Business Plan: complete this project in the steps described below.
The Business Plan focuses on developing a detailed business plan for a small Family Venture.
This Business Plan is where you will exhibit your Family Enterprise Management learning.
Emphasis will be on application concepts, critical analysis as well as the ability to clearly communicate and submit your plan. Your final paper will be your major contribution, where you will exhibit your learning. The details of the Business see outline in attachment
Business plan outline with explanations
Major Topic Headings
1. Executive Summary
The executive summary provides the reader with an overview of all of the most important facts contained in the plan. Although the executive summary is placed in the front of the business plan, it is actually easier to write it after you have written the entire business plan. Then portions of each section can be used to write a paragraph or two about each of the major topics.
2. Mission Statement
The mission statement is a concise, well-defined explanation of the purpose of the business and the management’s philosophy. Many experts suggest that the mission statement should be 50 words or less because that restriction on length forces the entrepreneur to be focused. Although mission statements vary, common elements include a description of the products or services offered and the management philosophy of the company’s owner. The mission statement provides direction for the company and prevents the company owners from diversifying into areas that do not serve the original company purpose. For this reason, the mission statement should be written as the first step in developing the business plan.
3. Business Environment
Successful entrepreneurs constantly analyze the business environment and its impact on the company. This analysis is an important first step in determining whether a business can survive and grow. The business environment is composed of three factors—national trends, industry trends, and local trends.
4. Marketing Plan
The marketing section of the business plan provides a detailed description of how the company will compete in the marketplace as it sells those products and services.
5. Management Team
The management and personnel section of the business plan details the human resources that will be needed to operate the business.
6. Financial Data
If the business plan is going to be used to obtain financing, the financial section is one of the most important. Start-up costs are costs that are necessary to open the business. Most of these costs will be incurred before the company opens for business. Remember that start-up costs for businesses vary by industry. Also, the financing section of the business plan should identify the type of financing that will be used because this may have a financial impact on you and the company.
7. Legal Considerations
All entrepreneurs will encounter legal issues throughout the time they operate the business. When planning a business, the entrepreneur must select a form of organization;
8. Insurance Requirements
Starting and operating a business involve risks of many kinds. Some risks are insurable while others are not. This section lists the most common types of insurance a small business may need.
It is important to identify the suppliers of the business to obtain information concerning the products and services you will need.
Every business faces two types of risks—controllable and uncontrollable. Controllable risks cannot necessarily be prevented, but the financial loss can be minimized by purchasing insurance. Therefore, the risks of fire, vandalism, damage from storms, and so forth are considered controllable because insurance is avail-able to pay for the financial loss. Uncontrollable risks, however, are those that would have a detrimental financial impact but cannot be covered by insurance.
The final section of the business plan will vary depending on whether the plan is for a new business or for an existing business. If the plan was prepared to determine the viability of a proposed business, the conclusion answers the question, “Is this business feasible?” Keep in mind that the conclusion was reached only by making assumptions throughout the report. If the plan was written for an existing business, assumptions were also necessary and should be stated in this section. The conclusion will then state the future of the business based on the information in the plan.