(1.6) Writing A Business Plan – Part 1
Assignment (1.6) Writing A Business Plan – Part 1
Business Plan Template
If you haven't already than you'll want to download the SCORE Business Plan Template here. Your instructor will be reviewing your business plan several times throughout the course.
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Whether you're printing it out and writing it by hand, or simply typing into the document you'll want to keep it somewhere you won't lose it.
In this assignment you’ll be creating a business plan. SCORE (Service Corps for Retired Executive) and the Small Business Association (SBA) are excellent resources to help get you started. You’ll want to have an idea for your business ready. If you’re not sure what you want to do then think about your passions – the stuff you would do if money wasn’t a thing. Maybe you’d own a restaurant, a bike shop, or even a yoga studio. After you’re done with this assignment you’ll have filled in the Executive Summary, Company Description Worksheet, and Service or Product Line Worksheet.
This template IS actually a real Business Plan. You can use it in the future for whatever venture you might be pursuing – even the mock business you’re building right now.
Reading: How to Write a Business Plan
https://www.sba.gov/tools/business-plan/1
Before we get started writing your business plan visit https://www.sba.gov/tools/business-plan/1 and scroll down to Traditional Business Plan. Go ahead and read through the components of a Traditional Business Plan, and remember to take notes as needed. When you’re done you can open up the Business Plan Template and move on to writing your Executive Summary, Company Description, and Service or Product Line. We won’t worry about the other components of writing your business plan at this time.
Bonus: How to Write A Business Plan
If you still need a little more clarity on how to write a Business Plan then we suggest checking out this video. Steps 1, 2, and 6 are relevant to this assignment, but you can watch the entire video if you’d like.
1) Write Your Executive summary
In the Business Plan Template – Briefly (200-300 Words) tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.
2) Fill out the Company Description Worksheet
In the Business Plan Template – Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve.
Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.
3) Fill out the Product or Service Line Worksheet
In the Business Plan Template – Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you’re doing research and development for your service or product, explain it in detail.
Note: You’ll need a copy of your business plan for future coursework – so make sure to take your time and complete all the steps above.