CHAPTER 22 A Business Plan


2.9 Develop a simple business plan for a new or existing product or service.


Business Plan Local Enterprise Office (LEO)


SMART Principles


Strengths Weaknesses Opportunities


Executive Summary


Start-up Costs


Sole Trader Profit Forecast Partnership


SWOT Analysis


Threats Limited Company


Investor Cash Flow Budget


KEY SKILLS 1. Explain what a business plan is.


2. Outline the reasons a business would prepare a business plan.


3. Using SMART principles when planning.


4. Conduct a SWOT analysis for a business.


Chapter L.O.


15 2.2


20 2.7


21 2.8 24 2.11 25 26 2.12 2.13


5. Outline the sections contained in a business plan.


INTRODUCTION


Niamh and Adaeze are sixth-year students in Galway. They are setting up Sole and Style, an online shop that resells rare and limited-edition trainers in Ireland. Niamh has been collecting trainers for five years and knows the market well. Adaeze ran her school’s mini-company last year and won a regional Student Enterprise award. They have €500 in savings, plan to launch on Instagram next month and have already found a wholesaler who will provide them with stock on credit.


You have €1,000 to invest in a new business. Niamh and Adaeze are looking for investors.


222


CLASS ACTIVITY


A) Would you invest your €1,000 in Sole and Style based on each of the following?


1. The product they are selling. 2. The experience of the founders. 3. The amount of money they already have. 4. Their plan to launch on Instagram.


5. The fact that the founders are still in school.


For each one, say Yes or No and give one reason for your answer.


B) Name two pieces of information that are not in the pitch above that you would want to know before investing your €1,000.


LINKS COURSE


KEY WORDS


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