How to write a Business Plan

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How to write a Business Plan

  1. 1. How to Write a Business Plan Dr. Aikyna Finch
  2. 2. Agenda • Introductions • Business Plan Types • Business Plan Elements and Checklist • Business Plan Need • References • Conclusion
  3. 3. Introduction • A business plan is a blueprint for the business, the first piece of the business puzzle • A well-written business plan serves two key functions: 1) Organizes and proves the central idea of the business 2) Summarizes the business and funding strategy
  4. 4. Business Plan Types According to Business Week, here are 5 documents that can serve as Business Plans: • Executive Summary – 2 pages to interest the investor • Synopsis – addresses the particular needs of the investor • Summary Business Plan – 10 pages or less with key components and 1 to 2 year financial projections • Full Business Plan – 25 to 35 pages with all components and 3 to 5 year financial projections • Operational Business Plan – 50 pages of detail on an existing business used to raise expansion capital
  5. 5. Business Plan Elements and Checklist According to the SBA, there are 9 elements to a business plan • Executive Summary • Market Analysis • Company Description • Organization and Management • Marketing and Sales Management • Service or Product Line • Funding Request • Financials • Appendix Business Plan Checklist Items  Company name, legal form, financial highlights, owners  Organization chart, management, consultants, directors and employee agreements  Marketing research, customer surveys, competitive analysis  Product information, brochures, patents, licenses, trademarks, research and development plans  Marketing plan and materials  Financial statements – current and forecasted
  6. 6. Business Plan Need Pros According to Business Week • Give the definition of new venture • Develops marketing strategy • Helps business compete in the marketplace Cons According to Enterpreneur • Business plans are not flexible • Do not worship the Business Plan • Banks do not invest in starter business
  7. 7. Conclusion • A Business Plan is a blueprint to a business • There are 9 elements of a Business Plan • A well written business plan is a great tool however there are different opinions of its need in business planning and development.
  8. 8. References • Entrepreneur Magazine - “Write your Business Plan in Pencil” • Business Week – “The Right Business Plan for the Job” and “Do you Really Need a Business Plan” • Small Business Administration – “Write a Business Plan” • Wiley Plus - Kurtz, D. (2010 Update). Contemporary Business: 2011 custom edition (13th ed.). Hoboken, NJ: John Wiley & Sons.
  9. 9. Questions? Thank you for your time and consideration.
  10. 10. Questions? Thank you for your time and consideration.

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