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Finance: What is a Business Plan? 6 Views


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Description:

What is a Business Plan? A business plan lays out every aspect of how a business will be started including marketing plans and financing. It’s crucial to have a good business plan when beginning to look for investors so the entrepreneur is able to convince them that their business is a good investment.

Language:
English Language

Transcript

00:00

Finance allah shmoop what is a business plan Well think

00:07

of it like blueprints for building a home or a

00:09

directions for toll house cookie baking or the process for

00:13

howto you know get pregnant let's get down to business

00:17

time anyway A business plan is just the game day

00:20

strategy for how your little garage startup will grow to

00:24

someday be a google or facebook or even little old

00:27

shop You'll describe the product like a pill that cures

00:31

cancer Yep some products are easy to describe Like if

00:35

you actually had a pill that cures cancer while you'd

00:37

pretty much be done you could have a one page

00:39

business plan that just says i have a pill that

00:42

cures cancer Your eight hundred seventy six people on whom

00:45

it has worked Now give me billions of dollars and

00:48

a nobel prize night and you'd be done But if

00:52

you only had a flying car well then you describe

00:55

it well How much weight it khun carrie how fast

00:57

and far it goes how it navigates and avoids crashes

01:01

and how it recharges and stuff like that That's the

01:04

product then there's the place or distribution Like how you

01:08

get the car out to the masses you want to

01:10

sell it to like are you partnering and paying ford

01:14

to stock it in their showrooms Are you leveraging starbucks

01:17

places teo You know showcase it Get buzzed while you

01:21

buzz about that Or do you just have a mail

01:24

order website Customers pay with a credit card and a

01:26

delivery agent applies it to your home You know kind

01:29

of like tesla All right Next up promotion Like how

01:32

do you market your product Or is it just so

01:35

cool that the press writes about it endlessly fawning and

01:39

all that digital ink is free Well if the products

01:43

all over the covers of the new york times and

01:44

yusa today well you're kind of marketed everyone in the

01:47

country knows about it All right Well then there are

01:50

the finances Like how much does a unit cost So

01:54

this is all about price How much is the factory

01:57

that stamps out the carriage The blades of the battery

02:00

Well if you sell a hundred units a month you

02:02

make what What should they be Priced at fifty grand

02:05

Each one hundred two hundred fifty grand if you sell

02:08

Ten thousand a month Well how much do you make

02:10

How much capital do you need thio field all that

02:12

get through your first two years and then how much

02:15

do you need to raise beyond those first two years

02:17

to get to break even profitability and and so on

02:20

Is there a ny po in the future Yeah yeah

02:22

what about that That should be in the plan Well

02:24

there's a lot to figure out a lot of work

02:25

to put together a business plan So you better get 00:02:27.7 --> [endTime] uh you know busy No

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