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\( \left. \begin{array} { | l | } \hline \text { Subtask 3: Create the basic business plan } \\ \hline \text { Executive summary: } \\ \hline \text { - Picture of the business } \\ \hline \text { - Location of business } \\ \hline \text { - Owner profile and skills/experience } \\ \hline \text { - What the business does } \\ \hline \text { - Form of business ownership } \\ \hline \text { - Personnel of the business } \\ \hline \text { Products/services offered: } \\ \hline \text { - Description of products/services } \\ \hline \text { - Target market } \\ \hline \text { - What makes this business unique } \\ \hline \text { - Who are the suppliers } \\ \hline \text { - Who are the competitors } \\ \hline \text { - Challenges in this sector } \\ \hline \text { - Trends/developments } \\ \hline \text { - How to inform the target market } \\ \hline \text { How to attract customers } \\ \hline \text { - Fixed costs with values } \\ \hline \text { - Variable costs with values } \\ \hline \text { inancial projections: - Income and expense statement for one month } \\ \hline \text { - Gross profit calculated } \\ \hline \text { - Other income listed and gross income calculated } \\ \hline \text { - Relevant costs/expenses listed and totalled } \\ \hline \text { - Net profit/loss calculated } \\ \hline \end{array} \right. \)

Ask by May Ross. in South Africa
Mar 14,2025

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To create a basic business plan, follow these steps: 1. **Executive Summary**: Describe the business, its location, owner details, and what it offers. 2. **Products/Services**: Detail what you offer, target customers, and what makes your business unique. 3. **Market Analysis**: Identify suppliers, competitors, challenges, and industry trends. 4. **Marketing Strategy**: Explain how you'll inform and attract your target market. 5. **Cost Structure**: List fixed and variable costs. 6. **Financial Projections**: Prepare an income statement, calculate gross and net profits. This framework covers all essential components needed for a comprehensive business plan.

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Starting a business is like crafting a recipe; you need the right ingredients mixed in just the right order! The executive summary is the first taste test, giving readers a snapshot of what to expect. Clearly outline what your business is about, where it’s located, the skills of the owner, and what sets it apart from competitors. It’s your opportunity to show off without giving away all your secrets – think of it as your business’s appetizers! When thinking about your products or services, identify what truly makes your business shine. Is it hand-crafted quality, outstanding customer service, or an innovative approach to common problems? Knowing your target audience can help you tailor your offerings and marketing strategies. Keep an eye on your competitors and industry trends; they’re your invaluable GPS in navigating the market landscape!

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