This is illustrated by the following graphic. Task Development of a business plan Students are given a case study describing a potential business owner and their idea. The students are required to develop a section of a business plan advising the potential owner of a suitable location for their business including marker research and compliance with the legal and government regulations. The students are required to research the location and justify their recommendation referencing evidence.
In the Products and Services section of your business plan, you will clearly describe--yep--the products and services your business will provide. Use simple terms and avoid industry buzzwords so your readers can easily understand.
On the other hand, describing how the company's products and services will differ from the competition is critical. So is describing why your products and services are needed if no market currently exists.
For example, before there was Federal Express, overnight delivery was a niche business served by small companies. FedEx had to define the opportunity for a new, large-scale service and justify why customers needed--and would actually use--that service.
Patents, copyrights, and trademarks you own or have applied for should also be listed in this section. Depending on the nature of your business, your Products and Services section could be very long or relatively short. If your business is product-focused, you will want to spend more time describing those products.
If you plan to sell a commodity item and the key to your success lies in, say, competitive pricing, you probably don't need to provide significant product detail. Or if you plan to sell a commodity readily available in a variety of outlets, the key to your business may not be the commodity itself but your ability to market in a more cost-effective way than your competition.
But if you're creating a new product or servicemake sure you thoroughly explain the nature of the product, its uses, and its value, etc. Key questions to answer: Are products or services in development or existing and on the market?
What is the timeline for bringing new products and services to market? What makes your products or services different?
Are there competitive advantages compared with offerings from other competitors? Are there competitive disadvantages you will need to overcome? And if so, how? Is price an issue? Will your operating costs be low enough to allow a reasonable profit margin?
How will you acquire your products? Are you the manufacturer? Do you assemble products using components provided by others? Do you purchase products from suppliers or wholesalers?
If your business takes off, is a steady supply of products available? In the cycling rental business example we've been using, products and services could be a relatively simple section to complete or it could be fairly involved. If Blue Mountain Cycling Rentals plans to market itself as a provider of high-end bikes, describing those bikes--and the sources for those bikes--is important, since "high-end cycling rentals" is intended to be a market differentiation.
If the company plans to be the low-cost provider, then describing specific brands of equipment is probably not necessary. Also, keep in mind that if a supplier runs out of capacity--or goes out of business altogether--you may not have a sufficient supply to meet your demand.
Plan to set up multiple vendor or supplier relationships, and describe those relationships fully.Developing a Business Plan When launching a business, one of the most important first steps is to write a business plan. A good business plan will help you answer important questions, such as the value of your idea, potential market opportunity, and costs associated with everything from production to .
Students develop a business plan for a retail or service business that they are personally interested in starting. Each student will be responsible for all portions of the comprehensive plan that covers everything, including Executive Summary, Business Description, writing a mission statement, developing the marketing plan, etc.
ALL SHOULD HAVE-- Code of Ethics, Resume, Cover Page, Floor Plan. Marketing plan is ashio-midori.comss Plan Grading Rubric Evaluation Dimensions Needs Improvement 1 Performance Rating Acceptable 2 Exemplary 3 Business plan describes major characteristics of the industry.
but is missing a few minor elements. and fully describes niche in which the company will operate. does not present a compelling . Marketing of the business was thoroughly discussed including the identification of the target market and how they will be reached, customer needs and product characteristics, pricing, distribution, promotion.
PRESENTING YOUR BUSINESS PLAN: EVALUATION RUBRIC Team Members: _____ Total Points: _____ Grading Criteria Excellent 4 points Good 3 points Fair 2 points Inadequate 1 point Executive Summary Summary generated excitement, was brief, provided an overview of the farm, and outlined main points.
Turning a small business into a big one is never easy. The statistics are grim. Research suggests that only one-tenth of 1 percent of companies will ever reach $ million in annual revenue.