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BASIC ELEMENTS OF
BUSINESS PLANS
Getting Business Done
Business Plan Summary
• Who the owner is
• What kind of business
• Who are the customers
• What are the approximate earnings
• How much money needed to start
• Why the business is a good idea
Business Description
• What type of business is it?
• What products or services will be provided?
• Where will it be located?
• When will it operate? How soon is the projected start of
operations?
• What is the business form (corp., LLC, sole proprietorship)?
The Marketing Plan
-Customers• Who are the potential customers?
• Where are they located?
• What are they currently buying? (Are there similar business and
services in operation?)
• If customers are other businesses, what are their characteristics,
needs, and future trends?
The Marketing Plan
-Competitors• Who are the most direct competitors?
• How long have they been in business?
• Can you equal or beat their price/quality? Do you have to?
• Are there opportunities for collaboration/shared business?
• What are their strengths?
The Marketing Plan
-Communication• What is your advertising strategy?
• What form of marketing is most effective for your business?
• What type of marketing materials will be used?
• How will you measure the impact of advertising?
The Marketing Plan
-Business Growth and Development• What are the external forces effecting the industry?
• How will you identify new market niches?
• How flexible in designing new products/ services in meeting
changing markets? Or identifying new markets for existing
products/services?
The Operations Plan
• Who does what to what?
• Who does the accounting and business management?
• What stuff do you need?
• What kind of quality are you offering?
• How are you determining your prices?
• How long before you’re in business?
• Some other timing or seasonal decisions
The Financial Plan
• Start up budget
• Potential sources of start up $
• Profit and loss forecast
• Operating expense/break even analysis
• Cash flow analysis