kindly check it. Finish the part 5 based on the info part1-4 , I have attached what was done earlier. Kindly refer to the attached files
business_plan_part_5__1_.docx

business_plan_part_1__2_.doc

business_plan_part_4__1_.docx

part3_7_9pages__1___1_.docx

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SUMMARY / PRESENTATION – DUE WEEK 15
Instructions: This section provides a summary of the key elements of your business plan WHICH YOU
HAVE already COMPLETED.
The Executive Summary is the most important part of your business plan. Often, it’s the only part
that a prospective investor or lender reads before deciding whether or not to read the rest of your plan.
It should convey your enthusiasm for your business idea and get readers excited about it, too.
Your Executive Summary is written LAST, after you have completed the rest of the business
plan. That way, you’ll have thought through all the elements of your startup and be prepared to
summarize them.
Limit your Executive Summary to one or two pages in total.
After reading the Executive Summary, readers should have a basic understanding of your business’s
mission and vision, product / service, company goals and milestones, target market and customers,
industry – market – competitors legal structure marketing plan, key personnel and financial projections
and should be excited about its potential, and should be interested enough to read further.
EXECUTIVE SUMMARY / PRESENTATION
Include each of the below:
1. Company mission statement
Complete the mission statement which is a brief explanation of your company’s reason for being. It
can be as short as a marketing tagline (“MoreDough is an app that helps consumers manage their
personal finances in a fun, convenient way”) or more involved: (“Doggie Tales is a dog daycare
and grooming salon specializing in convenient services for urban pet lovers. Our mission is to
provide service, safety and a family atmosphere, enabling busy dog owners to spend less time
taking care of their dog’s basic needs and more time having fun with their pet.”) In general, it’s best
to keep your mission statement to one or two sentences.
2. Company philosophy and vision
a. Describe what values your business will live by? Honesty, integrity, fun, innovation and
community are values that might be important to your business philosophy.
b. State your vision which refers to the long-term outlook for your business. What do you ultimately
want the business to become? For instance, your vision for a doggie day-care center might be to
become a national chain, franchise or to sell to a larger company.
3. Industry, Market and Competitors
Describe your industry and Market and what makes your business competitive: Is it growing,
mature or stable? What is the outlook long-term and short-term? How will your business take
advantage of projected changes and trends? What might happen to your competitors and how will
your business successfully compete (Include brief description of key insights from SWOT and 5
Forces.
4. Products & Services Provide an explanation of your product or service. Write out your idea:
After reading the Products & Services section, the reader should have a clear understanding of
what your business does, what problem it solves for customers, and the charactoristics of the
product or service that makes it competitive (include brief pricing strategy.
5. Target Market and Target Customer
You will cover this in-depth in the Marketing Plan section. Here, briefly explain who your target
customers are.
6. Company Goals and Milestones
Specify your initial long- and short-term goals ; any milestones or benchmarks you will use to
measure your progress. For instance, if one of your goals is to open a second location, milestones
might include reaching a specific sales volume or signing contracts with a certain number of clients
in the new market.
7. Marketing Plan and Distribution
This section of your plan should explain how you will market your product/service, attract and retain
customers. Include what Marketing and Advertising elements. Describe how you’ll literally sell
your service or product to your customers. Also the sales methods you’ll use, like retail, wholesale, or
your own online store.
8. Legal Structure and Ownership
Is your business a sole proprietorship, LLC, partnership or corporation? Why did you choose this
particular form of business? If there is more than one owner, explain how ownership is divided. If
you have investors, explain the percentage of shares they own. This information is important to
investors and lenders.
9. Key Personnel
This section should give readers an understanding of the people behind your business, their roles
and responsibilities, and their prior experience. Your readers should feel confident that you have
a qualified team leading your business especially if you’re using your business plan to get
financing,
10.
Financial projections.
For the first year, be specific and provide monthly projections. Your goal is to convince the reader that
your business is stable and will be a financial success. This is a great place to use graphs and charts to
tell the financial story of your business.
FYI Appendix
A formal Business Plan would require an appendix with supporting documents or other materials specially
requested. Common items to include are credit histories, resumes, product pictures, letters of reference,
licenses, permits, or patents, legal documents, permits, and other contracts.
Additional Resources for Preparing Your Business Plan
SBA provides course https://www.sba.gov/course/how-write-business-plan/
In addition to many other courses related to starting a business: https://www.sba.gov/course/
Accounting Obligations
Your business structure determines what federal taxes you must pay and how you pay them. Some of the
taxes require payment throughout the year, so it’s important to know your tax obligations before the end of
your tax year.
There are five general types of business taxes.
o
Income tax
o
Self-employment tax
o
Employer tax
Each category of business tax might have special rules, qualifications, or IRS forms you need to file. Check
with the IRS to see which business taxes apply to you.
You’ll need to create a plan for paying employees. Follow these steps to set up payroll:
1.
Get an Employer Identification Number (EIN)
2.
Find out whether you need state or local tax IDs
3.
Decide if you want an independent contractor or an employee
4.
Ensure new employees return a completed W-4 form
5.
Schedule pay periods to coordinate tax withholding for IRS
6.
Create a compensation plan for holiday, vacation and leave
7.
Choose an in-house or external service for administering payroll
8.
Decide who will manage your payroll system
9.
Know which records must stay on file and for how long
10.
Report payroll taxes as needed on quarterly and annual basis
The IRS maintains the Employer’s Tax Guide,
Required employee benefits
o
Social Security taxes: Employers must pay Social Security taxes at the same rate as their employees
o
Workers’ Compensation: Required through a commercial carrier, self-insured basis, or state Workers’
Compensation Program
o
Disability Insurance: Disability pay is required in California, Hawaii, New Jersey, New York, and Rhode
Island
o
Leave benefits: Most leave benefits are optional outside those stipulated in the Family and Medical
Leave Act (FMLA)
o
Unemployment insurance: Varies by state, and you may need to register with your state workforce
agency
PART 1 – – DUE END OF WEEK 4:
COMPLETE A PRELIMINARY MARKET ANALYSIS
After reading Ch 1 and Ch 2 consider :
In Chapter 2 Management Snapshot we are told about Jess Lee who in spite of her creative interests
pursued a degree in computer science. Yet she continued her true creative passions as a hobby; as a
result of her natural talent and personality traits (including a commitment to excellence) she later
became CEO of a creative based company.
Chapter 2 “Manager as A Person” profile the profile tells the story of Kevin Plank who as a college
athlete was often annoyed by his sweat drenched T-shirts. As an “original thinker” Kevin developed a
shirt that would help athletes stay cool. After graduation, even though he was offered a good job with a
large insurance company, Kevin’s leveraged his personality entrepreneurial spirit, willingness to risk,
outgoing and confident personality to build his small t-shirt business into Under Armour
How to Develop New Product or Service: To develop a new product or service start you would start with
your own experience. As you go about daily life, keep a running list of products or services that others
have abandoned, ignored, or failed to be addressed effectively. Each is a potential opportunity requiring
you to answer what bugs me? What could be easier? More fun? Work better?
Existing Product or Service: As an alternative you might find a better way to solve the same problem.
“You really can borrow and reuse ideas, and reapply them .
Additional resource: (https://www.entrepreneur.com/article/225348)
As part of this assignment you will solve a problem that customers face. You will explain what the
problem is and how your product or service solves it, its benefits, features and unique selling
proposition. Remember your business won’t be the only solution (every business has competitors), but
you need to explain why your solution is better than the others, targets a customer base your
competitors are ignoring, or has some other characteristic that gives it a competitive edge.
Business Scenario:
For purposes of this assignment assue you have $25,000 .
1) You can select your preferred service based business
OR
2) Develop the relevant information required for starting a fitness business. The business
can be geared towards whatever target population you prefer (women, men, children,
and / or age group such as teens , small children, etc).
Consider what additional services besides physical training you believe there is demand
for (sports conditioning, massage, circuits, nutrition, ….)
Explaination of Step 1 and Step 2 in Completing Business Plan follows:
STEP 1) INITIAL MARKET ANALYSIS
Initial Market Analysis:
Later in the project you will do a more complete analysis -however as answer these initial questions to get a
sense of the market.
o
o
o
low)?
o
live) ?
o
o
Demand: Is there a desire for your product or service?
Market size: Estimate how many people would be interested in your offering (most , niche,etc)?
Economic indicators: What is the income range (high , mid , low income) and employment rate (high,
Location: Where is your market area (business be located and where do your potential customers
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives? (Pricing is generally available online)
Preliminary Market Analysis
Demand:
Demand:
Sports is amongst the most popular recreational activity young people will participate in. They
are available to them through sports clubs or extracurricular athletics at schools. A recent study has
attracted an interest in youth sports clubs as a place to promote health. Sports being a global
phenomenon therefore being able to participate in organized sports has increased. An annual report
released in December 2015 by the Sports and Fitness Industry Association revealed that more than 28.6
million children ages 6-17 played a team sport in 2015.
Market Size:
The amount of soccer players in the United States is on the rise. The participation of outdoor
soccer from 2006 to 2017 has amounted to approximately 11.92 million. (ages six and older)
Economic Indicators:
Household income is one major indicator of sport participation. Urban or poorer areas have less
sports options and opportunity than suburban or wealthier areas. The core participants for soccer is 19 %
for households earning between $25k to $50k. Compared to 35% core participants for a household that
earns 100k or more.
Location:
Market area is northern and southern California.
Market Saturation:
Competitors:
• Boys and Girls Club
• Other Sports (basketball, Football, Baseball/Softball)
• Boys and girl scouts
Pricing:
The average family spends $2,292 per year on sports. For soccer, the average is $1,472 and the
maximum is $5,500. Some sports costs may come close to $20,000, as some families invest in travel
teams or personal trainers. Soccer and basketball don’t have as many equipment expenses compared
with baseball or hockey.
Preliminary Market Analysis
Demand:
Demand:
Sports is amongst the most popular recreational activity young people will participate in. They
are available to them through sports clubs or extracurricular athletics at schools. A recent study has
attracted an interest in youth sports clubs as a place to promote health. Sports being a global
phenomenon therefore being able to participate in organized sports has increased. An annual report
released in December 2015 by the Sports and Fitness Industry Association revealed that more than 28.6
million children ages 6-17 played a team sport in 2015.
Market Size:
The amount of soccer players in the United States is on the rise. The participation of outdoor
soccer from 2006 to 2017 has amounted to approximately 11.92 million. (ages six and older)
Economic Indicators:
Household income is one major indicator of sport participation. Urban or poorer areas have less
sports options and opportunity than suburban or wealthier areas. The core participants for soccer is 19 %
for households earning between $25k to $50k. Compared to 35% core participants for a household that
earns 100k or more.
Location:
Market area is northern and southern California.
Market Saturation:
Competitors:
• Boys and Girls Club
• Other Sports (basketball, Football, Baseball/Softball)
• Boys and girl scouts
Pricing:
The average family spends $2,292 per year on sports. For soccer, the average is $1,472 and the
maximum is $5,500. Some sports costs may come close to $20,000, as some families invest in travel
teams or personal trainers. Soccer and basketball don’t have as many equipment expenses compared
with baseball or hockey.
STEP 2 : IDENTIFY MAIN COMPETITORS
Assessment of Key Competitors
One of the biggest mistakes you can make in a business plan is to claim you have “no competition.”
Every business has competitors. Your plan must show that you’ve identified yours and understand how
to differentiate your business. This section should:
List key companies that provide products or services that you may compete with:
Include names and locations of products or services that compete with yours based on the following
worksheet.
Medium Price
Benefits/Features
Company Size /
Company
Profitability
Which do they
include in their
market strategy:
Low Price,
Unique Product,
Niche Market.
High Customer
Service
AYSO (American Youth
Soccer Organization)
$215-no tryout
LA Galaxy Academy
no fee-very competitive
tryouts
Sand and Surf soccer
club
$700/season-tryout
No cost for training
Emphasis on
development
Insurance for
players/volunteers
no referee fees(trained
referees)
No cost
Equipment supplied for
free
Top notch facilities
(StubHub center)
Outstanding coaches
Open all year around
Located close to the
beach
51-200 employees
private company
based in the South Bay
revenue and profits not
published
1-50 employees
non-profit
private company
based in Manhattan
Beach
High Customer Service
Uses team name as part
of their branding
Must qualify through tryouts which attracts
customers
High quality professional
facilities (StubHub)
Offer elite coaching
Uses the community
as the connection to
its market
Offer elite coaching
Desirable location
(near the beach)
Est. 1964
over 50,000 teams and
400,000 players
nationwide
non-profit 501(c)(3)
Low price
Players of all skills are
welcome
Market themselves as
the most established
soccer organization
non-profit
PART 4 – DUE WEEK 13
FINANCIAL PROJECTIONS
Financial projections. For the first year, be specific and provide monthly projections. Your goal is to convince
the reader that your business is stable and will be a financial success. This is a great place to use graphs and
charts to tell the financial story of your business.
COMPLETE THE Profit and Loss Projection 2019 Spreadsheet
For purposes of this assignment please provide a 12 MONTH forecasted income statement and AN INITIAL
balance sheet for the 1st year. ( A real world Business Plan would provide a prospective financial outlook for
five years. Include forecasted income statements, balance sheets, cash flow statements, and capital
expenditure budgets. )
Total Sales Projections:
If you’ve already made some sales, you can use those as a basis for your projections. If, like most
startups, you haven’t sold anything yet, you’ll need to create estimates based on estimates given
market research, your proposed marketing strategies and your industry data. Most companies forecast
sales by considering several methods, blending the results into something they trust. Here are several
common methods:
1. Trended: assumes past sales trends will continue
2. Bottom-Up: Ask your sale force and distributors
3. Top-Down: Make your own forecast per salesperson or distributor
4. Market Share: Estimate your share of the market for the year, and then spread those sales across
the months considering industry seasonality and your own growth trend.
5. Pace of Growth: Estimate your capacity at business maturity, and gradually grow sales to that point.
6. Customer-Driven: Estimate sales per customer per month. Then estimate a reasonable number of
new customers per week or month based on the marketing programs you expect to use. Add them to a
spreadsheet row for your new customer additions for each month, and continue to show them in your
customer base for as many months as you estimated they would continue to use your services.
Remove them when that expires. Customers per month x average sales per customer per month =
Total Monthly Sales.
Once demand is determined total sales is calculated by estimating the number of units you will sell times the
price at which you will sell each unit (400 units per month x $20 per unit = $8000 monthly sales. If you have
multiple categories of products which sell for a different amounts ten multiply projected units sold in each
category x the selling price of each category.
Cost of Goods / Services Sold Expense:
In the Income Statement include the cost of the goods / services sold (labor) and appears below Total Sales.
The difference between Sales and the Cost equals Gross Profit (a number very important for analysis
purposes). Cost of the Goods or Services Sold during the period is computed by multiplying the units of
product or number of hours billed for services multiplied by the unit cost.
Hours Sold per month x $15 or $25 Cost per unit = monthly Cost of Goods Sold
Other Essential Monthly Expenses: These essential expenses can be divided into two separate categories:
fixed and variable. Fixed expenses include rent (2,00 per square foot), utilities –phone , electricity, etc…
administrative costs, and insurance costs. Variable expenses include marketing expenses, payroll expenses,
sales commissions, etc The most effective way to calculate your startup costs is to use a worksheet that lists
both one-time and recurring costs.
This is a great place to use graphs and charts to tell the financial story of your business.
Additional resources: https://www.sba.gov/course/introduction-accounting/
REQUIRED FUNDING
Funding Needed in Excess of initial $25,000
Determine what Additional Assets Will Be Bought or Leased:
Depending on the asset type, you’ll have to decide whether you want to buy or lease assets for your business.
The first step is figuring out which assets will help your business succeed.
After identifying your financial needs, you must arrange for the financing. You have 25,000 however must pay
for facilities and other expenses based on your financial projections will your $25000 be enough or will you
need additional funding? Thoroughly understanding the basic types of financing can reveal the options that
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