Objective:
The purpose of this assignment is to develop a business plan that outlines the key components necessary for launching and sustaining a successful business venture.
Instructions:
Select a Business Idea:
This project will expand upon the business idea you explored in our Business Idea discussion.
Gather Sources:
Business Plan Research – LibGuide
Components of the Business Plan:
Executive Summary:
Provide a concise overview of your business idea, including its purpose, target market, and unique value proposition.
Company Description:
Describe your business in detail, including its mission, vision, core values and form of ownership.
Market Analysis:
Research and analyze your target market. Identify customer needs, market trends, and potential competitors.
Products and Services:
Explain what you plan to offer. Detail your products or services, their features, and benefits. Describe any laws or regulations that will impact your business including licenses you may have to obtain. If you will need to apply for a patent or permit, include that as well.
Marketing and Sales Strategy:
Outline how you will promote your business, reach customers, and generate sales.
Operational Plan and Technology Assessment:
Describe day-to-day operations, production processes, and resource management. Describe how your business will implement technology and the benefits and risks of that technology.
Financial Projections:
Create a financial forecast, including startup costs, revenue projections, and a break even analysis.
Risk Assessment:
Identify potential risks and mitigation strategies.
Appendix:
Include any additional relevant information, such as market research data, legal documents, or bios.
References must be cited using APA format.
Microsoft Word Document:
Prepare a report that covers the above areas.
Your report should be well-organized, clearly written, and supported by relevant data and examples.
Include appropriate headings, subheadings, bullet points and visuals (charts, graphs, etc.) where necessary.
References must be cited using APA format.
