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EntrepreneurshipChapter 6 – Business Plan
Chapter 9Slide 1
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THE BUSINESS PLAN
• A business plan is a written document that describes all the steps necessary in opening and operating a successful business.
Chapter 5Slide 2
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What a Business Plan Does
• Describes what your business will produce, how you will produce it, and who will buy your product or service
• Explain who will run your business and who will supply it with goods
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What a Business Plan Does
• States how your business will win over customers from competitors and what your business will do to keep customers.
• Provides detailed financial information that shows how your business will succeed earning a profit.
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PURPOSES OF A BUSINESS PLAN
• Explains the idea behind your business and spells out how your product or service will be produced and sold.
• Must prove that your idea is/has:• Solid
• New
• Better
• Less Expensive
• Target Market
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PURPOSES OF A BUSINESS PLAN
• Sets specific objectives and describes how your business expects to achieve them.
• Includes:
• Sales Projections
• Short Term – 1st Year
• Medium Term – 2-5 years
• Long Term – 5+ years
• What new products will be introduced Chapter 5
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PURPOSES OF A BUSINESS PLAN
• Describes the background and experience of the people who will be running the business.
• Personal History
• Compared to a resume of the individuals involved in this business.
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IMPORTANCE OF A BUSINESS PLAN
• Makes you think about all aspects of your business.
• May help you secure financing for your business.
• Helps you communicate your ideas to others.
• Can serve as a tool for managing your business.
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