As you have learned a business plan is a critical component of launching or restructuring a business. You have listed some questions regarding the assigned scenario. A business plan is a detailed outline of your product and service line, how much money you have to invest and the projected return on the investment.
? Explain why Kyle and Chad need a business plan, and what are some of the important factors of a business plan?
Particularly because Kyle and Chad are small business owners seeking to expand their business, a business plan is essential not simply for securing a loan to finance growth but to serve as a guide to reach their goals.
Some of the important factors in a business plan include an Executive Summary, business description, market analysis, financial components and operations and management section. I will outline the purpose of each section in the next question.
? Prepare an outline of the elements you would recommend these two young entrepreneurs include in their business plan.
The following elements should be included in the business plan; Executive summary, business description, market analysis, financial components and operations and management.
The Executive Summary should explain what you are asking for. The statement should be no more than a half page in length and should clearly communicate the amount of money being requested. A brief overview of the product or service should be indicated as well as the market it will serve. What will be sold, to whom and how the company proposes to compete with other ...