Business Plan

Instructions: Develop a draft business plan for a product of your choosing. In making your selection I suggest you choose a product where you have existing knowledge and basic data is readily available. This will minimize the research needed to complete the assignment. If you are unable to find some of the necessary information to complete the business plan, please make assumptions. All assumptions should be clearly documented.

Your business plan should not be more than 5 pages and must contain:

1) Executive summary: 1 to 2 paragraphs that describes the product, the purpose, and the potential for sales.

2) Marketing Plan: Describe how you will market and sell this product. How will you do market research? What are your target markets?

3) Operational Plan: How will the product be designed and built? What skillsets will be important for your engineering team? Is all the engineering work in-house or will you use a 3^rd party?What are the contract considerations? Where will the product be produced? Will you use a low cost market? Will you outsource the production? Is it important to produce the product in the markets where it is sold?

4) Provide a pro-forma Profit and Loss statement for the next 5 years. What do you expect for an average selling price? Forecast your expected sales for each year. What do you think the costs will be to build the product? Consider labor, materials, equipment, and contracted services. I understand that it may be difficult to find the information you want. Don't over think this, make assumptions and use the table below as a guide. Any historical information you have on the product will help.