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Developing a Business Plan

Developing a Business Plan

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Developing a Business Plan

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Presentation Transcript

  1. Developing a Business Plan

  2. What is a Business Plan? • A business plan is a document that outlines your plan for initiating and operating a business

  3. Why Create a Business Plan? • It provides a path to follow • It makes it easy to let your banker, attorney, and accountant evaluate your goals and objectives • It can serve as a communications tool for informing salespeople, suppliers, and others about your operations and goals • It can help you develop as a manager Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS

  4. A Business Plan Structure • Cover Sheet • business name, address, and phone number • principals • date • Executive Summary • Table of Contents • I. The Business Concept, The Opportunity (analysis of industry), The Company, Potential Market Share • II. The Marketing Plan • overall marketing strategy • four Ps

  5. A Business Plan Structure (Continued) • III. The Operations Plan • location and facilities • regulatory considerations • labor availability • processes • equipment • annual expenses • financial summary • IV. The Management Team • organization • key management personnel • ownership structure

  6. A Business Plan Structure (Continued) • V. Implementation Time Schedule • VI. Potential Risks • VII. Conclusion • References • Financial Appendices • income statements and notes of explanation • balance sheets and notes of explanation • cash flow statements and notes of explanation • breakeven analysis • financial ratio analysis

  7. Tips for Making Your Plan Work • Appearance • Your plan must look good • Structure • Your plan needs a sound structure • Impression • Your plan must convey the impression that you know what you are talking about • Content • Your plan must have the “nuts and bolts” to support your idea

  8. Organizing Your Business • Sole Proprietorship • The individual is the sole owner of all assets, bears all profits and losses, and is personally liable for all debts and obligations of the business. Outside assets such as a home, car and personal bank account are subject to claims of business creditors. • Partnership • Similar to a proprietorship, but consisting of two or more owners. • Corporation • A separate legal entity with limited liability. Formed when a transfer of either money or property, or both, takes place by prospective shareholders in exchange for capital stock in the corporation. Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS