Learning Goal: I’m working on a business plans practice test / quiz and need an explanation and answer to help me learn.As you already know, the purpose of a business plan is to develop an overall strategy for the business and give the owner/entrepreneur an opportunity to address any potential challenges he or she may experience with the new venture. The first step in this process is to determine the type of company you want to start. You may choose to sell a product or a service. When choosing a product or service, it should be unique and original, or if not, show how your business will stand out from the competition. For example, if you like animals, what about a doggie daycare business? Or if you like whitewater rafting, what about starting a multi-day rafting trip company? You will need to show how your business will be stand out from the competition, by demonstrating how your service would be different from the other doggie daycares or whitewater rafting companies out there. If you choose to write your business plan on a product, make sure the product is unique so you would not have issues with patents.Here is the Assignment:Using information you have learned in this course, develop a summary business plan for a new business. You can call this an Executive Summary, but note that is would be considered an expanded/detailed Executive Summary. Or you may call it a Business Plan Summary (or Mini-Business Plan).In general, the Executive Summary is always written last, after all the details (financial, marketing, etc.) have been ironed out. This is to ensure that a banker/investor will read it and hopefully make an investment in the company. Think of an Executive Summary like Cliff Notes…if the story that the Executive Summary provides is boring, the entire business plan will be thrown into the garbage and the time to read it will not be expended by a potential investor. Your job is to come up with an exciting business idea and create an Executive Summary/Business Plan Summary that highlights each of the topics below.Include information such as:Company overview
Financial plan information
Your Business Plan (Expanded Executive Summary) should be around 2-5 pages, single-spaced. I know a typical executive summary is one-page, but instead of a full business report, I am asking you for an expanded (comprehensive) executive summary with the required elements stated below.Important: In case you need more information on what to include in each section above, see the full business plan model below. You don’t need all the detail of a full business plan for each section, since you’re producing a Summary. BUT, you will need to think through all of these items below in order to write the Summary Plan. Normally, you would have all of the items below completed and then summarize, but I’m asking you to write an Executive Summary without doing the entire detailed business plan first, a somewhat challenging task. This requires more thought, but less writing. The idea is to get you to think through the implications of your business idea without going into detail to the point of a full business plan.Sample Professional Business Plan Format: (Links to an external site.)SCORE-Deluxe-Startup-Business-Plan-Template_1.docxActionsGeneral Business Plan Elements:Cover PageThe cover page with your name and submission date, along with the name of your proposed company.
CompanyThis section of your plan will include general company information such as:
Company overview—why do you want to start this business? What makes it a good business?
Legal form of ownership chosen and reasoning
Management team: Who will run operations and management? What qualifications make these people the right mix for the business leadership team? What strengths do they possess?
Personnel plan: When will you hire people? What types of jobs will you have employees engage in?
Products/ServicesThis section provides a detailed discussion of your product and service, as well as details about each of your main competitors.
Perform a SWOT analysis on your organization, and each of your competitors.
Use research and APA format to cite information about your competitors.
Target MarketThis section addresses an overview of the target market, including demographics, geographics, and psychographics.
Target market information should be cited in APA format.
Address how your product/service meets the needs of your target market.
Strategy and ImplementationIn this section, discuss your overall marketing strategy, tactics, timeline, and budget for your strategy. This should include pricing strategy, promotion strategy, distribution (if a product).
Please include social media, and Customer Relationship management information in this section, too.
Financial planIn this section, some names of typical financial statements are included below. I would give a 1-3 year revenue and expense projection at a minimum for your Summary Plan.
Profit and Loss statements for five years
Revenue Forecast for five years
Budget for five years
Narrative/discussion on thought process, addressing any possible losses throughout the five-year time period.
ConclusionThink of this section as your last chance to convince the reader that investing in your business is a good idea! Use persuasive writing, and re-address each area of your business plan. Remember that a conclusion should summarize key points of your paper.
Besides grading on the completeness in the above areas, you will also be graded on writing mechanics and organization.To turn in this assignment, please use professional formatting in Microsoft Word, or use one of the many templates they offer.
Requirements: file | .doc file