04 Sep You recently inherited $50,000 and you wou
Business Plan Information and InstructionsAfter reading the text below, click the link above to view instructions for each part of the business plan. You will complete each part of the Business plan inside LivePlan –an online application provided by the textbook Publisher.During the semester you will create a business plan which is worth 20% of your final grade. Consider the following scenario: You recently inherited $50,000 and you would like to use this money to help start a small business. However, you will need additional funding.Create a business plan to convince the bank or other investors that you have a viable business plan.
- Use the tools in your group area to communicate with your team (also use phone, text etc.) and decide on a business venture (Read chapter 3 in the text for guidance).
- Do research to see if the venture is a viable one. For example. who will be your customer base? What socio-economic group will you target? Can you make it a profitable venture?
- Use the LivePlan software that is included with your text to create the business plan. Even though you are teams of 3, the software only allows two(2) to actually input information. The third person should be added as a guest (he/she will only be able to read the plan but will be expected to provide input.)
- To access the LivePlan software, click the link in this area: Live Plan: Small Business Management: Launching and Growing Entrepreneurial Ventures
You will submit the business plan in 4 parts (see table below). Inside this folder, you will find instructions for each part of the business plan.
PART TASKSPart 1Worth 3%
- Read chaps.3, 6, 8 & 9 in the text.
- Give an overview of your business.
- List and describe your management team, describe the legal structure, and decide on a location.
Part 2Worth 7%
- Read chaps.7, 16 & 17 in the text
- Develop a marketing plan and determine your pricing strategies.
- Do a SWOT analysis (page 74 of text)
- Determine your suppliers.
Part 3Worth 7%
Read chaps. 10, 11, 12 & 16 in the text. Prepare a financial plan including the following:
- Prepare an estimate of your start-up costs.
- Forecast of your expected sales/revenues as well as your expenses.
- Prepare the financial statements.
Templates for Sole proprietorship and partnership can be found inside this folder.Part 4
Worth 3%
- Complete the executive summary
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