Key Assumptions are assumptions that you've included in your business plan, in which you have "insider" information about your business, industry, market, etc., that the reader may not have.
The key assumptions become the foundation of your business decisions and must be clearly articulated throughout your business plan, particularly as part of your financials. There is an entire section on Key Assumptions in LivePlan which you will complete throughout the semester.
An example is on the Benchmarking tab.
As part of your Key Assumptions, please include the following:
How much will each customer spend on average?
Think about how this plays into your forecasting? What do you need to know to make your forecast?
What is your break even?
How many units to sell or customers spending the average do you need in order to cover expenses?
Example - how many table top turns an hour? What's the average sale per day?
Think of all sorts of examples relevant to your business that can help you understand what you need to make.