What a Business Plan Is?

A business plan is
· a systematic evaluation of a venture’s chances for success.
· a way to determine the risks facing a venture.
· a game plan for managing a business successfully.
· a tool for comparing actual and target results.
· an important tool for attracting capital.
· is a reflection of its creator.
· Realization that a business idea just won’t
work.
· The real value is in the process of creating it


Key Elements of a Business Plan:

Mission Statement

· Entrepreneur’s vision of what the company is, what it is to become, and what it stands for.
· Broadest expression of a company’s purpose and defines the direction in which it will move.

Business and Industry Profile

· Company’s general business goals and its immediate objectives.
· Industry Analysis
· Ease of entry and exit, economies of scale/scope, economic trends – Summary of Commentary on Current Economic Conditions.
· Provide information on the existing and anticipated profitability of competing firms.

Business Strategy

Description of Product/Service

Marketing Strategy

Competitor Analysis

Plan of operation

Financial forecast.