Ch. 5 Business Plan

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Ch. 5 Business Plan

  1. 1. Chapter 5 Developing a Business Plan Business Ownership Spring 2007 Williams C. Greene, (2000). Entrepreneurship Ideas in Action. Cincinnati, OH: South-Western.
  2. 2. Lesson 5.1 Why Do you Need a Business Plan <ul><li>“ Every great business begins with a creative idea and tedious planning” </li></ul><ul><li>-Christopher Williams; </li></ul><ul><li>B.B.A. The University of Texas at Austin </li></ul>
  3. 3. The Business Plan <ul><li>A business plan is a written document that describes all the steps necessary in opening and operating a successful business. </li></ul><ul><li>Writing a business plan is one of the most important things an entrepreneur will do because it is used to convince banks and lenders to invest in your business. </li></ul><ul><li>(pg. 94) </li></ul>
  4. 4. Purpose of a Business Plan <ul><li>Explain the idea behind your business and spells out how your product or service will be produced and sold. </li></ul><ul><li>Sets Specific objectives and describes how your business expects to achieve them. </li></ul><ul><li>Describes the backgrounds and experience of the people who will be running the business. (pg. 94) </li></ul>
  5. 5. Importance of a Business Plan <ul><li>It makes you think about all aspects of your business. </li></ul><ul><li>Helps you secure financing for your business. </li></ul><ul><li>Helps you Communicate your ideas to others. </li></ul><ul><li>Serves as a tool for managing your business. (pg. 95) </li></ul>
  6. 6. Lesson 5.2 Basic Elements of a Business Plan <ul><li>All business plans are different, but they all serve the same purpose. </li></ul><ul><li>Since business plans have the same goals they all have seven basic elements. </li></ul>
  7. 7. Seven Basic Elements of a Business Plan <ul><li>History and Background of your idea </li></ul><ul><li>Goals and objectives for your company </li></ul><ul><li>Products or services you will offer </li></ul><ul><li>Form of Ownership </li></ul><ul><li>Management and staffing </li></ul><ul><li>Marketing </li></ul><ul><li>Current and projected financial statements </li></ul><ul><li>(pg. 98) </li></ul>
  8. 8. History and Background <ul><li>Describing how you came up with your idea can help lenders, investors, and others understand how your business will operate. </li></ul><ul><li>(pg. 98) </li></ul>
  9. 9. Goals and Objectives <ul><li>Your business plan should outline your short-term, medium term, and long-term goals. This section describes your mission and vision of your company. </li></ul><ul><ul><li>(pg. 99) </li></ul></ul>
  10. 10. Products and Services <ul><li>This part of the business plan should describe the products or services your company plans to produce and sell. </li></ul><ul><ul><li>(pg. 99) </li></ul></ul>
  11. 11. Form of Ownership <ul><li>The section details your form of ownership. The section is important because each legal form of business has an effect oh how the business works and profits. </li></ul><ul><li>(pg. 100) </li></ul>
  12. 12. Management and Staffing <ul><li>This section shows that you and the people who will be working for you have the experience, maturity, and common sense to manage your business well. </li></ul><ul><li>(pg. 100) </li></ul>
  13. 13. Marketing <ul><li>This section includes information on the marketing of your business and details of your marketing plan. </li></ul><ul><li>(pg. 100) </li></ul>
  14. 14. Financial Statements <ul><li>This portion of your plan should point out important financial statements that give lenders an idea of the risk of your company. </li></ul><ul><li>(pg. 101) </li></ul>
  15. 15. Additional Elements of a Business Plan <ul><li>Here are some additional elements we will analyze: </li></ul><ul><ul><li>Location </li></ul></ul><ul><ul><li>Technology </li></ul></ul><ul><ul><li>Ethics </li></ul></ul>

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