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Understanding the business plan
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Understanding the business plan

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  • 1. Mktg8125.020 Explain the purpose and structure of the business planMktg8125.021 Develop a business plan
  • 2.  Sees opportunities to create new products/services or improve existing ones while taking the risk of starting and operating a businessExamples: Bill Gates, Donald TrumpBenefits of entrepreneurship:  Generate new products and new jobs
  • 3.  Sole proprietorship Partnership Corporation
  • 4. ****MOST COMMON Advantages  All profit  Make all decisions Disadvantages  All risk  Expensive Examples  Start your own business  Purchase an existing business  Purchase a franchise business  Take over a family business
  • 5.  Advantages  Share risk Disadvantages  Share profit Example  H& M lawncare
  • 6.  Advantages:  Less tax  Less risk  Perpetual existence Disadvantages:  Profit to investors Example:  Dick’s Sporting Goods
  • 7. A comprehensive blueprint detailing business structure & future plans Importance of  ***request for investment money  framework for organizing  performance measure of success
  • 8. Who uses or reads the plan Investors  Documentation to support loan request Management  Guide for starting and managing business Employees, customers, suppliers  Info about company, products and prices
  • 9.  Cover Page - Professional front of plan Confidentiality Agreement -Protects ideas from being stolen Table of Contents- Ordered list of all components Executive Summary- Summary of all info in business plan Company Summary -Your vision and keys to success Organizational Structure Chart - A diagram of who works in the company Product/Service Description - Info about the types of products you will sell Market Analysis - Research on industry and trends Target Customer Profile - What type of customers you have Competitive Comparison - List of companies who sell similar products Marketing Strategy - Description of your planned prices and advertising Financial Plan - A forecast of your sales and revenue Appendices - Supporting documents