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Inventor's network - business plan how to
The document discusses how to write an effective business plan, noting that it should include details about the business owner and team, the product or service, the target market and marketing strategy, financial projections, and an operations plan. It provides tips for each section, emphasizing the importance of clearly outlining expenses, revenues, cash flow, and other financial metrics to test the feasibility of the business. Resources for free business plan templates and samples are also listed.
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Similar to Inventor's network - business plan how to
Inventor's network - business plan how to
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- 2. Business Plan Writing AboutKevin Business Consultant Director of Entrepreneur Center at Ohio Northern University (ONU) Adjunct Lecturer at ONU on Principals of Entrepreneurship Adjunct Professor at Bristol University (online learning)
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- 8. Business Plan Writing Nowwhat? You write a business plan. My idea is… People will buy because… I’ll do it like this…. My future plans are…
- 9. Business Plan Writing WhyWrite a Business Plan? It’s a diagnostics tool to test the feasibility of the business, not the idea. It helps others, who have not had the time you have had, to see your vision. It makes business startup manageable and effective. It establishes measurable benchmarks. It keeps you in the game.
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- 15. Business Plan Writing Nowwhat? Step 1. Use what you know. If it’s Word, use it. If it’s Google Docs, use it. If it’s a notepad and pen, use it. Step 2. Use one of the free templates from SCORE, the SBDC, or the SBA. Heck, use all three! And… answer the questions that each templates asks. DON’T TRY TO CREATE A BIZ PLAN! If the question or subject doesn’t make sense for you plan, ignore it. Step 3. Start with what makes sense. Every business needs to make money, so start with the financials.
- 16. Business Plan Writing Knowthy expenses
- 17. Business Plan Writing Knowthy expenses Fixed Expenses = What it costs to run this business Rent Utilities Subscriptions Salaries Loan payment……..…$500 Insurance payment…$200 Total $700
- 18. Business Plan Writing Knowthy expenses Variable Expenses = What it costs to make a sale Time to create Raw material Commissions Depreciation Gasoline $10 per trip
- 19. Business Plan Writing Knowthy expenses If making 1 takes 1 hour Than the sale price is $7.95 + material cost.
- 20. Business Plan Writing BusinessPlan Financials Personal Financial Statement
- 21. Business Plan Writing CashFlow • Shows timing of money coming in and timing of money going out • The timing is crucial to demonstrate ability to meet obligations • Does not relate to profitability • Negative cash flow may be normal for start-up
- 22. Business Plan Writing Profitand Loss Statement • AKA the Income Statement • Measures a company’s sales and expenses during a specified period of time. • Shows you the money.
- 23. Business Plan Writing Profitand Loss Statement P&L statement contains uniform categories. • net sales • cost of goods sold • gross margin • expenses • and net profit.
- 24. Business Plan Writing PersonalFinancial Statement What do you own? Who do you owe? Can we get anything out of you if you default?
- 25. Business Plan Writing TheBalance Sheet Liabilities + Owner’s EquityAssets
- 26. Table 11.2 Kendon CorporationBalance Sheet for the Year Ended December 31, 2015
- 27. Table 11.2 Kendon CorporationBalance Sheet for the Year Ended December 31, 2015
- 28. Business Plan Writing BusinessPlan Financials
- 30. Business Plan Writing BusinessPlan Financials Don’t be afraid to ask for help
- 31. Business Plan Writing TheMarketing Plan Who will buy? Identifiable Sizeable Obtainable
- 32. Business Plan Writing TheMarketing Plan Market Research Sources: Secondary Primary • Local Chamber of Commerce • Colleges and Universities • Libraries • Federal and State government • SBDC • SCORE • Market Research firms • Other businesses • Surveys • Observations
- 33. Business Plan Writing TheMarketing Plan
- 34. Business Plan Writing TheMarketing Plan
- 35. Business Plan Writing TheMarketing Plan
- 36. Business Plan Writing TheMarketing Plan
- 37. Business Plan Writing •What are the Regulations for this industry? (Remember, it is best to error on the side of caution.) – Licensing- Federal, State, County and City? – Zoning - Can you operate your business where you want? – Insurance - Do you need special insurance? – Taxes - Are their additional taxes on your product? Sin taxes? – Environmental - Toxins, proper waste disposal for your product or by products? – Community Standards - Will your business be accepted? The Operation Plan
- 38. Business Plan Writing TheOperation Plan Ownership / Management Structure
- 39. Business Plan Writing TheOperation Plan
- 40. Business Plan Writing TheOperation Plan
- 41. Business Plan Writing TheOperation Plan
- 42. Business Plan Writing TheOperation Plan
- 43. Business Plan Writing TheOperation Plan Risk Assessment / Disaster Recovery
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- 46. Business Plan Writing Resources Fillin the blanks business plan http://tinyurl.com/no4q7p5 Business plan templates (SCORE) http://tinyurl.com/pqv8tps Guide to writing business plans (SBA) http://tinyurl.com/9x83dkk Free sample business plans http://tinyurl.com/6dl25db