Business Plan Mastery: From Vision to Profitable Reality

Here are your revised business plan notes with vocabulary terms included, clean and organized. ⸻ 📘 Business Plan Study Notes (with Vocabulary) 1. Purpose of a Business Plan • Explains the business idea and long-term vision • Establishes goals and strategies • Helps secure financing • Communicates direction to stakeholders ⸻ 2. Main Components of a Business Plan Executive Summary • Overview of the full plan • Mission statement • Problem the business solves • Description of product/service • Key financial highlights • Written last Company Description • Legal structure (LLC, partnership, etc.) • Business concept and model • Industry overview • Goals and objectives Market Analysis • Target market characteristics • Demographics & psychographics • Market size and trends • Competitor analysis • Competitive advantage Organization & Management • Ownership structure • Management team and qualifications • Organizational chart • Hiring and staffing plans Product or Service Line • Description of product or service • Unique selling proposition (USP) • Lifecycle stages • Intellectual property Marketing & Sales Strategy • Pricing strategy • Promotion methods (advertising, branding, social media) • Distribution channels • Sales strategy and customer acquisition Financial Projections • Startup costs • Income statement projections • Cash-flow projections • Break-even analysis • Balance sheet projections Funding Request • Total amount needed • Purpose of funds • Timeline for use ⸻ 📘 3. Vocabulary Terms General Business Terms • Business Model: How a company generates revenue and delivers value. • Value Proposition: The main benefit or value offered to customers. • Competitive Advantage: What makes a business better than competitors. • Target Market: The specific group of customers a business aims to serve. • Market Share: Percentage of total industry sales a company holds. • Industry: A group of companies offering similar products/services. Market & Strategy Terms • Demographics: Quantifiable customer traits (age, income, location). • Psychographics: Behavioral and lifestyle traits (values, interests). • Market Segmentation: Dividing customers into specific groups. • SWOT Analysis: Identifies strengths, weaknesses, opportunities, threats. • USP (Unique Selling Proposition): What makes your product stand out. • Distribution Channel: How a product reaches customers (retail, online, etc.). Financial Terms • Revenue: Total money earned before expenses. • Profit: Money remaining after expenses. • Fixed Costs: Costs that don’t change with production (rent). • Variable Costs: Costs that change with production (materials). • Break-even Point: When total revenue equals total costs. • Cash Flow: Movement of money in and out of a business. • Assets: Things the business owns (equipment, cash). • Liabilities: Things the business owes (loans, debts). • Equity: Ownership value in the business. • ROI (Return on Investment): Profit returned relative to what was invested. • Depreciation: Decrease in value of an asset over time. Legal & Structure Terms • Sole Proprietorship: Business owned by one person. • Partnership: Business owned by two or more people. • LLC (Limited Liability Company): Business with liability protection for owners. • Corporation: Legally separate entity from its owners (shareholders). • Intellectual Property (IP): Legal protection for ideas/products. • Patent: Protects inventions. • Trademark: Protects logos, names, symbols. • Copyright: Protects creative works. • Permits/Licenses: Legal permissions for operating a business. ⸻ If you’d like, I can turn these into flashcards, a quiz, or a one-page study sheet.