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Business Plan for a Micro Business

Number of Words : 2869

Number of References : 5

Contents

 This report is based on the following requirement -
 You will prepare a business plan for a micro business - larger business concepts must be approved by the instructor. Each partner will have $10,000 to contribute to the business start-up capital. Partners will combine their funds.
 What constitutes a business plan?
 The order of preparing sections in a business plan is straightforward. Start with the business concept (What will you sell?), work through marketing (How will you reach customers?), and operations (How will you run your business?), and concentrate on financing (Will you make money?). Even though an Executive Summary is positioned at the beginning of the written plan, it is written last.
 GENERAL SUBMISSION REQUIREMENTS
 Your Business Plan should be presented as follows:
  1/2 inch three-ring binder or spiral wire binding upon completion – should have an insert on the front for the cover page of the plan (other options subject to approval)
  Cover Page appropriate to your business’ image
  Labeled dividers
  Clean, smooth pages, in correct order
  Appendices (these items must be referred to within the context of the business plan)
  References/Sources
 DETAILED OUTLINE OF A BUSINESS PLAN
 (The sections of the business plan outlined below are shown in the order that they would be presented in a finished business plan. This is not necessarily the order in which the plan will be completed.)
 Business Plan Cover
  Your cover sheet must include:
  Name of the business
  Address (proposed location of business or school’s address)
  Name of the principals/owners
  Contact Information for owners (may use school email)
  Website (only if applicable - See Promotion Strategy section)
 Table of Contents
 The Table of Contents is the reader’s guide to the major sections of the plan and simply lists the various sections of your plan according to completed page numbers. Each section will need a divider for quick and easy access.
  Sample Table of Contents below:
  Table of Contents
  Executive Summary Page 1
  Our Product Page 2
  Feasibility & Market Potential Page 4
  Our Competition Page 6
  Promotion Strategy Page 8
  Location Page 11
  Management Page 13
  Personnel Page 16
  Financial Section
  1. Start Up Page 18
  2. Opening Balance Sheet Page 19
  3. Projected Cash Flow Page 21
  4. Projected Income Statements Page 23
  5. Closing Balance Sheet (1st year) Page 25
  6. Financial Summary Page 26
 Appendices (The contents of this section will vary according to each business.)
 References
 Table of Contents
  Executive Summary Page 1
  Our Product Page 2
  Feasibility & Market Potential Page 4
  Our Competition Page 6
  Promotion Strategy Page 8
  Location Page 11
  Management Page 13
  Personnel Page 16
  Financial Section
  1. Start Up Page 18
  2. Opening Balance Sheet Page 19
  3. Projected Cash Flow Page 21
  4. Projected Income Statements Page 23
  5. Closing Balance Sheet (1st year) Page 25
  6. Financial Summary Page 26
 Appendices (The contents of this section will vary according to each business.)
 References
 Executive Summary
  The Executive Summary serves as an introduction to the business plan. It must boil down to the essence of your business, its purpose, methods, marketing position, return on investment, and other advantages. Because the Executive Summary gives perspective to the entire business plan, it needs to be written last (after you have completed your financial section).
 The Product (or Service)
  This section describes the unique features and benefits of your product or service. Include a description of your product or service in terms of:
  What are your product/service features or characteristics?
  What market needs is your product or service satisfying?
  What is your product/service strategy? (What makes your product/service unique?)
  What are the current trends related to the product or service?
  Who is your target market? (psychographics and demographics)
  What is your vision? Establish a Mission Statement.
 Appendices if applicable: pictures; diagrams
 Feasibility and Market Potential
  Describe the industry and industry segment in terms of statistics:
  How much of my kind of business is out there (ie. size in terms of numbers or $’s)?
  What is the market potential (ie. how much money a group of potential customers spend on a your product/service?)
  Discuss the life cycle of your industry (e.g., embryo, growth, maturity, decline) and the impact of this on your business.
 References Section: include sources for all research data
 Location and Distribution
  This section explains why you have selected your location and/or distribution channels, and how it satisfies the needs of your target customers and your business.
  How you will get your product or service to the market (i.e., retail, storefront, direct sales, mail order, or other).
  How close or accessible your location is to the target market (explains why your location is a good choice)
  Distribution channels you plan to use to reach the target customer in addition to or instead of a store-front location
  How the location satisfies the exterior and interior requirements of the business – determine space requirements and usage
 Appendices if applicable: location maps, location photos, diagrams, floor plans
 The Competition
 This section indicates how your product or service is uniquely positioned in the market in relation to the competition. A chart is a suitable format for most of this section. Outline the following:
  Your direct and indirect competitors - includes business names and location
  Description of your competition's product or service.
  Each competitor’s strengths and weaknesses.
  What is your competitive strategy? How will you capitalize on your competitor’s weaknesses and address their strengths?
 Appendices if applicable: map showing location of competitors
 Pricing Strategy
 This section discusses your pricing strategy as it relates to your market position and profitability.
  Include an outline of the price(s) for your product/service
  Explain the pricing rationale or strategy.
  Includes an annual sales projection. Provide a monthly breakdown and make note of any assumptions used in developing the sales projections and figures.
 Promotion Strategy
  This section explains how you will connect with your customers to sell your product or service.
  Develop and illustrate your "Promotional Plan" which will include:
  Your annual sales goal
  Promotional objectives, strategies
  Establish a promotional budget (these numbers will be used in financial statements)
 * SUGGESTION - use the sample Promotional Plan Outline presented in class
 Going the extra mile: Create a website for your business and include the web address in your information on the business plan cover
 Operations and Organization
 This section discusses how you will organize the work and operate. It should discuss the following:
  What is the legal form of your business (ie. corporation, partnership — general or limited — or sole proprietorship) and why did you choose this legal form?
  Who will be working in the business and what are their key responsibilities? Justify why these people are suitable candidates for the roles they will have. Include an organizational chart.
  Discuss short-term and long-term goals for the business.
  Should include any other information that might be unique but pertinent to your business (ex. Suppliers, insurance issues, licensing issues, etc.)
 Appendices if applicable: supplier lists; applications; other
 Financial Section
 The purpose of the Financial Section is to demonstrate, with numbers, that your idea as developed in the first seven sections of your plan will translate into a financial benefit. Divide this section into six major subsections as described below.
  Start Up and Sources of Funds
  Start Up
  General Start-Up costs
  Leasehold Improvements
  Equipment Costs
  Cash Reserve fund
  Sources of funds.
  B. Opening Balance Sheet
  Include an opening balance sheet that summarizes your:
  Assets
  Liabilities
  Equity
  C. Projected Cash Flow
  Provide a monthly cash flow for the first year
  Include a summary of your major assumptions.
  D. Projected Income Statement
  Provide a projected income statement for the first year
  E. Closing Balance Sheet
  Include a projected balance sheet for “period ending (date at end of year one)".
  Assets
  Liabilities
  Equity
 F. Financial Summary
 Include a summary that discusses:
  your profit for the first year
  your profit margins
  your break-even level
  your R.O.I.
 * All substantiating documentation and financial breakdowns should be included in the Appendices.
 Appendices
  The appendices will include support material for your business plan as outlined in the various sections above.
 References
  References must be provided for all sources used in your research and creation of your business plan. Failure to submit references may result in a grade of zero for the corresponding section.

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