Writing a business plan

Question 1

Explain the term a business plan

Answer 1

A business plan is a written description of a business’s aims, strategies, target markets and financial forecasts. It explains what the business plans to do and how it plans to do it.

Question 2

Name five sections of a business plan

Answer 2

Section 1: Background of the business
Section 2: The business team
Section 3: Market and marketing
Section 4: Production
Section 5: Costings and finance
Section 6: Structure of the business

Question 3

Explain the term a SWOT analysis

Answer 3

A swot analysis is used to help planning decisions. It involves identifying
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats

Question 4

Strengths
Weaknesses
Opportunities
Threat

Answer 4

Strengths - internal things we are good at as a business.
Weaknesses - internal things that we could improve, things we are not good at.
Opportunities - external opportunities
Threat -is target market shifting or shrinking??