Business Plan 1
A letter that introduces and explains an accompanying document or set of documents.
What is a Cover Letter?
A brief explanation of why you are asking for a loan and what you plan to do with the money.
What is Statement of Purpose?
A document providing the steps for opening and operating a business.
What is a Business Plan?
List 4 documents that might be included in the appendix.
What are tax returns, personal financial statements, copy of proposed lease or purchase agreement for the building, copy of business license, copy of resume, letter of recommendation, copies of letter of intent from suppliers, copy of any large sale contracts?
For whom is a business plan written?
What is investors, lenders, and suppliers?
An independent agency of the federal government that was created to help Americans start, build, and grow businesses.
What is Small Business Administration (SBA)?
A short restatement of the report.
What is an Executive Summary?
This part of the business plan includes supporting documents that provide additional information and back up statements made in the body of the report.
What is Appendix?
List 3 common mistakes that are made in business planning.
Unrealistic financial projections, undefined target market, poor research, ignored competition, and inconsistencies in the business plan.
True/False - You do not need to research to prepare your own business plan.
What is False?
Organizations made up of professionals in a specific industry.
What are trade associations?
An agency that is made up of more than 10,500 retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how.
What is Service Corps of Retired Executives (SCORE)?
This agency can provide information on local resources, zoning, and licensing as well as trends affecting local business.
What is Chamber of Commerce?
What should the marketing part of the business plan describe?
What is product and services you will offer, the industry, and your location.
True/False - Entrepreneurs should only identify long-term goals.
What is False?
The main body of a Business Plan covers is organized into five sections. Name 3 of them.
What is Introduction, Marketing, Financial Management, Operations, and Concluding Statement?
A financial statement based on projected revenues and expenses.
What is a Pro Forma Financial Statement?
An agency that provides management assistance to current and prospective small business owners.
What is Small Business Development Centers (SBDC)?
What should the introductory section of the business plan contain?
What is detailed description, ownership and legal structure, skills and experience, competitive advantages?
Why is an appendix important?
What is it supports information in the body of the report?
Which on of the introductory elements of the business plan includes the name of your company, the current date, the owner of the company, the title of the owner, and the address and telephone number of the company?
What is Title Page?
Name 3 of the Introductory Elements of a Business Plan.
What is Cover Letter, Title Page, Table of Contents, Statement of Purpose, Executive Summary.
Which one of the introductory elements of the business plan include a listing of the material included in publication. I show the reader what each page covers.
What is Table of Contents?
What should the Financial Management part of the business plan include?
What is Identification of Risks, Financial Statements, Funding Request on Investment?
Name the five elements of a business plan.
What is cover letter, title page, table of contents, statement of purpose, executive summary