LABU2060G

Business Plan I
 Learning Outcomes

By the end of this lesson, you will be able to:

• identify the sections of your business plan;

• understand how information overlaps between the pitch and the
plan;
• identify a specific Target Market(s) for your idea;
• identify the Opportunity that your Target Market(s) provide;
 Your Progress So Far
The Problem
● An unmet or differently met social
issue
● The urgency/ impact of the social
issue
● Evidence to support that this issue
exists
Target Market(s)
● Demographics of the intended
user/customer
● Current size of the market(s)
● Projected size of the market(s)
The Solution
● The functions, services and/or
products of your innovation
● The availability of your innovation
Opportunity
● The need for your specific
market(s)
● The ability for your market(s) to
pay for your functions, services,
and/or products
 Sections of a Business Plan​

Executive Summary​
Introduction ​
The Opportunity and the Innovation​
Market Analysis​
Execution​
Management​
Timeline​
Financial Plan​
Conclusion​
Recommendations​
 Introduction

The content for the Introduction of your Business Plan overlaps with what
you’ve developed for the Pitch.
• The Problem
• The Solution

The Introduction for your Business Plan should establish the general
background information and general description of your idea and
preview the following sections of the plan.

We can use a sample report from the Sample Bank to review how it may
fulfil the functions of the Introduction.

*Note: The samples in the sample bank are for your reference, not as
models. There are noticeable areas for improvement.
 Sample Bank
Food waste in HK is at an all time high [Legco, 2017] and 35% of the growing
amount of waste sent to landfills every day is food [Feeding HK, 2018]. These
numbers are much larger on a global scale [FAO, 2019] but the reality
is that one third of all the food that is thrown away is still edible. This
creates a large business opportunity of redistributing the food before it is
unnecessarily thrown away.

Our team evaluated this potential and pioneered FreeTheFood that fights
food waste from commercial sources. In this report, we will first elaborate
on our understanding of our target market of food-freers, potential retailer
partners, and how our operations really “Free The Food”. Following this is our
financial model, and roadmap to show how our business is not just self-
sufficient but truly creates positive impact in HK
 Task 1: Opportunity and Innovation

The Opportunity is the same for both the Pitch and the Plan: the specific
opportunities for your idea to thrive in a focused and targeted way.
• Why does this specific group(s) have a need for your idea?
• What types of evidence could you find to support this opportunity?

The Innovation for the Plan is the same as the Solution for your Pitch: a
detailed description of your idea (e.g., platforms, functions, products,
services).

Review the Opportunity and Innovation section from the Sample Bank.

Again, notice possible issues and consider if any claims lack credibility.

Your team will submit a draft of this section by 11:59pm, Friday, April 8.
 Opportunity

Based on the specific Target Market(s) that your team has identified in a
previous lesson, you can begin to identify the specific opportunities that
they present for your idea.

You can break this down by answering some of the following questions.

• Why does this specific group(s) have a special need for your idea?
• What are their specific circumstances so that they could access
your idea?
• What types of evidence could you find to support this opportunity?

Combine this with the specific details of your innovation and the
content for your Opportunity and Innovation section would be complete.
 Task 2: Opportunity

Based on your Target Market(s), begin identifying the specific Opportunity

for your idea.

• Why does this specific group(s) have a special need for your idea?
• What are their specific circumstances so that they could access
your idea?
• What types of evidence could you find to support this opportunity?

Add your findings to your shared platform.

Be prepared to describe the Opportunity for your innovation.

 Market Analysis
.

The Market Analysis of your Plan overlaps with the

Target Market of your Pitch that may include:
• the user/customer of your idea;
• the demographics of this group(s);
• the current size of this group(s); and
• the projected size of this group(s) in the
future.

The Market Analysis for your Plan should include a

competitive analysis.
*https://business.gov.au/marketing/identify-your-target-market
 Task 3: Market Analysis

In your teams, review what you’ve already developed for the following.
• Who would be the user/customer of your idea?
• What are the demographics of this group(s)?
• What is the current size of this group(s)?
• What could be the projected size of this group(s) in the future?

Begin identifying competitors for your innovation.

• Who are the direct competitors (similar)?
• Who are the indirect competitors (alternative)?

Be prepared to share some of the competitors for your innovation.

 Homework

Continue identifying the competition for your idea.

• Direct competition: similar services, products

• Indirect competition: alternative services, products

• Your competitive advantage