The Business Plan Apparel Development 2 Objective 4.02.
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Transcript of The Business Plan Apparel Development 2 Objective 4.02.
![Page 1: The Business Plan Apparel Development 2 Objective 4.02.](https://reader036.fdocuments.us/reader036/viewer/2022081512/5697bfee1a28abf838cb9610/html5/thumbnails/1.jpg)
The Business Plan
Apparel Development 2Objective 4.02
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Business Plan Purpose
Describes the new businessObtain financing ****FeasibilityA “living guide” to the business (road map**)
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Business Plan is a Manual
**To help during:DesignStart-upoperating
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Parts of the Business Plan
Executive Summary
Product or Service Plan
Management Team Plan
Industry Market Analysis
Operational Plan
Organizational Plan
Marketing Plan
Financial Plan
Growth Plan
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Executive Summary
Time to persuade potential investorsKeep it simpleWhat are you going to do?
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Product/Service Plan
What are you going to offer?Be descriptive
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Management Team Plan
Who will be in charge of what?Job DescriptionsSkills
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Industry/Market Analysis**
CustomersCompetitionIndustry
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Operational PlanProcessDelivery – distributionLogistics** - details about how the product gets to the customerProduct development
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Organizational Plan
Management PhilosophyPersonnelEmployment policies
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Marketing/Promotion Plan **
ProductPricePromotion = AdvertisingPlace = Distribution
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Financial Plan **
Projected Income / Cash Flow Statements
Repayment of Borrowed Funds
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Putting it all Together
The final decision to start a small business is made after the completion of the business plan **
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Assessing Feasibility
Feasibility AnalysisMarket NicheTarget Customers
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Feasibility Analysis
**consider what will actually work when choosing a class projectIs the business decision possible or within reason****process of testing a business idea
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Market Niche
Don’t try to be everything to everyoneSpecialize
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Target Customers
The people who are most likely to buy your specific product or service **
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Choosing Your Product
Considering Options Product Development
Outsourcing Demand
Product Mix Prototype
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Product Development
**Moving an idea from design to model**Highest risk area for a business – no money coming in and it might fail
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Steps in Product Development
1. Opportunity Recognition
2. Concept Investigation
3. Inspections4. Prototype
Building
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Proto-type
A working model of a product**
NOT sample
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Outsourcing
**process of hiring specialists to do specific work instead of using company employees
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OutsourcingUsing someone else to do part of the work you aren’t able to do**gives entrepreneurs opportunities to supply services to other companies
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Product Standards
**developed to benefit the customer
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Quality Control **system to verify and maintain desired product standards**responsibility of entire production team