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Creating a Professional Business Plan Based on chapter 5 entrepreneur project

Creating a Professional Business Plan Based on chapter 5 entrepreneur project. Starting A Business – you won’t be doing these steps, but this is what it would take. Step 1: File articles of incorporation with the state (skip if sole proprietorship)

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Creating a Professional Business Plan Based on chapter 5 entrepreneur project

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  1. Creating a Professional Business PlanBased on chapter 5 entrepreneur project

  2. Starting A Business– you won’t be doing these steps, but this is what it would take • Step 1: File articles of incorporation with the state (skip if sole proprietorship) • Step 2: Obtain Federal Employer Identification Number (SS-4 Form) • Step 3: Register your fictitious business name with your county if different from your name (FBN Statement) • Step 4: Obtain a local (City) tax registration certificate (Business License) • Step 5: Obtain a state seller’s permit from Board of Equalization (to collect sales taxes for tangible goods- Form BOE-400-MIP) • Step 6: Obtain special licenses or permits

  3. Business Plan Written Assignment – Due Fri • Presentation Folder • Cover Page (page 1) • Table of Contents (page 2) • Business Plan including 5 sections with unified font style, font size, margins, headings, double spacing, etc. and page header to include company name and page number • Do not include questions - responses should be in paragraph form – subsection headings can be used • Begin each of the 5 sections on a new page • Each section should be 1-2 pages long (pages 3-7 minimum)

  4. Business Plan Presentation – next week • Prepare a Powerpoint (or Alice presentation) for the class about your business plan including 1-2 slides per section, each slide with 3-4 significant points • Consider the audience to be a group of potential financial investors and you are making your business request for money. • After all students have presented, the class will vote on the top 2 or 3 business plans for the class to conduct business simulations.

  5. The Business Plan • Products and Services • Industry, Competition, and Market • Marketing Plan • Operating Plan • Financial Plan

  6. 1. Products And Services • What business are you in? What is your vision for your business? • What are the products and services? What are the product’s and service’s features and benefits? Include diagrams, photographs, prototypes, etc.

  7. 2. Operating Plan • What is your company’s location, facilities, equipment, staffing requirements, hours of operation, etc.? • Describe the day to day operations of your business including anticipated customer traffic flow. Give a listing of staff responsibilities, salaries, job descriptions, etc.

  8. 3. Marketing Plan • Describe your product in as much detail as possible. Include both the physical product description and the psychological product description. • What is your product’s price and how was it decided? • How are you going to promote your products to the customers? Will you use advertising, personal selling, public relations, sales promotion, etc.? How will you know if the promotional plan is successful? • What place do you plan to market your products and services? • What is your target market (demographics, geographics, psychographics)?

  9. 4. Financial Plan • What are the revenue assumptions? Price of products services? Units sold? Increase in sales over time? What are the different sources of revenue? • What are the expense assumptions? Cost of Goods Sold? Material costs times units sold? Payroll, lease, utilities, supplies, advertising, insurance, depreciation, interest, taxes, etc.? How did you derive these figures? • What loan amount will you be seeking and for what items? What is the reason for the capital expenditure and how will the item(s) benefit your business? • Create a 12 month projected income statement for your business using a spreadsheet including your revenue and expense assumptions. Create appropriate charts and graphs to help communicate your financial plan.

  10. 5. Industry, Competition, and Market • Who are your top 2 competitors and what are the product, price, place, and promotion advantages that your products and services have over your competition and how will that help you capture market share? • Conduct a financial ratio analysis of your business and your 2 competitors including the current ratio, earnings per share, price earnings ratio, debt to equity ratio, etc.

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