Business Plan: A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals.

Your group will create and justify a new business.  You must choose a business that will not require more than  $10,000 to start.  You will be given a list of high growth service operations to help you choose.  It will be your duty to develop a detailed explanation of your business.  In it you must include the following:

For the business/category that you selected:

1. Business Description

An overview of the kind of business that you will start, its mission, and how you intend to go about making your business a success.

2. Marketing Plan

Identify the target market for your offerings and strategies you will use to generate customers.
Include demographic information about your customer base.
i.  Describe your specific products or services
ii.  Identify the location for your business and why you chose it
iii. Describe how you will promote your business
iv. Identify the price you will charge.  Keep in mind that is must be enough to cover all of your costs and provide for a profit.  In addition, it must be an amount your customers will be willing to pay. Be realistic.

3. Competitive Analysis

Identify specific key competitors and their strengths and weaknesses.  Also identify how your business will work where others have failed.

In addition, select a name.  Think about the image that you'd like your business name to convey.  Make sure the business name says something about your business and the specific products or services you provide.  Create a name that is ear-catching as well as eye-catching.

You must provide a written description of each of these aspects of your business. In addition, you must provide a formal presentation of your concept.  Each group member must participate in the presentation all aspects of the group effort.  The paper will be due on the date of your presentation, during the tenth week of the quarter.  You must keep a log of all meetings, the time and date, and who attended.

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Last updated March 30, 2000