2. Final Project: Business Plan
Resources: Appendix A
Due Date: Sunday Day 7 [Individual] forum
Write a 700- to 1,050-word paper, using APA guidelines, based on the scenario below.
You want to start your own business. You found an investment group that is willing to give you the capital needed for the first year of your business, but only if you can convince them you have a solid plan for the success of this business. Your investor is very concerned with how the accounting functions of this business will be handled. You must persuade your investor to put up the capital by addressing the following questions in your business plan:
· What is the name of your business?
· What type of business structure is it (sole proprietorship, partnership, or corporation)?
· Why did you choose that structure?
· What type of services or products does your business provide?
· What role will accounting play in the start up of your business?
· What type of work characteristics will you look for when hiring your accounting staff?
· What education should a person have in budgeting, internal controls, and cash management before going into business?
· What kinds of internal controls will you put in place for the business?
· How will your managers use financial information to predict outcomes for your business?
I really do not know where to start and was wondering if anyone can give me a way to go?
You start this assignment by answering all of the questions --
What is the name of your business?
What type of business structure is it (sole proprietorship, partnership, or corporation)?
And so on --
Sure, I can help you with the steps to address the questions in your business plan. Here's a step-by-step guide:
Step 1: Start with an introduction
Begin your business plan by introducing your business and briefly explaining the purpose of the plan. Mention that you have found an investment group and highlight the importance of addressing their concerns about accounting functions.
Step 2: State the name and structure of your business
Address the first two questions by providing the name of your business and explaining the chosen structure (sole proprietorship, partnership, or corporation). Justify your choice by discussing the advantages and disadvantages of the selected structure and how it aligns with your business goals.
Step 3: Describe your products or services
Clearly state the type of services or products your business will provide. Explain the market demand for these offerings and any unique selling points that differentiate your business from competitors. Highlight how your products or services will contribute to the success of the business.
Step 4: Explain the role of accounting in the start-up
Discuss the importance of accounting in the early stages of your business. Explain how it will help in tracking financial transactions, managing cash flow, and providing accurate financial statements. Emphasize the need for accounting to ensure the financial stability and growth of the business.
Step 5: Define the work characteristics for accounting staff
Outline the desired qualities and skills you will look for when hiring accounting staff. Consider factors like integrity, attention to detail, analytical skills, and familiarity with accounting software. Explain the importance of having a reliable and competent accounting team.
Step 6: Address education requirements
Discuss the knowledge and expertise in budgeting, internal controls, and cash management that a person should have before going into business. Emphasize the significance of understanding financial concepts, regulations, and techniques in successfully managing business finances.
Step 7: Establish internal controls
Provide details on the internal controls you plan to implement to safeguard your business assets, prevent fraud, and ensure accurate financial reporting. Discuss measures like segregation of duties, regular financial audits, and technology-based controls.
Step 8: Explain how financial information will be used by managers
Describe how your managers will use financial information to make informed decisions and predict outcomes for your business. Discuss the importance of financial analysis, budgeting, and forecasting to evaluate the financial health of the business and identify areas for improvement.
Step 9: Conclusion
Summarize your business plan by reiterating the key points and emphasizing the significance of addressing the investor's concerns about accounting functions. Conclude by expressing your confidence in the success of your business and the value it will bring to the market.
Remember to keep your business plan concise, clear, and focused on addressing the questions provided. Make sure to follow APA guidelines for formatting and citations. Good luck with your business plan!
To start working on your business plan, you can follow these steps:
1. Understand the requirements: Read the prompt carefully and make note of the specific questions you need to address in your business plan. This will help you stay focused while writing.
2. Develop the structure: Start by organizing your paper into sections based on the questions provided. This will create a clear and logical flow for your business plan. The suggested sections could include:
a. Introduction: Briefly introduce your business idea and its potential for success.
b. Business Name and Structure: Explain the name of your business and the type of business structure you have chosen (sole proprietorship, partnership, or corporation). Justify your choice of structure based on its advantages and suitability for your business.
c. Products or Services: Describe the services or products your business will provide, emphasizing their uniqueness or competitive advantage.
d. Accounting Functions: Explain the role of accounting in the start-up of your business, including aspects such as financial record-keeping, budgeting, and cash management.
e. Hiring Accounting Staff: Outline the work characteristics you will look for when hiring your accounting staff, such as experience, qualifications, and skills.
f. Education Requirements: Describe what kind of education or knowledge in budgeting, internal controls, and cash management you believe is necessary for someone going into business.
g. Internal Controls: Explain the internal controls you plan to implement in your business to ensure accurate financial reporting and safeguard against fraud or errors.
h. Financial Information for Managers: Discuss how your managers will use financial information to predict outcomes and make informed decisions for your business.
3. Research and gather information: Conduct research to gather relevant information for each section. This can include industry-specific data, market analysis, and accounting best practices. Use reliable sources such as academic journals, industry reports, and reputable websites.
4. Write and format your paper: Start writing each section of your business plan, ensuring that you address the specific questions asked. Use clear and concise language, and support your statements with evidence or examples where appropriate. Follow APA formatting guidelines for in-text citations, references, margins, font size, and other formatting requirements.
5. Review and revise: After completing your first draft, take the time to review your paper for clarity, coherence, and accuracy. Check for any grammatical or spelling errors, and make sure that your arguments and explanations are logical. Consider seeking feedback from a colleague or professor for additional insights.
Remember, a well-structured and well-supported business plan will increase your chances of persuading the investors to provide the capital you need. Good luck with your project!