ECE 4532 - Rough Draft of Business Plan - 10/18/01
Create a rough draft of a business plan based a business that you can envision stemming from your project
activity, but not necessarily limited to your current single product. In other words, this may use a
hypothetical position growing out of your project work.
Description of Business
Provide information on
1.
business form (partnership, corporation) and type (consulting firm, manufacturing,
service)
2.
product or service
3.
why the business will be profitable
4.
what you know about this kind of business from other sources
5.
unique aspects of your business (unique features, patents, expertise, special training, etc.)
and how/why they will appeal to customers
6.
your goals and objectives as a business
The Marketing Plan
Provide information on
1.
who are your customers (age, gender, income/education, residence etc.) and what are
their likes, dislikes, and expectations.
2.
what is your target market (private sector, wholesalers, retailers, government, other)
3.
the potential for the market to expand
4.
how you will attract, hold, increase market share
5.
who are your five nearest direct competitors (their share of market)
6.
who are your indirect competitors
7.
how are their businesses: steady? increasing? decreasing?
8.
what have you learned from their operations? from their advertising
9.
what are their strengths and weaknesses
10.
how does their product or service differ from yours
11.
what are the barriers to entry and switching cost
12.
your pricing strategy and how that might compare to the competition
13.
promotion and advertising strategy including target image, medium (magazines, Web,
trade associations, etc.), catchy phrases to arouse interest in your products or services
The Management Plan
Provide information on
1.
your background and business experience
2.
weaknesses and how you can compensate for them
3.
the management team and their duties
4.
the current personnel needs
5.
plans for hiring and training personnel
6.
what salaries, benefits, vacations, holidays will you offer
The Financial Plan
Provide information on
1.
operating budget for first six months
personnel
insurance
rent
depreciation
loan payments
advertising/promotion
legal/professional fees and licenses/permits
accounting
equipment
supplies
income
utilities
taxes/payroll expenses
repairs/maintenance
2.
how much money you have, will need for first six months, and will need to stay in
business
3.
sales and profit goals for the coming year