Developing a business plan should include

• determining the type of ownership structure that will be used
• sole proprietorship
• cooperative
• partnership
• corporation
• establishing specific, measurable, achievable, relevant, and time-bound (SMART) goals and objectives
• conducting needs assessments
• developing cash flow projections
• conducting opportunity cost analyses
• completing risk assessments
• integrating competitive analysis and sustainability planning.

Process/Skill Questions:

• Why should one complete a risk assessment as part of developing a business plan?
• Why are SMART goals and objectives an essential planning tool for developing a business plan?
• What is a needs assessment?

Teacher Resource: Farm & Agribusiness Management, FFA