SMALL BUSINESS MANAGEMENT AND ENTREPRENEURSHIP Project - General Guidelines to a Basic Business Plan
General Instructions
When working on this assignment, keep in mind that a business plan is important for established and startup businesses. It provides four significant purposes:
1. Assist top management or the entrepreneur in clarifying, focusing and researching their organization's development and prospects.
2. Supplies a measured and logical framework within which a business can develop and practice business strategies over the next three to five years.
3. Can be a source for discussion with third parties such as banks, investors, shareholders, etc.
4. Serves as a benchmark against which actual performance can be assessed and reviewed.
Your business plan should be a practical view of the expectations and long-term objectives for your business venture. It must provide the structure within which it should. If you are seeking external financial support, your business plan is important in enhancing your ability to raise finances for the business. While a well prepared and comprehensive plan will not guarantee success, lack of one can accelerate your path toward failure.
Tips to Remember
- Identify a field in which you would like to either start a new business or a purchase business franchise that you would like to own.
- Name your start-up initiative and develop vision and mission statements for it. Before you go further, please submit this information to me for approval.
- Use your textbook and other resources to research information to develop a business plan that will forecast your first 24 months of operation. The plan should include, but is not limited to areas such as its vision and mission, values, goals, objectives, strategies, and programs. Be sure to also include an operational description of the business, number of employees, competitive strategies, SWOT analysis, and functional systems, etc.
- Discuss a product or service that creates current and future value to your organization.
Conclusions
The concluding section of your paper should include your opinions and personal experiences about the issues raised. How will you use the information for personal or professional development? What advice and/or decision would you give other professionals based on both the outcome of your research and conclusive data?
References
Reference all materials and resources used in developing your plan. Use APA format to complete your listing of references.
Sample Business Plan Outline
The sample outline below is provided strictly as a guide to highlight basic information that should be included in your business plan. I encourage you to be creative and personalized your formal document by emphasizing specific areas that may strengthen your plan. (An example: You may choose to maximize the ABC Shoe Shine Shop's location plan by leasing a booth at the DFW Airport.)
Sample Outline
I. Cover Sheet
II. Statement of Purpose
III. Table of Contents
IV. The Business
A. Description of business
1. Company Description
2. Management Summary
3. Organization and Management
4. Services or Product Line
B. Marketing Summary
1. Market Analysis
2. Keys to Success
- Internal Factors
- External (Business Environment) Factors
C. Strategy and Implementation Summary
V. Financial Plan
A. Pro-forma income projections (profit & loss statements)
B. Three-year projections
C. Assumptions upon which projections were based
D. Balance sheet
VI. Optional Supporting Documents
A. Tax returns of principals for last three years
B. Personal financial statement
C. Copy of proposed lease or purchase agreement for building space
D. Copy of licenses and other legal documents
E. Copy of resumes of all principals
F. Copies of letters of intent from suppliers, etc.