Business plan

Dear Valued Entrepreneurs,

As discussed in class, this course is your opportunity to start up your own, real, successful business. A 25% component of the course’s grade is this “Business Plan Term Project”, which demonstrates your ability to integrate concepts presented in class, to conduct research, to organize material, and to effectively utilize all in writing a business plan for a new venture.

Your Business Plan Term Project could be based on an original new venture idea as either (a) individual partner entrepreneurs, or (b) out of an existing organization (corporate entrepreneurship), i.e., a new product or service which would lead to a new business unit in an existing firm. In both cases, an essential part of the project assessment is that your start-up be based on a new business concept around a product/service. Novelty of the idea can be met not only by introducing a totally new product/service, but also in the product/service presentation, order process/circulation, business atmosphere, outlet layout and interiors, packaging, context, distribution channel/module innovation, service combination, speed of delivery, user-friendliness, etc.. The plan will include all phases of the new start-up, from recognizing the idea, concept background, qualifying the idea to a business opportunity, delivering the product or service, marketing, financing/financials and human resources, up to future growth and exit strategies. Work will be in teams of 3 students per team, unless otherwise agreed in class, where functional roles must be assumed by each team member, and clearly identified. Each member’s individual contribution towards the business will have to be obvious and evident in preparing the business plan.

Two submissions are required for this project:

1) Business Plan Document: A written report to be uploaded as a soft copy through this assignment’s link.

2) Presentation Copy: 10-15 minute presentation in class, with a soft copy of your presentation to be uploaded through this assignment’s link.

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Business Plan

Please prepare a business plan for your meal prepping company (from assignment 1). Be sure to emphasize its competitive differentiator/advantage. Read this week’s material on business plans, and include the sections shown below. Keep in mind you are proposing its location / geographic area to be in Troy, MI, so census and other data will help with this plan. Research competitors. Get an idea of how they reach customers and price their products. Use your feasibility analysis information where possible – it is okay to cut and paste from the feasibility analysis as long as you have corrected any issues.

Include an assignment title page, references page, and 9 – 12 pages of content, in Word. You may find this site, or similar sites, helpful:

https://www.entrepreneur.com/article/281416

This will help with the financials section:

https://www.thebalancesmb.com/writing-the-business-plan-section-8-2947026

Required sections:

  • Executive summary – a snapshot of your business.
  • Table of contents
  • Company description – describes what you do; include mission statement.
  • Market analysis – research on your industry, market, and competitors.
  • Organization and management – your form of business and proposed staffing structure
  • Service or product – the products or services you’re offering.
  • Marketing and sales – specific marketing plans to launch the business and your sales strategy
  • Funding request – how much money you’ll need for next 3 to 5 years (best guess here)
  • Financial projections – include pro forma statements for Year 1-3: Income Statement (P & L), Cash Flow Projections, and the Balance Sheet. Also include Initial Start-up Costs (1 X Expenses) and your Sales Forecast from your Feasibility Study (This should match your Revenue projections on your P & L Statements)
  • Appendix- an optional section to include tables, graphs, etc.
  • References page

Note that these sections are not all-inclusive of an actual business plan; rather, it has been modified for this class. There is no “one” right way to do this plan but there are deficient ways, so be as thorough as possible, and above all justify your decisions based on research and informed decision-making.

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Business Plan

Instructions

Learning Objectives:

  • Describe small business marketing and the nature of the marketing research and business planning process.
  • Apply the research to the hypothetical business and case scenario provided below.

Prompt:

    Read the following case and address the 12 case scenarios below as you develop and write a well-written APA 7th paper (350-700 words).

    Review Lesson 2 and Chapter 5: The Challenges of Starting a Business of your textbook Exploring Business. Pay close attention to section 5.6 for preparing how to address the 12 case scenarios.

    Detailed Analysis — Chocolate Chip Cookie Business Plan

    Let’s start with three givens:

    (1) College students love chocolate chip cookies and will buy them if affordable and delicious.

    (2) You have a special talent for baking cookies and want to build a business making and selling them.

    (3) You’re always broke and need to raise money to start the business.

    Given these three conditions, you’ve come up with the idea of starting an on-campus business—selling chocolate chip cookies to fellow students. As a business major, you want to do things right by preparing a business plan. First, you identified a number of specifics about your proposed business.

    1. You’ll bake the cookies in the kitchen of a friend’s apartment.
    2. You’ll charge $1 each or $10 a dozen.
    3. Your purpose is to make the best cookies on campus and deliver them fresh. You value integrity, consideration of others, and quality.
    4. Each cookie will have ten chocolate chips and will be superior to those sold in nearby bakeries and other stores.
    5. You expect sales of $6,000 for the first year.
    6. Chocolate chip cookies are irresistible to college students. There’s a lot of competition from local bakeries, but your cookies will be superior and popular with college students. You’ll make them close to campus using only fresh ingredients and sell them for $1 each. Your management team is excellent. You expect first-year sales of $6,000 and net income of $1,500. You estimate start-up costs at $600.
    7. You’ll place ads for your product in the college newspaper.
    8. You’ll hire a vice president at a salary of $100 a week.
    9. You can ship cookies anywhere in the United States and in Canada.
    10. You need $600 in cash to start the business.
    11. There are six bakeries within walking distance of the college.
    12. You’ll bake nothing but cookies and sell them to college students. You’ll make them in an apartment near campus and deliver them fresh.

    Share anything additional that you would want to take into consideration.

    Instructions:

    • Address each of the 12 case scenarios noted above.
    • Write an APA 7th paper (350-700 words) expounding on each of them.
    • Make sure you use proper headings for each (don’t merely rewrite the individual case scenarios, but develop unique headings for each). You can combine some of the various case scenarios into a single heading if they are relevant to one another. FOR EXAMPLE: You can combine 1, 3, 4, 9 & 12 for a heading called Product Description & Distribution. Or, Product Differentiation & Competition by combining 3, 4, 6 & 11. Or, Marketing, Sales & Pricing by combining 2 & 7. Revenue Projection, Financing & Financials by combining 5, 6, 8 & 10. Make sure you elaborate well in each section.
    • Your paper should include an introductory paragraph/thesis (use your title for the heading), plus multiple content-related headings throughout the main body of your paper, a Conclusion section and References page.
    • Support your work with at least 4 or more credible, academic and/or peer-reviewed sources beyond the course materials. Please note that Wikipedia, Investopedia and similar ‘pedias’ and are not very credible nor fully reliable primary research sources.
    • An APA 7th template and guide is attached herein.
    • Make sure you also study and review the iRubric so that you can make sure you achieve all the necessary elements of the assignment for maximizing points and grade score opportunities.
    • Submit your work by Day 7, Week 2 by 11:55 pm EST

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    Business Plan

    Business Plan

    Order Description
    Need to come up with a business and create a plan for it with a USP (unique selling point)

    Any business is acceptable as long as it is in retail and located in London UK

    Further guidelines are attached please follow them exactly as they are.

    For any sources please be sure they are available online

    Formative assignment – Presentation of PowerPoint draft of your individual retail business plan- week 5- maximum 10 mins.

    Summative- Individual Retail Business Plan – worth 50% – week 7 (between 2,000 and 2,500 words)
    (Submission deadline report – Sunday of week 7, before 23.5 via turnitin (blackboard) report with word count)
    You will develop a business plan for a retail business of your choice. Justify your investment and expected profit generation.
    You are required to submit a business report (of up to 2,500 words not including appendices or executive summary) to be submitted via turnitin (blackboard) on Sunday of week 7 before 23.59. You may include whatever appendices you think fit, you can also include calculations as to the Net Present Value of your proposal assuming a 4 year planning cycle.

    Purpose and sector of business

    Type of business and brand- Give your business an identity, name, logo and corporate colour.
    How will your store distinguish itself from others like it? What will be its USP?
    Branding often plays a major role in why a customer chooses one store over another. Will customers associate your store with particular brands of items? Will you create your own private-label brand of items?
    Plan your business – De?ne what kind of business you want to open and what is going to make you special, what kind of merchandise you want to carry, and what type of customers you want to attract. It does not have to be a completely unique idea.

    Business plan outline
    Cover page
    Table of contents
    1. Executive Summary
    An Executive Summary is critical to the success of the business plan. The Executive Summary offers synopsis of the business plan, and highlights the key points raised within. This business plan part is where you need to capture the reader’s attention so that he/she will be compelled to read on.
    2. Business Analysis
    When writing the business analysis, be sure to include the following (5Ws and How):
    • Where the business will be located
    • When the company started
    • What products or services are sold
    • How the business will operate
    • Who will operate the business
    • Legal structure of business
    • Mission statement/vision
    • Overview of industry
    3. Marketing strategy
    When writing the marketing strategy, be sure to include the following:
    Marketing mix (product, price, place (location), promotion, people, physical evidence, process. It also includes the market segmentation, competitive analysis and all other selling strategies):
    • Target segments (Define the people who are you customers, What groups of consumers will buy from you
    When writing the products and services section, be sure to include the following:
    • The uniqueness of the product or service
    • The method in which the items are sold
    • Benefits to the customer
    • Why customers will purchase it from your business
    • Supplier details, noting any exclusive dealerships
    • Pricing policy or strategy
    • How does your products differ from the competition, USP- How is your business different from the competition? What is your competitive edge?
    • Competitor analysis- where and what businesses are competing against yours?
    • Product/service (what products and services are offered, how and where (distribution) and future plans for product lines/services
    4. Management Plan
    What to Include:
    • The organizational structure of the business
    • Number of employees
    • Who will supervise the staff?
    • Your role in the operations
    • Future staffing needs
    • Job descriptions for each role
    • Total personnel costs
    • What benefits will be offered to employees
    5. Financial Plan
    When writing the financial plan, you should include the following:
    • Break-even Analysis
    • Profit and Loss Statements
    • Cash Flow projects
    • Balance Sheet
    • Industry ratios
    • AIDress all possible risks
    6. Business feasibility/ risk management
    7. Recommendations
    8. A short conclusion
    9. References/ bibliography
    10. Appendices

    The retail Business Plan reports will be assessed on the following criteria:
    Content (60% of report marks)
    A clear picture of the business idea based on valid research, strong analysis and good use of theoretical constructs over the areas relevant to the business idea

    Communication (40% of report marks)
    A succinct report with an appropriate structure, use of appendices and relevant support data. Written in a business-like style that communicates directly and clearly the written and diagrammatic content
    Summary of the key areas that your business plan has to cover:

    • Presentation- This is what your store looks like, inside and out. Don’t fall into the trap of
    just letting this aspect of your store “happen.”What feeling will your store’s atmosphere
    convey? How will you display your product?

    • Procedures- This is how your store is run. Over the years, innovative procedures have
    produced revolutionary concepts (drive-through windows, superstores, electronic data interchange, eCommerce, and more) that have changed the face of retail. How will you do the everyday things you do? What goals will you work toward in this area? How can that be a USP for you?

    Objectives
    • Financial- how will you get ?nancing? It takes some time for even the best run and best organized company (with the best possible products in stock) to show a pro?t. Conduct research about your customers, your competitors, and your opening expenses, as well as projections for first-year sales.
    Pro?tability- This is how much money you make from selling your product. Don’t leave this to an accountant—it could put you out of business. How soon do you plan to make a pro?t, and will you be drawing a salary? What system will you use to remain informed about your pro?tability?

    • Marketing (e.g. market share, awareness levels, etc..

    Business model
    • A value proposition for customers
    • Source(s) of revenue
    • Identification of costs

    Marketing strategy
    • Target market segment(s)
    • Differential advantage(s)
    • Marketing Mix, including:
    Product/service- This is what your store sells. What kind of product will your store carry? Are there any special lines of this product or services that you’d like to carry in the future?

    Pricing- This is how much you sell your product for. Will yours be a discount store, a high-end, premium-priced specialty store (à la Tiffany’s), or something in between? There are many different pricing policies, depending on your target customer.

    Promotion- This is how your store advertises and markets itself to the public. How are you going to tell the world you exist? Will your promotions focus on price (i.e., sales), holiday themes, particular product lines—or all of these? How frequent will they be?

    • People-This is the staff. Your success depends on the team you put together. How many people will you need? Who will you hire, and what will their roles be? Who will train your staff? What suppliers will you work with, etc?

    Justification for why you expect it to be successful and profitable. How do you intend to grow your business? How will You concentrate on advertising, building your brand, buying the right merchandise, and attracting the right personnel?

    Identification of main risks involved and how you intend to reduce their impact. To maintain your success, you must stay a?oat and you must keep on top of its ?nances.

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