bus100 lesson wk 2.pdf - Business Plans Successful business...

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Business Plans Successful business models begin with a good business plan , which is “a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s)” (Nickels, McHugh, and McHugh 2013, 163). To develop a good business plan, Brown and Clow (2008, 83) recommend that entrepreneurs should use a checklist to organize their thoughts and ensure they consider the various issues involved in setting up a business. This checklist should consider variables such as: The goods and/or services to be provided by the business. The reasons why these goods and/or services are needed in the marketplace. The costs to produce these goods and/or services. The number of employees needed to operate the business. The facilities, equipment, and other resources needed to operate the business. The licenses, permits, and other legal documents required to start the business. The primary competitors already providing the same or similar goods and/or services in the marketplace. The funds needed to start the business. EXECUTIVE SUMMARY Briefly outlines the business plan, including a description of the business and its major goals and objectives (Nickels, McHugh, and McHugh 2013, 165). BUSINESS BACKGROUND AND DESCRIPTION Provides details about the goods and/or services the business will offer, and the business’ size, scope, and type. VISION AND MISSION STATEMENTS The vision statement “establishes the scope and purpose of a company and reflects its values and beliefs,” while the mission statement “expresses the specific aspirations of a company, the major goals it will try to reach” (Brown and Clow 2008, 84). MANAGEMENT TEAM In this section, the business plan will provide information about the qualifications and experience of the managers who will be involved in operating the business. ORGANIZATIONAL PLAN This section expands on the information about the management team by providing details about the employees who will be hired by the business. This will include job descriptions and information about the qualifications and experience of the employees who will fill each job. This section will include information to explain why the business will be set up as a sole proprietorship, partnership, or corporation and how that impacts the number of employees needed. INDUSTRY OVERVIEW Gives information about the industry, such as telecommunications, that the business will function in. Includes details about competitors as well as trends and growth in the industry (Brown and Clow 2008, 85).
MARKETING PLAN Explains how the business will make potential customers aware of the business and the goods and/or services it has to offer. Includes information about the market niche that the business will operate in as well as pricing and marketing tactics to be used for each good

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