Chapter 20 Preparing for Your Career 593 Copyright Goodheart-Willcox Co., Inc. Detailed Business Plan Your detailed business plan can help you prevent the pitfalls mentioned in the previous section. Figure 20-14 shows a detailed business plan. Use this as a template to create a business plan that is specifi c to the product your company will make. Many sample business plans are also available on the Internet. You may want to look at some of them for more ideas. TITLE PAGE 1. TABLE OF CONTENTS 2. EXECUTIVE SUMMARY (one page maximum) This is the most important part of the business plan. It should include routine information including your company address and a contact phone number. You should also describe: – What you are planning to do and why – Who your customers will be – What facilities you will use – Your fi nancial needs – Your estimate of sales and profi ts 3. DESCRIPTION OF THE COMPANY This section gives a concise description of the purpose of your company. Include the type of product to be made and its unique advantages. Include: – The competitive advantage of your product – Partners or contacts – Clients and suppliers 4. DESCRIPTION OF PERSONNEL AND THEIR SKILLS Describe the personnel who will work in the company: – Functions and special skills of each person/ group – Mentors – Any other support and organizational systems 5. PRODUCT OR SERVICE TO BE PROVIDED Describe the product in detail: – Advantages for the user – Source of materials and supplies – Amount of sales expected – Production, delivery, and servicing 6. FEASIBILITY STUDY Describe the research that has been carried out by the class: – Market niche identifi ed – Market projections and trends – Number of units that could be sold in the local area 7. MARKET ANALYSIS Describe the targeted clients and how you intend to promote sales: – Description of targeted customers – Market size 8. COMPETITION Describe your nearest competitors: – Strengths and weaknesses of competitors – Advantages your company can offer 9. FINANCIAL PROJECTIONS State the actual amounts of money needed: – To start the company (startup costs) – To keep it running month by month (operating costs) – The projected estimate of revenues versus costs – The expected net income 10. MARKETING STRATEGY Describe the proposed sales techniques, including methods of advertising, promotion, campaigning, or presentation 11. FACILITY AND EQUIPMENT Describe the space needed to make the product: – Why the proposed area meet the needs – Any necessary modifi cations – Tools and equipment to be purchased Goodheart-Willcox Publisher Figure 20-14. A template for a detailed business plan.