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Business plan - Entrepreneurship
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A business plan is a document that brings together the key elements of a business that include details about the products and services, the cost, sales and expected profits.
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- 1. BUSINESS PLAN Prepared By: Nijaz N
- 2. BUSINESS PLAN • A written document that outlines the future activity for an existing or proposed business venture. • Is the formal written expression of the entrepreneurial vision, describing the strategy and operations of the proposed venture. • A business plan is a document that brings together the key elements of a business that include details about the products and services, the cost, sales and expected profits. • Blue Print
- 3. Purpose of a Business Plan • Alignment of team(s) • Operating plan • Communication across company, division, department, business partners • Investment capital • Expansion capital (banks, leases) • Merger/acquisition process
- 4. BUSINESS PLAN Drivers Clear Vision of Purpose The direction the business venture wants to achieve. A long term view Satisfy Real Customers Needs & Serve Real Customers Exceptional customer service that results in the loyalty of customers, repeat purchases by them and greater customer retention. Differentiate from Competitors Positioning unique differentiating factors. Continuously making improvements to sustain a leadership position. Resource Focus, Organization & Commitment to satisfy Customer needs Resources should be optimally utilized to ensure that maximum possible value gets added to satisfy customer needs.
- 5. What Investors Look For • How does the team think? • How detail oriented is the team? • How big is this market? • Is there sustainable competitive advantage? • What’s the growth plan? • What does the technology roadmap look like, short term or long term play
- 6. Financial Projections • Build 5 years • Detail near years, extrapolate out years • Build from single unit economics • Document assumptions • Compare against top down • Validate with market comparables
- 7. 10 Must Answer Questions • How large is your addressable market? • How fast is the market growing? • Who’s make up your management team? • What’s your “secret sauce?” • What are the barriers to entry/competitive advantage? • What do your 5 year financials look like? • What’s your path to profitability? • Why is this a company versus a product/service? • Who’s your competition and how do you beat them? • Why can’t Microsoft or Google do this? (or name any big, established company…)
- 8. Creating Your Company’s Strategy • Building a strategy is harder work than building your product • Think about – What do you want your business to be when it grows up – Looking back from 5 years in future – Perspectives of all stakeholders – Anything that could go wrong • Hope is not a strategy
- 9. Competitive Analysis • You always have competitors • Dig deep, be detailed, be honest • Compare features and benefits • Technology comparison • Whole product offering (pricing, support, etc.) • Channels, funding, customers…
- 10. Sustainable Competitive Advantage • Create barriers to entry • Continually add value for your customers (and your investors) • Anticipate competition and make plans for dealing with it – Better widget, price erosion, market share, different business model….. • Avoid the trap of believing that your main competitor is your exit strategy
- 11. Format of Business Plan • TITLE PAGE Name of the business Owner /Owners Contact Details (Addresses, Phone & email etc) EXECUTIVE SUMARY Business ideas & Goals : Over view of business Marketing : Products & services being sold? Operations : Business Location & staff Finances : Breakeven period, finance required.
- 12. Format of Business Plan • BACKGROUND Mission Statement Company history ( existing business) Business Goals (Short term/Long term) MARKETING Market Research Market Analysis (Industry / Seasonality /Competitors /SWOT ) Marketing Plan (Target market/ distribution channel /pricing) Evaluation of Marketing
- 13. Format of Business Plan • OPERATIONS & PRODUCTION Legal & Licensing requirements Management details Organization structure & staffing Insurance & Security needs FINANCIAL PROJECTIONS Income & Expenses Financial forecasts IMPLEMENTATION TIME TABLE Time needed to set up & run the business
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Develop a Business Plan
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Presentation on theme: "Develop a Business Plan"— Presentation transcript:
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Developing an Effective Business Plan
Developing an Effective Business Plan. Putting the Pieces Together. Discussion Topics. Starting a Business Venture Business Planning Parts of a Business Plan Resources for Small Businesses. Becoming an Entrepreneur. People become entrepreneurs for many reasons.
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Developing an Effective Business Plan Putting the Pieces Together
Discussion Topics • Starting a Business Venture • Business Planning • Parts of a Business Plan • Resources for Small Businesses
Becoming an Entrepreneur • People become entrepreneurs for many reasons. • Entrepreneurs come from all type of backgrounds and industries. • There are advantages and disadvantages of owning your own business. • There are many resources that can help you identify and develop business opportunities.
Starting a New Venture • Determine the products or services you will sell/offer • Determine what type of business you will own • Franchise • Buy an existing business • Create a business from ground up • Create a business plan
Role of Small Business Today • In 2002, there were approximately 22.9 million small businesses in the United States. • Small business employ 99.7% of employers. • Most small businesses are service based. • Women and minority-owned business are growing at a fast rate.
Planning to Own a Business “Begin with the end in mind.” --Stephen Covey, The 7 Habits of Highly Effective People
What is a Business Plan? A written document that describes all the steps necessary in opening and operating a successful business.
Purpose of Business Plan Business plan serves three primary purposes: • Explains the idea behind your business and how your product or services will be produced and sold. • Sets specific objectives and describes how your business expects to achieve them. • Describes the backgrounds and experience of the people who will be running the business.
Importance of Business Plan • Makes you think about all aspects of your business. • May help you secure financing for your business. • Helps communicate your ideas to others. • Serve as a tool for managing your business.
Sections of a Business Plan • Business plans should include some basic information in the following areas: • Executive Summary • History and Background of your idea • Goals and Objectives • Product(s) or Service(s) you will offer • Form of Ownership • Management and Staffing • Sales and Marketing Plan • Financial Plan
Section 1: The Executive Summary • Usually a one page description of the business. • Provides a snapshot or brief overview of the business plan.
Section 2: History & Background • Describes how you came up with your business idea. • May include your business philosophy or mission statement.
Section 3: Goals & Objectives • Your business plan should outline your: • short-term goals • medium-term goals • long-term goals • Describes your vision of where you want your company to be in the future.
Section 4: Products & Services • Describes the industry you will operate in: • External factors affecting your business • Growth potential of the industry • Economic trends of the industry • Describes the location of your business • Lenders want to know exactly where your business will be located because location is often a critical factor in operating a successful business.
Section 5: Forms of Ownership
Section 6: Management & Staffing • People who manage your business are critical to its success. • This section of the business plan should show that you and the employees of your business are highly qualified to run the business.
Section 7: Sales & Marketing Plan • This part of the plan includes the following: • Who are your prospective customers • How large is the market for your product or service • How you plan to enter the market • You should list your company’s advantages over the competition.
Section 8: Financial Plan • Identification of risks associated with your business. • Current and projected financial statements based on projected revenues and expenses. • Funding request and return on investment.
Resources for Small Business Owners • Small Business Development Centers • Provide one-on-one assistance in developing a business plan • Chambers of Commerce • Supports local business owners by hosting training workshops • Small Business Administration (SBA) • Governmental agency concerned with helping small U.S. firms and advocates for small businesses within the U.S. government • Provides financial assistance in the form of loans • Professional Organizations • Young Entrepreneur’s Organization (www.yeo.org): global non-profit organization for today’s leading business owners • National Federation of Independent Business (www.nfib.org): largest advocacy organization representing small and independent businesses in the US.
Creating an Effective Business Plan • Research the Business Plan • Use printed resources to gather information—books, magazines, etc. • Access online resources using the internet. • Seek assistance from resources such as Small Business Development Centers, professional organizations, etc. • Put Your Plan Together • Type your business plan • Include introductory elements such as a cover letter, table of contents, etc.
Key Points • A business plan is a written document that describes what your business will produce/sell and how it will operate. • Writing a business plan will help you to think about all aspects of your business including financing and managing your business. • There are many resources to help you create an effective business plan
Final Thoughts
IMAGES
VIDEO
COMMENTS
What unique thing about your company will make it succeed? ... What are you assumptions? ... What do you know about the market and the competition?
A business plan is a document that brings together the key elements of a business that include details about the products and services
7 What are the three main purposes of a business plan? ... 9 Why is a business plan important to an entrepreneur? ... 10 Lesson 3.2 What Goes into a Business Plan?
There are three perspectives should be considered in preparing the plan : Perspective of the entrepreneur; Marketing perspective; Investor's perspective. Why
Each entrepreneur must decide which elements to include in his or her plan. 6-10. Copyright ©2016 Pearson Education, Inc. Section 1: Executive Summary 1 of 2.
Give the rationale for writing (or not writing) a business plan when starting a new venture. ... Imposes discipline on the entrepreneur and management team.
BU 20: Exploring Business, Marketing & Entrepreneurship. Module 3: ... Entrepreneurs prepare the following in this step: Develop a Business Plan.
Identify how a good Business Plan can create an anchor for continued success. List additional resources that can help you develop an effective Business Plan
Who Should Write the Plan? The plan should be prepared by the entrepreneur in consultation with other sources. The entrepreneur should make an objective
Starting a Business Venture Business Planning Parts of a Business Plan Resources for Small Businesses. Becoming an Entrepreneur.