Basics
What is a business plan?
A written document that outlines a company's, goals, strategies, and objectives, and how they will achieve them.
Name the three types of research.
In-person, online, paper
What is a tip for writing a business plan?
Know your competition and audience, back up all your claims, have a strong team, be logical, be realistic with time and resources, etc.
Describe the Table of Contents.
All sections of the business plan are included and listed with their page number.
A business plan is a company's blueprint to _____
success.
Name two ways you can conduct in-person research.
Interviews and focus groups
What is a cover page?
The first page of the business plan.
What is the company description of the business plan?
A brief overview of business history, ownership, and its mission or vision statement.
In what way can an existing business benefit from writing a business plan?
To acquire funding for a new idea.
What are paper resources? Name three.
Books, newspaper, government documents, magazines
What is a cover letter?
A letter that introduces and explains an accompanying document or set of documents.
Describe the products and services page in a business plan.
The section includes a breakdown of what your product/service is, its unique features, any patents and product features being developed.
In what way can a new business benefit from writing a business plan?
To start the business and reach business goals.
What kind of information can a competitor's website give you?
detailed information of product offerings, customer reviews, website design, pricing strategy, etc.
Part of the business plan that emphasizes the main point and overviews the entire plan.
What does the market analysis include?
Assessment of the target population, competition, and needs for marketing a product/service. Ideas for promotion and selling are also included.
5. Since Justin needs to examine the methods used to reach his company’s goals, he wants to write a business plan to a. acquire funding. b. implement a strategic plan. c. prepare for an expansion. d. place a value on the business.
b. implement a strategic plan.
What area of your business do you need to research for your business plan?
ALL areas.
What is a written document that describes all the steps necessary for opening and operating a successful business?
A business Plan
Name the 10 sections that are included in the business plan.
Cover page, executive summary, table of contents, business description, products and services, marketing analysis and marketing plan, strategy and implementation, management plan, financial plan, appendix