Business Plan overview

What is a business plan?

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

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership 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

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

A brief description of the points contained in a business plan

• Executive Summary
• Company Description
• Mission Statement
• Vision Statement

The section that provides an outline of a business

• Executive Summary
• Company Description
• Contingency Plan
• Mission Statement

The section that analyzes the business’s advantage over its competitors

• Growth Plan
• Competitive Analysis
• Contingency Plan
• Market Analysis

The section explaining how a company will make customers aware of its products/services

• Marketing Plan
• Industry Overview
• Product and Service Plan
• Growth Plan

The section that looks at how the business will expand in the future

• Growth Plan
• Product and Service Plan
• Contingency Plan
• Company Description

The section that highlights a potential business owner’s qualifications and those of any of their partners

• Company Description
• Management Team Plan
• Growth Plan
• Executive Summary

The section with a description of the product or service to be offered

• Operational Plan
• Marketing Plan
• Product and Service Plan
• Industry Overview

Who will run the company as well as management’s philosophy

• Organizational Plan
• Operational Plan
• Executive Summary
• Company Description