September 2023 Business Finance Assignment
This is due on Saturday (March 4th EOD), not Sunday as usual. No late business plans will be accepted after EOD Monday. All grades will be final by Wed, March 8th.
Appendix D in your Syllabus has some details and the outline for your original Business Plan concept
Use a paper format (no presentations please) about your business concept and plan
A well-developed mini business plan should roughly be 12-15 pages (I’m more concerned with quality than quantity)
Any reference materials must still be cited in APA format
Use the outline as the organizational structure for your plan, this is a fairly typical business plan structure. Use headers for each section as you would in a business proposal.
Your business concept doesn’t need to be revolutionary but should strive to create a business that either provide products or services that are better, faster, or cheaper than what is readily available in the marketplace
Think of your hobbies and passions – where could improvements in products or services be made in the related business sectors?
You want a business concept that has some depth but don’t over-complicate your service model or product offerings – this is a mini business plan
Beware scope creep…give your mission and vision statements due thought…these are vital to keeping on track with what you’re trying to accomplish
Do your Executive Summary after you do all the other sections (it will still be the first page in the plan though). Just put a placeholder at the beginning of your plan and then do the other sections.
This is good check for you. If you’re struggling to summarize your plan for an executive/investor/bank presentation, you may need more clarity in your plan.
After you write it, you might want to speak it out loud to yourself or someone else (preferably) to look for gaps in understanding, weird sentences, and confusing statements. You would certainly do this if you were really looking for investors (i.e. “Shark Tank”, the TV show, is a good example of the type of pitch and questions you’d be expected to handle in front of investors).
Business Plan: K & T Landscaping and Pressure Washing
Mini Business Plan Requirements Section 1 – Executive Summary-Last item done. Give four points: • Basic business • Markets and segments • Perceived competitive position • Financial projections for start up needs
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Section 2 – Company Background: • Name and type of Business • Mission & Vision • Form and status (takeover, franchise, etc.) • Risk and opportunity
Section 3 – Management Team and Organization: • Key people you will need to get the business started • Describe who will lead the organization • Describe your approach to organizing the enterprise • Some thoughts on your leadership approach
Section 4 – The Financials: • Estimate of a break-even • Ballpark on operating costs (for the first year) • Best case / worst case sales projections • Simple Income Statement
Section 5 – Capital Required and Funding Sources: • How much funding is required, and from where will it come? At what interest rate? • How much of your own resources will you invest? • How will these funds be used? • Exit Strategy: How will you get “out” your investment- sell to investors, merge, IPO, etc.?
Section 6 – Marketing Plan with Industry Analysis: • Briefly describe the industry – size, sectors • What are the opportunities you perceive? • Products or Services Features & Benefits (briefly) • How will you differentiate • Give your message • Pricing strategy • Who are the major competitors? • How much market share do they have? What can you expect in first 2 years?
Section 7 – Target Market and/or Location Analysis • Describe the Market Opportunity • Identify potential customers / consumers and the traffic patterns if locating a brick-and mortar business • Any opportunities through segmentation • Give a statement on the demographics.
Section 8 – Manufacturing Operations Plan: • Briefly give idea about space and equipment needs • Technology needs • What do you need to run the business?
Section 9 – Appendix with Support Material • Describe your plan to grow the business and the long-term potential
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• Ideas on how you will communicate your plan • Any support materials including charts, tables, graphs, etc.
(NOT IN BOOK) Section 10 – Closing Statement: This is not in the book but very important to consider. • Value proposition • Why are you starting this business? • What role or influence will your faith have in this business?