Business Plan Template for Revisions

Business Plan Template for Revisionsi A business plan is a work in progress. It is ever evolving and changing. After operating in the market you will realize that changes need to be made to achieve your goal of success; always edit and revise your business plan these changes with your goal in mind. Make revisions to your initial business plan after your marketplace event. 1. Title Page: Double check this information. Has there been a change in the business name, type of ownership, entrepreneurs, or contact information. a. Name of business: __________________________________________ b. Type of ownerships: Sole Proprietorship, Partnership, or Corporation c. Entrepreneur(s) name(s): ___________________________________________ d. Mailing address: ____________________________________________ ____________________________________________ ____________________________________________ e. Telephone number(s): ____________________________________________ f. Today’s date: ____________________________________________ 2. Table of Contents Executive Summary………………………………………………… Page # Business Description ………………………………………………. Page # Business Personnel ………………………………………………… Page # Description of the Market …………………………………………... Page # Marketing Plan ………………………………………………………. Page # Financial Information ………………………………………………... Page # Supporting Information ……………………………………………… Page # 3. Executive Summary: Once you are finished editing your business plan, come back to this section and incorporate all changes that you have made throughout your business plan. ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ 4. Description of Business: Do you need to realign your business purpose or focus? Is your competitive advantage different than you first perceived? Has your good or service changed? a. Purpose of your business: ________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ b. Why your business will be successful: _______________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ c. Where you business will be located: ________________________ d. The opening date: ______________________________________ e. Hours and days of operation: ______________________________ _____________________________________________________ _____________________________________________________ f. Explain and describe the business i. What is the good or service you will offer: _______________ ________________________________________________ ________________________________________________ ________________________________________________ ii. What is your competitive advantage over a similar good or service being offered in your area: ____________________ ________________________________________________ ________________________________________________ ________________________________________________ iii. Picture of your good or service: 5. Business Personnel: After operating, you may realize that you do not need some positions or need to create other positions or realign responsibilities, make those changes here. a. What are the positions of your employees b. What are their responsibilities c. What are their qualifications Position Responsibilities Qualifications Insert Picture Here 6. Description of the Market: Are your customers and competitors who you predicted they would be? If not, make those changes here. If they were, do you know any more specific information about them? a. What is your target market i. Age: ________________ ii. Gender: ______________ iii. Other characteristics: _______________________________ ________________________________________________ ________________________________________________ ________________________________________________ iv. Number of customers in target market: _________________ v. Summary of market surveys: Feel free to include a graphic summary _________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ b. Who is your competition i. Names and types of goods or services they offer: ________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ii. Prices your competition is charging for similar goods or services to what you will offer: _______________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ iii. Explain why your goods or services are different that your competitors: ______________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ 7. Marketing Plan: Reflect on if your marketing strategies were effective. If so, why? If not, how do you plan to make them more effective? a. List benefits of your goods or services to your customer: ________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ b. List marketing strategies you will use to promote your goods or services: ______________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ 8. Financial Information: Recalculate all figures, complete your cash flow plan, and calculate profit (total revenue – total costs). What is the difference between your expected revenue and your actual total revenue generated at your marketplace event? Why is there a difference? Can you continue to operate with this amount of revenue? Does your price need to be adjusted? What other adjustments can you make? a. Calculate Total Cost i. Start up costs: List all expenses needed to start your business ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ii. Initial operating expenses: expenses for the first month of operation ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ b. Calculate Total Expected Revenue (Total Revenue = Price x Quantity Sold) i. Price you will charge for your goods or services: _________ ________________________________________________ ________________________________________________ ________________________________________________ ii. Expected quantity of good or service sold: ______________ ________________________________________________ ________________________________________________ ________________________________________________ c. Cash Flow Plan: documents money going in and out of your business. Example Start Marketplace Event #1 Marketplace Event #2 Cash In List all cash coming into your business Beginning Cash $50 Loan $100 Revenue $0 Other Cash In… Total Cash In $150 Cash Out List all cash coming out of your business Cost of Production $75 Cost of Marketing $25 Cost of Operations $40 Other Cash Out… Total Cash Out $140 End Amount of Cash This amount will be your beginning cash in the next column $10 9. PART VII – Supporting Information: What other information, samples, prototypes, or drawings should you include to help the reviewer understand and have more confidence in your Business Plan. i National 4-H Cooperative Curriculum System, Inc. Be the "E" Entrepreneurship Activity Guide for Middle and High School Youth. 2004.