Business Plan

Selection Letter

The first step in writing your business plan was in selecting the business that you would like to run. You may choose any type of business you wish so long as it is legal and and acceptable to be presented at school. Consider a business in the field you wish to work in even if you don't plan on having your own business. Remember that a having your own dental or law practice is a business. If you can't decide on a business, choose a retail clothing store that sells items related to something you like. Remember not to rule out service or wholesale businesses. You should plan to locate in Southern Oregon unless you can prove to your instructors that you know another area well enough to plan effectively.

Neighbor Share - Take 10 interview and a note card

You should have completed the BP Selection Questions and the BP Selection Story - now turn to a neighbor and each of you will take turns discussing the following. On the note card provided, interview each other (write down each others name and while they are answering your questions, take notes on the note card):

Front Side of card

  1. What type of business are you interested in and why?
    • For example, retail, restaurant, tech services, medical services, etc
  2. What types of skills or strengths do you have that would apply to this business?
    • For example, technical, organizational, management, marketing, etc.
  3. What do others say you are good at?
  4. What do you think will be the biggest challenge in designing a business?

Back Side of card– after the person finishes telling you about the four things above, offer insights into their ideas/strengths/etc:

Letter

Next, in a separate Word document, you are to write a formal, full–block letter of your business idea to a local Small Business Administration (SBA) loan officer to get some initial feedback on the potential of financing for your venture. Being a savvy business person, your letter will look professional (follow the template shown below and cover the key points as listed.

Business Name (if not known, insert your name)
Your Name
Street Address
City, State, Zip
Phone

April 8, 2019

Ms. Kimberly Miller
SBA Loan Officer
Bank of Oregon
845 N. Highland Street
Medford, OR 97501

Dear Ms. Miller:

Introduction – (State your intention) Introduce your business proposal in a straightforward, attention–grabbing manner. Be confident in both the concept and your ability to succeed.

Body – Demonstrate how your idea:

  1. is practical
  2. fills a need or demand in the Rogue Valley
  3. is competitive with other businesses (remember, you can't compete with large companies based on price)
  4. delivers high quality service and/or products

Conclusion – Close with good will, and reiterate why you think you have a strong concept and will be successful. Follow with –I look forward to further discussing my ideas with you, and would like to schedule a time to meet with you. You can contact me at..."

Sincerely,

 

 

 

Your first and last name

Save in your Business Plan folder as "selection_letter"- upload to our Synergy Dropbox under BP Selection Letter - Print and sign a hard copy for Rogan and Sinks and place in the box