Business Plan Concepts

Front

Statement of Purpose

Back

A brief explanation of why the writer of a business plan is asking for a loan and what they plan to do with the money.

Front

Business Plan

Back

A written document that describes all the steps necessary for opening and operating a successful business.

Front

Executive Summary

Back

A short restatement of the report portion of a business plan.

Front

Cover Letter

Back

A letter that introduces and explains an accompanying document or set of documents.

Front

Basic Elements of a Business Plan

Back

1. Executive Summary 2. Business Description 3. Product and Services 4. Market Analysis & Marketing Plan 5. Operations Overview 6. Financial Plan 7. Appendix

Front

Purpose of a Business Plan

Back

Helps in planning and managing a business effectively.

Front

Types of resources for researching a business plan

Back

1. Online Resources: Internet, business websites, government sites, competition websites. 2. In Person: Physical locations to shop, research, and observe. 3. Paper Resources: Public library, government documents, magazines.

Front

Tips for creating a business plan

Back

1. Know your competition and audience. 2. Have proof of all claims. 3. Be realistic with time and resources available. 4. Have a strong team. 5. Document how your ideas will work. 6. Be logical. 7. Describe your facilities and location for performing the work.

Front

Business Plans are not important.

Back

False

Front

Purpose of Business Plans

Back

Explain the idea behind your business and how your product or service will be produced and sold.