Fri, January 18, 2019

Why Teens Need A Business Plan

Most teens will not be asking for money from investors, so why should they write a business plan?

First, a business plan helps you make sure you have all that you need before you get started. Could you imagine starting a growign company, but you can’t continue because you don’t know what to do when you become successful? You don’t want that to happen.

Business plans help you plan for success. I know you want to be successful.

• It helps put things in black and white where you can see if they make sense. (Have a successful older person read it over and ask questions or you can post it in our comments and we will look it over to give some suggestions.)
• It forces you to put actions behind what you want to happen. (Set specific goals and be successful.)
• It helps you prepare for success.

For a very simple start to a business plan, answer these questions:

• What do you want to do?
• Why do you think your business will be successful?
• How do you specifically plan to start and operate your business?
• How much money do you expect to make?
• How much money will it cost to get started?

Here is a sample of a simple business plan:


Cookies by Chad

Cookies by Chad will sell specialty cookies to the residents of MyTown in MyState.

About Chad:
Chad wants to be a chef one day and loves to bake. He has already created specialty cookie recipes such as the supersniffer cookie and the chocoloto cookie. Many people have shown an interest in buying Chad’s cookies. He has had great success at local bake sales for his church and his school.

How the business will work:
Chad plans to offer cookies at a few select community centers and residential care centers. He hopes people will pick up his business card with a few samples of his specialty cookies.

It will cost about one hundred dollars to get the cards, make the first several sample batches of cookies and place them in select locations over a one month period of time.

Chad will sell cookies by the dozen for six dollars. He will work mainly by himself, but if he gets more than twenty dozen on any order he has already talked to three other teens who could help him fill orders. The recipe will be kept a secret for all of his cookies so that no one else will be making cookies like him and he will be developing at least three new flavors each year.

As cookie orders come in, Chad will put half of all earnings into a college fund at his bank. Forty percent of other half will go back into the business and ten percent will go to a local charity.

Future Plans:
Chad plans on doing specialty cakes as the business grows, but will remain faithful to his cookies. He will purchase a second two tiered oven for his kitchen to expand the baking process when larger orders become more frequent. As success happens, Chad plans on opening a store on MyStreet Blvd and operating it on weekends and select nights after school.


Final Thots: “Is there anyone here who, planning to build a new (business), doesn’t first sit down and figure the cost so you’ll know if you can complete it? If you only get the foundation laid and then run out of money, you’re going to look pretty foolish. Everyone passing by will poke fun at you: ‘He started something he couldn’t finish.’ from Luke 14:27-30 The Message

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1 Comment to “Why Teens Need A Business Plan”

  1. Naticus says:

    I loved how you used Chad’s Cookie Consortium as an example. The article makes me wonder about how all the big companies started out. It’s thought-provoking.

 
 

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