Reference no: EM132757911
A business plan articulates a firm's goals, mission, vision, and execution strategy. The process of preparing a business plan holds tremendous value for aspiring entrepreneurs as it forces them to critically think through every aspect of their new venture. Individuals who allocate appropriate time and focus during planning stage are likely to save time and money during the execution phase. In this assignment, you will complete the foundation for creating your own business plan.
You must first identify a great idea for a business. Once you have developed an idea for your business, the next step is crafting an identity for the business.
Business Name: The first section of your "company description" needs to be devoted to defining your chosen business name. Remember when writing your plan that you are not writing to your instructor, but to a potential investor.
Why did you choose this particular name for your business?
How will your business benefit from this name?
Remember to include your section heading. You want your heading to look and sound professional; for example "About Our Name."
Nature of Your Business: In this section, you will need to provide a description of your business.
What is it that your business will do?
What product or service will your business supply? Why is it special or different?
Remember to include another section heading.
Opportunity Niche: What unmet need are you fulfilling in the marketplace through innovation?
Why will customers choose to buy from your business instead of your competition?
What are your company advantages?
Why will your company succeed in such a competitive market with similar companies?
What is so special about your product or service that cause customers to choose you over the competition?
Remember to include another section heading.
As you write your plan, always back your ideas up with rationale! Always ask yourself "so what?" The investor is especially concerned with WHY you decided on your choices.
Use clear, concise, complete sentences, transitions between paragraphs, standard spelling, grammar, and punctuation as expected in a professional business plan.