Final Business Plan
My main focus in this particular class was to complete a business plan that would serve me in the future as a template for my business. I didn’t want to use my time at Full Sail as a possibility for having a business in the future, but to use the time to actually create everything I needed to begin the process for incorporating a business after I finish my degree. Therefore, I really tried to calculate the numbers as best as possible and edit the verbiage so that tomorrow, I could pitch my business to an angel investor instead of waiting for a year or two. This process gave me a total picture of what I needed for start-up cost and a projection for the first three years.
The preparation in the areas of elevator pitch, Investor questions, financials, financing and business websites, final business plan worksheets, management styles, business presentation, and understanding the 5 W’s and H (who, what, when, where, why, and how) has prepared me and given me the confidence that what I am about to do is definitely achievable. It is a total preparation and understanding of the business plan that allows one to see the future and what is necessary to achieve the goal of owning a business. The rest begins with hard work and determination with a belief that one can accomplish the goal of owning a business.
The spreadsheets give us so much information to carry a business from start-up to the future with a three year projection. One is taught to prepare income monthly statements, monthly marketing budgets, quarterly marketing budgets, monthly sales budgets, quarterly sales budgets, monthly staff budgets, quarterly staff budgets, start-up income, quarterly income statements, assumptions for three years, and sources and uses of funds statements. The final business plan reads like a book with a disclaimer, mission statement and a table of contents. The executive summary is a vital part of the business plan and sets the tone by giving a short overview of what the company is all about, who the target market is, what are the products, why the company should be relevant, what purpose does the company serve, what will the company add in the future, and what are the revenue projections for the next three years. This is followed by sections of the following: the company description, Industry analysis and trends, the target market, the competition, the marketing plan, operations and management, the financials, and the appendix. Each segment provides a virtual modern day industry standard checklist of projections, charts, pictures, bullet point information, and examples pertaining to the business one has created. This was all attainable because of the instruction form the two business planning professors.
Each professor provided valuable information for us to succeed in these courses. They were very knowledgeable in the area and took the time to communicate what we needed to now for the final two courses. I was very impressed by the knowledge of Professor Thompson and his experience. To find out that he is a working musician and a connoisseur in business and finance, resonated well with me because of the parallel we will now have as a result of the education he has provided our class. It is due to these professors, that I now have a grand understanding of business plan development and all the intangibles associated with it. I play to reach out to each of them during graduation.
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