Key Terms
Projections for five or more years
Long-term projections
Projections of a year, months, or weeks
Short-term
an independent agency of the
federal government that was created to
provide support to entrepreneurs and
small businesses.
SBA
Written after business plan, intended to capture the interest of readers
Executive Summary
This element contains; cover letter, title page, statement of purpose & executive summary
Introductory Elements
Should be made prior to starting a business
Business plan
Description of the industry
Marketing
Great resource for money and the financial side of business.
Financial Institutions
Product/services, market industry & Location
Market
Based on solid evidence, and well thought out projections
Financials
A way to measure people by statistics such as; Age, marital status, & income
Demographics
How an entrepreneur intends to extract their money from the business once its operating successfully
Exit Strategy
Cosponsored by SBA to provide technical assistance to small business
SBDC Small Business Development Centers
Contains financial statements, funding requests & ROI.
Financial Management
The portion of a business plan where Exit strategy is located
Operations
The section of your business plan which should summarize the goals and objectives.
Concluding Statement
An organization made up of professionals in a specific industry
Trade association
SCORE
Service Corps of Retired Exuctives
Detailed description, ownership and legal structure & skills and experience
Introduction
A brief explanation of why your asking for money, what you plan to do with it. Should be no more than one or two paragraphs.
Statement of purpose
Three of the five mistakes made in a business plan
1. Unrealistic financial projections
2. An undefined target market
3. Poor research
4. Ignored competition
5. Inconsistencies and omissions in the business plan
Local group in most communities, offers assistance and information to entrepreneurs. Great local resources.
Chamber of Commerce
Tax returns, personal financial statements, & letters of recommendations
Appendix