What’s a business plan? – A report that tells how a business will achieve goals and objectives
- Can be used to reassure financial lenders
Elements of a business plan:
1. Marketing
2. Business
3. Product
4. Personnel
5. Finance
6. Market
Your business should also include (i) name + address, (ii) cost, (iii) owner details, (iv) type of business organization (v) objectives
Advantages + disadvantages of business plans
Advantages:
- Maintain focus
- Framework for priorities
- Manage changes in the firm
Disadvantages:
- Time consuming + costly
- Doesn’t mean you are going to be successful business (i.e. there’s still risk)
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Dragon’s Den Pitch: business plan notes
- Founder of Toddle
- 5% in company
- Skin care is a problem for adventurous kids
- Launched 2020 $194000
- Growth period, and just started retail. Gross profit 87000
- First 2 years are for growth
- 83000 on Amazon, 40% is retail
- Helps immune system, nobody else doing it naturally. No parabens or sulphates. Being sustainable
- Products are all over the place
Focussed on the toddler market