Business Plan (yr10) Flashcards
What is a business plan ?
A formal document which sets out the future
Business goals
And helps attract funding for the business idea
What is the purpose of a business plan ?
To reduce risk and help a business succeed
The content of a business plan :
The business idea ?
Practical
Stands a chance of being successful
Content of a business plan :
The people running the business?
Experience in business - more success (have more knowledge)
Persuading people to invest
Content of a business plan :
Market research?
Consumers will use the business
Survey(price they’ll pay, services, purchase product,ways to sell(online,in shop)
Content of a business plan :
Finance?
Cost of setting up the business
Find money to pay for
Premises
equipment
Advertising
Content of a business plan :
Objectives of the business?
Hoping to be successful isn’t enough
Should look at time lines
Content of a business plan :
target market ?
Clear who it’s selling its product and services to
Aimed at a particular age group?
Is it simply wealthy customers?
content of a business plan :
Competitors?
- offering same or similar products
- business plan should demonstrate how the new business can stand up against or beat competition
The role of a business plan :
Identifying markets?
Helps a business to think clearly about who it’s targeting its product and services to
Helps determine the type of marketing to the will need to undertake
The told of a business plan :
Helping with finance ?
A bank is more likely to lend a new business money is its confident in being repaid
The role of a business plan:
Identifying resources that a business needs to operate ?
Premises - where a business will operate
Clear on the resources it needs
The role of a business plan :
Achieving business aims and objective?
appropriate time line
Gives business best chance of achieving its aims
How can a business plan be useful ?
Plan ur staff ( if needed )
Plan ur financial aids ( who’s giving u a loan )
Market research( who products aimed at)
Do u need any resources?
Explain why a business plan is especially important for a new business?
have to identify their market
Who their selling their products to
Bank may not loan them money without satisfaction of being repaid
Need to know what resources and staff they need to succeed
