Developing a business plan

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  • Develop as a manager - gives you practice in thinking about competitive conditions, promotional opportunities and situations advantageous to your business.
  • Legal and tax considerations influence the form of business.
    C corporations (commonly known as regular corporations) or S corporations (which generally enjoy the benefits of incorporation while being taxed essentially as partnerships. The form has to do with tax considerations.
  • Developing a business plan

    1. 1. Developing a Business Plan
    2. 2. What is a Business Plan? A business plan is a document that outlines your plan for initiating and operating a business
    3. 3. Why Create a Business Plan? It provides a path to follow It makes it easy to let your banker, attorney, and accountant evaluate your goals and objectives It can serve as a communications tool for informing salespeople, suppliers, and others about your operations and goals It can help you develop as a manager Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS
    4. 4. A Business Plan Structure Cover Sheet business name, address, and phone number principals date Executive Summary Table of Contents I. The Business Concept, The Opportunity (analysis of industry), The Company, Potential Market Share II. The Marketing Plan overall marketing strategy four Ps
    5. 5. A Business Plan Structure (Continued) III. The Operations Plan location and facilities regulatory considerations labor availability processes equipment annual expenses financial summary IV. The Management Team organization key management personnel ownership structure
    6. 6. A Business Plan Structure (Continued) V. Implementation Time Schedule VI. Potential Risks VII. Conclusion References Financial Appendices income statements and notes of explanation balance sheets and notes of explanation cash flow statements and notes of explanation breakeven analysis financial ratio analysis
    7. 7. Tips for Making Your Plan Work Appearance Your plan must look good Structure Your plan needs a sound structure Impression Your plan must convey the impression that you know what you are talking about Content Your plan must have the “nuts and bolts” to support your idea
    8. 8. Organizing Your Business Sole Proprietorship The individual is the sole owner of all assets, bears all profits and losses, and is personally liable for all debts and obligations of the business. Outside assets such as a home, car and personal bank account are subject to claims of business creditors. Partnership Similar to a proprietorship, but consisting of two or more owners. Corporation A separate legal entity with limited liability. Formed when a transfer of either money or property, or both, takes place by prospective shareholders in exchange for capital stock in the corporation. Source: “Going into Business” pamphlet, Chamber of Commerce, Southhaven, MS

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