Focus of the Final Paper
Construct a business plan for a small business venture of your choosing.
The components of the business plan should include:
A. Executive summary—short description of the venture with emphasis on the unique characteristics and important aspects.
B. Description of the business—more comprehensive description of the venture including a brief history of the company and industry as well as the value to consumers.
C. Marketing—two major parts are in this section: the research and analysis identifies the target market and trends; the marketing plan discusses market strategy, pricing, advertising, and sales.
D. Research, design, and development—includes developmental and technical research leading to the design of the product
E. Operations segment—focuses on location, production facilities, and equipment
F. Management—presentation of the key employees, methods of compensation, and any outside advisors
G. Critical risks—identification of potential problems and alternative courses of action
H. Financial forecasting—all of the important financial statements need to be included: income statement, balance sheet, cash flow
I. Harvest strategy—this segment projects a long-term plan for how the entrepreneur(s) will benefit from the success of the venture
J. Milestone schedule—determines the objectives and their deadlines
A. K. Appendix—extra support material or bibliography
Instructor: Selena Smith
April 15, 2013
This is a plan for a completely different and unusual type of store not already in the area or in surrounding areas of Sheboygan County. This idea of a full maternity, unique clothing and baby supply items including, cribs, clothing, early toddler select toys, tethers’, bibs, diapers, strollers, car seats, bassinets, soaps, shampoos and seasonal specialty items for the mother and child are going to be the hit of the county. Since there is no other store in the county that carries specialty items, (only items that all retailers have on store shelves), I feel this store will not only take off the first year but I will have the potential for future growth carrying even more unusual and unique products.
Starting out small to assess the area in the needs and competition, is part of the process of the first year to generate interest and gain the loyalty of the consumer with repeat visits and word of mouth advertising, (which is the best advertising of all), will help me to gain more of the market place acceptance to allow for my future growth. By keeping my business small at first will also help me to gain control of expenses and ordering practices.
A business plan “allows entrepreneurs to replace sometimes-faulty assumptions with facts before making the decision to go into business. The planning process forces entrepreneurs to ask and then answer some difficult, challenging, and crucial questions” (Zimmerer, 2008 pg. 36, ph2). A business plan should state the purpose of the business, objectives; how financing options and how the business will become profitable.
The business plan includes many key items to be successful. Some of these would include “1.Description of business, 2.Marketing, 3.Competition, 4.Operating procedures, 5.Personnel and 6.Business insurance” (SBA, 2012). Opening a new business focusing on specialty maternity clothing along with specialty baby items is my concern. Because there is really no competition in my current area, include other items that can be found in many stores in my area at places likeWal-Mart and Target will help give competition to the business. The closes stores with these types of items are 50 + miles in either direction so there is a place for these types of items. My business will be run with my family including my mom, dad and brother. Financially speaking I know that I would never get enough money loan or other wise to make my business happen so with the help of my mother and father we have come up with a plan. My parent’s house and cottage will be paid off in 4 years. After that they are willing to take the loan out in their name to help me get started along with applying for loans and grant myself. We have also looked into my insurance company to find out if they will bundle home, car and business. They will be able to bundle them but I need to get more information before they could give me a price.