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ENW 300. Business Plan. Final Draft (Due December 20)
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ENW 300. Business Pl
ENW 300. Business Plan. Final Draft (Due December 20)
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ENW 300. Business Plan Project – Assembling Your Final Draft ENW 300. Business Plan Project – Assembling Your Final Draft
ENW 300. Business Plan Project – Assembling the Final (Complete) Draft
Deadline: The end of the day, December 20.
A completed revision of your business plan is due on the deadline date set above. This final version of your text will include a new executive summary that you will need to write. In addition, the final draft will give you the opportunity to rethink, redo, reorganize, re-research, and rewrite any and all parts of your business plan. The guidance you receive as part of your memorandum grades should help point you in the right direction. That said, don’t just wait around for feedback (which you should receive in the next week or so.) In the meantime, you should think about supplementing your research – including expanding your source and perhaps hunting for additional content you can include in your final version.
In your previous business plan memos, you researched and wrote on a number of topics concerning your idea. Those included:
Your market, potential customers, and their location
Your competitors, their location, their products, and potentially things they fail to do or provide for your customer base
Licenses, permits, and other government documentation you will need to secure
Potential physical locations for your business
The equipment you’ll need, prices and sources
Your management team and each member’s qualifications
Your products, services
In this, the final step, you’ll reorganize your text in order to follow the standard format for a business plan. Remember, for this class, our focus is set solely on your text and research. You are not required to provide spreadsheets or tables of financial projections – those items will not count toward your final grade. You will be graded exclusively on the written text of your report – the organization, detail, and mechanics of your final copy.
Please note, this final report is mandatory, just as the memoranda leading up to this assignment were. It will also count as a revision of business plan memos two and three. It will not count as a revision for the first business plan memorandum. Failure to hand in a revision will result in an “F” counted toward your final grade for class.
For Starters
You will need to include the following sections in your final business plan. Please keep in mind – the text for your final report should be approximately 12 to 15 pages in length.
ONE. Mission Statement and Executive Summary
Your mission statement is explained in an entry appearing above.
Your executive summary is a three to four paragraph descriiption of your business, your goals, and an overview of the steps you’ll take to make your enterprise a reality, and more importantly a success. You can certainly use the overview/outlook you wrote for the first or second memos as a basis for this chunk of your report.
TWO. Definition and Descriiption of Your Market
In this section, you’ll use much of the material you prepared for your market summary. Review the “Definition of the Market” tab in the SBA guide for additional ideas.
THREE. Descriiption of Products and Services
In this part of your final report, you’ll need to spell out just what goods or services you plan on providing to customers. Be sure to make note of how what you offer will be different from the products and services your competitors have out on the marketplace. Again, check the SBA link above for ideas.
FOUR. Organization and Management
This section of your report will be centered on new material that you’ll prepare for your final.
FIVE. Your location and equipment
This section of your report will be centered on the exact spot or address where you plan to open up your business and the basic equipment you will need to get up and running.
SIX. Licenses, Permits, and Regulations
This section of your report will focus on what requirements you will have to meet in order to comply with local laws and government regulations. For more explanation review the entry that appears earlier in this unit.
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ENW 300. Your Business Plan’s Mission Statement ENW 300. Your Business Plan’s Mission Statement
Your Mission Statement
You will need to write up a brief mission statement for your final business plan revision. And here, we’ll cover just how to compose that section of your final plan.
There are a number of ways to look at your mission statement and its function in your business plan. It’s a thesis. It’s a summary. It’s a curtain-raiser. It’s meant to give readers a compact one to two paragraph overview of what you’ll be doing.
The short answer, of course, is all of the above. Yet, despite the fact that your mission statement will appear at the very beginning of your business plan, it’s best to wait until you have completed every other section of your text to write it. That way, you’ll have a better understanding of the scope of your project and abilities to fulfill your needs.
Ideas: Your mission statement needs to summarize your business in one or two paragraphs. Look to answer the following simple questions:
What (What are you doing and what will you do);
Where (Your target market and location);
Why (What do your potential customers or clients need that isn’t being supplied or met right now);
How (What steps are you taking to get started); and
When (Self-evident – we’ll say for the purposes of this project, right now).
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ENW 300. Business Plan Project – Additional Resources ENW 300. Business Plan Project – Additional Resources
ENW 300. Business Plan Project – Even More Resources
The following websites will help you dig up information on several of the requirements in the weeks ahead. In all, you should consult at a minimum 15 to 20 sources for your project.
Location (Final Business Plan Draft)
There are several national real estate search engines that make it easy to track down a potential location for your business. A word of advice: Be prepared and have an idea of what you’re looking for.
ONE. Know the zip code of the area where you are looking. Think about where your customers and competitors are located. You’ll want to consider the convenience of the locations you research.
TWO. Think over your needs. You’ll want to direct the search engines to hunt down commercial space, for instance. You’ll also need to decide whether retail or office space is most appropriate for your business.
THREE: Be creative. You may have to create a log-on for one or more of the search engines. Also consider “comps” or price and location information on similar spaces that have been rented recently.
FOUR: Take notes. You’ll want to present a detailed overview of two or three locations in your business plan – in your own words. Be sure to take down the location, size and cost of the space you are considering.
Real Estate Links:
http://officespace.com/
http://www.buildingsearch.com/
http://www.loopnet.com/
Market Demographics (Business Plan Memorandums #2, Final Business Plan Draft)
There’s something else you’ll need to consider when you decide upon the location of your business: the demographics of the neighborhood or area where you want to open. The United States Census Bureau (www.census.gov) will help you dig up facts and figures on the population, average income, ethnic makeup and other key bits of information on the location you are considering. Another source, www.zillow.com , provides similar information – much of it gathered from the Census Bureau.
Regulations, Licenses, Permits (Final Business Plan Draft)
Open a business and get ready to invite one, and potential two or three pairs of eyes to look in on what you’re doing. There’s no escaping the fact that local, state and federal governments can have a hand in how you make products, perform services, or even interact with customers. In some cases, officials want to make sure you know what you’re doing and that you’ve done your homework. Other times, government looks to protect consumers. And finally, there’s the fact that governments need money in order to pay their own bills: One source of funds comes from licenses that small businesses are expected to pay for regularly in order to keep running.
Whatever the reasons, it’s your job as a small business owner to know the regulations, permits, and licenses you’ll need. Fortunately, local and state governments list the requirements online. An example is New York City’s government site. Its Business Express page lists some of the city requirements. It also has an “Easy Start” link that provides the rundown on licenses, permits and other hurdles. Be sure to take good notes so you can report back to readers – in your own words.
Business Express link: http://www.nyc.gov/portal/site/businessexpress
Easy Start link:
http://www.nyc.gov/portal/site/businessexpress/template.PAGE/menuitem.6cf201b64436cf94a36a29106cd2f9a0?javax.portlet.tpst=f8820f515fbe624f477
I will also be attaching my original.
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