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Business Plan - PowerPoint PPT Presentation


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Business Plan. Introduction. Introduction. Includes: Mission Statement Detailed description of the business and its goals The ownership of the business and the legal structure The skills and experience you bring to the business

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business plan

Business Plan

Introduction

introduction
Introduction
  • Includes:
    • Mission Statement
    • Detailed description of the business and its goals
    • The ownership of the business and the legal structure
    • The skills and experience you bring to the business
    • The advantages you and your business have over your competition
mission statement
Mission Statement
  • Clear succinct representation of the company’s purpose
  • Should drive decisions made by the company
  • Can range from very simple to complex
  • Examples:
    • Starbucks - Our mission: to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.
    • Microsoft – At Microsoft, our mission and values are to help people and businesses throughout the world realize their full potential.
    • Facebook - Facebook’s mission is to give people the power to share and make the world more open and connected.
legal structure
Legal Structure

There are three main kinds of business entities or ownership: sole proprietorships, partnerships, and corporations

sole proprietorship
Sole Proprietorship
  • Simplest kind of business where owned by single individual
  • Small business often are sole proprietorships
  • Individual owner has full liability for all debts occurred
  • Advantages:
    • Can be run simply with little governmental control
    • Owner has complete control over business
  • Disadvantages:
    • Difficult to raise money
    • Only one person invested in company
    • Owner bears all responsibility for debt and personal assets may be taken
partnership
Partnership
  • A business owner by two or more people
  • Advantages:
    • More than one person comes up with capital
    • Losses will be shared
    • Each partner may bring a specific skill set to the business
  • Disadvantages:
    • Disagreements can occur
    • Partners may not share the same vision of the company or agree on the same mission
partnership agreement
Partnership Agreement
  • Sets down in writing the rights and responsibilities of each of the owners
  • Agreement identifies the following:
    • Name of the business partnership
    • Names of the partners
    • Type and value of the investment each partner contributes
    • Managerial responsibilities to be handled by each partner
    • Accounting methods to be used
    • Rights of each partner to review and/or audit accounting documents
    • Division of profits and losses among partners
    • Duration of the partnership
    • Conditions under which the partnership can be dissolved
    • Distribution of assets upon dissolution for the partnership
    • Procedure for dealing with the death of a partner
corporation
Corporation
  • A business that has the legal rights of a person but is independent of its owners
  • Has a board of directors, who meet to make important decisions affecting the company
  • Advantages:
    • Liability – limited to the amount of money invested
    • Money can be raised by selling stock shares
  • Disadvantages:
    • Complicated
    • Need a lawyer to help file articles of corporation with state
    • Can be costly
    • Subject to more governmental regulation
    • Double taxation – The corporation is taxed, then the individual is taxed
s corporation
S Corporation
  • Small corporation
  • Not taxed as a business
  • Individual shareholders are taxed on profits as in a partnership
  • Must follow same formalities and recordkeeping procedures as regular corporations
  • Owners can use losses to offset personal income tax
limited liability company llc
Limited Liability Company(LLC)
  • Legal form of business that goes further than an S Corporation in providing the benefits of partnership taxation and limited personal liability for all the owners for the business
  • Not subject to the rules for an S Corporation so simpler to operate
  • Owners are known as members and can participate in management of company
detailed description
Detailed Description
  • Describe how you came up with your business idea
  • What your business entails
  • Include short-term (up to 1 year), medium-term (2-5 years), and long-term (5 years +)
skills and experience
Skills and experience
  • Share your relevant experience
  • Describe your skill set
  • Past jobs, volunteer activities, hobbies/interests, anything you believe makes you valuable
  • You can also include important members of your team and their experience
competitive advantage
Competitive Advantage
  • What gives your company an advantage over your competitors?
    • Performance
    • Quality
    • Reliability
    • Distribution
    • Price
    • Promotion
    • Public image or reputation
  • How is your solution unique?
    • Lowest Price, Best Service, Best Quality