BUS 599

Explanation

Business Size

· Your business is a for profit startup starting operations in January of the current year.

· Your sales must be over $1 million by the end of the second year in business.

Product or Service

· Be specific about the product or service you plan to sell and how you will differentiate yourself from similar products or services in the marketplace.

· You will list any variations of the product (product lines) or services you sell (service lines)

Market Size

· You will start marketing and selling the product or service in your geographical area within a 100-mile radius from your home and/ or online.

Intention to Raise Money

· You will develop the business plan with the intention to raise funds from investors and grow the business.

· You will raise funds from outside investors, either angel investors or venture capitalists and you will give equity in your business in exchange for the money you raise from investors.

Facility

· You will rent or purchase. You will need to identify the cost of rent or purchase price and the cost of utilities.

· You cannot operate from your home.

Employees

· You will have employees, a management team, and you will develop your own organizational hierarchy.

· You will have more employees and managers in the second year than in the first year as your sales are increasing.

Equipment

· You will need to purchase equipment, computers, furniture, vehicles (etc.), as applicable, to run your business.