Reference no: EM132182279
Project Option : Business Plan
INSTRUCTIONS:
Assigned group members will work together to start a small business. Starting a business begins with research that will lead to a well-developed business plan.
The business vision, the products to be provided, skills and other requirements needed to make the business successful will be determined by the group members.
Each group's vision should indicate what the team wants the business to be in the future. (Example: To be the best shoe repair shop in the region).
The group will prepare a 3-6 page business plan for the new business. The business plan should include the following key information (refer to Chapter 6 of the textbook for details):
1. Cover page
2. Table of contents
3. Executive summary
4. Business vision and mission
5. Products to be offered, including the price you will charge (Keep it simple, this is a small business).
6. A projection of how much product you will need to sell or the number of clients you will need to service to generate your desired profit. (Be sure to include your profit calculations).
7. An estimate of funds needed to start your business. (You may due price surveys or internet searches to help you develop "realistic prices".
8. A description of how funds will be obtained.
9. Skills/Knowledge needed for the business. Give a brief description of what each employee will do on the job
10. Risk analysis (What might stop you from getting the desired revenue?)
11. Market analysis (Describe your target market or who you would like to purchase your product.)
12. Competitor analysis (What other companies or products are you competing with to earn revenue?)
13. How will your source your product/service? Will you import necessary supplies/equipment??
14. How will your team exhibit social responsibility?
15. What factors will you use to determine if your business is a success? (What goal will you have to reach? Is it a dollar amount for profit, percentage of the market or desired number of customers?)