Assignment 2

Assignment

There are two ways to complete this assignment. One is using a free online tool from the Small Business Administration.  The SBA online tool is no longer available so you will need to look  online to find templates for the week 2 assignment. The link is still  available for information about setting up your business and is a very  good informational link. The other is using Word. It’s your choice. Pick one option and follow it.

Option 1 – SBA Online Tool (Recommended Option)

Go to this site: http://www.sba.gov/business-plan/1 (Links to an external site.). If  the site doesn’t take you to the start page, go to the business plan  info from the SBA in the Readings and Tools and you’ll see a blue square  on the right side that lets you click to start the too. First  you’ll need to register. Your registration will allow you to come back  any time and update your business plan. After you register, you’ll go to  the first screen–your cover letter.

NOTE on Navigation: Near the top of the screen you’ll see options for  the steps. You can jump through in any order. Please remember to click  the “Finish Up” tab before you leave so you can save your work and get a  copy.

1. Cover Letter – This isn’t like a cover letter for a job  application, it’s just a simple cover sheet for your business plan.  Like all of the screens, there is first an introduction. You can read  this or go straight to the cover letter by clicking on the tab “Cover  Letter.” It will ask for info like your business name, your name, and so  on. Just fill in the blanks. Remember, you can change it later if you  want.
2. Executive Summary – This section is not required for this assignment. You’re welcome to get a start on it if you want.
3. Company Description – Like other sections, on the right  hand side you’ll see some info–including examples–to help you  complete this section. From this section we’re really looking to see  your mission statement and business structure.
4. Market Research – This is a critical section of the  plan. Who is your customer? Who are your competitors? What room is there  in the industry for you to fill? How will you distinguish your company?  Are there special requirements you must meet legally or ethically?
5. Product/Service Line – What do you have that makes the business worthwhile?
6. Marketing & Sales – Get a brief start on this for  the assignment but don’t go into a lot of detail. We’ll revisit it after  we go through your financial projections and know what kind of money  you can spend.
7. Financial Projections – Not required for this assignment. It’s coming up next week.
8. Finish Up – If you click “email” it will give you a  link you could use to share the plan with others. If you click “preview”  you will have the option of getting a PDF of your plan. It’s the PDF  you will submit for this assignment.

For the dropbox, submit the PDF of your business plan with the required sections completed.

Option 2 – Word Version

Create the basics of your business plan in Word. You’ll create an  outline and then add in the pieces we ask for below. While it can be  productive–depending on your writing and planning style–to quickly  write at least a little in each section off the top of your head to get  started, for the sections we ask for in assignments, the expectation is  you will put in some real effort, do some research, use a calculator,  whatever is needed to thoroughly respond to that section. The success of  your future business depends heavily on your ability to be thorough and  prepared. We want to help you with that and this document is the  instrument we can use together to accomplish our goal of your successful  business.

Use the headings from option 1 above (1-7) and then fill out sections 1, 3, 4, 5, and some on 6.