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Business plan competition for young entrepreneurs . Guide presentation Adnan Hagoog . Business plan . A “business plan” is a roadmap that describes where you’re going and how you’re going to get there A guide to achieving your goals A tool to spark investor interest

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business plan
Business plan
  • A “business plan” is a roadmap that describes where you’re going and how you’re going to get there
  • A guide to achieving your goals
  • A tool to spark investor interest
  • A document that helps employees understand the company mission
getting started
Getting Started
  • Is business ownership right for you?
  • An “entrepreneur” is a person who starts his or her own business
  • Self-assessment questions:
    • Are you a self-starter?
    • How well do you plan and organize?
    • Can you work long hours?
    • How will the business affect your family?
what type of business do you want
What Type of Business Do You Want?
  • A startup:
    • Follow your own dream
  • Buying an existing business:
    • You will have current customers and a known track record of performance
  • Franchising:
    • Brand recognition reduces marketing costs
questions to ask when starting up a new business
Questions to ask when starting up A new business
  • Does the idea suit your personality and interests?
  • Will you use your own name to brand the business?
  • Will it be financially viable?
    • Do you have startup money to invest?
    • What will your monthly expenses be?
    • Is there a current need in the marketplace?
    • Who are you competing with?
key elements of the business plan
Key elements of the business plan
  • Description of your products and services
  • Market and industry analysis that demonstrates the need for your business
  • List of competitors, including their strengths and weaknesses
  • Marketing strategy (sales approach)
  • Management team and operations plan
  • Financial analysis: the investment needed
business plan content
Business Plan Content
  • 1. Executive Summary
  • 2. The Problem & Opportunity
  • 3. The Business Model
  • 4. Underlying Ambitions, Skills and Insights
  • 5. Competition
  • 6. Management
  • 7. Product Development & Deployment
  • 8. Marketing & Sales
  • 9. Financial Projections
  • 10. Current status
executive summary
Executive Summary
  • A mini-business plan in one or two pages
  • Highlights the most important points of your business plan
  • It is NOT an introduction to the plan
  • It must grab your reader, and entice him/her to read further
executive
Executive…
  • Identify the company, its background, structure and location
  • Describe what the company does, and the market it serves
  • Describe the market potential for the company’s products and services, market trends, etc.
company overview
Company Overview
  • Brief Company Introduction
    • Mission statement
    • Location, size, history
    • Market and products
    • Overview of company capabilities
    • Objectives
industry overview
Industry Overview
  • Set The Stage
  • Industry Definition and Description
    • Major players within the industry
    • Factors driving dynamics
    • New products and developments
  • Legislation and Policies
market analysis
Market Analysis
  • Market Definition
    • Primary Market
    • Secondary Markets
  • Market Size and Trends
    • Current total revenues
    • Predicted annual growth rate
competitors
Competitors
  • Direct Competitors
    • Who are they?
    • Size and product breadth
    • Revenues and profitability
    • Strengths and weaknesses
    • Market shares
  • Indirect Competitors
customers
Customers
  • Customer Characteristics
    • Who are they?
    • Why do they buy?
    • Need satisfied by the product/service
    • How is the need currently filled?
    • What are the alternatives?
    • Who makes the decision to buy?
    • How frequently do they purchase?
marketing and sales plans
Marketing and Sales Plans
  • Statement of Opportunity
  • Marketing and Sales Objectives
  • Existing Customers
  • Potential Customers
    • Prospects targeted
    • How prospects will be targeted and qualified
marketing and sales plans1
Marketing and Sales Plans
  • Marketing Programs
    • Direct Mail
    • Trade Shows
    • Advertising
    • Internet
    • Publicity/Public Relations
    • Marketing Budget
  • Pricing
    • Basis for targeted price point
    • Margins and profitability by volume levels
marketing and sales plans2
Marketing and Sales Plans
  • A “marketing plan” serves as a blueprint for you to follow to get your products and services known and recognized. It has:
    • Competitor and issue analysis: challenges and opportunities facing the business
    • Objectives: What do you want to achieve?
    • Action program: A “to-do” list
    • Budget: Detail expenses
    • Strategy: The Four “P’s”
  • Sales Plan
    • Sales force structure – (direct or reps)
    • Sales expectations/quotas
    • Margins given to intermediaries
    • Service and warranties
    • Sales Budget
the four p s of marketing
The Four P’s of Marketing
  • Product: Describes features and benefits
  • Price: Lists prices and pricing strategy
  • Promotion: Tools or tactics to achieve marketing objectives
  • Placement: Sales philosophies and methods
how much do i need
How Much $$$ Do I Need?
  • Determine start up costs and estimate monthly operating costs to determine your working capital needs
financial plan
Financial Plan
  • THE PRIMARY EVALUATING TOOL
    • Support all information
    • Make conservative projections
  • Start-up Budget: amount needed to open
  • Operating Budget: ongoing expenses once open
  • Sources and Uses Sheet
financing your new business
Financing Your New Business
  • Start up loans are very difficult to obtain
  • Chances are you have to rely on the funds you can personally raise
  • Grants?! Sidebar here
    • World bank grants
    • ACF- African Challenge fund
    • BPC for young entrepreneurs
    • Global Entrepreneurship fund
financial plan startup budget
Financial Plan: Startup Budget
  • Personnel (costs prior to opening)
  • Occupancy (lease, rent, or mortgage)
  • Legal/ Professional Fees
  • Equipment
  • Supplies
  • Salary/ Wages
  • Utilities
  • Payroll Expenses
  • Internet
  • Licenses/ Permits
  • Advertising/ Promotions
financial plan operating budget
Personnel

Lease/ Rent/ Mortgage

Loan Payments

Legal Fees

Accounting

Supplies

Salaries/ Wages

Dues/ Subscriptions/ Fees

Repairs/ Maintenance

Insurance

Advertising/ Promotions

Depreciation

Payroll Expenses

Internet

Payroll Taxes

Travel/ Entertainment

Miscellaneous

3-6 Months of Operating Capital

Financial Plan: Operating Budget
final thoughts
Final Thoughts
  • Build on every success
  • Learn from your mistakes
  • Take time to relax and reduce stress!