Business plans

• Identifying Business Opportunities

  A chance to create a new business or improve an existing one. Can be a gap in the market, changing trend, or new technology.
• Developing a Business Plan


  A written document outlining goals, objectives, and strategies of a business. Helps clarify ideas, establish direction, and provides a roadmap for success.
• What should you look for when identifying business opportunities?

  Unmet market needs or gaps in the local area
• Why is it important to consider services that help other businesses?

  They can create additional revenue streams
• How can new marketplaces help in business opportunities?

  They allow businesses to reach customers more effectively
• What is a key aspect of developing innovative products or services?

  Improving existing products or services
• What are the main components of a business plan?

  1. Overview/Executive Summary
  2. Marketing Plan
  3. Operations Plan
  4. Human Resources Plan
  5. Financial Plan
• What does the Overview/Executive Summary of a business plan describe?

  The business idea, strategies, and financial needs
• What is the purpose of the Marketing Plan in a business plan?

  To identify market size, customer needs, and competition
• What does the Operations Plan detail?

  Location, production methods, equipment, and costs
• What is included in the Human Resources Plan?

  Employee requirements, skills, and management team
• What are the components of the Financial Plan in a business plan?

  • Sales forecast
  • Cash flow forecast for the first year
  • Profit and loss and balance forecast
  • Break-even analysis
  • Sources of finance
• What is one benefit of having a business plan?

  It provides clear instructions and objectives for running the business
• How does a business plan help in monitoring progress?

  It helps manage cash flow and track objectives
• Why is a business plan essential for attracting investors?

  It provides a structured overview of the business and its needs
• What is a drawback of conducting market research for a business plan?

  It can be costly and time-consuming
• What is a potential issue with predictions made in a business plan?

  They may be unreliable, leading to inaccurate plans
• What can unachievable objectives in a business plan lead to?

  False hope and potential failure
• How might experienced entrepreneurs operate without detailed plans?

  They may struggle to grow without forward planning