What is the name of your business?
When you think of the name of your business, make sure that it captures the spirit of the business you’re creating.
Note to students: Once you have inserted your answer, delete the question and the tip provided here and leave just the heads so that your business plan will look more professional.
Description of Business
WHAT WILL YOUR BUSINESS DO?
IMAGINE THAT YOU ARE EXPLAINING YOUR BUSINESS TO A FAMILY MEMBER OR A FRIEND. THE BUSINESS SHOULD BE EASY TO EXPLAIN. KEEP YOUR DESCRIPTION HERE TO ABOUT 30 WORDS OR LESS.
Form of Business Ownership
WHAT FORM OF BUSINESS OWNERSHIP (SOLE PROPRIETORSHIP, PARTNERSHIP, OR CORPORATION) WILL YOUR BUSINESS TAKE? WHY DID YOU CHOOSE THIS FORM? HINT:
FOR MORE INFORMATION ON THE TYPES OF BUSINESS OWNERSHIP, REFER TO THE DISCUSSION OF THE DIFFERENT FORMS OF BUSINESS OWNERSHIP IN CHAPTER 3.
BRIEFLY DESCRIBE YOUR IDEAL CUSTOMER. WHAT ARE THEY LIKE IN TERMS OF AGE, INCOME LEVEL, AND SO ON? HINT:
YOU DON’T HAVE TO GIVE TOO MUCH DETAIL IN THIS PART OF THE PLAN; YOU’LL PROVIDE MORE DETAILS ABOUT CUSTOMERS AND MARKETING IN LATER PARTS OF THE PLAN.
WHY WILL CUSTOMERS CHOOSE TO BUY FROM YOUR BUSINESS, INSTEAD OF YOUR COMPETITION? HINT:
IN THIS SECTION, DESCRIBE WHAT WILL BE UNIQUE ABOUT YOUR BUSINESS. FOR EXAMPLE, IS THE PRODUCT SPECIAL, WILL CUSTOMER SERVICE BE EXCEPTIONAL, OR WILL YOU OFFER THE PRODUCT AT A LOWER PRICE?
ALL BUSINESSES HAVE TO DEAL WITH ETHICAL ISSUES. ONE WAY TO ADDRESS THESE ISSUES IS TO CREATE A CODE OF ETHICS. LIST THREE CORE (UNCHANGING) PRINCIPLES THAT YOUR BUSINESS WILL FOLLOW. HINT:
TO HELP YOU CONSIDER THE ETHICAL ISSUES THAT YOUR BUSINESS MIGHT FACT, REFER TO THE DISCUSSION IN CHAPTER 2.
A BUSINESS SHOWS SOCIAL RESPONSIBILITY BY RESPECTING ALL OF ITS STAKEHOLDERS. WHAT STEPS WILL YOU TAKE TO CREATE A SOCIALLY RESPONSIBLE BUSINESS? HINT:
TO HELP YOU CONSIDER ISSUES OF SOCIAL RESPONSIBILITY, REFER TO THE DISCUSSION OF SOCIAL RESPONSIBILITY IN CHAPTER 2. WHAT STEPS CAN YOU TAKE TO BE A GOOD CITIZEN IN THE COMMUNITY? CONSIDER ALSO HOW YOU MAY NEED TO BE SOCIALLY RESPONSIBLE TOWARD YOUR CUSTOMERS AND, IF APPLICABLE, INVESTORS, EMPLOYEES, AND SUPPLIERS.
DO YOU THINK THAT YOU’LL SELL YOUR PRODUCT IN ANOTHER COUNTRY? IF SO, WHAT COUNTRIES WOULD YOU CHOOSE, AND WHY? WHAT CHALLENGES WILL YOU FACE? HINT:
TO HELP YOU CONSIDER ISSUES OF GLOBAL BUSINESS, REFER TO CHAPTER 4. CONSIDER HOW YOU WILL EXPAND INTERNATIONALLY (I.E. INDEPENDENT AGENT, LICENSING, ETC.). DO YOU EXPECT GLOBAL COMPETITION FOR YOUR PRODUCT? WHAT ADVANTAGES WILL FOREIGN COMPETITORS HAVE?
Provide a brief mission statement for your business
Refer to the discussion of mission statements in Chapter 5. Be sure to include the name of your business, how you will stand out from your competition, and why a customer will buy from you.
Consider the goals for your business. What are three of your business goals for the first year? What are two intermediate to long-term goals? Hint:
Refer to the discussion of goal setting in Chapter 5. Be as specific and realistic as possible with the goals you set. For example, if you plan on selling a service, how many customers do you want by the end of the first year and how much do you want each customer to spend? If you plan on selling a good, how many do you hope to sell?
Perform a basic SWOT analysis for your business, listing its main strengths, weaknesses, opportunities, and threats. Hint:
We explained above what factors you should consider in your basic SWOT analysis. Look around at your world, talk to classmates, or talk to your instructor for other ideas in performing your SWOT analysis.
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