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Business Plan Introduction

Business Plan Introduction. BMA II. Our Goals. The student can categorize a business plan and explain the need for a well-orchestrated business plan.

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Business Plan Introduction

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  1. Business Plan Introduction BMA II

  2. Our Goals • The student can categorize a business plan and explain the need for a well-orchestrated business plan. • The student can explain a marketing plan, including price competition, non-price competition, market analysis, competition, marketing research, market segmentation, demographics, and sales forecasting. • The student can research business plan outlines, resources, and templates using web search engines. • The student can identify a legal plan, including the appropriate form of legal organization, including sole proprietorship, partnership, corporation, and S corporation. • The can create and present a well-orchestrated business plan and critically explain the contents.

  3. Vocabulary • Business Plan • Sole Proprietorship • Partnership • Corporation • Executive Summary

  4. Introduction • A business plan is a proposal that describes the new business to potential investors. • Basically a detailed description of what the business is and what it will sell. • Different types of Ownership • Partnership • Sole Proprietorship • Corporation • Skills and Experience- Describe the experience and talent of those who are starting the business • Financial Plan- Detail the finances of the business • Organization – This should explain how the organization is set up. Who is in charge? How are duties divided? • Marketing Plan- How you plan on selling and promoting your service or product. Where and to whom will you sell to?

  5. Ownership/Legal Structure • The legal structure of the business will fall into one of four categories and should be explained in the business plan. • Sole Proprietorship- One person owns the company • Partnership – Two or more people own the company • Corporation- Business is a separate legal entity. Least Liability for owner’s personal assets

  6. Marketing • Products/Service • Describe in detail • Market • Demographics- segmenting the market by statistics such as age, race, gender, education, marital status, etc • Geographic- segment the market by location, and product benefits are segmented by certain features or products that the customer is seeking. • Psychographics- segmenting the market by interests or hobbies, such as gourmet cooking or sports • Product Benefits- how does it benefit your target market. • Competition • Who, what, and where • Location • Where will your business be located and why did you choose that location?

  7. Financial Management • Identification of Risk • Human • Natural • Economic • Financial Statement • Income statement • Balance sheet • Cash Flow

  8. Risk Management • Business Risks are the possibility of business loss or failure. There are three types of business risks. • Economic- occur from changes in the overall business conditions • Type or amount of competition • Product obsolescence • Government Regulation • Natural • Human • It is very important for businesses know their strengths and their weaknesses.

  9. Operations • Critical for business success • Management on a day-to-day business • Necessary equipment • Personnel needed for success

  10. Executive Summary • Summarize goals objectives for the business • Emphasize your commitment to the success of the business

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