STUDENT BUSINESS PLAN PROJECT TEMPLATE
PART 1: INTRODUCING THE CONTEMPORARY BUSINESS WORLD
Business Name
What is the name of your business?
Hint: When you think of the name of your business, make sure that it captures the spirit of the
business you’re creating.
Note to students: Once you have inserted your answer, delete the question and the tip provided
here and leave just the heads so that your business plan will look more professional.
Description of Business
What will your business do?
Hint: Imagine that you are explaining your business to a family member or a friend. The
business should be easy to explain. Keep your description here to about 30 words or less.
Form of Business Ownership
What form of business ownership (sole proprietorship, partnership, or corporation) will your
business take? Why did you choose this form?
Hint: For more information on the types of business ownership, refer to the discussion of the
different forms of business ownership in Chapter 4.
Ideal Customer
Briefly describe your ideal customer. What are they like in terms of age, income level, and so
on?
Hint: You don’t have to give too much detail in this part of the plan; you’ll provide more
details about customers and marketing in later parts of the plan.
Our Advantages
Why will customers choose to buy from your business, instead of your competition?
Hint: In this section, describe what will be unique about your business. For example, is the
product special, will customer service be exceptional, or will you offer the product at a lower
price?
Ethical Issues
All businesses have to deal with ethical issues. One way to address these issues is to create a
code of ethics. List three core (unchanging) principles that your business will follow.
Hint: To help you consider the ethical issues that your business might fact, refer to the
discussion in Chapter 3.
Social Responsibility
A business shows social responsibility by respecting all of its stakeholders. What steps will you
take to create a socially responsible business?
Hint: To help you consider issues of social responsibility, refer to the discussion of social
responsibility in Chapter 3. What steps can you take to be a good citizen in the community?
Consider also how you may need to be socially responsible toward your customers and, if
applicable, investors, employees, and suppliers.
Copyright © 2020 Pearson Canada Inc.
Global Issues
Do you think that you’ll sell your product in another country? If so, what countries would you
choose, and why? What challenges will you face?
Hint: To help you consider issues of global business, refer to Chapter 5. Consider how you will
expand internationally (i.e. independent agent, licensing, etc.). Do you expect global competition
for your product? What advantages will foreign competitors have?
PART 2(a): THE BUSINESS OF MANAGING
Mission Statement
Provide a brief mission statement for your business
Hint: Refer to the discussion of mission statements in Chapter 6. Be sure to include the name of
your business, how you will stand out from your competition, and why a customer will buy from
you.
Business Goals
Consider the goals for your business. What are three of your business goals for the first year?
What are two intermediate to long-term goals?
Hint: Refer to the discussion of goal setting in Chapter 6. Be as specific and realistic as
possible with the goals you set. For example, if you plan on selling a service, how many
customers do you want by the end of the first year and how much do you want each customer to
spend? If you plan on selling a good, how many do you hope to sell?
SWOT Analysis
Perform a basic SWOT analysis for your business, listing its main strengths, weaknesses,
opportunities, and threats.
Hint: We explained above what factors you should consider in your basic SWOT analysis. Look
around at your world, talk to classmates, or talk to your instructor for other ideas in performing
your SWOT analysis.
Strengths
Weaknesses
Opportunities
Threats
Management
Who will manage the business?
Hint: Refer to the discussion of managers in Chapter 6. Think about how many levels of
management as well as what kinds of managers your business needs.
Organization Chart
Show how the “team” fits together by creating a simple organizational chart for your business.
Make sure that you organizational chart indicates who will work for each manager as well as
each person’s job title.
Hint: Most businesses start off quite small. However, as you create your organizational chart,
consider what your business will look like in the future. What different tasks are involved in the
business? Who will each person report to in the organizational structure? Refer to the discussion
of organizational structure in Chapter 7 for information to get you started.
PART 2(b): THE BUSINESS OF MANAGING
Corporate Culture
What do you see as the “corporate culture” of your business? What types of employee
behaviours, such as organizational citizenship, will you expect?
Hint: Will your business demand a casual environment or a more professional environment?
Refer to the discussion on corporate culture in Chapter 6, and the discussion on organizational
citizenship and other employee behaviours in Chapter 9.
Leadership Philosophy
What is your philosophy on leadership? How will you manage your employees day-to-day?
Hint: Refer to the discussion on leadership in Chapter 9 to help you formulate your thoughts.
Job Descriptions
Looking back at your organizational chart in Part 2(a), briefly create a job description for each
team member.
Hint: As you learned in Chapter 8, a job description lists the duties and responsibilities of a
job; its working conditions; and the tools, materials, equipment and information used to perform
it. Imagine your business on a typical day. Who is working and what are each person’s
responsibilities? (Note that if your business is very large, you should ask your instructor how
many positions he or she would like you to create job descriptions for.)
Job Specifications
Next, create a job specification for each job, listing the skills and other credentials and
qualifications needed to perform the job effectively.
Hint: As you write your job specifications, consider what you would write if you were making
an ad for the position. What would the new employee need to bring to the job in order to qualify
for the position?
Insert Job Title #1:
Insert Needed Skills/Credentials/Qualification for Job:
Insert Job Title #2:
Insert Needed Skills/Credentials/Qualification for Job:
Insert Job Title #3:
Insert Needed Skills/Credentials/Qualification for Job:
Training Employees
What sort of training, if any, will your employees need once they are hired? How will you
provide this training?
Hint: Refer to the discussion of training in Chapter 8. Will you offer your employees on-the-job
training? Off-the-job training? Vestibule training?
Compensation
A major factor in retaining skill workers is a company’s compensation system—the total
package of rewards that it offers employees in return for their labour. Part of this compensation
system includes wages/salaries. What wages or salaries will you offer for each job? Why did you
decide on that pay rate?
Hint: Refer to Chapter 8 for more information on forms of compensation. You may also want to
check out sites like www.salary.ca which includes a salary calculator you can use to determine
how much people with different job titles are making in your area and across Canada.
Incentives
As you learned in Chapter 8, incentive programs are special programs designed to motivate high
performance. What incentives will you use to motivate your workforce?
Hint: Be creative and look beyond a simple answer such as giving pay increases. Ask yourself,
who are my employees and what is important to them? Refer to Chapter 8 for more information
on the types of incentives you may want to consider.
PART 3: MANAGING OPERATIONS AND INFORMATION
IT Resources
What kind of IT resources will your business require?
Hint: Think about the employees in their business and what they will need in order to do their
jobs. What computer hardware and software will they need? Will your business need a network
and an Internet connection? What type of network? Refer to Appendix B for a discussion on IT
resources that you may want to consider.
Customer Services
How will you use information technology to keep track of your customers and potential
customers?
Hint: Many businesses—even small businesses—use databases to keep track of their customers.
Will your business require a database? What about other information systems? Refer to
Appendix B for more information on these topics.
Cost of Doing Business
What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance
are just some of these expenses. Estimate what it will cost to do business for one year.
Hint: Insert the costs associated with doing business in the following table. The list below
provides some hints as to where you can get this information. Note that these are just estimates—
just try your best to include accurate costs for the expenses you think will be a part of doing
business.
Hints for each expense in the table below:
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Rent: Refer to the floor plan. How many square feet is your place of business? What is
the “going rate” per square foot for office space in your community? A real estate agent
or information on government websites such as http://www.bsa.canadabusiness.ca/ can
also be helpful in answering this question.
Salaries: Refer to the organizational chart. How much will each employee earn? How
many hours will each employee be needed on a weekly basis? Once you’ve determined
the weekly cost, then expand it to a monthly and a yearly cost.
Supplies: Refer to the floor plan. How much will all of the computers, equipment, and
furniture cost? What kinds of general office supplies will you need? Most prices for this
information can be found on an office supply website such as http://www.staples.ca/.
Advertising and Other Promotions: Refer to your marketing section. You have described
how you wish to reach your customer—now you need to decide how much it will cost. If
you are using television, contact the sales department at a local station. If you are using
newspaper, contact their advertising department. Salespeople are usually happy to
answer your questions.
Utilities: These amounts will vary, depending on your business and what utilities you will
pay. If your business looks like an office, then this cost may be similar to what a
homeowner pays. However, if your business involves making a product, then the costs
will be significant.
Insurance: This value will be affected by the nature of the business. More equipment will
usually mean higher insurance costs.
Expenses
Rent
Salaries and Wages
Supplies:
Technological,
Equipment, and
Furniture (computers,
software, copy
machine, desks, chairs,
etc.), other
Advertising and Other
Promotions
Utilities: Heat,
Electricity, etc.
Telephone and
Internet
Insurance
Other (specify)
Other (specify)
Expected Monthly
Cost
Expected Yearly Cost
Expected Revenue
How much will you charge for your product? How many products do you believe that you can
sell in one year (or how many customers do you think your business can attract)? Multiply the
price that you will charge by the number of products that you hope to sell or the amount you
hope each customer will spend. This will give you an estimate of your revenues for one year.
Hint: You will use the amounts you calculate in the costs and revenues questions in this part of
the plan in the accounting statements in the next part, so be as realistic as you can.
Income Statement and Balance Sheet
Create a balance sheet and an income statement (profit-and-loss statement) for your business.
Note that you will have two options for creating these reports. The first option is to use the
Microsoft Word versions that are found within this Business Plan Student template (shown
below).
The second option is to use the specific Microsoft Excel templates created for each statement.
You’ll find these templates in the file called Business Plan Part 3 Spreadsheets, which is
available with the MyLab Intro to Business for your text at
https://www.pearsonmylabandmastering.com/northamerica/mybizlab/. These Excel files are
handy because they already have the worksheet calculations preset—all you have to do is “plug
in” the numbers and the calculations will be performed automatically for you. If you make
adjustments to the different values in the Excel worksheets, you’ll automatically see how changes
to expenses, for example, can improve the “bottom line.”
Note that the Excel templates also include helpful hints as to where you can get the information
you need to complete the balance sheet and income statement.
12-Month Income Statement (Profit & Loss Statement)
June
Revenue (Sales)
Category 1
Category 2
Total Revenue
(Sales)
Cost of Goods Sold
Category 1
Category 2
Total Cost of
Goods Sold
Gross Profit
Expenses
Rent Expense
Salary/Wage
Expenses
Supplies Expense
Advertising
Expense
Utilities Expense
Telephone/Internet
Expense
Insurance Expense
Interest from Loans
(if applicable)
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
YEARLY
Other Expenses
(specify)
Total Expenses
Net Profit
Balance Sheet
Assets
Current Assets
Cash in Bank
Cash Value of Inventory
Prepaid Expenses (insurance)
Total Current Assets
Fixed Assets
Machinery & Equipment
Furniture & Fixtures
Real Estate / Buildings
Total Fixed Assets
Total Assets
Liabilities & Net Worth
Current Liabilities
Accounts Payable
Taxes Payable
Notes Payable (due within 12 months)
Total Current Liabilities
Long-Term Liabilities
Bank Loans Payable (greater than 12 months)
Less: Short-Term Portion
Total Long-Term Liabilities
Total Liabilities
Owners' Equity (Net Worth)
Total Liabilities & Net Worth
Floor Plan
Create a floor plan of the business. What does it look like when you walk through the door?
Hint: When sketching your floor plan, consider where equipment, supplies, and furniture will
be located. Ask your instructor how they would like you to submit the floor plan for your
business.
Raw Materials and Supplies
Explain what types of raw materials and supplies will you need to run your business. How will
you produce your good or service? What equipment do you need? What hours will you operate?
Hint: Refer to the discussion of operations in Chapter 10 for information to get you started.
Quality Assurance
What steps will you take to ensure that the quality of the product or service stays at a high level?
Who will be responsible for maintaining the quality of the product or service (or both)?
Hint: Refer to the discussion of quality improvement and Total Quality Management in Chapter
10 for information to get you started.
PART 4: PRINCIPLES OF MARKETING
Target Market
Describe your target market in terms of age, education level, income, and other demographic
variables.
Hint: Refer to Chapter 12 for more information on the aspects of target marketing and market
segmentation that you may want to consider. Be as detailed as possible about who you think your
customers will be.
Product Features and Benefits
Describe the features and benefits of your product or service.
Hint: As you learned in Chapter 13, a product is a bundle of attributes—features and benefits.
What features does your product have? What does it look like and what does it do? How will
your product benefit the buyer?
Product Differentiation
How will you make your product stand out in the crowd?
Hint: There are many ways to stand out in the crowd, such as a unique product, outstanding
service, or a great location. What makes your “great idea” special? Does it fill an unmet need in
the marketplace? How will you differentiate your product to make sure that it succeeds?
Pricing
What pricing strategy will you choose for your product, and what are the reasons for this
strategy?
Hint: Refer to Chapter 14 for more information on pricing strategies and tactics. Since your
business is new, so is the product. Therefore, you probably want to choose between price
skimming and penetration pricing. Which will you choose, and why?
Place (Distribution) Issues
Where will customers find your product or service? That is, what issues of the distribution mix
should you consider?
Hint: If your business will sell its product directly to consumers, what types of retail stores will
sell your product? If your product will be sold to another business, which channel of distribution
will you use? Refer to Chapter 14 for more information on aspects of distribution you may want
to consider.
Advertising
How will you advertise to your target market? Why have you chosen these forms of
advertisement?
Hint: Marketers use several different advertising media—specific communication devices for
carrying a seller’s message to potential customers—each having its advantages and drawbacks.
Refer to Chapter 13 for a discussion of the types of advertising media you may wish to consider
here.
Promotions
What other methods of promotion will you use, and why?
Hint: There’s more to promotion than simple advertising. Other methods include personal
selling, sales promotions, and publicity and public relations. Refer to the discussion of
promotion in Chapter 13 for ideas on how to promote your product that go beyond just
advertising.
PART 5: MANAGING FINANCIAL ISSUES
Start-Up Costs
How much money will you need to get your business started?
Hint: Refer back to Part 3 of the plan, where you analyzed the costs involved in running your
business. Approximately how much will you need to get your business started?
Financing
How will you finance your business? For example, will you seek out a bank loan? Borrow from
friends? Sell stocks or bonds at the outset, or as your business grows?
Hint: Refer to Chapters 15 and 16 for information on securities such as stocks and bonds.
Refer also to Chapter 4 for more information on sources of short-term and long-term funds.
Executive Summary
Now, create an executive summary for your business plan. The executive summary should be
brief—no more than two pages long—and should cover the following points:
 The name of your business
 Where your business will be located
 The mission of your business
 The product or service you are selling
 Who your ideal customers are
 How your product or business will stand out in the crowd
 Who the owners of the business are and what experience they have
 An overview of the future prospects for your business and industry
Hint: At this point, you’ve already answered all of these questions, so what you need to do here
is put the ideas together into a “snapshot” format. The executive summary is really a sales
pitch—it’s the investor’s first impression of your idea. Therefore, as with all parts of the plan,
write in a clear and professional way. Once you have written the executive summary, copy and
paste it so that it comes at the beginning of your business plan, as the very first element.