Business Plan FormatDue February 9th, 2012Mrs. Martin for Ms. Grady

How many man hours are needed to provide your product or service?

Can you do this completely on your own? If not, what type of help will you need and

why?◦ Time it takes to perform service/create product?◦ Skills you do/don’t possess?◦ Is it more cost effective to hire someone else as

opposed to renting or investing in the equipment you need?

Will You Have People Working for You?

What are your hours of operation? Do you have an office that will need staff

other than you?◦ Accountant?◦ Lawyer?◦ Receptionist?◦ How many other specialized skill sets/laborers will

you need to perform each task? Operating Special Equipment/Heavy machinery? Developing/Maintaining Computers/Websites? Sales Associates? Office/Store Management?

How many People Will Work for You?

Does your type of business already exist?◦ Are you able to get an application from this

business? Download and edit/create new application

template in MS Word with your company’s name, logo, contact info, etc.

Design or Obtain an Application of Employment

Ownership/Board of Directors

Management

Product Sales Associates Skilled Laborers

Marketing

Advertising Operations

Design a Flow Chart for Structure of Employees

Partnership: An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners of a business for profit”.

Will This Be a Partnership, Sole Proprietorship, or Corporation?

Definition: A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner. (Go over term “DBA”).

Sole Proprietorship

A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.

The most important aspect of a corporation is limited liability. That is, shareholders have the right to participate in the profits, through dividends and/or the appreciation of stock, but are not held personally liable for the company's debts.

Corporation