sales over time? What are the different sources of revenue?
What are the expense assumptions? Cost of Goods Sold? Material costs times units sold? Payroll, lease, utilities, supplies, advertising, insurance, depreciation, interest, taxes, etc.? How did you derive these figures?
What loan amount will you be seeking and for what items? What is the reason for the capital expenditure and how will the item(s) benefit your business?
Create a 12 month projected income statement for your business using a spreadsheet including your revenue and expense assumptions. Create appropriate charts and graphs to help communicate your financial plan.
Who are your top 2 competitors and what are the product, price, place, and promotion advantages that your products and services have over your competition and how will that help you capture market share?
Conduct a financial ratio analysis of your business and your 2 competitors including the current ratio, earnings per share, price earnings ratio, debt to equity ratio, etc.