by Lynn Burleigh, Axtell High School

Follow these tasks to create your first Business Plan.

Introduction

Creating a business plan can be a daunting task when you don't know how to get started.  I imagine you have a great idea for a product or a business but wonder...How do I tell people about it?  How do I get the money to open the doors to my new business?  Will people like it and want to buy from me?  Am I believable?

With the right knowledge, you can start your own business.  Complete all the tasks at the left and you will feel more comfortable about taking on the challenge.

Did Ya Know??  Coca-Cola was originally intended as a "patent medicine" when it was invented in the late 19th century by pharmacist John S. Pemberton.

The Idea: Come up with a clear idea of your new business:

            What is the Mission and Vision for the company?

Will it be Full Time or Part Time?

Will it be a Hobby or Craft type, what’s the product?

Be specific about your product, a restaurant is too broad; a Steakhouse is better.

Define your business by the product or merchandise you want to carry.

Market Analysis: Who are your customers?

What industry are you entering?

For a restaurant, this would be the food service industry

Is the industry growing or declining in your area?

What kind of customers trade in that industry?

What trends do you see?

Is it seasonal or a steady yearlong type of business

What is the competition that is already serving those customers?

High skill businesses need highly skilled employees to compete for customers.

Does any other business dominate the industry in my area? Do they specialize?

Will your prices be better, Will you be more convenient?

Start Up: What will be required to get it up and running

What skills are needed for this business; technical, financial, business?

How much money will it take to open the doors?

Are there licenses or certifications needed to run this business?

Can you interpret the financial information for your business?

How will you brand your business?

Revenues and Profit: Dollars and/or Personal Satisfaction

What do you want from the business? Will it be able to provide it?

 

This Lesson Plan, " Starting Your Own Business - Designing a Business Plan", was created by Lynn Burleigh, 3/12/12, Updated: 3/29/17 and may be used under the Creative Commons licensing agreement.