Business plan

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that only describes the ownership of the business.

• Written document that describes the financial aspects of the business

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• t's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running

A brief account of the key points contained in a business plan

• Executive Summary

• Company Description

• Mission Statement

• Vision Statement

A description that provides an outline of a business

• Executive Summary

• Company Description

• Contingency Plan

• Mission Statement

A description of the product or service to be offered

• Operational Plan

• Marketing Plan

• Product and Service Plan

• Industry Overview

Research of the potential customer’s profile

• Market Analysis

• Marketing Plan

• Mission Statement

• Growth plan

A plan presenting financial forecasts for the business

• Financial Plan

• Investor Plan

• Loan Proposal

• Business Loan Plan

A business plan would normally be updated:

• Every day

• A month after the business starts

• Once a business adjusts its aims/objectives

• Never - It stays the same in its original form

Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.

• Price

• Promotion

• Packaging

• Product