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business planning journal materials.

  1. 1. BUSINESS PLANNING JOURNAL PRODUCTS AND SERVICES • Describe your products and services in detail. • What makes your products and services different from other products and services on the market in terms of quality, value, and convenience? • If your products and services are not different from other products and services on the market, why will people buy from you? • If you are selling products, who are your suppliers and why have you chosen them? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 1
  2. 2. BUSINESS PLANNING JOURNEL MARKETING: Product • Review your Products and Services Business Planning Journal. Have your products and services changed after completing Market Feasibility? If so, how? • Are there any special requirements for designing your products? If so, what are they? • Will the design of your products affect your marketing efforts? If so, how? • Are there any special packaging requirements for your products? If so, what are they? • Will the packaging of your products affect your marketing efforts? If so, how? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 2
  3. 3. BUSINESS PLANNING JOURNEL MARKETING: Promotion • How will you attract customers to your business? • What promotional and advertising strategies will you use? • How do you plan to keep customers purchasing from you? • How do you plan to expand your market? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 3
  4. 4. BUSINESS PLANNING JOURNEL MARKETING: People • Who will assist you in marketing your products and services? • What qualifications must they have? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 4
  5. 5. BUSINESS PLANNING JOURNEL OPERATIONS: Customer Service • What customer service polices and procedures do you plan to implement in your business? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 5
  6. 6. BUSINESS PLANNING JOURNEL OPERATIONS: Legal Structure • What is the legal business structure of your business? Why did you choose this structure? • What supporting documentation does this structure require? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 6
  7. 7. BUSINESS PLANNING JOURNEL OPERATIONS: Operating Procedures • When do you plan to open your business? • What hours of the day and days of the week will you be open? Will your hours be adjusted seasonally? • What will you accept for payment for your goods and services (credit cards, cash, monthly credit accounts)? • Describe the process of producing and delivering your products and services to the customer from start to finish. (Provide a flow chart of the process if possible, from suppliers to customers.) • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 7
  8. 8. BUSINESS PLANNING JOURNEL OPERATIONS: Renovations and Capital Equipment • What renovations will be necessary? • How much will they cost? • List the capital equipment needed for your business. • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 8
  9. 9. BUSINESS PLANNING JOURNEL OPERATIONS: Taxes, Licenses, and Insurance • What taxes will your business need to pay? • What special licenses are required for your business to operate (local, state, federal)? • What type of insurance coverage do you plan to obtain for your business? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 9
  10. 10. BUSINESS PLANNING JOURNEL OPERATIONS: Key People • Who are the key people that will assist you in your business? (Examples include accountants, bookkeepers, attorneys, insurance agents, small business assistance organizations, etc.) • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 10
  11. 11. BUSINESS PLANNING JOURNEL FINANCIALS: Breakeven Analysis • What is your breakeven point? • How did you calculate it? (Show calculations or computer printout.) • How did you arrive at your projected gross profit margin? • What assumptions did you use to estimate monthly operating costs? • How do you expect your breakeven point to change during your first year of business? Why? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 11
  12. 12. BUSINESS PLANNING JOURNEL FINANCIALS: Cash Flow Projections • What assumptions have you made concerning start-up costs? • What assumptions have you made concerning capital equipment purchases? • List assumptions for cash flow projections (include sales projections, replenishing inventory, and operating expenses). Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 12
  13. 13. BUSINESS PLANNING JOURNEL FINANCIALS: Personal Financial Statement OBTAIN A PERSONAL FINANCIAL STATEMENT Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 13
  14. 14. BUSINESS PLANNING JOURNEL FINANCIALS: Risk Factors • What could happen inside your business that would affect the start-up and first year of operations? (Examples include: losing your manager, renovations taking longer than expected, losing your major supplier, etc.) • How would you react to the above factors? • What could happen outside your business that would affect the start-up and first year of operations? (Examples include: the economy turning sour, losing major customers, new competitors, lawsuit, etc.) • How would you react to the above factors? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 14
  15. 15. BUSINESS PLANNING JOURNEL MARKETING: Place • How will your products and services be delivered to customers? • Who will be involved in this delivery? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 15
  16. 16. BUSINESS PLANNING JOURNEL EXECUTIVE SUMMARY • Describe your business proposal in a paragraph. Include your name, business name, location, type of business, business structure, key managers, products and services, and market. • State the amount of money you are requesting and for what it will be used. • How will the money be repaid? • What type of collateral are you offering? • How much do you plan to invest in the business? • Why will the business be successful? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 16
  17. 17. BUSINESS PLANNING JOURNEL MARKETING: Target Market/Customer Profile • In what geographical area do you plan to market your products and services? • What market segments are you targeting? • How large are your target markets? • What percent (share) of these target markets do you expect will buy from you? • Describe the growth potential of your target markets. • Describe other potential variations (seasonality, etc.) in your target market. • How do your target markets compare to your competitions? • Describe the customer profiles of your top 3 market segments. • Why will these people buy from you? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 17
  18. 18. BUSINESS PLANNING JOURNEL MARKETING: Competition • Who are your five strongest competitors, either direct or indirect? Where are they located? What do they sell? • Is their business growing, holding its own, or declining? Why? • How will your business be like your competitors’ businesses? • How will your business be different from your competitors’ businesses? • How will your business compete successfully against your competitors’? • How do you anticipate your competitors will react to your entry into the market? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 18
  19. 19. BUSINESS PLANNING JOURNEL OPERATIONS: Management and Personnel • What is the background of the key manager of the business? • What management experience does he/she have? • What education does he/she have that will contribute to the success of your business? • What special abilities, interests, hobbies, and/or experiences does he/she have that will contribute to the success of your business? • What are the personnel needs of your business? • What skills are required of these staff members? • Are people with these skills available in your area? • Will your personnel be paid hourly or salaried? Part-time or full-time? • What fringe benefits will you offer, if any? • What type of training will your personnel need? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 19
  20. 20. BUSINESS PLANNING JOURNEL MARKETING: Industry Analysis • How would you describe the industry of your chosen business? • Is the industry growing, holding its own, or declining? Why? • Do you expect your chosen business to behave differently from the industry as a whole? If so, why? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 20
  21. 21. BUSINESS PLANNING JOURNEL MARKETING: Price • How have you determined the prices for your products and services? • How do your pricing strategies compare to your competitions? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 21
  22. 22. BUSINESS PLANNING JOURNEL OPERATIONS: Location and Layout • Where will your business be located? Why did you choose this location? • Will the location be leased or owned? If leased, what are the rent payments? • Describe the physical features of your location. (Include square footage, number of floors, appearance of building, parking, and access to your customers and suppliers via highways, rail, airports, etc.) • Draw a diagram of the layout of your location. Include it in your business plan. • What businesses are located nearby? • Why did you choose this location? • How will your answers to the above questions affect your financial projections? Copyright © 1993-2005 CFED/REAL BUSINESS PLANNING JOURNAL p. 22

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