Business Plan – Compile your plan into 1 document, inserting tables etc. as needed
Students must submit one business plan at the end of the course. The business plan must consist of:
1. A one-page executive summary for the business plan. In the summary you should note – what product or service you will be selling; the name of your business; a brief description of your target customer; a summary of your start-up costs; and your anticipated revenue and profits for the first three years.
2. The plan should also include the following (these are additional pages of work):
A full description of the product or service you are selling including a description of your target market(s) and any secondary markets. You should also include a note(s) why this business will be successful. Your target market should be through and include customer profiles as outlined in the textbook.
3. You should also include in a table a competitor analysis, this should list the major competitors, discuss their strengths and weaknesses (SWOT, or use other analysis, Porters 5 or a similar type of analysis tool – check with your instructor if you are NOT using a SWOT). After completing the competitor analysis you should note why you will be successful.
4. The price you are charging and why/how you selected this price. What will you make from your products or services? To know your profits you must know your costs. (For some manufactured products, you may need to include a brief outline of your supply chain)
5. Where you will sell your product/service. Why?
6. A promotional plan – a description of your promotional activities. Higher grades will be given when you timeline your promotional plan, provide examples and/or samples and provide accurate costing (Internet has most if not all of the costs). This should be very detailed. The plan must prove to the reader that the business will be successful.
7. A page outlining all start up costs. Most if not all of this information can be found on the Internet. You should provide sources.
8. A pro forma income statement – think revenue minus costs = profit or loss of years 1 – 3.