Building a Business Plan- Step One

The Product, The Plan, The People

Before you can begin with the nuts and bolts of your business plan you have to establish a few basic pieces of information. Answer the questions below.

  1. What does your business sell or what service does it provide? You must answer this question thoroughly and specifically. This should not exceed two sentences. (Example: The Happy Hoppy Company sells rare breeds of rabbits from all over the world along with care products for the furry friends.)
  1. List three or four objectives your company hopes to achieve. (Example: The Happy Hoppy Company hopes to achieve the following: 1. To be the world’s leader in rare rabbit sales and rabbit care products. 2. To raise awareness about rabbits and how adorable these creatures are. 3. To achieve a net profit by year three.)
  1. Develop a mission statement for your company. This is a concise statement explaining your strategy and competitive advantage. (Example: The Happy Hoppy Company is the world leader in breeding and raising rare rabbits. It is the belief at the HHC that rabbits are some of the best pets an individual or family can own. Through the extensive sharing of information about these beautiful creatures, HHC will help individuals and families recognize just how great rabbits are as pets and help facilitate rabbit adoptions all over the world.)

Now that you have thought through, and specifically written, your business idea it is time to put it into a format that is usable. Rewrite the Company Description portion of your business plan on a blank document using a computer. Save the document as Company Description on a jump drive or some other method such as a cloud drive. Put your name in the footer. Turn into your instructor on the due date.

Example: The Happy Hoppy Company started as hobby for founder Scott Russell. His interest in rare rabbit breeds allowed him to acquire knowledge about various species of rabbits from around the world. While doing this, he realized just how good of pets rabbits are and realized other people were interested in his “happy hoppy” hobby.

Today Happy Hoppy Company is the world leader in the breeding, raising, and care of rare rabbit breeds. It is the belief at the HHC that rabbits are some of the best pets an individual or family can own. Through the extensive sharing of information about these beautiful creatures, HHC will help individuals and families recognize just how great rabbits are as pets and help facilitate rabbit adoptions all over the world.

To accomplish the mission of the company, the HHC will seek to inform and educate individuals and families about the benefits of rabbit ownership. Through this educations, people will recognize how great rabbits are as pets. The HHC will provide the best rabbits and care products for rabbit owners making a profit in three years.