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Talent Hub WEEK TWO. Presented by workforce connection & college of central Florida. THE BUSINESS PLAN (BASICS). JUMP-START YOUR PLANNING PROCESS. Clearly define your business idea. Be able to state the purpose and goal of your business using clear and simple language .

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talent hub week two

Talent Hub WEEK TWO

Presented by workforce connection & college of central Florida


jump start your planning process
  • Clearly define your business idea. Be able to state the purpose and goal of your business using clear and simple language.
  • Examine your motives. Make sure you have a passion for owning a business and for this particular business.
  • Be willing to commit to the hours, discipline, learning and frustrations that are common to owning a business.
  • Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality and service.
  • Seek help from other small businesses, vendors, professionals, government agencies, employees, associations and trade shows.
five critical elements must have
  • Description of product(s) and/or service(s) you will offer in terms of business problem(s) to solve
  • Market description including target customers and your sales channels to reach the market
  • Overview of your business model and structure
  • Your financial requirements and pro forma for determining break-even analysis, profitability
  • A basic SWOT analysis to determine positioning and starting point
what s your hook
  • A simple statement that highlights the business problem you are able to solve
  • Ideally, ties in your personal experience and differentiation
  • Basic way to frame the “pain” or market opportunity

Have you ever been away from your office and you suddenly realized that you needed a file that you forgot to save on your laptop?

Summarize Your Idea
  • Test Your Idea
  • Create a Business Plan
  • Choose a Structure
  • Focus on Funding
  • Get a Fix on Financing
  • Build a Team
  • Pin Down Your Company Name
  • Five Steps to Compliance
  • Control Cash and Credit
  • Project Your Cash Flow
  • Chart Your Business Progress
  • http://www.incorporate.com/score


business planning basics
  • Executive Summary. A two-page, succinct explanation of your business and its activities, with an overview of your key objectives and business goals.
  • Business Description. Describes your perception of the company. How will your business grow and profit?
  • The Market and Competition. Largest section. Honestly acknowledges competition and describes how your company will differ from other providers.
  • The Product or Service. Describes the core of your business.
  • Marketing/Selling. Explains how you will access the marketplace. Will you advertise, attend trade shows, establish a Web site?
business planning basics1
  • Management and Personnel. Explains how you will staff and manage your business. It includes one-paragraph profiles—or biographies—of yourself, partners and any other key team members.
  • Financial Data. Contains the balance sheet, profit-and-loss statement, break-even chart and cash flow analysis.
  • Investment. Based on cash flow, it includes what the investor will receive as a return.
  • Appendices. Includes testimonials from potential customers, research clips, charts and graphs relevant to your business.
Complying With the Rules and Regulations
  • Federal taxes (e.g., corporate income, Social Security, Medicare, unemployment)
  • State taxes (corporate income; annual franchise; payroll, including unemployment, disability and workers’ compensation; sales; certain property)
  • Licenses and permits Federal, state and local licenses and permits (certification, operating and safety)
  • Shareholder agreements
  • Company records (articles of incorporation and bylaws; personnel; key transactions; minutes of meetings; etc.)
  • State annual reports
Areas to consider for performance measures include:

• Sales growth (number of calls, close rations, etc.)

• Cash management (accounts receivable/payable, cash

balances, inventory levels, future projections)

• Profit measures (key drivers of profitability)

• Customer feedback scores (e.g., service ratings)

small group exercise market pulse check
  • Form small groups of 3-4
  • Each person has 2 minutes to explain their business in terms of business problem to solve, your unique value proposition, product(s) and/or service(s).
  • In rapid iteration, brainstorm/discuss the potential customer base for this product/service and how to best reach them.
  • You have 20 minutes total … approx. 5 minutes each.