DEVELOP A BUSINESS PLAN

Why do you need a plan?

1. Writing everything down on paper will help you visualize all the aspects of your business

2. It will help you convince banks and other potential investors to invest in your idea

What is a Business Plan?

A written document that describes all the steps necessary in opening your business

Describes what your business will produce, how you will produce it and who will buy your product/service

Explains who will run your business Explains who will supply your business States how you will attract customers Provides detailed financial information of

how your business will earn a profit

Purpose of a Business Plan

Explains the idea behind your business and spells out how your product or service will be produced and sold

Sets specific objectives and describes how your business expects to achieve them. For example: sales projections for the first 5 years or expansion projections

Describes the backgrounds and experience of the people who will be running the business.

Class activity

What types of people would you need to help you run each type of business:1. Roofing company2. Accounting firm3. Restaurant4. Hair salon5. Automotive shop

Why is a Business Plan important?

1. A business plan makes you think of all aspects of a business

2. A business plan may help you secure financing for your business

3. A business plan helps you communicate your ideas to others

4. A business plan can serve as a tool for managing your business

You try!

You are starting a business or buying an existing one. Write a paragraph explaining the idea behind the business.Explain how you plan on marketing your product or services (how will your customers know what you sell and how will you find out who your customers may be)