Course Title: Small Business Management – MGT120 Project Rationale:

Course Title: Small Business Management – MGT120
< Project Rationale: The purpose of this 5 page paper is to gain a rudimentary understanding of all the elements in the writing of a business plan. This type of plans provides a detailed blueprint for the activities needed to finance the business, develop the product, market it, and otherwise manage the new business. Business plans are also used for planning the continuing operations of a firm. The guidelines, expectations, and format for the paper are clearly defined below.  For purposes of this project, all the sections noted below will only require three to four paragraphs of information. You are required to submit the paper, via the Business Plan Dropbox in D2L. < REQUIRED MATERIALS & TECHNICAL REQUIREMENTS: < Textbook, Internet Access, Computer and Word Processing Skills < Learning Outcomes: < *Learn why planning is so important for a small business < *Understand the role of financial planning < *Understand the role of strategic planning < *Determine the best legal structure for the firm < *Identify the difference between variable and fixed expenses < *Understand all the components that comprise a business plan < The following must be included in this paper: < 1: The Cover Sheet – Should include the business name, address, and phone number (last two are optional), the name and title of the principals (your name) and the date the plan was prepared. < 2: Table of Contents – Use an outline format so that the reader has an overview of the plan. < 3. The Executive Summary – A brief statement of the purpose of the plan. It should include a brief description of your major objectives, products, marketing strategy, and financial objectives. < 4. History of the Business – Should include a brief discussion of how the idea for the business, or product, originated and what has been done to develop the idea up to this point. < 5. Description of the Business – This is where you define your business as you see it. You should answer such questions as: What business am I in? What services do I provide? < 6. Description of the Market – You should try to answer such questions as: Where is my market? What is my sales strategy? Who constitutes my target market? Also, briefly note the names of your competition and any weaknesses that you can exploit. < 7. Description of the Products – This category should describe your existing or planned products, including services to be performed as well as goods to be produced. Note if you hold any patents or patents pending, trademarks, and copyrights. < 8. Ownership and Management Structure – Describe the owners by name and title, some detail about their experience and expertise and what roles they will play in the firm. < 9. Objectives and Goals – Under this topic, tell me your Vision and Mission Statement. Separately, in a SWOT analysis, cite two points under each category that could impact your company. < 10. Financial Analyses – In this section, list the various main and sub-categories that you would find on an Income Statement for your business. Next to the categories that are expenses, note whether they are fixed or variable expenses as discussed in the text. Additionally, define a Balance Sheet and the two primary categories that one would see on this document. Finally, explain the purpose of a Cash Flow Budget. < 11. Reference page – You must have at least three references one of which may be your text. < Thoroughly read Chapter 6 and Workbook for Developing a Successful Business Plan (starting pg. 418) in the text. < Paper Points – 200 pts (35% of your grade) < You will be evaluated on the following: < Length of your paper – 5 pages. This number does not include a separate cover sheet and a reference page. < Use Word 12 pt type. < You must use at least 3 sources (your book can be one source) < Grammar & Spelling < Content & Readability < Knowledge of the subject matter < How well you address the required information in each section < Double Spaced