Topic: Business Plan Projects
Part #1 – “Defining the Business”, remember to ‘sell’ your product or service. As mentioned in class, think of persuading a room full of potential investors and get excited with presenting your business plan here.
Parts #2 & #3 – these are the sections based on your last HW#4 / Ch. 14. Just be sure to cover well and apply to your business as this is the core topic from the course that is being applied to this project.
Part #4 on set-up costs, operating costs, etc., in addition to a written summary or discussion, a chart or table can be a good tool to help present that information in an visually organized manner.
Part #5 on being flexible and adaptable, this is where knowledge from your marketing or mgmt courses may come into play (e.g., promotion, expanding, training & managing staff, expanding w/ locations, to name a few). Personal discussion and input of course welcome. Though not required, several students in the recent semesters have integrated the pandemic situation into their business plan, keeping things current and realistic (e.g., different facilities layout, more time and labor to clean & sanitize, higher costs for material, more IT equipment for increased virtual communications, etc.).
1. Business Plan Overview – include idea and general plan for your business. For this, it makes good business sense to make it interesting, catch the reader’s attention, sell the idea to your audience (1/2 – 1 page) – 15%
2. Business Structure – define the structure that will apply (e.g., general partnership), an overview of that structure type and why it is being chosen for the business. HW#4 is a good basis for this (1/2 – 1 page) – 15%
3. Personal Liability, Tax & IRS Information and Formation – Address the following three areas as it applies to your business. Again, HW#4 is a good basis for this (1 – 2 pages) – 20%
4. Set–Up Costs, Operating Costs, Funding & Possible Investors (if applicable) – Address these areas as it applies to your business. In addition to discussion, one can estimates costs and use a list or chart which can help present & organize this section (1 page) – 20%
5. Growth & Adaptability – Finally, discuss thoughts and plans on keeping your business. Consider choosing a structure now that can adapt with your business.
