Small Business Ownership Project

 

Student Name:

 

For this assignment, you will create a simple business plan.  You might want to look at the slides under the American Business Enterprise assignment in the Directory of Assignments for ideas and information.  The slide on Business Ownership provides information on the forms of business ownership, and the slide on Small Business gives some examples of types of small business.

 

Following is an outline of questions you are to answer.  You can copy and paste this document into a Microsoft Word document and edit it from there.  Answer all questions, providing as much detail as you can. 

 

You are going to create a business providing a product or service.  The data you provide does not have to be true, but it should be realistic and make sense.  Your paper will be graded on the thoroughness and detail of your plan.  Your paper should be well organized and readable. Be sure to check your spelling, grammar, punctuation and capitalization.  Make sure your numbers add up—use a Microsoft excel spreadsheet.

 

  1. Type of business:
    1. Sole Proprietorship_____
    2. Partnership_____
    3. Corporation______

 

  1. Why this type of business ownership?

 

  1. What is the product or service provided?

 

  1. Is this a new or existing product or service?

 

  1. What needs does the product or service fill?

 

  1. Describe the target market for this product or service. (e.g., men, women, children, etc)

 

  1. Describe where this product or service will be offered.  (e.g., Internet, store, distributor, wholesale, retail, etc)

 

  1. Explain why you think people will buy your product or service.  What is it about your product or service that will make it successful?

 

  1. Describe how the product or service will be advertised. (e.g., media advertising—radio, TV, newspapers, Internet—word of mouth, etc.)

 

  1. Describe how your business will be financed.  How much money do you need to get started?  How much do you have?  How much do you need to borrow from the bank?

 

  1. How much will you charge for the product or service?

 

  1. How many employees will you need to start the business?  How much will they be paid?

 

  1. Describe and itemize the business expenses you expect to incur. (e.g., supplies, materials, rent, utilities, labor, advertising, etc.)

 

  1. How much profit do you expect to make the first year?

 

  1. Write a separate letter to the bank explaining your business plan.  Your letter will be a request for a business loan at 5% annual interest.  Address your letter to Wachovia Bank, Small Business Loan Division, 105 Chestnut Street, Philadelphia PA 19103.  Your letter should be at least three (3) paragraphs in length.

 

  1. What will be the name of your business?