13 Jun WHAT FORM OF ORGANIZATION DOES THE BUSINESS OPERATE UNDER?
Purpose: To create a plan that acts as a blueprint for running your business.
Audience: Venture Capitalists and funders.
Format: Report, w/Cover page: Logo, Company name, Names and titles of members, Penn State, prof name, semester, date. Include a Table of Contents, and, if necessary, an Appendix.
Length: Will vary depending on the number of sections and content contained in each section. Additional elements may be added or changed to fit the business and number of team members.
Basic Business Plan Elements
1. Executive Summary: This section is typically written last. The Executive Summary summarizes the business plan in 1 page. It also serves as a pitch. Each section of the business plan should be summarized in the ES. The Executive Summary should be clear and complete; written so that your audience, if unable to read the entire Business Plan, will read the ES and understand the value of your business, and its major principles and moves.
2. Company Overview: Clearly describe the business. (What business are you in? What do you do? What is unique about the product/service?) Include the mission statement and business location.
3. Products & Service: Provide a clear description of the product/service. How does the product/service benefit the customer? Does it solve a problem or address an opportunity? Is it a luxury item or a needed good? What are the unique features of the product/service, such as, accessibility, cost, design, quality, and capabilities?
4. Market Analysis and Marketing Plan: Describe the market landscape. Who is your target market? Include specific facts and figures from your market research. What is the market like in terms of the industry, the customer, customer needs, product benefits? Who are the major competitors, and what are their strengths and weaknesses? Detail how you plan to promote your and market your business, e.g., website, social media, etc.
5. Operational Plan: Explain the daily operation of the business: location, equipment, people, processes, and surrounding environment.
6. Management Team: What form of organization does the business operate under? Who are the key management team members, what roles will they fulfill and what skills do they have to help the business? Include a brief summary paragraph of your teams’ collective capabilities followed by individual bios tailored to the project.
7. Financial Plan: What will it cost to start this business? How much cash will be needed to start and operate it? What are the projections for sales and net profit? What is the break-even point? What personnel will you need? What sources of financing have been, and will be, sought? How much money has been/will be contributed by the entrepreneur?
8. Conclusion: Summarize the business plan and your unique value proposition. Describe your next steps in making this plan a viable business.
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