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Business Plan Steps - Business Plan Steps CRS 431...

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Business Plan - Steps CRS 431 Entrepreneurship in Apparel Retailing and Design
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What is a Business Plan? …a written statement that describes and analyzes your business and gives detailed projects about its future. …covers the financial aspects of starting the business and how much money you will need (and how you will pay it back).
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Benefits to Writing a Business Plan Helps you get money Helps you decide to proceed or stop Lets you improve your business concept Improves your odds for success Helps keep you on track
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Business Feasibility Study A separate plan that should precede the business plan Another tool but with components in common with the Business Plan Information collected in the feasibility study is incorporated into the business plan. For purposes of this class – feasibility elements will be included in the marketing plan (step 7). Suggestion…consider what would make this business feasible from step 1 forward.
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Feasibility Study Conducted during the deliberation phase, prior to obtaining financing. Aids in the decision process – whether or not go forward or rethink. Pieces of the Feasibility Study Pre-feasibility step – build relevant scenarios (i.e. if I do this, or locate here, then benefits are…) Evaluate alternatives Assess the market – competition, opportunities (SWOT CD) Conclusions – implications, strengths/weaknesses of each alternative (scenario) No or Go decision
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