The objective of this project is to develop a Business Plan for a new business proposal. You have an idea for a food related business to be opened in Halifax. This could be a food truck, a small restaurant, a cup cake retailer, etc. The specific type of business is up to your group to decide. Like all business plans, yours should include sections on the business environment including the general market and the competition; your marketing plan which should go beyond just advertising and include other issues such as product choices, customer analysis and pricing for instance; an operational plan which would include details beyond location and size but also equipment needs and layout etc.; a human resource plan which would include such things as number of employees, skills needed and wages etc.; and of course a financial plan. As part of your financial plan, you must include two-years of quarterly projected Income Statements and Balance Sheets as well as details on start-up costs. You may assume that your group has $50,000 of personal savings that you are willing to invest in the business and that you as owners will not draw any salaries in the first two years. Of course, there may be wages and salaries to other employees in addition to all of the operating and administrative costs associate with running a business. Try to estimate how much additional financing will be needed to start up the business and survive the first two years. How much will you need to raise from another investor? Why would an investor want to invest in you, rather than any other opportunity? Will you and your investors likely earn a reasonable return on your investment?
There are several websites available with very helpful information on how to develop a business plan. A good place to start is the Government of Canada website, which has some excellent resources at https://www.canada.ca/en/services/business/start/planning.html,
Some downloadable templates and sample plans from several other sources can be found at:
You may want to review industry averages for your financial projections. One place to start is http://www.ic.gc.ca/eic/site/pp-pp.nsf/eng/h_pm00000.html.
Note that these are only suggested places to start your research. There are many other potential sources of industry information as well as suggestions on professionally presented business plans.
1. You may choose your own groups of between 2 and 3 students. No more than 3 will be accepted, but you can do this project as an individual if you wish. Remember, if you choose not to do the case project, you must do this business plan project.
2. The group report is due Dec. 7. An electronic version is to be submitted online through Brightspace. Be sure to identify all group members on the cover page of the report and all members should submit a copy under their own name in Brightspace.
3. The report should be about 10 pages of typed text plus appendices. You may go beyond this general guideline if you wish, but I will stop reading if you go beyond 20 pages in total.
4. You may be tempted to ‘borrow’ from other business plans that have been previously submitted in a prior semester, another course, or ones that are widely available such as https://www.bplans.com/organic_restaurant_business_plan/executive_summary_fc.php. Note that I require an electronic version of your plan to be submitted so that any plagiarism can be identified and dealt with in accordance with the University’s regulations on Academic Integrity and Student Responsibility.
5. The intent of this project is to challenge you to use what you have learned not only in this course but what you may have learned in other courses or in your own work experiences. It is quite acceptable to be original and creative, as well as financially responsible. The most successful business plans are ones that engender in the reader enthusiasm for the concept, and confidence in the owners. You need to show that you not only have a good idea but also the business savvy, and organizational knowhow to carry it out. Not to mention, reasonable and well-presented financial statements!
6. Be sure to properly cite all references.