How do you make a peanut butter and jelly sandwich?. Number and write the steps. Lights!. SMART goals activity…. Business Plan. Written document that EVERY business should have that describes all steps necessary to open and operate a successful business.
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How do you make a peanut butter and jelly sandwich? Number and write the steps
Lights! • SMART goals activity…
Business Plan Written document that EVERY business should have that describes all steps necessary to open and operate a successful business
Why Should You Prepare a Business Plan? • Explains your idea • Explains how you plan to make and sell goods/services • Sets objectives and how youplan to achieve them • Describes your background and experience • States how you plan to work with customers and competitors
Why is the Business Plan Important? • Makes you think about ALL aspects of your business • May help you secure financing • Helps you communicate ideas • Can serve as a tool for managing your business • Can be used to make an existing business better
Basic Elements • Introductory Elements • Main Body • Introduction • Marketing • Financial • Operations • Concluding Statement • Appendix
Main Body: Introduction Detailed Description Ownership and Legal Structure Skills and Experience Advantages
Main Body: Introduction • Detailed Description • Describe how you came up with the idea • What is your business about? • Outline your short term, mid term, and long term goals • Describe your vision of your company’s future • Be realistic and back up your details
Main Body: Introduction • Ownership and Legal Structure • Sole proprietor, partnership, or corporation • Information relevant to the type you chose • Partner’s names, how many shareholders you will have • Important section because the forms of ownership influence how the business works and how profits are made
Main Body: Introduction • Skills and Experience • Summary • Emphasize all experience you have that relates to the business • Paid, volunteer, hobbies
Main Body: Introduction • Advantages over competition • Performance • Quality • Reliability • Distribution • Price • Promotion • Public image or reputation