business plan

• What is a business plan?


  A document that provides details about each element of a business
• Why does an entrepreneur create a business plan?


  To consider all the different elements of their business
• What are the main sections of a business plan?

  • Business idea
  • Aims and objectives (using SMART principles)
  • Target market (determined through market research)
  • Revenue forecast
  • Projected costs and profit
  • Cash flow forecast
  • Sources of finance (long-term and short-term)
  • Location
  • Marketing mix (the four Ps: product, price, place, promotion)
• What is typically the first section of a business plan?


  The business idea
• What does SMART stand for in the context of business aims and objectives?


  Specific, Measurable, Achievable, Relevant, Time-bound
• How is the target market determined in a business plan?


  Through market research
• What is included in a revenue forecast?


  Estimates of future sales revenue
• What does a cash flow forecast represent?


  Projected inflows and outflows of cash over a period
• What are the two types of finance mentioned in a business plan?

  Long-term and short-term finance
• Why is the location important in a business plan?


  It determines where the business will operate
• What are the four Ps in the marketing mix?


  Product, Price, Place, Promotion