A business plan is a detailed document that describes what a company wants to achieve, how it plans to do it, and when it hopes to reach those goals. It is like a guide for running the business and is really important for new companies and those that have been around for a while to help make decisions and get funding from investors or banks.

Creating a Business Plan can help you: 

1. Develop Critical Thinking and Planning Skills: Creating a business plan helps you organize your ideas and use both your creativity and analytical thinking to achieve real results. It is not just a task for school; it also gives you the ability to build something from scratch. This experience helps you get better at solving problems and making decisions, skills that will benefit you long after you leave school.
2. Builds an Entrepreneurial Mindset: Working on a business plan helps you develop an entrepreneurial attitude. It gives you a chance to think of creative ideas, learn how businesses work, and see if ideas could actually work in the real world.
3. Prepares for Real-World Business Challenges: You gain practical experience that gets you ready for future careers. It also teaches you about managing money, marketing, and planning operations.

Information

BUSINESS PLAN OUTLINE

1. EXECUTIVE SUMMARY
2. MARKET ANALYSIS
3. PRODUCTS / SERVICES
4. MARKET & SALES
5. FINANCIAL PROJECTION & FUNDING REQUEST

EXECUTIVE SUMMARY

1. Mission statement – a brief description of the business values, goals, and culture.
2. Explain the type of business you would like to start.
3. Focus on what you know about this type of business.
4. Why did you decided to start this type of business?
5. Demonstrate what you have done through the market analysis.

MARKET ANALYSIS

1. Brief description of the business industry you have chosen.
2. Provide information on the target market.
   1. Who will be your customers?
   2. What is your price for the products or services?
   3. Who is your competitor? – Competitive analysis.

PRODUCTS / SERVICES

1. Provide a description and detail of the products or services you are going to sell.

MARKET & SALES

1. What is the market strategy?
2. What will be your business process?
3. What make your business unique from your competition?
4. How are you going to sell your products or services?

FINANCIAL PROJECTION

1. Provide a financial projection on what it will cost to start your business.
2. How much money is needed to get the business started? – (getting off the ground and in operating stage).

 Sample  Business Plan

🚗 Business Plan: Student Used Car Sales Business (Startup Budget: $5,000)

1. Executive Summary

• Mission Statement: To provide affordable, reliable, and quality used vehicles to students and young professionals in Brooklyn, NY, facilitating accessible transportation solutions.

• Business Type: A sole proprietorship specializing in the purchase and resale of pre-owned vehicles.

• Background: As a student passionate about automobiles and entrepreneurship, I aim to leverage my knowledge to offer value-driven car sales.

• Reason for Starting: Identified a market gap where students struggle to find budget-friendly, dependable vehicles.

• Market Analysis Overview: Conducted surveys indicating a high demand for affordable used cars among college students and entry-level professionals in the area.

2. Market Analysis

• Industry Overview: The used car market in Brooklyn is robust, with consistent demand driven by urban commuters seeking cost-effective transportation.

• Target Market:

  • Demographics: Students aged 18-25 and young professionals aged 26-35.

  • Needs: Affordable pricing, reliability, and low maintenance costs.

• Pricing Strategy: Vehicles priced between $3,000 and $7,000 to accommodate budget constraints.

• Competitor Analysis:

  • Local Dealerships: Offer a wide range but often at higher prices.

  • Private Sellers: Lack of trust and limited warranties.

  • Online Platforms: Convenient but can be impersonal and lack local support.

3. Products / Services

• Product Offering: A curated selection of used vehicles, primarily sedans and compact cars known for fuel efficiency and reliability.

• Additional Services:

  • Vehicle history reports provided for transparency.

  • Assistance with registration and insurance processes.

  • Flexible viewing schedules to accommodate student timetables.

4. Market & Sales Strategy

• Marketing Strategy:

  • Utilize social media platforms (Instagram, Facebook) to showcase available inventory.

  • Partner with local colleges for on-campus promotions.

  • Offer referral discounts to encourage word-of-mouth marketing.

• Business Process:

  • Source vehicles from auctions and private sellers.

  • Conduct thorough inspections and necessary maintenance.

  • List vehicles online and schedule test drives.

  • Finalize sales with proper documentation and customer support.

• Unique Selling Proposition: Personalized service tailored to student needs, flexible scheduling, and a focus on affordability without compromising quality.

5. Financial Projection & Funding Request

• Startup Costs:

  • Initial Inventory Purchase: $4,000

  • Business Licensing and Registration: $300

  • Marketing and Advertising: $400

  • Operational Expenses (e.g., insurance, maintenance tools): $300

  • Total: $5,000

• Funding Request: Seeking a $5,000 microloan or grant to cover initial startup costs.

• Revenue Projections:

  • Year 1:

    • Sell 10 vehicles with an average profit margin of $1,000 per vehicle.

    • Total Projected Profit: $10,000

  • Year 2:

    • Increase sales to 20 vehicles.

    • Total Projected Profit: $20,000

• Break-Even Analysis: Anticipate reaching break-even point after selling the first 5 vehicles.

Example business plan provided by the Small Business Administration

1. Traditional business plan example for Wooden Grain Toy Company – https://www.sba.gov/document/support-andrews-business-plan-template-traditional
2. Traditional business plan example for We Can Do It Consulting – https://www.sba.gov/document/support-rebeccas-business-plan-template-traditional

SUPPORT/FEEDBACK

1.  SUPPORT/FEEDBACK
   1. Get help with creating a business plan by submitting your request through the SEEK Academic Support Center (ASC) system. Click here to complete the survey.
   2. For those in AGRO 103 course ( SEEK Career Management Course), you can get feedback from your Professor.
   3. Contact your advisors for assistance –                                                                                                                                                                               Dr. Rebecca Cenatus – rcenatus@mec.cuny.edu                                                                                                                                                             Ms. Takisha Randall – Trandall@mec.cuny.edu                                                                                                                                                                Dr. Jewel James – jjames@mec.cuny.edu
   4. MEC Career Management Center –   Career Management Contact Information                                                                                                    website: https://www.mec.cuny.edu/student-success/career-management/resources/

References

Hayes, A., Kharitit, K., & Velasquez, V. (2024). Business Plan: What It Is, What’s Included, and How to Write One. https://www.investopedia.com/terms/b/business-plan.asp?

Why All Students Should Learn How to Write a Business Plan. (n.d.). from https://educorpus.com/why-all-students-should-learn-how-to-write-a-business-plan/

Write your business plan . (n.d.). from https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan?