Entrepreneurship
Business Plan
Section 1-Executive Summary
• Type of Business
• Brief description of your
major/service involved.
Section 2-Description and Analysis of
the Business Situation
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Self-analysis: Resume
Trading are analysis: geographic, demographic, and
economic areas; competitive advantages of proposed
business over competition
Customer analysis: target market: income, sex, age,
family size, family life cycle, occupation, education,
ethnicity, social class, psychographics, (picture of your
costumer)
Analysis of location: address, traffic patterns, parking
spaces, availability, square footage (size), and cost
Proposed organization: type of ownership: sole
proprietorship, partnership, corporation; steps in
starting to form the business; planned personnel
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Section 3-Prosoped
Marketing/Promotion Plan
Proposed product or service: equipment and
potential suppliers or manufacturing plans. Five
items prepared from the menu.
Proposed pricing policy: Menu
Promotional activities:
Personal promotion: non-media sales plan (how
will customer be greeted, waited on, etc), staffing
(how will they be dressed, provide a picture or
sketch of the uniform), and merchandising appeal
(what will establishment look like, provide a floor
plan) Non-personal promotion: media (newspaper,
TV, billboard, radio, etc, provide a copy), basic
appeal, and initial promotion plan (grand opening).
Place: channel of distribution from manufacturer or
service provided to consumer
Section 4-Proposed Financing Plan
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Projected income/cash flow statement:
projected budget describing income and
expenditures for the first year. What is your
start-up cost to open your business?
Personal/internal capital: earnings, borrowing,
long-term equity
External capital: short-term and long-term
borrowing, long-term equity
Repayment plan: plan to repay borrowed
funds or provide return on investment to equity
funds
Section 1-Executive Summary
• Type of Business
• Brief description of your
major/service involved
Section 2-Description and Analysis
of the Business Situation
Resume
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Purpose: Introduce yourself to an employer
Focus attention on your qualifications and accomplishments
Goal is to create interest so that you are called for an interview
Resume is your marketing tool and should tell the employer:
Who you are
What you know
What you have done
Tracks and organizes you employment history
Account for all time periods
Print on standard letter size, white or ivory rag paper
Include your significant contribution at each position
References
Resume
Name
Address
City, State, Zip Code
E-mail Address
State and Local Academic Awards
Athletic Honors
School Activities
Community Service
Work Experience
References
Name
Title
Company
Mailing Address
City State Zip Code
Work Phone
Other: Cell or Home
Resume
Francis Panther
100 Panther Drive
Franklin, NC 28734
frpanther@msn.com
State and Local Academic Awards
Honor Roll 9,10,11,12
Athletic Honors
Lettered in Softball 9
State Championship Participant for Swimming 11
Set School Record for Swimming 11
Captain for Volleyball 10, 12
Athletic Award for Volleyball 9,10,12
School Activities
Monogram Club 9,10,11,12
Students Against Destructive Decisions 9,10,11,12
Fellowship of Christian Athletes 9,10,11,12
Student Earth Foundation 9, 10, 11
Teachers of Tomorrow 12
Chess Club 9
Foreign Language Club 11
Community Service
Volunteer at Murphy Medical Center 9 (30
hours)
Middle School Basketball Stats 9 (45 hours)
Softball Manger 9 (207 hours)
Middle School Basketball Stats 10 (55
hours)
Special Olympics 11, 12 (30 hours)
Work Experience
Cashier, Ingles 11,12
Waitress, Chatuge Cove Marina 10, 11, 12
Sales Associate, Mountain Valley Country
Store 12
Trading Area Analysis
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Geographic: Macon County, Franklin
Demographics: See U. S. Census
Economic areas: See U. S. Census
Competitive advantages of proposed
business over competition (price, location,
service, atmosphere, etc.)
Customer Analysis
Target Market:
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Income
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Sex
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Age
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Family size
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Family life cycle
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Occupation
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Education
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Ethnicity
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Social class
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Psychographics
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(Picture of Your Customer)
Analysis of Location
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Address
Traffic Patterns
Parking Spaces
Availability
Square Footage (size)
Cost
Proposed Organization
Type of Ownerships
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Sole Proprietorship
Owner is only one responsible for the
business activities
76% of all business in the US are this.
Only one who receives profits
Liability: one responsible for money
owed to other
Proposed Organization
Type of Ownerships
Sole Proprietorship
• Advantages:
• Easy and inexpensive to create
• Compete authority over all business activities and
receives all the profits
• Least regulated form of ownership
• Business itself pays no taxes because it is not separate
from the owner
• Income is taxed a the personal rate of the owner
• Personal tax rate is often lower than other forms of
ownership
Proposed Organization
Type of Ownerships
Sole Proprietorship
Disadvantages:
• Financial
• Unlimited Liability responsible of all debts and actions of
the business.
• Debts incurred have to be paid from the owners’
personal assets. Example, owner's home, car, and bank
account could all be at risk.
• Difficult to raise capital because owner may not have
sufficient assets to qualify for a loan.
• Owner may be limited to abilities and skills.
• Death of the owner automatically dissolves the business.
Proposed Organization
Type of Ownerships
Partnerships
• More than one person shares the
business decisions and outcomes.
• Share the assists, liabilities, and
profits.
Proposed Organization
Type of Ownerships
Partnership
Advantages:
• Scrambler and Stabilizer
• Inexpensive to create
• General partners have compete control
• Share ideas and secure investment capital
more easily and in greater amounts
Proposed Organization
Type of Ownerships
Partnership
Disadvantages:
• Very difficult to dissolve on partner’s interest in
the business without dissolving the partnership.
• Personality conflicts
• Disagreements about authority
• Roles are not clearly defined.
• Bound by the laws of agency, they can be held
liable for each other’s action. If not the business
can be sued for breach of contract.
Proposed Organization
Type of Ownerships
Partnership
Do the following to survive.
• Share business responsibilities
• Put things in writing
• Establish partnership agreement
• Always be honest about how the business
is doing
• Consult an attorney
Proposed Organization
Type of Ownerships
Corporation
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Chartered, or registered by a sate.
Legally operate apart from its owner or owners
Lives on after the owners have sold their interest or pass away.
Protects the entrepreneur from being sued for actions and debts of
the corporation.
Complex to create and operate
Ask an attorney to guide you through the incorporation process.
This includes filing a Certificate of Incorporation with the state and
issuing stock.
Stock certificates indicate the amount of equity, or ownership, ach
investor has in the business.
Required Board of Directors
Proposed Organization
Type of Ownerships
C-Corporation
Advantages:
• Raises money by issuing share of stock
• Common stocks has voting rights
• Preferred Stock are first to receive their
investment back in case of business failure.
• Limited Liability: owners are liable only up to the
amount of their individual investments.
• Can create pension and retirement funds
• Can offer profit sharing plans to their employees.
Proposed Organization
Type of Ownerships
C-Corporation
Disadvantages:
• Expensive to set up
• Income is more heavily taxed
• Pays taxes on its profits
• From these profits, it pays its stockholders
earnings, or dividends
• Stockholders must pay income taxes on their
dividends
Proposed Organization
Type of Ownerships
Subchapter S Corporation
• Avoid double taxation of a C- Corporation
• Taxed like a sole proprietorship or
partnership
• Profits pass through the corporation and
are taxed only once
Proposed Organization
Steps in Starting to Form the Business
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Environmental Health Service
www.maconnc.org
FOOD ESTABLISHMENT PLAN REVIEW
APPLICATION
$100.00/$200.OO
Zoning
Business Application
www.franklinnc.com
Ordinance
APPLICATION FOR BUSINESS LISCENSE
$42.50 Miscellaneous $25.00
Proposed Organization
Steps in Starting to Form the Business
• County Deed Office
Assume Name
$14.00
• State Department of Revenue
1-877-252-3052
• Planned Personnel
Full-time
Part-time
Section 3-Prosoped
Marketing/Promotion Plan
Proposed Product or Service
• Equipment
• Potential suppliers or
manufacturing plans.
• Five items prepared from the
menu.
Proposed Pricing Policy
• Menu
Promotional Activities
Personal Promotion
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Non-media sales plan: how will the
customer be greeted, waited on, etc.
– Staffing: how will they be dressed, provide a
picture of sketch of the uniform
– Merchandising appeal: what will
establishment look like, provide a floor plan
Promotional Activities
Non-personal Promotion
• Media: newspaper, TV, billboard, radio,
etc, (provide an example), basic appeal,
and initial promotion plan (grand opening).
Place
• Channel of distribution from
manufacturer or service provided to
consumer
Section 4-Proposed Financing Plan
Projected Income/Cash Flow
Statement
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Projected budget describing income and
expenditures for the first year.
What is the start-up cost to open your
business?
Start-Up Cost
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Salaries
Advertising
Equipment
Rent
Utilities
Insurance
Telephone
Miscellaneous general expense (MRO)