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Essay Available:
Pages:
8 pages/β‰ˆ2200 words
Sources:
4 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 34.56
Topic:

Business Plan Writing Assignment Well-Wood Furniture

Essay Instructions:

Option #1: The Business Plan
Consider your chosen entrepreneurial opportunity. Using the template, write a business plan for the opportunity. Address all sections as described in the plan.
Your paper should meet the following requirements:
8-10 pages in length
Formatted according to CSU-Global Guide to Writing and APA Requirements
Include a minimum of 3 sources
Business Plan Template—Entrepreneurial Opportunity
Executive Summary (1 page)
The executive summary is an overview of the business plan that is written last, after the other sections of the plan are complete. It explains what your company is, where you want to take it, and why your business will be successful. The executive summary should address the following:
Brief company description
Products/services
Future plans
Marketing
Organization
Finances
Company Description (1-3 pages)
The company description explains what the company does, how it will be structured, and what differentiates it from others in the market. The company description should address the following:
What is the product/service being sold?
Why was this product chosen?
What is the intended market?
Are there intellectual property issues? If so, how will they be addressed?
What legal form will the business take? Why?
What competitive advantage does the company have?
Marketing Plan (2-4 pages)
The marketing plan presents evidence that there is a market for the product/service and details the marketing strategies that will be used to get the product/service sold. The marketing plan should address the following:
What does the industry analysis show regarding the market environment that will affect marketing strategy?
What is the definition of the market?
What is the competition?
What competitive advantage can the business capitalize on?
What are the goals and objectives of the marketing strategy?
How will the goals and objectives be achieved?
Organization Plan (2-4 pages)
The organization plan details the structure of the company, including who does what. It also details how the organization will be managed. The organization plan should address the following:
What is the organizational structure? (Include an organization chart.)
How will communication flow within the company?
How will jobs be defined?
What is the company's mission/vision?
What goals and objectives does the company have and how will they be measured?
How will the company's human resources be managed with respect to rewards, selection criteria, and training?
Financial Plan (2-4 pages)
The financial plan demonstrates that the market research has resulted in financial projections that suggest a successful start-up. Actual dollar amounts are not needed. Realistic estimates can be used or dollar amounts can be taken from existing tables in the text. The financial plan should address the following:
What assumptions is the financial plan based on?
Prepare a three-year pro forma income statement. What does it tell the entrepreneur?
Prepare a three-year pro forma cash flow. What does it tell the entrepreneur?
Prepare an end of first year balance sheet. What does it show?
What is the break-even analysis for the company? How did you arrive at that point?
What sources of funds should the entrepreneur pursue? Why?
Assumptions and Limitations (1 page)
In the process of writing the business plan, you did not always have the detailed information you wanted/needed, and therefore you had to make assumptions. You also encountered limitations where certain criteria or expectations could not be met. Present those assumptions and limitations by addressing the following:
What assumptions were made?
What information did you base your assumptions on, and where did you extrapolate it from?
Build a case for your interpretation of the extrapolated information
What criteria or expectations posed limitations to the plan?
How did you work within those limitations?

Essay Sample Content Preview:

Business plan: Well-Wood Furniture
Name
Institutional affiliation
Business plan: Well-Wood Furniture
Introduction
The implementation of a business plan is very significant for the success of any organization. This is a business plan for a new small business that will concentrate on the production of furniture. The company already has a registered name which is ‘Well-Wood Furniture.' There is a business gap in the market whereby most furniture shops are closing down or diverting to other products. They fail to recognize the increasing need for furniture especially with the population rate on the rise.
Executive summary
The company will focus its attention on the production of furniture material, for instance, making couches, beds and other small furniture. It will be locally based because of the high cost of production outside the state. A recently concluded research suggests that the production cost in foreign countries is cheaper but only when done in large quantities (Huenteler, Niebuhr & Schmidt, 2016). Since this is a small start-up business, the production cost is cheaper when done locally. The plans are to make the company a big player in the industry. It is not easy for a small company to enter the market and rise to become a big player in the industry due to some reasons for instance competition and poor management skills. For this reason, the plan will incorporate some marketing strategies that will boost the performance of the firm. One strategy to be exerted by the business is advertising. An advertising campaign will be launched to introduce the company in the market. It will be targeting the customers who are projected to be mainly people with families.
People need furniture more than they realize and once they relocate to a new home, they usually want to make some adjustments. For example, get rid of the items in that house and replace them. The sources of financing for the business are loans from the bank, personal savings, and donations from well-wishers. The source of funding for any business is critical because it limits the scope within which one can operate. The business will be well organized with a transformational type of leadership. This is because the owner has a passion for furniture design and has more than ten years of experience in the industry, having been a previous employee of a big corporation in the industry. This product was chosen for a couple of reasons; one is that the owner or the entrepreneur has extensive knowledge in the industry and is passionate about innovation. Most of the successful businesses were initially driven by passion. It is the passion that motivates the individual to go on even during hard times or times of crisis (Bhattacharya, 2011).
Marketing plan
Most furniture stores that existed in the past are all diverting from the sale of furniture. This is because of technological advancements which have led to the introduction of other tools to replace the common day furniture. However, people are still interested in furniture as they cannot do without it, for instance, one is uncomfortable when sleeping on the floor compared to when sleeping on a couch or bed. Today the market is crowded as companies have not yet realized the thirst for furniture...
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