For this project, you will be creating a Business Plan for a new home-based business of your own creation. In order to minimize the scope of the project, you will use the following assumptions.

| May 23, 2014

Introduction

1. Describe the general nature of the business and identify any important or unusual features of your company.

Products and Services

2. Explain how your business will be specialized in terms of the products and/or services you will offer.

Customers

3. Explain how your business will be specialized in terms of the customer groups you will be targeting.

The Opportunity

 

4. Identify any circumstances or events that have led to a need that your business intends to satisfy. Be clear on why now is a good time to start a business such as this.

 

The Owner

 

5. Briefly describe your education and business experience and any entrepreneurial abilities you may have.

 

The Legal Organization

 

6. Identify the legal form of the business. Explain your reasons for this legal set-up.

 

 

SECTION 2: FEASIBILITY

 

 

Location

 

1. Explain the general area where your customers will be located, describing the population of potential customers (provide numbers).

 

Market Potential

 

2. Clearly define the market potential that you will be estimating. In other words, you will be calculating the annual expenditures of which group of potential customers (who) on what product or service?

 

3. List all the relevant data that you have gathered, indicating the sources and estimate the market potential, explaining your calculations.

 

Competition

 

4. Name, locate, and briefly describe any direct competitors that you will have to deal with.

 

5. Briefly describe any indirect competition that you will have to deal with.

 

6. Describe any advantages that you will have over the competition.

 

Sales and Profit Forecast

 

7. Project your sales using both a top down and bottom up approach. Show your assumptions and calculations for these figures

 

8. Provide a monthly projected Income Statement for Year 1. For years 2 and 3 you may provide a monthly or annual projected Income Statement. Be sure to calculate your gross margin, net margin and annual profit for all years. Describe whether these margins are high or low compared to industry averages or the competition. Explain the difference between the various years.

 

9. Provide a projected monthly cash flow statement for Year 1. Begin with a bank balance of $15,000. If your cash balance becomes negative at any time, explain how you will cover this shortfall.

 

SECTION 3: MARKETING

 

 

Image

 

1. Describe the image that your company will project and explain why this is appropriate for your services/products and the expectations of your target customers. Give the name that your business will be operating under and explain how this projects the appropriate image.

 

Service/Product Mix

 

2. Provide a detailed explanation of the products or services you will offer, comparing your range to that of your major competitors. Explain why this strategy is appropriate.

 

Pricing

 

3. Outline the pricing strategy that you will be using and explain how it fits in with the rest of your marketing mix.

 

Distribution

 

4. Explain where your business fits into any chain of distribution.

 

Promotion

 

5. Identify any advertising medium you will use, the nature of the advertising piece, and the frequency of advertising.

 

6. Explain any publicity you will get and how you will arrange this exposure.

 

7. Describe any personal selling you will engage in, explaining how you will get your prospects, how you will approach them, and any sales aids you will use.

 

8. Explain any sales promotion techniques that you will use and any risks involved.

 

9. Explain how you will measure the effectiveness of the promotional means you have chosen and outline any backup plans for redirecting your promotional efforts.

 

 

SECTION 4: OPERATIONS

 

 

Space and Equipment

 

1. Briefly list all the equipment, furniture, and vehicles you will need to run your business. Justify your needs.

 

2. Sketch a layout of any work, storage and office areas, explaining the use of space.

 

Logistics

 

3. Explain your systems for buying, ordering, and storing any supplies that your business will depend on.

 

4. Identify any subcontractors or suppliers that you intend to use. Explain the services or products that they will provide and the details of contracting arrangements.

 

Methods and Procedures

 

5. Briefly explain and/or chart the process that you will use to complete a typical client or customer transaction. Explain any methods or systems you will have for ensuring quality and handling customer complaints.

Systems

6. Explain the paperwork and/or software systems that you will use to control your business in terms of scheduling, inventory, billing, work progress, client records, and accounting.

Regulation

7. Identify any registrations, licences, or permits that you will need for your business.

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