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Youth Business Central Curriculum

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Modules zip File
http://www.nxlevel.org/
The NxLeveL Instructor Resources password is: Entrepreneurship (case
sensitive).

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Articles tied to Business Plans
Americans Throw Away Food

The BizPlan - Student Business Planning Template is included with the $99 purchase of a YouthBizCentral license.

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Getting Started
Please review the current template. Struck entries will not be displayed on the students page.

Product and Service PlanYour Business Idea
What is the name of your business?

Describe your business idea:

What product do you sell or what service do you provide?
How does it benefit the customer?
- Describe how your business solves a problem or meets a need.

Describe what type of business will you run?

Service, retail, manufacturing.

If you offer multiple products/services, include a list of each item.

If you have conducted market research, include testimonials as well as results from market surveys and focus studies that demonstrate customer's interest in your product or service.

Unique Features and BenefitsIdentify the unique features of the product, such as cost, design, quality, capabilities.

Describe the unique features in terms of benefits to the customer.
- Example: Airbags are a unique feature offered in a car; safety is the benefit in which customers are interested.

Stage of Development
(Product business only - delete/ignore this section if your business is service-oriented)

Is your product finished or are you still developing it?

Provide projected dates for achieving other stages of development.

Production/Manufacturing(Product business only - delete/ignore this section if your business is service-oriented)

Describe the production process.

How much of your product will be produced internally and how much of the production will be subcontracted out?
What are the costs and services involved in subcontracting?

What facilities are needed to run your business?

Home-based, office, retail, manufacturing.

Management and Organization PlanManagement TeamDescribe the management team (If you are operating this business solely, highlight your expertise)

Describe the qualifications - experience, talents, training, and special expertise - of the team.

Board of Directors/Advisory CouncilDescribe who will serve on the board of directors or advisory council.

Identify your support team - list names, job titles, qualifications
- Consider including key advisors, such as accountants, lawyers, bankers.
- Who do you or your family know that understands the basics of running a business?

Marketing PlanIndustry ProfileLocation and Facilities

Describe and explain the location of your business. (example: address, mobile service, building, van, truck, own or rent...)

Current Market

Describe the industry for this product or service
- Consider the national, regional, state and local levels
- Use the Internet to research dollars spent annually and/or units consumed annually in this industry.
Describe whether this is a growth, stable, or declining industry

Industry Trends

What are the trends in the industry?
- How does technology, including the Internet, effect your business?

Seasonality Factors

Describe the special seasons in your industry.
- Does your business depend upon the seasons? For example, lawncare, snow removal, holiday cards, etc.
- Will your business be affected by holiday buying patterns?

Distribution

Describe your existing distribution networks through which your product or service can be sold.
- Are there local retailers willing to sell your product on commission?
- Are there local businesses that would reccommend your product/service to their customers?
How do you plan to get your product or service to your customer?

Competition ProfileDescribe your competitors

Identify your competitive advantage.

How do you compete in these areas:
Note: Use Competitive Matrix chart to compare your business and the competition
- Price
- Quality
- Unique features & benefits
- Distribution
- Marketing/advertising
- Strengths/weaknesses

Customer ProfileDescribe your intended customer.

Consider age, gender, profession, income, geographic location, etc.
May also consider customer psychographics – attitudes, values, belief systems, and social status.

If you have conducted surveys regarding your product or service, include customer testimonials, results from market surveys, feedback from focus groups

Identify an approximate number of potential customers you can expect and identify approximately how much money each customer will spend on your product or service

Pricing ProfileDescribe how you will price your product or service.

Consider developing a pricing sheet for customers showing purchase price, quantity discounts, shipping procedures, billing procedures, and warranties/maintenance contracts.

Advertising/PromotionAdvertising/promotion

Describe how you will advertise and promote your business, i.e. flyers, business cards, word-of-mouth, website plan, trade show, sample products, newspaper article (press release), radio, etc. If you are paying for advertising, include the cost.

Financial PlanAssumptionsStart-up Costs

List everything that you need in order to start your business and the cost associated with each item.

Capital Requirements

Explain how much cash the business needs and from what sources the cash will be obtained.
- Owner investment
- Outside investment
- Loans
Payback Plan

Sales

Describe an average "sale" for your business. Forecast your sales, taking into consideration variances between each of the months (why will you sell more one month than another – season, heavy marketing, exposure, repeat business, etc.).

Financial ProjectionsDescribe how much profit your business will make and the cash position for your company.

Refer to your monthly and six-month income statement & your six-month cash flow projection. Include income statements and cash flow projection in business plan.

Monitoring and MeasuringMonitoring & MeasuringDescribe how will you know whether you met your sales, communications, market penetration and profit objectives

Describe what your contingency plan is to evaluate your operation. You may want to use a specific time frame such as 3 months, 6 months, 1 year, etc. (Titles to the table may be changed for customizing your plan)

Identify which areas of your business you intend to measure, how you will monitor your success, and describe your contingency plan of action if a business area measures below average.

Exit StrategyExit StrategyPlan time of business closure, select a future date because you have many steps yet to accomplish

Tax implications: contact a tax consultant to find the current tax implications that best address you present situation. Set up a plan of action that needs to take place, identify specific dates so your goals are met.

Legal notification of closure, confer with your lawyer as to the course of action needed to be taken. i.e: in selling the business, in gifting the business, in dissolving partnership, in selling business shares. etc.

Identify action steps that need to take place
Identify specific dates of meetings or deadlines
Identify people involved
List important papers needed
Identify letters that need to be written and to who declaring closure of your business

Distribution of Assets

Create an inventory list of assets owned, include the amount and their dollar value.
Identify what course of action you will be taking with each item.
(Example: sell, gift, trade, auction, throw it out, etc.)
- Create a list of individuals who need to be contacted:
  Realtor, Auctioneer, Dealer, Trash Disposal, etc.

Will there be a transition of ownership?

If there is to be a transition of ownership:
- List all documents needed
- Bring all Financial Statements up to date
- Identify who do you need to contact? Lawyer, Realtor, Banker, Individual(s) involved?
- Identify the steps of action needed to take place throughout the transitioning plan.
- Identify a time line for the action steps.

AppendixDocuments to AttachAttatch your resume, net worth statement, income statement, cash flow projection, break even analysis, and financial analysis.

Executive SummaryYour Executive Summary*Note - The Executive Summary is often the last part of the business plan written. It is a summary of your buiness plan. Investors use the Executive Summary as a quick way to evaluate business ideas. The Executive Summary needs to catch their attention and make them WANT to read more.

*Note - If your business is already operational, you should include the history of your business, an overview of your marketing efforts, and a summary of sales and profits.

Overview of your business idea.

Promote what is unique about your business idea.

Describe key management personnel, including skills and experience - What makes you/your team qualified to start this business?

If you have any advisors (parents, family, friends) with skills that will benefit you, list them here.

Describe your target market

Who is your customer and what are their needs?
How will you get your product/service into the hands of your customers?
Identify major competitors, list their strengths and weaknesses.

Financing Strategy

How much money do you need to start your business?
How much money can you invest in your business?
How do you plan to raise money and what is your plan for paying the money back to investors?

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