The research for a great plan is truly a scavenger hunt. Describe each product or service you will be selling what it is and isn t describe the product fully and provide pictures or a brochure in the appendix if you can.
Develop a brief but powerful concept statement for the product or service that can be shown to potential customers. How concentrated or fragmented is the industry? Where will your specific customers come from? Discuss any new products or developments, the rate of new product development, new markets and customers, new selling approaches, new pricing methods, new requirements or regulations, new entrants and exits, new technologies.
Discuss whether competitors are simply sluggish or non-responsive or are asleep at the wheel.
Briefly summarize the company history, how the concept was discovered, as well as the current status of the company. There are some very cool tech tools to help you handle both shipping and logistics, so no reason to reinvent the wheel. The marketing plan needs to provide detail on the overall marketing strategy that will exploit the opportunity and your competitive advantages.
The nature and extent of any design and development work, and the time and money required before the product or service is marketable, need to be considered in detail. How long does it take? Breakeven Chart and Calculation: Um, sorry, how ridiculous does that statement sound?
Identify any major anticipated design and development challenges and approaches to their solution. Get a business lawyer who can walk you through the basics.
Include a discussion of sales and service policies, pricing, distribution, promotion and advertising strategies, and sales projections. Share your vision for where the firm will be in five years geographic scope, markets entered, number of locations, and expansion of product mix.
Plan your time accordingly, gathering the amount of information that this assignment requires can be time consuming.
Discuss the value chain and the resulting margins to be given to retailers, distributors, wholesalers, and salespeople and any special policies regarding discounts, exclusive distribution rights, and so on, given to distributors or sales representatives and compare these to those given by your competition.
Why aren t they doing what you will be doing? What is the size of the opportunity? Get out into the field and talk to customers, suppliers, and others who represent both your customers and competitors. Ultimately, the success of your business will depend on the actions that you take as you build connections with your customers and partners.
Discuss which customers could be major purchasers in future years and why. Discuss any opportunities for the expansion of the product line or the development of related products or services. This sets the tone for the rest of the summary! You have taken the first step toward realizing those goals by joining the Entrepreneurship Program at the Whitman School of Management at Syracuse University for help and support.
It cannot likely make money. A great idea is meaningless if you cannot reach your customers. You should refer to key sources of information in the text of the plan i. Here you focus on implementation, what can go wrong, how the business will perform, and how much money is needed.
Instead, the business plan is a living, breathing document. List any orders, contracts, or letters of commitment that you have in hand.
Ask your business friends for book recommendations.View Homework Help - NUTS AND BOLTS Undergrads from EEE at Syracuse University. THE NUTS & BOLTS OF GREAT BUSINESS PLANS For EEE Entrepreneurship & Emerging Enterprises Johan%(1).
The Nuts & Bolts of Great Business Plans is a publication of the Martin J. Whitman School of Management at Syracuse University. This guide represents the accumulated ‘lessons learned’ from accomplished faculty and staff who work every day teaching and training individuals to realize their entrepreneurial dreams and aspirations.
Understanding the nuts and bolts of small business is really important when it comes to getting things done. You can have great ideas, but putting them into action is what makes a successful venture.
Trends & Tools. Action not words. Business schools are beginning to stress action over a simple well-written business plan in contests meant to test young entrepreneurs’ ability to launch a new venture.
The Nuts and Bolts of Business Plans SESSION 1: BUSINESS PLAN BASICS • The Business Plan - A SUPPORTED VISION Financial Projections Technology Intellectual Property Market Analysis Competitive Analysis Sales and Distribution Team Support/Foundation.
The (Unglamorous but Totally Necessary) Nuts and Bolts of a Brand New Business Although people are quick to share advice about growing a brand new business, they're less likely to talk about the nuts and bolts.
**1. ** Write a Business Plan. industry within which it will operate.
Using the plan as a framework, it will help you to ‘tweak’ or adjust aspects of what you propose to do in ways that make the venture more viable. A business plan is also an objective and fact-based document.
Address the upside and the downside. Make clear you understand what can go wrong. Be conservative.Download