Venture capitalists are asked deciding whether or not to fund new venture what to be considered carefully, they respond the quality of team and business plans.
Business plan is a essential component to direct whole efforts towards goals and tool to measure performance with goals. Constructing business plan for new venture is a learning experience as it requires comprehensive view of organisational ,financial, marketing, sales,legal ,operation and IT.
Business plans of new venture provides image of its operations and the efficiency of its management to outsiders. A clear and understandable business plan is effective to raise funds through investors and in administrating plans for owner as well as the team which establishes a viable business.
Selecting a business venture
Write a business plan for one of the two ventures:
Option A: expanding one store to two store operations
Assume you run a business in lobby of building which occupies 1000 square feet of space You spend fifty hours and two employees who spends thirty hours at store. Your annual revenue are between$150000-$300000. You sell products in mixed packages according to the preference of occupants including snacks,newspaper, wrapped sandwiches and small gifts.
A new office building is establised near the one you occupied. You wish and intend to start your business and build chain of stores in that which you are gonna named Buster's. Now you need to develop a business plan and financial requirements for the expansion and the sources from where you can arrange the funds. Write a business plan for the proposed venture.
Option: B Establishing Nerd Patrol, a computer service company
John Robbins, Mary Singh and Nabil Quresh are best friends. John and Mary are computer science majors and after graduation work as system engineers and got fully certified in Microsoft and oracle software products, while Nabil done business administration and worked as sales staff in software engineering service company.
Five year later they all come up with the idea to provide computer and networking services to all individuals and small businesses which includes hardware and software upgrades, hardware repairs, debugging. They call their service Nerd Patrol.
They have various business plans some involve low start-up cost and other high start-up cost identity strategy and develop business plan for their new setup.
1) Introduction and brief description of the venture
2) Owner of business and key players
a)Owner's- Role and qualifications
c)Management team- Role and qualifications
d)Employees- Role and qualifications
e)Contractors/Vendors- Role and responsibilities
a) Anticipated operating costs
b)Anticipated investment requirements