Business plan Rough draft
of the business plan is due in week 1. Submitting this part on time is crucial as it will allow the instructor to properly evaluate the direction of your plan and provide you with important feedback for the future of the project. The format of the business plan is APA style.
Part I Requirements
a. Company Name
b. Type of business—retail, manufacturing, service
c. Proposed ownership/legal structure
d. Unique product or service you will offer
2. Mission Statement
a. Include a statement directed to your customers. Example: The Cleveland Clinic provides better care of the sick, investigation into complex problems, and further education to our employees who serve.
3. Goals and Objectives
a. Include between 5 and 8 strategic goals
b. Must be measurable
c. Include a Table or Chart
Part II of the Business Plan
Part II of the business plan is due in week 3. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part II Requirements
1. Stakeholder Analysis
a. Actual personal experience, education and training in the area/ industry of proposed business for all key stakeholders
2. Industry Analysis
a. A brief overview and long-term outlook for growth
b. Review industry size, trends, and target market segment.
c. Identify who leads the industry in terms of:
i. Price
ii. Quality
iii. Market share
3. Competitive Analysis
a. Discuss the strengths and weaknesses of each primary competitor.
b. Consider sales, quality, distribution, price, production capabilities, reputation, and products/services.
c. Outline how your product or service measures in the area of pricing and identify your competitive advantage.
d. Prepare a first-year and 3-year sales forecast in dollars and units.
e. Briefly outline your sales and advertising plans.
Part III of the Business Plan
Part III of the business plan is due in week 5. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part III Requirements
1. Marketing Strategy
a. The marketing strategy should address how you will differentiate your company from competitors.
b. Frame your marketing plan to show potential investors what factors will make your product or service more desirable than those offered by the competition.
c. You should present information to show your plan is well-researched and includes reasonable assumptions.
d. In addition, the work should illustrate that the proposed company is not entering a declining industry or market segment.
e. Tables and figures must be introduced in the narrative.
f. The marketing plan should include:
i. Analysis of the business opportunity
g. Target market inclusive of potential customers and their location
h. Location of your business
i. Economic, demographic, and geographic factors which may influence the success of the proposed venture
2. Organizational Success Strategies
a. Present a 1-2 page summary of the vision of the company’s success.
b. Show what strategies will be adopted to ensure the overall success.
c. Identify and ethical dilemmas of your strategies and how it will impact corporate social responsibility.
Part IV of the Business Plan
Part IV of the business plan is due in week 7. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part IV Requirements
1. Financials Plan
a. Present an in-depth narrative to demonstrate the viability of your business to justify the need for funding.
b. In this section describe financial estimates and rationale which include financial statements and forms that document the viability of your proposed business and its soundness as an investment.
c. Tables and figures must be introduced in the narrative.
i. Describe the form of business (sole-proprietor, LLC, or Corporation).
ii. Prepare three-year projections for income, expenses, and sources of funds.
iii. Base predictions on industry and historical trends.
iv. Make realistic assumptions.
v. Allow for funding changes at different stages of your company’s growth.
vi. Present a written rationale for your projections.
vii. Indicate your startup costs.
viii. Detail how startup funds will be used to advance your proposed business
ix. List current capital and any other sources of funding you may have
x. Document your calculations.
xi. Use reasonable estimates or actual data (where possible).
2. Continuous Improvement System
a. Present a brief summary of the continuous improvement processes that you will utilize for quality management
Answer Preview
APA Format, 677 words