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Before You Begin . . .

Before You Begin . . . In order to develop a business plan, you need to have an idea for a business. Section 6.2, “What Is a Business Opportunity,” (pages 145-160 in your textbook) helps you develop and evaluate an idea for your own business.

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Before You Begin . . .

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  1. Before You Begin . . . In order to develop a business plan, you need to have an idea for a business. Section 6.2, “What Is a Business Opportunity,” (pages 145-160 in your textbook) helps you develop and evaluate an idea for your own business. When you see text in brackets [like this], fill in your own writing or data. Delete the brackets in the slides you present. Remove slide before presenting Read Notes at bottom before you work on each slide.

  2. The 30-Second Pitch/Hook [Describe your product or service. Make sure to include your company’s name.] [What problems does the product or service solve (or what demand does it meet)?] [How is your product different?] [Why should your potential investors care?] Remove slide before presenting Example: "Do you use a flash memory drive? What if your car had a USB port and you could play music through it? That’s what my company, Play-On, is building. . . .”

  3. [Business Name][Logo] [Entrepreneur’s Name] [Grade] [Age]

  4. Mission Statement • Mission Statement • [A mission statement is a company’s constant reminder to its employees and customers of why the company exists.] • Opportunity • [What is your product or service? How does it work? What are its unique features? Walk us through what the customer sees/receives.]

  5. Business Profile Insert an image of your product or service here. Type of Business • [Is yours a Service, Retail, Manufacturing, or Wholesale business?] • [Describe your product/service in terms of your type of business and your customer. (Example: “Company Name is a manufacturing company making baskets for sale to wholesalers.”)] Legal Structure • [Sole Proprietorship, Partnership, C Corporation, SubChapter-S, Limited Liability Company, or Not-for-Profit Corporation?] • [Why did you select this legal structure?]

  6. Qualifications I’m qualified to run this business because:    [Enter reason #1 here.] [Enter reason #2 here.] [Enter reason #3 here.]

  7. Remove slide before presenting Market Analysis (Example) Total Population 77,239 Target Market 24,716 Potential Market 19,773

  8. Market Analysis Total Population [?] Target Market [?] Potential Market [?]

  9. Target Market Segment • Demographics • [The age, gender, occupation, and education of your customers. Economic factors, such as household income, family composition, and size.] • Geographics • [The size of the area, density, and location of your customers. Where do they live, work, go to school, or shop?] • Psychographics • [The general personality, lifestyle, sports, hobbies, music preferences, and other free-time activities.] • Buying Patterns • [The purchasing patterns and buying behavior of your customers, including the rate of use, repetition of purchases, benefits sought, brand preferences, and brand loyalty. Also the purchasing behavior (impulsive or cautious, using cash or credit card).] Insert imageof a consumer.

  10. Competitive Advantage [Your Business] [Competitor A] [Competitor B] Factors Price [?] [?] [?] Quality of Product/Service [?] [?] [?] Location [?] [?] [?] Reputation/Brands [?] [?] [?] Unique Factors/ Knowledge [?] [?] [?]

  11. Marketing Mix [Enter your marketing strategy for Place.] [Enter your marketing strategy for Promotion.] [Enter your marketing strategy for People.] [Enter your marketing strategy for Product.] [Enter your marketing strategy for Price.]

  12. Promotional Mix Promotional Expense Monthly Amount Advertising [$] [List plans for advertising, if any.] Publicity [$] [List plans for publicity, if any.] Personal Selling [$] [List plans for personal selling, if any.] Sales Promotion [$] [List plans for sales promotion, if any.] [$] Other [List plans for visual merchandising or public relations, if any.] Total Monthly Promotional Expense [$]

  13. Cost of Materials/Labor

  14. Economics of One Unit Description of One Unit of Sale: [Describe a unit of sale. What is the customer actually buying from you?]

  15. Average Monthly Fixed Expenses

  16. Time-Management PlanSchedule for a Typical Week Total Hours in a Week = 168

  17. Monthly Sales ProjectionsFirst Year Total Units Sold [Units]

  18. Monthly Break-Even Units [Monthly Fixed Expenses] = [Monthly Break-Even Units] [Contribution Margin per Unit] In an average month, the company will begin to make a profit after selling units. [?]

  19. Projected Yearly Income StatementFirst Year

  20. Start-Up Investment A B C Total Start-Up Investment [A + B + C]

  21. ROS & ROI [Annual Net Profit] [Annual Sales] X 100 =[0.0]% ROS [$0.00] [Annual Net Profit] [Start-Up Investment] X 100 =[0.0]% ROI [$0.00]

  22. Financing Strategy Total Start-Up Investment [$]

  23. Business Responsibility& Philanthropy • Business Responsibility • [Explain how you will incorporate business responsibility into your marketing plan.] • Philanthropy • [Describe how your business will give back to the community or support a cause in which you believe.]

  24. Business & Personal Goals Business Personal • [Describe the next steps you need to take to make your business fully operational.] • [Explain how you will improve or maintain the quality of your product/service.] • [Explain how you will expand the business (hire employees, attract new customers, purchase a storefront, and so on).] • [Describe how big your business could get.] Short-Term • [Describe education or training you could get to help with your business.] • [Mention anyone you could seek out as a mentor.] • [Indicate how long you plan to run the business. Describe your exit strategy, if you have one.] • [Describe how your experience with this business will prepare you for your career.] Long-Term

  25. [Enter your slogan ] Thank you for your consideration. [Enter company name]

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