INSTRUCTION: MY EXISTING BUSINESS IS SPROUTS FARMERS MARKET.

Business Growth Plan – Submission 3

This is your final project for Introduction to Business. You will develop a Business Growth Plan for an existing business to expand into Southern Maryland or for a new startup business that has not yet been created. You can work individually or in small groups of 2-3 students.

An existing business can be a corporation, non-profit, or small business. If you would like to create a plan for a new, non-existent business, you must first discuss with and receive permission from your instructor. With either option you choose, you will create a plan for growth of this business in Southern Maryland.

Use the outline below as a checklist for your Business Growth Plan. Your fourth submission for your Business Growth Plan should include the following main sections

A.     Operations:

a.     Operations Plan.

                                                              i.     -What customer service plans do you have? Will you deliver to your customers, special or custom orders, consultation services, etc.

b.     Inventory.

                                                              i.     Estimate how much of each product that you will initially purchase, then estimate how often you will need to reorder.

B.      Marketing

a.     Target Market.

                                                              i.     Describe your target market. Who are your customers? Be specific. Include age, gender, income, location, and other demographics.

                                                            ii.     Potential psychographic information. To whom will you cater? How will you focus on them?

b.     Industry Analysis (National).

                                                              i.     What are the current trends in the marketplace? How has the external environment (political, economic, social, technological, environmental, and legal factors) affected your decisions?

C.     Professional Services

a.     Professional Services.

                                                              i.     Who might provide the accounting, legal, and other services that your business requires? (Use the Internet to research)

                                                            ii.     Will a consultant ever be hired, and, if so, under what conditions?

D.     Risk Factors

a.     Risks the Business Faces.

                                                              i.     List various risk factors and explain how they will be overcome. What uncertainties must your business deal with? What risks are involved with the form of business ownership you chose? What risks do you have from competition? Can you think of other risks?