Understanding the history and background of your company gives you valuable insights as to what to do
Question:
Understanding the history and background of your company gives you valuable insights as to what to do
and what not to do going forward. A brief written summary of the background and history of the
business from start to the current time is helpful to the readers of your business plan whether they are an
investor or other stakeholder (e.g. banker, potential partners, or accountants). It is a part of the strategic
marketing environment in which the company operates or will be operating. In preparation for the rest of
the course, first choose either to write a business plan for a Subway Franchise, or a business of your own
choice - whether a start-up or existing business, then follow the directions for either 1) or 2) below
accordingly.
Write the summary in Microsoft Word and format it according to APA standards.
1. If you have chosen to do the Subway Project: Review the web page from Subway (click on
Subway link) to learn the history and requirements of owning a Subway franchise, this makes up
the information that goes into the section on your business history in your project.
OR
2. If you have chosen to do a business plan on your own business or ministry, or a company you are
familiar with: Write a brief paragraph or two documenting the events that led up to the decision to
go into this business or ministry, this makes up the information that goes into the section on
your business history in your project.
Additional Information:
Prepare a one page paper that describes the nature of your business and the history of your company
and submit it by the due date. Note that this is the first of several assignments in this course that will be
combined to make up your final business plan project.
Side note: It is possible, even likely that your plan will change before your final business plan is
completed. Do not use this as a reason for not completing this portion by the due date.
Other Resources
There are many Internet resources to help you write your business plan. Just for fun, type “how to write a
business plan” into the search box at YouTube.com, or your favorite search engine. You will find dozens
of variations of business plans, and hundreds of experts giving advice. There is really no one right format
to write a business plan because there are so many different types of business ventures. Some are much
more complicated than others in a variety of ways, e.g. financial and ownership structure, logistics and
operations, international ventures, and if licenses are required, and the specific reason for the plan itself
and to whom it will be presented, to name just a few, but there are common sections that need to be
present in all plans.
Link to an additional site with video links for more information: How to Write a Business Plan
Here is what the site has to say about why you need a business plan for your business:
"Your business plan is going to be useful in a number of ways
• First and foremost, it will define and focus your objective using appropriate information and
analysis.
• You can use it as a selling tool in dealing with important relationships including your lenders,
investors and banks.
• Your business plan can uncover omissions and/or weaknesses in your planning process.
• You can use the plan to solicit opinions and advice from people, including those in your intended
field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead
("My Way!") without the benefit of input from experts who could save them a great deal of wear
and tear. "My Way" is a great song, but in practice can result in unnecessary hardships."
Ministry as a Business?
You may be asking, "If I am going to start a ministry that is a non-profit, do I still need a business plan?
The answer is: Yes, for the following reasons*:
1. First and foremost, it will define and focus your objective using appropriate information and
analysis.
2. You can use it as a selling tool in dealing with important relationships including your donors,
foundations, grant-giving institutions and other lenders and banks.
3. Your business plan can uncover omissions and/or weaknesses in your planning process.
4. You can use the plan to solicit opinions and advice from people, including those in your intended
field of ministry, who will freely give you invaluable advice. Too often, entrepreneurs, including
ministry entrepreneurs, forge ahead ("My Way!") without the benefit of input from experts who
could save them a great deal of wear and tear. "My Way" is a great song, but in practice can
result in unnecessary hardships
* Note how similar these are to the reasons to write a business plan for any business! Why do you think
that is?
Entrepreneurial Finance
ISBN: 978-0538478151
4th edition
Authors: J . chris leach, Ronald w. melicher