Would you loan me $2,000?
If I were to ask you for a loan for $2,000 (let's assume you have that much in your bank account) what would the first questions you would ask?I'm sure you would have many questions about what I plan to do with the money, how you plan to get the money to pay me back and of course, when will I pay you back.
Now, let's say that if in your inquiries to me, it seems that I just decided today that I needed the money to purchase 100-150 bicycles that I intended to re-sell this spring.
- What other questions might you add to your list of inquiries? (ask me)
- Why would you be so interested in all the details of my business idea?
Would you be curious about how I calculated that I need to borrow $2,000?
Would you wonder who I though would be interested in buying my bicycles?
How would potential buyers find out about my bicycles for sale?
The Business Plan
In our free enterprise society, anyone that has the money and an idea can sell anything (legal) in our country. But to be successful, much planning and research must take place before you just start your business.Banks and other lenders will have similar questions to what you wanted to know in the situation we talked about earlier.
Enter: the business plan!
Objectives
- Explain the purpose and importance of a business plan.
- Identify external planning considerations
See sample business plans here.
Graphic Organizer
Complete the graphic organizers/packet by reading pages 819-827, 829-833. (Worksheet pages: 190, 22, 26, 191, 373, 372)Be prepared to discuss findings in next class period.
2 Minute video about writing a Business Plan by Small Business Administration
