Part 1. Introduction

BUSINESS NAME
WHAT IS THE NAME OF YOUR BUSINESS?
HINT: WHEN DECIDING ON A NAME FOR YOUR BUSINESS, MAKE SURE IT CAPTURES THE SPIRIT OF THE BUSINESS YOU’RE CREATING. ALSO REFER TO THE BIZCHAT BOX IN CHAPTER 5 FOR TIPS ON NAMING YOUR BUSINESS.

Note to students: Once you have inserted your answers in this template, delete the questions and the hints provided and leave just the headings so that your business plan will look more professional.

Description of Business
WHAT WILL YOUR BUSINESS DO?
HINT: IMAGINE THAT YOU’RE EXPLAINING YOUR BUSINESS TO A FAMILY MEMBER OR A FRIEND. IT SHOULD BE EASY TO EXPLAIN AND USE 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 FORMS OF BUSINESS OWNERSHIP, REFER TO CHAPTER 5.

Ideal Customer
DESCRIBE YOUR IDEAL CUSTOMER. WHAT ARE THEY LIKE IN TERMS OF AGE, INCOME LEVEL, AND SO ON?
HINT: YOU DON’T HAVE TO GO INTO TOO MUCH DETAIL IN THIS PART OF THE PLAN; YOU’LL PROVIDE MORE DETAILS ABOUT CUSTOMERS AND MARKETING IN LATER PARTS. FOR NOW, SIMPLY OUTLINE WHAT KIND OF CUSTOMER YOUR PRODUCT OR SERVICE WILL BEST FIT.

Company Advantages
WHY WILL CUSTOMERS CHOOSE TO BUY FROM YOUR BUSINESS INSTEAD OF YOUR COMPETITION?
HINT: DESCRIBE WHAT WILL BE UNIQUE ABOUT YOUR BUSINESS. FOR EXAMPLE, IS THE PRODUCT SPECIAL, WILL CUSTOMER SERVICE BE EXCEPTIONAL, OR WILL YOUR PRICE BE LOWER?

Part 2. The Company and Management Team

THE MISSION STATEMENT

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 HOW YOU WILL STAND OUT FROM YOUR COMPETITION AND WHY A CUSTOMER WILL BUY FROM YOU.

Ethical Issues