In this assignment, students are required to write a Business plan proposal based on their research and imagination. Feel free to use any resource other than the instructor provided and submit your Word or Pdf file here. You can also use any cloud based document processing apps and share your file here too. According to outline of a comprehensive business plan in chapter 6, a good business plan is between 25 and 50 pages long and takes at least six months to write. There are total of 9 sections in addition to cover letter. ONLY Section 1, 3, 4 and 6 are required to be included in your business plan, but you can add more sections. It is very important that your business plan is created clearly and easy to understand. Total pages of business plan should be no more than 8 pages. Use the MLA format. The following list of questions will give you some ideas of what to write in your plan. It is not required to answer all of them. You can also research more about how to write a business plan online or refer to the links attached. Please make sure write a title of each section in your Business plan as indicated in the outline. Write in your own words. Due is on Sunday, Oct 23rd, 2016.
Section 1: BUSINESS PLAN SUMMARY
1) Describe your products and services.
2) Describe the legal structure of your business ownership - sole proprietorship, partnership, or corporation.
3) Describe your experience and goals in this business.
Section 3: MANAGEMENT TEAM
1) Who will handle which functions in the business?
2) What will their duties and qualifications are?
3) If employees, how many will you have and what will their duties be?
4) Who will hire, train and supervise them? What benefits to offer?
5) What will your employee salaries be? Hourly or contract pay?
6) Who will be in your advisory team? Lawyer, Accountant, Insurance broker, etc.
7) How will you manage your record keeping, finances, and inventory?
8) What licenses, permits or regulations will affect your business?
9) Will you have to collect and pay sales tax, and if so, how much for a state or a city?
10) What types of insurance will you need?
11) What will you do if you are in the event of emergency that takes you away from the business? Who will take care of the business?
12) What will you do if a competitor lowers their prices?
13) What will you do if sales are not what you expected?
14) What will you do if costs are higher then you expected?
Section 4: FINANCIAL PLAN
1) Calculate if possible, single unit profit.
2) Calculate projected cash flow week by week for at least the first two months.
3) Include, if possible, balance sheet and income statement for the first year.
Section 6: MARKETING PLAN
1) Are you making products or providing services?
2) What customer need or want is being filled?
3) What are the features and benefits of your products or services?
4) Show strengths and weaknesses of your products compared with competitor's products or services.
5) Who will supply the materials?
6) What future or next products/services will you offer?
7) How to reach customers? What is your promotion plan?
8) What is happening in your industry? What are major changes?
9) Who are your customers?
10) Who are your main competitors? What are their strengths and weaknesses?
11) What will the image of your business be? Describe the logo if possible
12) Where will your business be located, and why did you choose this location?
13) How did you determine your pricing strategy?