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Your Business Resume

Your Business Resume. What is it? . What A written document that describes all the steps necessary for opening and operating a successful business. You plan should provide the following: What/ how you will produce and for whom Who will run biz and who will supply you

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Your Business Resume

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  1. Your Business Resume

  2. What is it? • What • A written document that describes all the steps necessary for opening and operating a successful business. • You plan should provide the following: • What/ how you will produce and for whom • Who will run biz and who will supply you • How will you win customers and keep them • Detailed financial info and how you will earn profit • Future plans for growth (economies of scale)

  3. Why Do You Need It? • It can make or break your business! • Purpose of a Business Plan • Explains your idea • New product, better one, or less expensive alternative • Target customer • Sets specific objectives and how to achieve them • Sales Projections • Short Term (Year One) • Medium Term (Years 2-5) • Long Term (Year 5-?) • Future Products

  4. Why? (continued) • Background and Experience of leadership team • The better qualified, more likely bank will make loans

  5. Importance of Business Plan • Makes you think about all aspects of business • Strategies • Recognize limits • Identify Problems • Helps you secure financing • Bank Loans • Family • Investors • Private/Angel Investors • Communicate Ideas to Others • Any stakeholder in your business will believe • Suppliers, Employees, Renters • Tool for Managing Business • Use plan for decision making

  6. What Goes Into Plan • Introductory Materials • Main Body • Time and Effort • Compiled before other two • Composed of: • Introduction • Marketing • Financial Management • Operations • Concluding Statement • Appendix

  7. Main Body (Introduction) • Contains important details about biz idea • Should include the following: • Detailed description and goals¹ • Ownership and legal structure² • Skills and experience³ • Advantage(s) over competitors⁴

  8. Detailed Description¹ • How you came up with idea • Outline short/medium/long term goals

  9. Ownership and Legal Structure² • Ownership • Sole Proprietorship • Just you • Partnership • You and at least one more • Corporation • Many owners that hold stock in business • Who makes up team and how many shareholders you have.

  10. Skills and Experience³ • Emphasize all experience that relates • Paid work experience • Volunteer Experience • Hobbies that relate • All parties included • Managers • Leadership team

  11. Advantages⁴ • What do you have that they don’t • Performance • Quality • Reliability • Distribution • Price • Promotion • Public Image or Reputation • Features

  12. Main Body (Marketing) • Description of Products you offer¹ • Who the market is² • The industry³ • Location⁴

  13. Products/Services¹ • Description of product • How it differs from competition • Highlight unique features • Explain benefits

  14. Market² • Who are your prospective customers • How large is this market • How will you enter market • How you will deal with competition

  15. Industry³ • External factors affecting business • High competition • Lack of suppliers • Growth potential of industry/Growth forecasts • Economic trends of industry • Technology Trends

  16. Location⁴ • Where will you be: • Suburbia • Rural area • City • Street Corner • In a strip mall • Stand alone • Online • Kiosk

  17. Main Body (Financial Management) • Three Elements • 1. Identification of Risks • All businesses have risks • Investors want to know you have thought them through and have developed strategy • Some typical risks include: competitors cutting prices, costs exceeding projections, demand declining over time • 2. Financial Statements • Projected financial statements • Pro Forma Statement • 3. Funding Request and Return on Investment • Indicate how much you need to borrow • How you plan on using money • How much investor can expect to earn • How much are you investing

  18. Main Body (Operations) • How business will be managed • Hiring and Personnel Procedures • Insurance • Lease and Rental agreements • Equipment needed • Production • Delivery • Develop Harvest Strategy

  19. Harvest Strategy (or Exit Strategy) • How entrepreneur intends to extract his/her money from a business after it is operating successfully • Selling business to someone else or another company • Passing business to family • Merging • Going Public • Closing down and selling assets

  20. Main Body (Concluding Statement) • Summarize goals and objectives • Emphasize commitment to business

  21. Introductory Elements • Cover Letter • Explains and introduces accompanying document or set of documents • Title Page • Name of company, Date, Owner, Title of Owner, Address and Phone number • Table of Contents • Shows what each page covers • Statement of Purpose • A brief explanation of why you are asking for a loan and what you plan to do with it • Executive Summary • A Short statement of the report

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