Section in a Business Plan
Focuses on the people required to operate efficiently but should also address the labor requirements and wages for those employees
What is Section 5, Management and Staffing?
Total Assets = Liabilities + Owners equity
What is the accounting equation?
One owner assumes all liability
What is a sole-proprietorship?
Professional image and legal considerations
What are the challenges of a Home-based business?
Product, Place, Price, Promotion, People, Physical Environment, and Process
The 7 p's in the marketing mix
Summarizes what your company does, its purpose, and what makes it unique
What is the Section 1, the Business Description?
Indicates the amount of profit, or loss, generated by a firm over a given time period.
What is an income statement?
Becomes a separate legal entity
What is a corporation?
The activity of buying or selling products or online services over the Internet
What is e-commerce?
Online communication where users share personal messages, information, videos, and other content
What is social media?
A summary of the key points, written last, but located first
What is the Executive Summary?
The most liquid asset
What is Cash?
Currently the most common form of business ownership in the USA.
What is a Limited Liability Corporation (LLC)?
Customer traffic at a retail store, a restaurant, or a movie theater
What is the importance of a good location?
Material + Labor * markup
What is the cost plus price formula?
Charts, graphs or tables that uses more than 1/3 page should be included
What is the appendix?
A financing solution provided by creditors
What is debt financing?
Legal advice and documents should always be created when using this form of ownership
What is a partnership?
Customer accessibility, business environment, site availability and cost, available resources, and personal preference
What are the key factors one should consider when choosing a brick-and-mortar location?
Refers to anyone in contact with your customers
What are People in the marketing mix?
Includes the operational steps and the startup timeline
What is Section 7, the Development Plan
___ = Current Assets / Current Liabilities
What is a Current Ratio
Tax advantage, personal liability, organizational requirements, management and control, and ease of raising capital
What are the considerations in choosing an organizational form for your business?
The public perception of the company and how it operates
What is reputation?
Inform
Persuade
Remind
What is the purpose of advertising?