Entrepreneurship Business Plan
Section 1-Executive Summary • Type of Business • Brief description of your major/service involved.
Section 2-Description and Analysis of the Business Situation • Self-analysis: Resume • Trading are analysis: geographic, demographic, and economic areas; competitive advantages of proposed business over competition • Customer analysis: target market: income, sex, age, family size, family life cycle, occupation, education, ethnicity, social class, psychographics, (picture of your costumer) • Analysis of location: address, traffic patterns, parking spaces, availability, square footage (size), and cost • Proposed organization: type of ownership: sole proprietorship, partnership, corporation; steps in starting to form the business; planned personnel
Section 3-Prosoped Marketing/Promotion Plan • Proposed product or service: equipment, details of product(s) or service(s) to be offered (menu), potential suppliers or manufacturing plans. Five items prepared from the menu. • Proposed pricing policy: cost, markups (prices on menu), relationship to competitors, menu • Promotional activities: • Personal promotion: non-media sales plan (how will customer be greeted, waited on, etc), staffing (how will they be dressed, provide a picture or sketch of the uniform), and merchandising appeal (what will establishment look like, provide a floor plan) Non-personal promotion: media (newspaper, TV, billboard, radio, etc, provide a copy), basic appeal, and initial promotion plan (grand opening). • Place: channel of distribution from manufacturer or service provided to consumer
Section 4-Proposed Financing Plan • Projected income/cash flow statement: projected budget describing income and expenditures for the first year. What is your start-up cost to open your business? • Personal/internal capital: earnings, borrowing, long-term equity • External capital: short-term and long-term borrowing, long-term equity • Repayment plan: plan to repay borrowed funds or provide return on investment to equity funds
Section 1-Executive Summary • Type of Business • Brief description of your major/service involved
Resume • Purpose: Introduce yourself to an employer • Focus attention on your qualifications and accomplishments • Goal is to create interest so that you are called for an interview • Resume is your marketing tool and should tell the employer: Who you are What you know What you have done • Tracks and organizes you employment history • Account for all time periods • Print on standard letter size, white or ivory rag paper • Include your significant contribution at each position • References
Resume Name Address City, State, Zip Code E-mail Address State and Local Academic Awards Athletic Honors School Activities Community Service Work Experience
References Name Title Company Mailing Address City State Zip Code Work Phone Other: Cell or Home
Resume Francis Panther 100 Panther Drive Franklin, NC 28734 email@example.com
State and Local Academic Awards Honor Roll 9,10,11,12 Athletic Honors Lettered in Softball 9 State Championship Participant for Swimming 11 Set School Record for Swimming 11 Captain for Volleyball 10, 12 Athletic Award for Volleyball 9,10,12
School Activities Monogram Club 9,10,11,12 Students Against Destructive Decisions 9,10,11,12 Fellowship of Christian Athletes 9,10,11,12 Student Earth Foundation 9, 10, 11 Teachers of Tomorrow 12 Chess Club 9 Foreign Language Club 11
Community Service Volunteer at Murphy Medical Center 9 (30 hours) Middle School Basketball Stats 9 (45 hours) Softball Manger 9 (207 hours) Middle School Basketball Stats 10 (55 hours) Special Olympics 11, 12 (30 hours)
Work Experience Cashier, Ingles 11,12 Waitress, Chatuge Cove Marina 10, 11, 12 Sales Associate, Mountain Valley Country Store 12
RESUME Susan Marlowe Thompson Address: 805 Quail Cove Circle Warne, NC 28909 Telephone: 828-389-0680 EDUCATION: M.A., Education: Major: Adult and Vocational Education. University of South Florida, Tampa, Florida. Attended: 1980-1981. B.A., Education: Major: Marketing and Distributive Education. University of South Florida, Tampa, Florida. Attended: 1978-1979. Activities: Corresponding Secretary and Member of University of South Florida Collegiate DECA. B.S., Home Economics: Major: Fashion Merchandising. Florida State University, Tallahassee, Florida. Attended: 1973-1975. Activities: Member, Fashion, Inc. A.S., Andrew College, Cuthbert, Georgia. Attended: 1971-1973. Activities: Senator, Student Government; Treasurer, Phi Theta Epsilon; Member, Little Sister of Phi Kappa Fraternity.
PROFESSIONAL EXPERIENCE: 2005-present: Health Educator, Clay County Health Department, Hayesville, North Carolina. Coordinator of: Health Promotion Program; Healthy Carolinians Program; Educational Programs for patients, community, schools and staff; Community diagnosis planning and reports; Clay County Tobacco Awareness Group, CCTAG, and Students Working Against Tobacco, SWAT. Responsibilities: Grant writing; Tabulate/analyze data and statistics to translate in county health needs; Health Department public relations; and working with youth in the community and at schools to delay or prevent initiation of tobacco usages. 2003-2005: Substitute Teacher, Clay County Schools, Hayesville, North Carolina. 1982 - 2003: Associate Professor, Business Department, Palm Beach Community College, Lake Worth, Florida. Professor of: Introduction to Business; Principles of Marketing; Advertising; Human Relations; Principles of Retailing I and II; Salesmanship; Visual Merchandising. Class Projects: Entrepreneurship, Starting a Business; Sales Representatives, Sales Presentations; Advertising Campaigns and Presentations.
Club Advisor: Delta Epsilon Chi, the national organization, whose mission is to prepare students for successful careers in Marketing, Merchandising, Salesmanship, International Business, Finance, and Entrepreneurship. During my tenure, our chapter won over one hundred awards at the State and National DECA Competitions. Service to College: Member of: President’s Student/Athletic Committee, District Marketing Committee, College-Wide Marketing Task Force, Central Marketing Committee, Central Campus Student Welcome Back Committee, Central Campus Beautification Committee, Central Campus Diversity Committee, and Marketing/Business Partnership Committees. 1980 - 1982: Instructor, Marketing and Distributive Education, Erwin Vocational Technical Center, Tampa, Florida. (Also served as the In-house Substitute Instructor for all vocational courses from July 1981 to June 1982) 1979 - 1980: Instructor, Marketing and Distributive Education, Travis Vocational Technical Center, Lakeland, Florida. 1978 - 1979: Substitute Teacher, Polk County School Board, Florida.
1977 - 1978: Department Manager, Rheinauers, Winter Haven, Florida. Work Experience:Promoted to Department Manager of Handbags, Jewelry, and Accessories within six months of joining firm. Responsibilities: Coordinated communication between the buyer and store manager; prepared weekly and monthly reports; responsible for merchandise mark-downs and mark-ups, basic stock counts and reordering of merchandise, as well as handling special customer services. 1975 - 1977: Selling Department Manager, Ivey’s of Florida, Merritt Island, Florida. Work Experience:Entered under an Internship Program. Became a permanent Associate in January 1976. Promoted to Selling Department Manager of Candy, Stationery, and Books (May, 1976); Promoted to Selling Department Manager of Ladies Sportswear (September, 76); Promoted to Selling Department Manager of Accessories, Handbags, Jewelry, and Fine Jewelry (January, 1977). Responsibilities: Semi-annual count of departmental inventory, coordination and daily communication with departmental buyer; merchandise mark-downs and mark-ups; handling of special customer services; preparing weekly work schedules for departmental associates; holding weekly departmental meetings; preparing all departmental records.
PROFESSIONAL AWARDS/DESIGNATIONS: Outstanding Community Volunteer Service EFNEP, Clay County Cooperative Extension, 2007 Endowed Chair, Business Administration, Palm Beach Community College, 2000-2004 Outstanding Leadership Award, Florida DECA Outstanding Club Advisor, Palm Beach Community College, 2001
References Mrs. Kathy McGaha Program Director Healthy Carolinians of Macon County 1830 Lakeside Drive Franklin, NC 28734 828-349-2426 Ms. Joanne Nikides Past Department Chair Palm Beach Community College 5106A Murphy School Road Durham, NC 27708 919-425-0870 Mr. Scott MacLachlan Dean of Student Services Palm Beach Community College 3160 PGA Boulevard Palm Beach Gardens, FL 33410 561-207-5325
Trading Area Analysis • Geographic: Macon County, Franklin • Demographics: See U. S. Census • Economic areas: See U. S. Census • Competitive advantages of proposed business over competition (price, location, service, atmosphere, etc.)
Customer Analysis Target Market: • Income • Sex • Age • Family size • Family life cycle • Occupation • Education • Ethnicity • Social class • Psychographics • (Picture of Your Customer)
Analysis of Location • Address • Traffic Patterns • Parking Spaces • Availability • Square Footage (size) • Cost
Proposed Organization Type of Ownerships Sole Proprietorship • Owner is only one responsible for the business activities • 76% of all business in the US are this. • Only one who receives profits • Liability: one responsible for money owed to other
Proposed Organization Type of Ownerships Sole Proprietorship • Advantages: • Easy and inexpensive to create • Compete authority over all business activities and receives all the profits • Least regulated form of ownership • Business itself pays no taxes because it is not separate from the owner • Income is taxed a the personal rate of the owner • Personal tax rate is often lower than other forms of ownership
Proposed Organization Type of Ownerships Sole Proprietorship Disadvantages: • Financial • Unlimited Liability responsible of all debts and actions of the business. • Debts incurred have to be paid from the owners’ personal assets. Example, owner's home, car, and bank account could all be at risk. • Difficult to raise capital because owner may not have sufficient assets to qualify for a loan. • Owner may be limited to abilities and skills. • Death of the owner automatically dissolves the business.
Proposed Organization Type of Ownerships Partnerships • More than one person shares the business decisions and outcomes. • Share the assists, liabilities, and profits.
Proposed Organization Type of Ownerships Partnerships General vs. Limited Partners: All partners are general partners. All have unlimited personal liability and take full responsibility for the management of the business. Law requires that all partnerships have at least on general partner. Partners do not have to share a business equally. Limited partners, whose liability is limited to their investment. • Joint venture: two companies join to complete a specific project. Once the project is over the partnership ends. • Strategic Alliance: two businesses work together for mutual benefit. Example, you may form a strategic alliance with a manufacturer that agrees to produce your new product for you.
Proposed Organization Type of Ownerships Partnership Advantages: • Scrambler and Stabilizer • Inexpensive to create • General partners have compete control • Share ideas and secure investment capital more easily and in greater amounts
Proposed Organization Type of Ownerships Partnership Disadvantages: • Very difficult to dissolve on partner’s interest in the business without dissolving the partnership. • Personality conflicts • Disagreements about authority • Roles are not clearly defined. • Bound by the laws of agency, they can be held liable for each other’s action. If not the business can be sued for breach of contract.
Proposed Organization Type of Ownerships Partnership Do the following to survive. • Share business responsibilities • Put things in writing • Establish partnership agreement • Always be honest about how the business is doing • Consult an attorney
Proposed Organization Type of Ownerships Corporation • Chartered, or registered by a sate. • Legally operate apart from its owner or owners • Lives on after the owners have sold their interest or pass away. • Protects the entrepreneur from being sued for actions and debts of the corporation. • Complex to create and operate • Ask an attorney to guide you through the incorporation process. This includes filing a Certificate of Incorporation with the state and issuing stock. • Stock certificates indicate the amount of equity, or ownership, ach investor has in the business. • Required Board of Directors
Proposed Organization Type of Ownerships C-Corporation Advantages: • Raises money by issuing share of stock • Common stocks has voting rights • Preferred Stock are first to receive their investment back in case of business failure. • Limited Liability: owners are liable only up to the amount of their individual investments. • Can create pension and retirement funds • Can offer profit sharing plans to their employees.
Proposed Organization Type of Ownerships C-Corporation Disadvantages: • Expensive to set up • Income is more heavily taxed • Pays taxes on its profits • From these profits, it pays its stockholders earnings, or dividends • Stockholders must pay income taxes on their dividends
Proposed Organization Type of Ownerships Subchapter S Corporation • Avoid double taxation of a C- Corporation • Taxed like a sole proprietorship or partnership • Profits pass through the corporation and are taxed only once
Proposed Organization Steps in Starting to Form the Business • Environmental Health Service www.maconnc.org FOOD ESTABLISHMENT PLAN REVIEW APPLICATION $100.00/$200.OO • Zoning • Business Application www.franklinnc.com Ordinance APPLICATION FOR BUSINESS LISCENSE $42.50 Miscellaneous $25.00
Proposed Organization Steps in Starting to Form the Business • County Deed Office Assume Name $14.00 • State Department of Revenue 1-877-252-3052 • Planned Personnel Full-time Part-time
Proposed Product or Service • Equipment • Details of product(s) or service(s) to be offered: Menu • Potential suppliers or manufacturing plans. • Five items prepared from the menu.
Proposed Pricing Policy • Cost • Markups: Menu with prices • Relationship to competitors
Promotional Activities Personal Promotion • Non-media sales plan: how will the customer be greeted, waited on, etc. • Staffing: how will they be dressed, provide a picture of sketch of the uniform • Merchandising appeal: what will establishment look like, provide a floor plan
Promotional Activities Non-personal Promotion • Media: newspaper, TV, billboard, radio, etc, (provide an example), basic appeal, and initial promotion plan (grand opening).
Place • Channel of distribution from manufacturer or service provided to consumer
Projected Income/Cash Flow Statement • Projected budget describing income and expenditures for the first year. • What is the start-up cost to open your business?
Start-Up Cost • Salaries • Advertising • Equipment • Rent • Utilities • Insurance • Telephone • Miscellaneous general expense (MRO)