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					   Business Plans
Putting the Pieces Together
        Discussion Topics

 Starting a Business Venture
 Business Planning
 Parts of a Business Plan
 Resources for Small Businesses
     Starting a New Venture
• Determine the products or services you
  will sell/offer

• Determine what type of business you
  will own
   Franchise
   Buy an existing business
   Create a business from ground up

• Create a business plan
Role of Small Business Today
 In 2002, there were approximately 22.9
  million small businesses in the United
  States.
 Small businesses employ 99.7% of
  employers.
 Most small businesses are service-
  based.
 Women and minority-owned business
  are growing at a fast rate.
  What is a Business Plan?


A written document that describes
 all the steps necessary in opening
      and operating a successful
              business.
    Purpose of Business Plan
Business plan serves three primary purposes:
  1. Explains the idea behind your business
      and how your product or services will be
      produced and sold.
  2. Sets specific objectives and describes
      how your business expects to achieve
      them.
  3. Describes the backgrounds and
      experience of the people who will be
      running the business.
    Sections of a Business Plan
   Business plans should include some basic
    information in the following areas:
        Executive  Summary
        History and Background of your idea
        Goals and Objectives
        Product(s) or Service(s) you will offer
        Form of Ownership
        Management and Staffing
        Sales and Marketing Plan
        Financial Plan
Section 1: The Executive Summary

    Usually a one page description of the
     business.

    Provides a snapshot or brief overview
     of the business plan.
Section 2: History & Background

   Describes how you came up with your
    business idea.

   May include your business philosophy
    or mission statement.
Section 3: Goals & Objectives

   Your business plan should outline your:
     short-term goals
     medium-term goals
     long-term goals

   Describes your vision of where you
    want your company to be in the future.
Section 4: Products & Services
• Describes the industry you will operate
  in:
   Externalfactors affecting your business
   Growth potential of the industry
   Economic trends of the industry
• Describes the location of your business
   Lenders  want to know exactly where your
    business will be located because location is
    often a critical factor in operating a
    successful business.
Section 5: Forms of Ownership
Section 6: Management & Staffing

 People who manage your business are
  critical to its success.
 This section of the business plan should
  show that you and the employees of
  your business are highly qualified to
  run the business.
Section 7: Sales & Marketing Plan

• This part of the plan includes the
  following:
     Who  are your prospective customers
     How large is the market for your product
      or service
     How you plan to enter the market

•   You should list your company’s
    advantages over the competition.
    Section 8: Financial Plan

 Identification of risks associated with
  your business.
 Current and projected financial
  statements based on projected
  revenues and expenses.
 Funding request and return on
  investment.
Resources for Small Business Owners

   Small Business Development Centers
        Provide one-on-one assistance in developing a business plan
   Chambers of Commerce
        Supports local business owners by hosting training workshops
   Small Business Administration (SBA)
        Governmental agency concerned with helping small U.S. firms
         and advocates for small businesses within the U.S. government
        Provides financial assistance in the form of loans
   Professional Organizations
        Young Entrepreneur’s Organization (www.yeo.org): global non-
         profit organization for today’s leading business owners
        National Federation of Independent Business (www.nfib.org):
         largest advocacy organization representing small and independent
         businesses in the US.
           Creating an Effective
              Business Plan
   Research the Business Plan
       Use printed resources to gather information—
        books, magazines, etc.
       Access online resources using the internet.
       Seek assistance from resources such as Small
        Business Development Centers, professional
        organizations, etc.
• Put Your Plan Together
       Type your business plan
       Include introductory elements such as a cover
        letter, table of contents, etc.

				
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