Answer most or all the questions that apply to your business idea below; you may download and use the Word file and put your answer right below each question. Submit maps to locate your business, or other diagrams as well to improve your mark; make sure to submit before the deadline.

During this course, you should have been thinking about a business idea you are interested in and how you would apply all the things you have learned.

i. Go through the following questions to briefly describe the thoughts of your business plan.

ii. Before you start, clearly decide on what your business idea will be.

iii. Answers should be 2 or 3 lines OR MORE, depends on the question.

iv. Use the internet to get estimates for the numbers that you need to build this plan.

This assignment is your project mark for this course. You may work in groups of up to three. Answer most or all the questions that apply to your business idea below; you may put your answer right below each question. Submit maps or other diagrams as well to improve your mark; make sure to submit before the deadline.

Business Plan Checklist

Key Questions to Answer

During this course, you should have been thinking about a business idea you are interested in and how you would apply all the things you have learned.

1. Go through the following questions to briefly describe the thoughts of your business plan.
2. Before you start, clearly decide on what your business idea will be.
3. Answers should be 2 or 3 lines OR MORE, depends on the question.
4. Use the internet to get estimates for the numbers that you need to build this plan.

1. Executive Summary

1. Why will the business succeed?

2. What do you want to start (or change)?

3. How much money is required?

4. Why is the venture a good risk?

2. Business Description

1. What type of business are you planning?

2. What products or services will you sell?

3. What type of opportunity is it (new, part-time, expansion, seasonal, year-round)?

4. Why does it promise to be successful?

5. What is the growth potential?

6. How is it unique?

3. Marketing

1. Who are your potential customers?

2. How large is the market?

3. Who are your competitors? How are their businesses positioned?

4. How will you price the product or service?

5. What advertising and promotional strategies will you use?

4. Research, Design, and Development

1. Have you carefully described your design or development?

2. What technical assistance have you received?

3. What development needs do you anticipate?

4. What are the costs of development?

5. Manufacturing/Operations

1. Where will the business be located? Why?
2. What are your facilities needs?
3. What are your equipment needs?
4. Are there other needs for production?
5. What activities are required to produce your product or service?
6. Who will be your suppliers?
7. What type of transportation is available?
8. What is the supply of available labor?
9. What will it cost to produce your product or service? Per unit?

6. Organization

1. Who will manage the business?
2. What qualifications do you have?
3. How many employees will you need?
4. How will you structure your organization?
5. What are your plans for employee salaries, wages and benefits?
6. What consultants or specialists will you need? How will you use them?
7. What legal form or ownership will you choose? Why?
8. What licenses and permits will you need?

7. Critical Risks

1. What potential problems could arise?
2. How likely are they?
3. How do you plan to manage these potential problems?

8. Financial

1. What is your total estimated business income for the first year? Monthly for the first year? Quarterly for the second and third years?
2. What will it cost you to open (expand) the business?
3. What will your personal monthly financial needs be?
4. What sales volume will you need in order to make a profit during the first three years?
5. What will be the break-even point?
6. What will be your projected assets, liabilities, and net worth on the day before you expect to open?
7. What are your total financial needs?
8. What are your potential funding sources? How will you spend it?
9. How will the loans be secured?