Entrepreneurship Business Plan. Section 1-Executive Summary Type of Business Brief description of your major/service involved.

Entrepreneurship

Business Plan

Section 1-Executive Summary

• Type of Business

• Brief description of your major/service involved.

Section 2-Description and Analysis of the Business Situation

• Self-analysis: Resume• Trading are analysis: geographic, demographic, and

economic areas; competitive advantages of proposed business over competition

• Customer analysis: target market: income, sex, age, family size, family life cycle, occupation, education, ethnicity, social class, psychographics, (picture of your costumer)

• Analysis of location: address, traffic patterns, parking spaces, availability, square footage (size), and cost

• Proposed organization: type of ownership: sole proprietorship, partnership, corporation; steps in starting to form the business; planned personnel

Section 3-Prosoped Marketing/Promotion Plan

• Proposed product or service: equipment and potential suppliers or manufacturing plans. Five items prepared from the menu.

• Proposed pricing policy: Menu• Promotional activities:• Personal promotion: non-media sales plan (how will

customer be greeted, waited on, etc), staffing (how will they be dressed, provide a picture or sketch of the uniform), and merchandising appeal (what will establishment look like, provide a floor plan) Non-personal promotion: media (newspaper, TV, billboard, radio, etc, provide a copy), basic appeal, and initial promotion plan (grand opening).

• Place: channel of distribution from manufacturer or service provided to consumer

Section 4-Proposed Financing Plan

• Projected income/cash flow statement: projected budget describing income and expenditures for the first year. What is your start-up cost to open your business?

• Personal/internal capital: earnings, borrowing, long-term equity

• External capital: short-term and long-term borrowing, long-term equity

• Repayment plan: plan to repay borrowed funds or provide return on investment to equity funds

Section 1-Executive Summary

• Type of Business

• Brief description of your major/service involved

Section 2-Description and Analysis of the Business Situation

Resume

• Purpose: Introduce yourself to an employer• Focus attention on your qualifications and accomplishments• Goal is to create interest so that you are called for an interview• Resume is your marketing tool and should tell the employer:

Who you are

What you know

What you have done • Tracks and organizes you employment history• Account for all time periods• Print on standard letter size, white or ivory rag paper• Include your significant contribution at each position• References

Resume

NameAddress

City, State, Zip CodeE-mail Address

State and Local Academic AwardsAthletic Honors

School ActivitiesCommunity Service

Work Experience

References

Name

Title

Company

Mailing Address

City State Zip Code

Work Phone

Other: Cell or Home

Resume

Francis Panther

100 Panther Drive

Franklin, NC 28734

[email protected]

State and Local Academic AwardsHonor Roll 9,10,11,12

Athletic HonorsLettered in Softball 9

State Championship Participant for Swimming 11Set School Record for Swimming 11

Captain for Volleyball 10, 12Athletic Award for Volleyball 9,10,12

School Activities

Monogram Club 9,10,11,12

Students Against Destructive Decisions 9,10,11,12

Fellowship of Christian Athletes 9,10,11,12

Student Earth Foundation 9, 10, 11

Teachers of Tomorrow 12

Chess Club 9

Foreign Language Club 11

Community Service

Volunteer at Murphy Medical Center 9 (30 hours)

Middle School Basketball Stats 9 (45 hours)

Softball Manger 9 (207 hours)

Middle School Basketball Stats 10 (55 hours)

Special Olympics 11, 12 (30 hours)

Work Experience

Cashier, Ingles 11,12

Waitress, Chatuge Cove Marina 10, 11, 12

Sales Associate, Mountain Valley Country Store 12

Trading Area Analysis

• Geographic: Macon County, Franklin

• Demographics: See U. S. Census

• Economic areas: See U. S. Census

• Competitive advantages of proposed business over competition (price, location, service, atmosphere, etc.)

Customer Analysis

Target Market: • Income • Sex• Age• Family size• Family life cycle• Occupation• Education• Ethnicity• Social class• Psychographics• (Picture of Your Customer)

Analysis of Location

• Address

• Traffic Patterns

• Parking Spaces

• Availability

• Square Footage (size)

• Cost

Proposed Organization Type of Ownerships

Sole Proprietorship

• Owner is only one responsible for the business activities

• 76% of all business in the US are this.

• Only one who receives profits

• Liability: one responsible for money owed to other

Proposed Organization Type of Ownerships

Sole Proprietorship• Advantages:• Easy and inexpensive to create• Compete authority over all business activities and

receives all the profits• Least regulated form of ownership• Business itself pays no taxes because it is not separate

from the owner• Income is taxed a the personal rate of the owner• Personal tax rate is often lower than other forms of

ownership

Proposed Organization Type of Ownerships

Sole ProprietorshipDisadvantages:• Financial• Unlimited Liability responsible of all debts and actions of

the business.• Debts incurred have to be paid from the owners’

personal assets. Example, owner's home, car, and bank account could all be at risk.

• Difficult to raise capital because owner may not have sufficient assets to qualify for a loan.

• Owner may be limited to abilities and skills.• Death of the owner automatically dissolves the business.

Proposed Organization Type of Ownerships

Partnerships

• More than one person shares the business decisions and outcomes.

• Share the assists, liabilities, and profits.

Proposed Organization Type of Ownerships

Partnership

Advantages:

• Scrambler and Stabilizer

• Inexpensive to create

• General partners have compete control

• Share ideas and secure investment capital more easily and in greater amounts

Proposed Organization Type of Ownerships

PartnershipDisadvantages:• Very difficult to dissolve on partner’s interest in

the business without dissolving the partnership.• Personality conflicts• Disagreements about authority• Roles are not clearly defined.• Bound by the laws of agency, they can be held

liable for each other’s action. If not the business can be sued for breach of contract.

Proposed Organization Type of Ownerships

PartnershipDo the following to survive.• Share business responsibilities• Put things in writing• Establish partnership agreement• Always be honest about how the business

is doing• Consult an attorney

Proposed Organization Type of Ownerships

Corporation

• Chartered, or registered by a sate.• Legally operate apart from its owner or owners• Lives on after the owners have sold their interest or pass away.• Protects the entrepreneur from being sued for actions and debts of

the corporation.• Complex to create and operate• Ask an attorney to guide you through the incorporation process.

This includes filing a Certificate of Incorporation with the state and issuing stock.

• Stock certificates indicate the amount of equity, or ownership, ach investor has in the business.

• Required Board of Directors

Proposed Organization Type of Ownerships

C-CorporationAdvantages:• Raises money by issuing share of stock• Common stocks has voting rights• Preferred Stock are first to receive their

investment back in case of business failure.• Limited Liability: owners are liable only up to the

amount of their individual investments.• Can create pension and retirement funds• Can offer profit sharing plans to their employees.

Proposed Organization Type of Ownerships

C-Corporation

Disadvantages:• Expensive to set up• Income is more heavily taxed• Pays taxes on its profits• From these profits, it pays its stockholders

earnings, or dividends• Stockholders must pay income taxes on their

dividends

Proposed Organization Type of Ownerships

Subchapter S Corporation

• Avoid double taxation of a C- Corporation

• Taxed like a sole proprietorship or partnership

• Profits pass through the corporation and are taxed only once

Proposed Organization

Steps in Starting to Form the Business • Environmental Health Service www.maconnc.org FOOD ESTABLISHMENT PLAN REVIEW APPLICATION $100.00/$200.OO• Zoning• Business Application www.franklinnc.com Ordinance APPLICATION FOR BUSINESS LISCENSE $42.50 Miscellaneous $25.00

Proposed Organization Steps in Starting to Form the Business

• County Deed Office Assume Name $14.00• State Department of Revenue 1-877-252-3052• Planned Personnel Full-time Part-time

Section 3-Prosoped Marketing/Promotion Plan

Proposed Product or Service

• Equipment

• Potential suppliers or manufacturing plans.

• Five items prepared from the menu.

Proposed Pricing Policy

• Menu

Promotional Activities

Personal Promotion– Non-media sales plan: how will the

customer be greeted, waited on, etc.– Staffing: how will they be dressed, provide a

picture of sketch of the uniform – Merchandising appeal: what will

establishment look like, provide a floor plan

Promotional Activities

Non-personal Promotion

• Media: newspaper, TV, billboard, radio, etc, (provide an example), basic appeal, and initial promotion plan (grand opening).

Place

• Channel of distribution from manufacturer or service provided to consumer

Section 4-Proposed Financing Plan

Projected Income/Cash Flow Statement

• Projected budget describing income and expenditures for the first year.

• What is the start-up cost to open your business?

Start-Up Cost

• Salaries• Advertising• Equipment• Rent• Utilities• Insurance• Telephone• Miscellaneous general expense (MRO)