A business plan is comprised of a written statement of the rationale for the enterprise and a step-by-step explanation of how it will achieve its goals. A business plan is in effect a blueprint, (or, in this course, a written document), that structures all of a firm’s activities, including the implementation and control of those activities. It should explain the purpose of the company, evaluate its competition, and indicate a strategy for acquiring sufficient funds to keep the firm going. While writing a business plan is in itself important to help the business owners understand all the moving parts of their business, it is generally targeted to outsiders looking to provide funding for the company.
In this course, you will complete a business plan for a new company. In Sessions 1 through 4, the Business Plan Prep assignments will provide a stepped approach to define and complete each section of the Final Business Plan. During Session 5, you will finalize your research and complete the Business Plan Template.docx Business Plan Template.docx - Alternative Formats (five to seven pages) as the final paper (do not use Business Plan Template until Session 5). As this is an entry course, your objective will be to generally incorporate all of the contributing elements of a sustainable business plan strategy.
Throughout your plan's development process, refer to the “Building a Business Plan” steps (Part 1-6) within the textbook. Not all the information mentioned in the Guidelines will be required for your final business plan, but it will help you stay on track.
Make note of each chapter's "Running a Business" vignette about the company Graeter’s, which captures relevant ideas from each chapter that will help pull all the elements of the Business Plan together.
Be advised that variety within industry and markets, as well as a spectrum of student interests, may result in varying focus for research from one chapter to another. That is perfectly acceptable.
You need to choose a new business that you would like to start and prepare a business plan for that business. The only requirement is that it be a new business and not an existing one.
For the Session 1 Final Milestone:
Include the following in a one- to two-page paper:
• Business Description
o Mission Statement/Vision Statement: An important starting point for your business plan is to know your purpose (mission) and where you are going (vision). Both are essential for success. Make sure to research both of these and develop a clearly defined mission and vision for your company.
o Products/services offered (manufacturer, merchandiser, or service provider).
• Brief Marketing Plan
o Choose a name for your business and explain the significance of the name.
o Choose and justify your location.
o Identify your target market and general strategy to attract clients/customers.
• Competitive Analysis
o Identify the competition as broadly as possible.
o Why will the business be successful given the market?
Sample Solution