Module 5 • The business plan – completing the business plan
12. How much money is needed to get the business started? 13. How many customers will you have per month and how much will they buy per month? 14. How much does it cost to make the product or provide the service? 15. What are your operating costs? (Include your own salary) 16. How much money will your business earn each month by selling your product or service? 17. How much investment will you need to keep the business going until you make a profit? 18. What is your potential profit per year for Year I, Year II, and Year III? 19. How much money do you need to borrow to start this business? 20. How will you make the business grow in the future?
Source Note: Pace, Unit 5, Business Plan
There are other questions you might ask depending on the type of business you have in mind. There are many different formats for a business plan based on what you need for the business of your choice. The point is to start asking yourself questions and then looking for the answers.
Are you having trouble getting started? Perhaps you should interview a local business owner about these decisions in relation to the start-up of that business. Write down the answers and discuss them with other students to decide how you would have started such a business.
Summary
There are many different approaches to writing a business plan, some more complex than others. But the basic components of a business plan can be organized as follows: • providing a description of the business, • choosing the best marketing strategy, • identifying the management plan, and • analyzing the finances needed to start the business and make it successful.
Activity 2 You have; 1. Reviewed the different components of a business plan. 2. Evaluated your own business plan and made adjustments.
The Business Plan Workbook is a template to assist with the process of compiling a Business plan for your own business. Try to use this template as a guide and start to compile your business plan.
Click on the icon to complete a fun, interactive test that will review your knowledge.
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