Hi, herr are the details of the assignment. I am attaching the score template. I am also attaching a sample assignment which is done by my friend. Brief Description Students will open their own buisne
Business Plan Template for a Startup Business A startup business plan serves several purposes. It can help convince investors or lenders to finance your business. It can persuade partners or key employees to join your company. Most importantly, it serves as a roadmap guiding the launch and growth of your new business. Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success. This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise. Be honest with yourself as you work through your business plan. Don’t gloss over potential problems; instead, figure out solutions. A good business plan is clear and concise. A person outside of your industry should be able to understand it. Avoid overusing industry jargon or terminology. Most of the time involved in writing your plan should be spent researching and thinking. Make sure to document your research, including the sources of any information you include. Avoid making unsubstantiated claims or sweeping statements. Investors, lenders and others reading your plan will want to see realistic projections and expect your assumptions to be supported with facts. This template includes instructions for each section of the business plan, followed by corresponding fillable worksheet/s. The last section in the instructions, “Refining Your Plan,” explains ways you may need to modify your plan for specific purposes, such as getting a bank loan, or for specific industries, such as retail. Proofread your completed plan (or have someone proofread it for you) to make sure it’s free of spelling and grammatical errors and that all figures are accurate. Business Plan [Insert Date] Company name Street address 1 Street address 2 City, state, ZIP Business phone Website URL Email address Confidentiality Agreement The undersigned reader acknowledges that any information provided by _________________________ in this business plan, other than information that is in the public domain, is confidential in nature, and that any disclosure or use of same by the reader may cause serious harm or damage to ________________________. Therefore, the undersigned agrees not to disclose it without express written permission from ________________________________. Upon request, the undersigned reader will immediately return this document to ___________________________. ___________________Signature ___________________Name (typed or printed) ___________________Date This is a business plan. It does not imply an offering of securities. Table of Contents Confidentiality Agreement 3 I. Instructions: Executive Summary 5 Executive Summary 6 II. Instructions: Company Description 7 Company Description Worksheet 9 III. Instructions: Products & Services 10 Product & Service Description Worksheet 11 IV. Instructions: Marketing Plan 13 1.Market research 13 2.Barriers to entry 13 3.Threats and opportunities 13 SWOT Analysis Worksheet 15 4.Product/service features and benefits 16 5.Target customer 16 6.Key competitors 16 Competitor Data Collection Plan 18 Competitive Analysis Worksheet 19 7.Positioning/Niche 20 8.How you will market your product/service 20 9.Promotional budget 21 Marketing Expenses Strategy Chart 22 10.Pricing 23 Pricing Strategy Worksheet 24 11.Location or proposed location 26 12.Distribution channels 26 Distribution Channel Assessment Worksheet 27 13.12-month sales forecast 28 V. Instructions: Operational Plan 29 1Production 29 14.Quality control 29 15.Location 29 16.Legal environment 29 17.Personnel 29 18.Inventory 31 19.Suppliers 31 20.Credit policies 31 VI. Instructions: Management & Organization 32 Management Worksheet 33 Organization Chart 34 VII. Instructions: Startup Expenses & Capitalization 37 VIII. Instructions: Financial Plan 38 IX. Instructions: Appendices 41 X. Instructions: Refining the Plan 42 Now That You’re (Almost) Finished . . . 44 I. Instructions: Executive Summary 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. Write your Executive Summary 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. The Executive Summary should briefly explain each of the below. An overview of your business idea (one or two sentences). A description of your product and/or service. What problems are you solving for your target customers? Your goals for the business. Where do you expect the business to be in one year, three years, five years? Your proposed target market. Who are your ideal customers? Your competition and what differentiates your business. Who are you up against, and what unique selling proposition will help you succeed? Your management team and their prior experience. What do they bring to the table that will give your business a competitive edge? Financial outlook for the business. If you’re using the business plan for financing purposes, explain exactly how much money you want, how you will use it, and how that will make your business more profitable. 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, should be excited about its potential, and should be interested enough to read further. After you’ve completed your business plan, come back to this section to write your executive summary on the next page. Executive Summary (Write after you’ve completed the rest of the business plan.) II. Instructions: Company Description This section explains the basic elements of your business. Include each of the below: Company mission statement A mission statement 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. Company philosophy and vision What values does your business live by? Honesty, integrity, fun, innovation and community are values that might be important to your business philosophy. Vision refers to the long-term outlook for your business. What do you ultimately want it to become? For instance, your vision for your doggie day-care center might be to become a national chain, franchise or to sell to a larger company. Company goals Specify your long- and short-term goals as well as 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. Target market You will cover this in-depth in the Marketing Plan section. Here, briefly explain who your target customers are. Industry Describe your industry and what makes your business competitive: Is the industry growing, mature or stable? What is the industry outlook long-term and short-term? How will your business take advantage of projected industry changes and trends? What might happen to your competitors and how will your business successfully compete? Legal structure 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. After reading the Company Description, the reader should have a basic understanding of your business’s mission and vision, goals, target market, competitive landscape and legal structure. Use the Company Description worksheet on the next page to help you complete this section. Company Description Worksheet Business Name Company Mission Statement Company Philosophy/ Values Company Vision Goals & Milestones 1. 2. 3. Target Market Industry/ Competitors 1. 2. 3. Legal Structure/ Ownership III. Instructions: Products & Services This section expands on the basic information about your products and services included in the Executive Summary and Company Description. Here are some items to consider: Your company’s products and/or services: What do you sell, and how is it manufactured or provided? Include details of relationships with suppliers, manufacturers and/or partners that are essential to delivering the product or service to customers. The problem the product or service solves: Every business needs to solve a problem that its customers face. Explain what the problem is and how your product or service solves it. What are its benefits, features and unique selling proposition? Yours 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. Any proprietary features that give you a competitive advantage: Do you have a patent on your product or a patent pending? Do you have exclusive agreements with suppliers or vendors to sell a product or service that none of your competitors sell? Do you have the license for a product, technology or service that’s in high demand and/or short supply? How you will price your product or service: Describe the pricing, fee, subscription or leasing structure of your product or service. How does your product or service fit into the competitive landscape in terms of pricing—are you on the low end, mid-range or high end? How will that pricing strategy help you attract customers? What is your projected profit margin? Include any product or service details, such as technical specifications, drawings, photos, patent documents and other support information, in the Appendices. 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 unique selling proposition that makes it competitive. Use the Product and Service Description Worksheet on the next page to help you complete this section. Product & Service Description Worksheet Business Name Product/ Service Idea Special Benefits Unique Features Limits and Liabilities Production and Delivery Suppliers Intellectual Property Special Permits Product/ Service Description IV. Instructions: Marketing Plan This section provides details on your industry, the competitive landscape, your target market and how you will market your business to those customers. Market research There are two kinds of research: primary and secondary. Primary market research is information you gather yourself. This could include going online or driving around town to identify competitors; interviewing or surveying people who fit the profile of your target customers; or doing traffic counts at a retail location you’re considering. Secondary market research is information from sources such as trade organizations and journals, magazines and newspapers, Census data and demographic profiles. You can find this information online, at libraries, from chambers of commerce, from vendors who sell to your industry or from government agencies. This section of your plan should explain: The total size of your industry Trends in the industry – is it growing or shrinking? The total size of your target market, and what share is realistic for you to obtain Trends in the target market – is it growing or shrinking? How are customer needs or preferences changing? Barriers to entry What barriers to entry does your startup face, and how do you plan to overcome them? Barriers to entry might include: High startup costs High production costs High marketing costs Brand recognition challenges Finding qualified employees Need for specialized technology or patents Tariffs and quotas Unionization in your industry Threats and opportunities Once your business surmounts the barriers to entry you mentioned, what additional threats might it face? Explain how the following could affect your startup: Changes in government regulations Changes in technology Changes in the economy Changes in your industry Use the SWOT Analysis Worksheet on the next page to identify your company’s weaknesses and potential threats, as well as its strengths and the potential opportunities you plan to exploit. SWOT Analysis Worksheet Strengths Weaknesses Opportunities Threats Product/ Service Offering Brand/ Marketing Staff/HR Finance Operations/ Management Market Can any of your strengths help with improving your weaknesses or combating your threats? If so, please describe how below.   Based on the information above, what are your immediate goals/next steps?   Based on the information above, what are your long-term goals/next steps?   Product/service features and benefits Describe all of your products or services, being sure to focus on the customer’s point of view. For each product or service: Describe the most important features. What is special about it? Describe the most important benefits. What does it do for the customer? In this section, explain any after-sale services you plan to provide, such as: Product delivery Warranty/guarantee Service contracts Ongoing support Training Refund policy Target customer Describe your target customer. (This is also known as the ideal customer or buyer persona.) You may have more than one target customer group. For instance, if you sell a product to consumers through distributors, such as retailers, you have at least two kinds of target customers: the distributors (businesses) and the end users (consumers). Identify your target customer groups, and create a demographic profile for each group that includes: For consumers: Age Gender Location Income Occupation Education level For businesses: Industry Location Size Stage in business (startup, growing, mature) Annual sales 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 compete with you (including names and locations), products that compete with yours and/or services that compete with yours. Do they compete across the board, or just for specific products, for certain customers or in certain geographic areas? Also include indirect competitors. For instance, if you’re opening a restaurant that relies on consumers’ discretionary spending, then bars and nightclubs are indirect competitors. Use the Competitor Data Collection Plan on the next page to brainstorm ways you can collect information about competitors in each category. Competitor Data Collection Plan Price Benefits/Features Size/profitability Market strategy Once you’ve identified your major competitors, use the Competitive Analysis Worksheet on the next page to compare your business to theirs. Competitive Analysis Worksheet For each factor listed in the first column, assess whether you think it’s a strength or a weakness (S or W) for your business and for your competitors. Then rank how important each factor is to your target customer on a scale of 1 to 5 (1 = very important; 5 = not very important). Use this information to explain your competitive advantages and disadvantages. FACTOR Me Competitor A Competitor B Competitor C Importance to Customer Products Price Quality Selection Service Reliability Stability Expertise Company Reputation Location Appearance Sales Method Credit Policies Advertising Image Positioning/Niche Now that you’ve assessed your industry, product/service, customers and competition, you should have a clear understanding of your business’s niche (your unique segment of the market) as well as your positioning (how you want to present your company to customers). Explain these in a short paragraph. How you will market your product/service In this section, explain the marketing and advertising tactics you plan to use. Advertising may include: Online Print Radio Cable television Out-of-home Which media will you advertise in, why and how often? Marketing may include: Business website Social media marketing Email marketing Mobile marketing Search engine optimization Content marketing Print marketing materials (brochures, flyers, business cards) Public relations Trade shows Networking Word-of-mouth Referrals What image do you want to project for your business brand? What design elements will you use to market your business? (This includes your logo, signage and interior design.) Explain how they’ll support your brand. Promotional budget How much do you plan to spend on the marketing and advertising outreach above: Before startup (These numbers will go into your startup budget) On an ongoing basis (These numbers will go into your operating plan budget) Use the Marketing Expenses Strategy Chart on the next page to help figure out the cost of reaching different target markets. Marketing Expenses Strategy Chart Target Market 1 Target Market 2 Target Market 3 One-TimeExpenses Monthly or Annual Expenses Labor Costs Download the Annual Marketing Budget Template. Using the information you’ve gathered, create your annual marketing budget. Pricing You explained pricing briefly in the “Products & Services” section; now it’s time to go into more detail. How do you plan to set prices? Keep in mind that few small businesses can compete on price without hurting their profit margins. Instead of offering the lowest price, it’s better to go with an average price and compete on quality and service. Does your pricing strategy reflect your positioning? Compare your prices with your competitors’. Are they higher, lower or the same? Why? How important is price to your customers? It may not be a deciding factor. What will your customer service and credit policies be? Use the Pricing Strategy Worksheet on the next page to help with your pricing. Pricing Strategy Worksheet Business Name Which of the following pricing strategies will you employ? Circle one. Cost Plus The costs of making/obtaining your product or providing your service, plus enough to make a profit Value Based Based on your competitive advantage and brand (perceived value) Other: Provide an explanation of your pricing model selection. Include strategy info on your major product lines/service offerings. List industry/market practices and any considerations to be discussed with your mentor. Location or proposed location If you have a location picked out, explain why you believe this is a good location for your startup. If you haven’t chosen a location yet, explain what you’ll be looking for in a location and why, including: Convenient location for customers Adequate parking for employees and customers Proximity to public transportation or major roads Type of space (industrial, retail, etc.) Types of businesses nearby Focus on the location of your building, not the physical building itself. You’ll discuss that later, in the Operations section. Distribution channels What methods of distribution will you use to sell your products and/or services? These may include: Retail Direct sales Ecommerce Wholesale Inside sales force Outside sales representatives OEMs If you have any strategic partnerships or key distributor relationships that will be a factor in your success, explain them here. If you haven’t yet finalized your distribution channels, use the Distribution Channel Assessment Worksheet on the next page to assess the pros and cons of each distribution channel you are considering. Distribution Channel Assessment Worksheet Distribution Channel 1 Distribution Channel 2 Distribution Channel 3 Ease of Entry Geographic Proximity Costs Competitors’ Positions Management Experience Staffing Capabilities Marketing Needs 12-month sales forecast Download the Sales Forecast spreadsheet and use it to create a month-by-month sales projection. 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 your market research, your proposed marketing strategies and your industry data. Create two forecasts: a “best guess” scenario (what you really expect) and a “worst case” scenario (one you’re confident you can reach no matter what). Keep notes on the research and assumptions that go into developing these sales forecasts. Financing sources will want to know what you based the numbers on. After reading the Marketing Plan section, the reader should understand who your target customers are, how you plan to market to them, what sales and distribution channels you will use, and how you will position your product/service relative to the competition. A SCORE mentor can help you complete your Marketing Plan tailored for your business. Find a SCORE mentor. V. Instructions: Operational Plan This section explains the daily operation of your business, including its location, equipment, personnel and processes. Production How will you will produce your product or deliver your service? Describe your production methods, the equipment you’ll use and how much it will cost to produce what you sell. Quality control How will you maintain consistency? Describe the quality control procedures you’ll use. Location Where is your business located? You briefly touched on this in the Company Overview. In this section, expand on that information with details such as: The size of your location The type of building (retail, industrial, commercial, etc.) Zoning restrictions Accessibility for customers, employees, suppliers and transportation if necessary Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs Utilities Legal environment What type of legal environment will your business operate in? How are you prepared to handle legal requirements? Include details such as: Any licenses and/or permits that are needed and whether you’ve obtained them Any trademarks, copyrights or patents that you have or are in the process of applying for The insurance coverage your business requires and how much it costs Any environmental, health or workplace regulations affecting your business Any special regulations affecting your industry Bonding requirements, if applicable Personnel What type of personnel will your business need? Explain details such as: What types of employees? Are there any licensing or educational requirements? How many employees will you need? Will you ever hire freelancers or independent contractors? Include job descriptions. What is the pay structure (hourly, salaried, base plus commission, etc.)? How do you plan to find qualified employees and contractors? What type of training is needed and how will you train employees? Download the Job Analysis Worksheet and use it to help you answer the questions above. Inventory If your business requires inventory, explain: What kind of inventory will you keep on hand (raw materials, supplies, finished products)? What will be the average value of inventory (in other words, how much are you investing in inventory)? What rate of inventory turnover do you expect? How does this compare to industry averages? Will you need more inventory than normal during certain seasons? (For instance, a retailer might need additional inventory for the holiday shopping season.) What is your lead time for ordering inventory? Suppliers List your key suppliers, including: Names, addresses, websites Type and amount of inventory furnished Their credit and delivery policies History and reliability Do you expect any supply shortages or short-term delivery problems? If so, how will you handle them? Do you have more than one supplier for critical items (as a backup)? Do you expect the cost of supplies to hold steady or fluctuate? If the latter, how will you deal with changing costs? What are your suppliers’ payment terms? Credit policies If you plan to sell to customers on credit, explain: Whether this is typical in your industry (do customers expect it)? What your credit policies will be. How much credit will you extend? What are the criteria for extending credit? How will you check new customers’ creditworthiness? What credit terms will you offer? Detail how much it will cost you to offer credit, and show that you’ve built these costs into your pricing structure. How will you handle slow-paying customers? Explain your policies, such as when you will follow up on late payments, and when you will get an attorney or collections agency involved. After reading the Operational Plan section, the reader should understand how your business will operate on a day-to-day basis. VI. Instructions: Management & Organization This section should give readers an understanding of the people behind your business, their roles and responsibilities, and their prior experience. If you’re using your business plan to get financing, know that investors and lenders carefully assess whether you have a qualified management team. Biographies Include brief biographies of the owner/s and key employees. Include resumes in the Appendix. Here, summarize your experience and those of your key employees in a few paragraphs per person. Focus on the prior experience and skills that have prepared your team to succeed in this business. If anyone has previous experience starting and growing a business, explain this in detail. Gaps Explain how you plan to fill in any gaps in management and/or experience. For instance, if you lack financial know-how, will you hire a CFO or retain an accountant? If you don’t have sales skills, will you hire an in-house sales manager or use outside sales reps? Advisors List the members of your professional/advisory support team, including: Attorney Accountant Board of directors Advisory board Insurance agent Consultants Banker Mentors and other advisors If they have experience or specializations that will increase your chances of success, explain. For instance, does your mentor have experience launching and growing a similar business? Organization Chart Develop and include an organization chart. This should include both roles that you’ve already filled and roles you plan to fill in the future. After reading the Management & Organization section, the reader should feel confident that you have a qualified team leading your business. Use the Management Worksheet and Organization Chart on the next two pages to highlight your management team. Management Worksheet Bio/s Gaps in Management or Experience Advisors Organization Chart VII. Instructions: Startup Expenses & Capitalization In this section, detail the expenses involved in opening for business and how much capital you’ll need. (Do not include ongoing expenses after your business opens; those are listed in the Financial Plan.) Estimating startup expenses as accurately as possible helps you gather enough startup capital. Start-Up Expenses Download and complete the Start-Up Expenses template. In working on this Business Plan, you should already have gathered most, if not all, of the information you need. In the body of this section, be sure to explain all of the assumptions behind the figures. How did you come up with these expenses? If you’ve secured or expect to secure loans, explain the source/s, amount/s and terms. If you’ve secured or expect to secure investors, explain how much each investor will contribute and what percentage of ownership each receives in return. Be sure to include extra capital for unexpected expenses. Opening a new business almost always ends up costing more than expected, and you need to be prepared. List this figure in the Start-Up Expenses template under “Reserve for Contingencies.” How much should you set aside for contingencies? You can talk to other business owners in your industry to get a ballpark figure. If you can’t come up with a figure this way, a good rule of thumb is to set aside 20% to 25% of your total startup costs for contingencies. Opening Day Balance Sheet Download and complete the Opening Day Balance Sheet. Use it to detail the expected state of your business finances on opening day. As with the Start-Up Expenses sheet, be sure to explain the assumptions behind the figures. Personal Financial Statement If you are using the business plan to seek financing, include personal financial statements for each owner and each major stockholder. The personal financial statements should detail each person’s assets and liabilities outside of the business and their personal net worth. Investors and/or lenders typically expect business owners to use personal assets to finance a startup, and they’ll want to see how much capital you have available from your personal finances. After reading the Startup Expenses & Capitalization section, the reader should know how much money is needed to start the business and how well capitalized you are. VIII. Instructions: Financial Plan Your financial plan is perhaps the most important element of your business plan. Lenders and investors will review it in detail. Developing your financial plan helps you set financial goals for your startup and assess its financing needs. Include the following: 12-month profit & loss projection Also known as an income statement or P&L, the 12-month profit and loss projection is the centerpiece of your business plan. Download the 12-Month Profit and Loss Projection and fill in your projected sales, cost of goods sold and gross profit. (Refer to the Sales Forecast you created in Section IV). Then list your expenses, net profit before taxes, estimated taxes and net operating income. Be sure to explain the assumptions behind the numbers in your P&L. Keep detailed notes about how you came up with these figures; you may need this information to answer questions from potential financing sources. Optional: 3-year profit & loss projection A three-year profit and loss projection is not essential to a business plan. However, you may want to create one if you expect your business’s financials to change substantially after the first year, or if investors or lenders require it. Download the 3-Year Profit and Loss Projection template, and use it to create your projection. Cash flow projection The cash flow statement tracks how much cash your business has on hand at any given time. Once your business is up and running, you’ll want to keep close tabs on your cash flow statement. For now, however, you’re creating a cash flow projection. Think of the cash flow projection as a forecast for your business checking account. It details when you need to spend money on things such as inventory, rent and payroll, and when you expect to receive payments from customers and clients. For example, you may make a sale, have to buy inventory to fulfill the sale, and not collect payment from the customer for 30, 60 or 90 days. The cash flow projection takes these factors into account, helping you budget for upcoming expenses so your business doesn’t run out of money. Download the 12-Month Cash Flow Statement and use it to create your projections. Optional: 3-year cash flow statement Depending on your needs and the purpose of your business plan, you may also want to include a 3-year cash flow statement. If so, download the 3-Year Cash Flow Statement and use it to create your projections. This is a much simpler document than the 12-month cash flow statement, but can still be useful in making plans. Projected balance sheet A balance sheet subtracts the company’s liabilities from its assets to arrive at the owner’s equity. You already created an opening day balance sheet in Section 1. Now, download the Balance Sheet (Projected), and create a projected balance sheet showing the estimated financial condition of your business at the end of its first year. The major difference between the two is that the projected balance sheet includes any owner’s equity resulting from the business’s first year in operation. Lenders and investors may want to see this projection. Break-even calculation The break-even analysis projects the sales volume you need in order to cover your costs. In other words, when will the business break even? Download the Break-Even Analysis template and, using your profit and loss projections, enter your expected fixed and variable costs. Adjust the categories to reflect your own business. You can even create a couple of different break-even analyses for different scenarios. For example, your payroll costs will vary depending on whether you hire full-time employees or use independent contractors. Creating different break-even analyses can help you determine the best option. Use of capital If you’re using the business plan to seek financing from lenders or investors, provide a breakdown of how you will the capital and what results you expect. For example, perhaps you will use the money to buy new equipment and expect that to double your production capacity. After reading the Financial Plan section, the reader should understand the assumptions behind your financial projections and be able to judge whether these projections are realistic. A SCORE mentor can help you complete your Financial Plan tailored for your business. Find a SCORE mentor. IX. Instructions: Appendices Don’t slow your readers down by cluttering your business plan with supporting documents, such as contracts or licenses. Instead, put these documents in the Appendices, and refer to them in the body of the plan so readers can find them if needed. Below are some elements many business owners include in their Appendices. Agreements (Leases, contracts, purchase orders, letters of intent, etc.) Intellectual property (trademarks, licenses, patents, etc.) Resumes of owners/key employees Advertising/marketing materials Public relations/publicity Blueprints/plans List of equipment Market research studies List of assets that can be used as collateral You can also include any other materials that will give readers a fuller picture of your business or support the projections and assumptions you make in your plan. For instance, you might want to include photos of your proposed location, illustrations or photos of a product you are patenting, or charts showing the projected growth of your market. After reviewing the Appendices, the reader should feel satisfied that the assumptions throughout the plan are backed up by documentation and evidence. X. Instructions: Refining the Plan Modify your business plan for your specific needs, audience and industry. Here are some guidelines to help: For Raising Capital from Bankers Bankers want to know that you’ll be able to repay the loan. If the business plan is for bankers or other lenders, include: How much money you’re seeking How you’ll use the money How that will make your business stronger Requested repayment terms (number of years to repay) Any collateral you have and a list of all existing liens against your collateral For Raising Capital from Investors Investors are looking for dramatic growth, and they expect to share in the rewards. If the business plan is for investors, include: Investment amount you need short-term Investment amount you’ll need in two to five years How you’ll use the money and how that will help your business grow Estimated return on investment Exit strategy for investors (buyback, sale or IPO) Percentage of ownership you will give investors Milestones or conditions you will accept Financial reporting you will provide to investors How involved investors will be on the board or in management For a Manufacturing Business Explain the operations involved in manufacturing your product/s. What equipment is needed? What are the production/capacity limits of the equipment? What are the production/capacity limits of the proposed physical plant? Is specialized labor needed? What raw materials do you need for manufacturing? Are there any special requirements for storing these? What quality control procedures will you use? How will you manage inventory levels? What is your supply chain? Explain any new products you’re developing, or products you plan to begin developing after startup. For a Service Business Explain your prices and the methods used to set them. What systems and processes will you use for ensuring consistent delivery of services? What quality control procedures will you use? How will you measure employee productivity? Will you subcontract any work to other businesses? If so, what percentage of work will be subcontracted? Will you make a profit on subcontracting? Explain your credit, payment and collections policies and procedures. How will you maintain your client base and get long-term contracts? Explain any new services you’re developing or services you plan to add after startup. For a Retail Business List specific brands you plan to carry that will give you a competitive advantage. How will you manage inventory? What inventory management software will you use? What forms of payment will you accept? What payment processing service will you use? What point-of-sale software and hardware will you use? Explain your markup policies. Your prices should be profitable, competitive and in line with your brand. Initial inventory level: Find the industry average annual inventory turnover rate (available in the RMA book). Multiply your initial inventory investment by the average turnover rate. The result should be at least equal to your projected first year’s cost of goods sold. If not, you may need to budget more for startup inventory. What are your customer service policies? How will you handle returns and exchanges? Will your retail store also have an ecommerce site, or is one planned for the future? For an Ecommerce Business Will you sell a physical product, a service, a digital product (such as eBooks) or some combination of these? If you’re selling physical products, how will you brand and package them? Will you sell on your own website, online marketplaces (such as Amazon) or both? What technology providers and platforms will you use to run your ecommerce site? Web hosting service Web design service Shopping cart provider Payment processing service Fulfillment & shipping services Email marketing services Can the solutions you’ve chosen quickly scale up or down as needed? Where will you get your products? Will you manufacture them in-house, buy them from manufacturers or use drop shippers? How will you handle returns and exchanges? What are your customer service policies? How will you provide customer service? Will you use any proprietary technology of your own and if so, what advantages does that give you? For a Software or SaaS business What is your pricing structure? Will you use a free trial, “freemium” or paid business model? If you offer free services or a free trial option, how will you upsell customers to a payment model? What percentage of customers are expected to become paying customers? Have you tested your software? Are any “early adopters” already using the product? How will you encourage long-term contracts in order to create recurring revenues? How will you manage rapidly changing markets, technologies and costs? How will you keep your company competitive? Will you use in-house developers or outsource this function? How will you provide customer support? How will you retain key personnel? Are you using any proprietary or exclusive software that will give you a competitive edge? How will you protect your intellectual property? What additional products or updates to current products are you planning after launch? Now That You’re (Almost) Finished . . . Remember to go back, and complete the Executive Summary. After you’ve filled out all the worksheets and executive summary, print them out and you have a business plan. Work with a SCORE mentor to review and refine your plan.
Hi, herr are the details of the assignment. I am attaching the score template. I am also attaching a sample assignment which is done by my friend. Brief Description Students will open their own buisne
0 Business Ideas Planning Name Student ID University New Westminster Campus BUSI Professor’s name Due: 17 April, 2022 Business is adapting new things every day and it is all about defining your customers’ wants in detail and how your company will meet them. If necessary, conduct market research. In business learn about your target markets, as well as the wants and desires of your clients. Moreover, Recognize and communicate to customers how you might assist them in meeting their needs. For every individual it is significant to learn about doing a business and it is not very easy and common to run a business when there are lot other competitors in the market. This research work is about planning a business that I will be running and most importantly how efficiently this business will be working. The business I am planning is about delivery services. Many people they do not have enough time to grocery, laundry and anything like this. My business will help them out in this situation. I have learned from the COVID pandemic that many people have changed their workplaces some of them shifted to online businesses and they are just sitting at home doing work from home and it is great opportunity for me to set up a business that have less competition. No doubt, there are lot of other online businesses but not so many people are aware of them so, for me it is good opportunity to run a business. Delivery services that are mostly expensive and for my target market if they are not able to afford there is no point to run any business. So, I set up my target market that will be international students, working people and elderly people. I have noticed from the past years that sometimes there are so many individuals that they want the delivery services, but they are not able to afford it, so in this case I found that running your own business by giving them benefits will helps me to stay in the market. My target market is clear, I am offering them delivery services at affordable prices, but I also need to advertise it so that they should know that. They can get these benefits. This business is from my personal experience, I do want this service but at the same time I also do not want to pay extra prices. So, this delivery service online business is good start to enter in the. Market and this are the reason I selected it. Concept Map It is intended that the new logistics company will take care of delivering packages to customers on a daily basis beginning with a regional level. In the future, it is planned to grow into an organization that serves customers throughout the world. Initially, the company will operate four main stores and two offices to better serve the needs of the region whereby the company will function as a retail establishment, delivering packages to individuals just after delivery has taken place after the package has shipped. Besides shipping and packaging, these outlets will also provide office supplies like copying and printing, as well as other shipping- and packaging services. Besides that, they will also deliver small packages, make shipments, and handle postage. Due to the recent e-commerce trend in which many people are now making online purchases, it is incredibly important for the business that it must be able to provide these goods on time to the customer’s suitability following the recent e-commerce trend. The first technology that would need to be incorporated would be computers, the internet, the company’s website, an online payment system, and a cold storage service, if the merchandise is perishable or time sensitive. There will need to be different automated machines for the delivery of packages, including cars, vans, bicycles, and lorries. There is also a need for Google maps to be used to locate the customers’ residences. Therefore, in order to perform the different areas of the work process in an organized manner, different types of personnel will need to be involved. Our Target Market In order for a courier and delivery service business to be successful, they must cater to a wide audience of individuals and businesses. In order to take advantage of the advantages of courier and delivery services in the future, nearly every adult and almost every organization has at least one of these reasons.. Our parcel collection centers are therefore strategically positioned in order to be able to service the needs of the residences and businesses in the area. It has taken us a considerable amount of time to conduct our market research, and we have ideas about what our target market might expect of us. Our business is a courier and delivery service, so we plan to attract the following clients; Stores that sell goods and services over the Internet (e-commerce organizations. Organizations governed by corporations. Distributors and manufacturers. Company Benefits The courier shipping and delivery industry is evidently a highly competitive industry with a large number of business opportunities available to those with a financial background, who can start a small operation serving a single city or region initially. It is not in doubt, however, that training and expertise are essential to a successful career as a courier or delivery service professional, but that does not, in no way, diminish the possibility of any entrepreneur who is serious about this business starting the business, even if they are marginally successful. With the launch of our new courier and delivery service, we intend to become the preferred choice of residences throughout the region and in every other town where we intend to open up collection point for our services. In an increasingly competitive world, our business model will be the key differentiator for us in the future – ease of payment, inexpensive prices, fast delivery, wide range of services, and a strong customer service culture will definitely set us apart from our competitors. In addition to being well cared for, our employees will also be offered some of the most competitive benefits in the business (startup courier and delivery companies), ensuring that they will be enthusiastic about contributing to the development of the company and dedicated in their endeavors. Communication between the parties had to be handled entirely through phone calls, email, and online video conferencing. In a nutshell, the General Manager must ensure that stakeholders are informed of information to be provided to them and they are satisfied with the current situation. In terms of change management, the human resource manager is responsible for collecting and presenting a detailed report to the general manager regarding feedback and assessment received from all departments. The trucking manager coordinates, manages, and supervises all activities of the trucks, as well as authorizing the purchase of personnel equipment as well as overseeing logistical issues. Due to our company’s size and the fact that we are quite small, we have an all-inclusive policy for payments Taking into account the fact that different customers prefer different payment options according to their needs, but at the same time at all On the other hand, we will maintain full compliance with the financial regulations, rules and laws of Australia at the same time. In order to accommodate our clients, our company will be able to offer the following payment options; It is possible to make a payment via bank transfer. A cash payment will be accepted. Online bank transfers are the preferred method of payment. A check will be used to make the payment. Payment through a Point-of-Sale Machine (POS Machine). Payment by bank draft will be made. Mobile money is used to make payments. With this in mind, we have chosen to use proprietary software platforms to enable our clients to transact with our platform. Payment for the purchase of farm products can be made without stressing out the farmers. On our website and in our promotional materials, we will provide our clients with the bank account numbers so that they can deposit cash or make online payments. Managing Team Figure 1 Management Team Map Job Title Name Expected staff turnover Skills or strengths Management team (Owner) A 12-18 months Skills for management as well as leadership Managing Director B 12-18 months Leadership with vision. Motivating employees. Managing effectively Logistics manager C 12-18 months Ability to work in a team. The ability to manage. Motivation is the ability to motivate others. Personality traits. Reasoning skills. Personnel, or employees, are usually the ones who are tasked with carrying out the various activities associated with a business. Three of our delivery people will be at the service of our company who will be in charge of making sure that the packages get to their proper location in good time. In addition, is the customer care service whereby the person is responsible for making sure that they are in constant contact with the customer from the moment they are dispatching the package until the moment they have received it. In addition, they will be in charge of handling any issues that may arise from customers and their feedback. Other types of customer service representatives will be the ones taking in orders from clients, as opposed to the latter who will be the ones dispatching all the orders to their destinations. They will help customers by explaining the company as well as its services, including the prices associated with those services, and they will take the orders from the customers. It is intended that there are two managers for the company – one who is the general manager and the other is the operations manager. In addition to being accountable to the general manager, the operations manager will also be responsible for overseeing the day-to-day operations of the department. The owner of the company will also act as the company’s supervisor and in this case the operations manager will also be acting as a supervisor. This would result in a reduction of unnecessary manpower costs. An IT department will be crucial to the company’s ability to maintain its website and to ensure all online orders and payments are placed and dealt with correctly. There are several human resource professionals who can be found through advertisements and also through recommendation for the job positions that are available. Competitor Data Collection Plan Price $44.50 $38.99 Benefits/Features Faster Shipping Times Timely Parcel Collection Fast Shipping within 1-2 days Size/profitability Extremely profitable as their prices are really high Really high commercial prices leading for extreme profitibality Market strategy Providing great service and disrupting the industry Mid range shipping service with fast delivery time. Once you’ve identified your major competitors, use the Competitive Analysis Worksheet on the next page to compare your business to theirs. Competitive Analysis Worksheet For each factor listed in the first column, assess whether you think it’s a strength or a weakness (S or W) for your business and for your competitors. Then rank how important each factor is to your target customer on a scale of 1 to 5 (1 = very important; 5 = not very important). Use this information to explain your competitive advantages and disadvantages. FACTOR Me Fedex UPS Importance to Customer Products Less methods for payment No courier collection from home Price Really high prices Mid range prices Quality Really big competitor and great quality Quality of service is really good Selection Service Reliability Highly reliable Reliability is high Stability Highly reliable High reliability Expertise Really good expertise of the market Strong expertise Company Reputation Best company in the market Second best company in market Location Available almost everywhere Availability everywhere Appearance Sales Method Less payment methods Payment methods are less Credit Policies No credit policies available Credit policies are not available Advertising Advertising is handled by experts Top notch spending Image High reputation Reputation is high During the course of our company’s growth, we intend to venture beyond the domestic market to the international market. With the help of its pickup and delivery network, the company is now able to manage all its business activities, regardless of whether it is freight, ground transportation, international or local services for businesses, residences or the general public. With the single structure of the network, the company will be able to gain competitive power through the optimal use of assets and the increased efficiency of the network. It is no different from UPS, that there is a desire from our company to succeed in the logistics market. Furthermore, the e-commerce market continues to grow and diversify, and since the internet is making a significant impact, it will place huge expectations and a large amount of pressure on our company to provide offline package delivery services. Thus, the logistics department of the company is supposed to help it navigate the e-commerce pressure and assist the internet merchants in connecting to their offline clients. Further, the company has two distinct customer care units in addition to what was discussed earlier in the human resources section. The first part of the system is dedicated to incoming orders and dealing with customers at the initial stage and the second part is dedicated to delivering goods to the customer. Ideally, these two services should be distinct to achieve efficiency in customer services and to avoid confusion between the two processes. When these two processes are confused, then packages can be lost, customers can leave, and unsatisfactory business results may be the result. When the business grows to the global market, these two areas of customer care will be efficient in handling demand and pressure from the expanding market as opposed to if there were only one department whereby there would be an overload and inefficiencies in the services. By designing the human resource system in a way in which the number of manpower is increased as necessary as the company grows, the company will be able to adapt to the new conditions. It is possible to expand or increase the number of employees in each department and to increase the number of employees involved in the different processes. Additionally, a company website enables us to reach out to global markets wherein customers can easily access our services from anywhere in the world online. Clients, method of work (impacted) How they are affected: By policies During and after the implementation: The impacts will be realized The affected clients will be informed and will have the option of re-arranging any scheduled deliveries, either all at once for convenience, or to reschedule any scheduled deliveries at a later date according to their requirements, in the change at the company, there should have been no impact on deadlines for delivering parcels. Further, a temporary policy will not be accepted to ensure that the client receives the correct answer and meet the needs of the situation. More will be added during the implementation process in order to eliminate more issues and inconveniences for the end user. There needs to be a comprehensive approach to risk and management planning that includes all aspects of the organization. To do this successfully, clear plans need to be developed up front, action plans need to be developed with specifics and timelines, a decision model must be defined, and leadership commitment from the executive management team must be strong. After we have completed all research based on the couriers’ need for business expansion in the metropolitan area, we are confident that these changes will make the entire process of package delivery a lot more convenient, and the company market share will increase much more than before. Even with the incredibly tight schedule we had, we were able to achieve a lot. A project like this typically takes years from start to finish. A stable company and a clearly defined plan to deliver deliverables will result in a successful outcome because of an excellent execution, a good execution and a good execution of the plan. A multifaceted approach to distribution management will be developed through the use of technologies such as wireless radio devices, telephone interactions, SMS messages, email communications, and online videoconferencing for meetings, including telephone conversations, SMS messages, and videoconferencing. Expansion plan There is no doubt that the future of any business lies in the number and quality of their loyal customers, their employees’ abilities and ability, and their investment strategies combined with the ways to develop their business. There are several factors that must be present for a business (company) to succeed. When one or more of these factors is absent, the business will not just close down after a very short period of time, but will also begin to deteriorate. One of the major goals we set when we started our own company was to create a business capable of surviving off its own cash flow once the company came into existence, without needing to inject finance from external sources. To gain approval and gain the trust of potential customers, one of the methods of ensuring that we achieve this is by offering our couriers and deliveries at a lower price than what is obtainable in the market and also by doing so in a timely and safe manner. It would not be difficult for us to survive for several months with a much lower profit margin. In our company, we will take care to put in place the right foundations, structures and processes to ensure that the welfare and development of our employees is well taken care of. Developing and retraining our workforce is at the top of the list when it comes to our company’s corporate culture, helping us drive our business to greater heights. The fact of the matter is that we are planning on establishing a profit-sharing settlement for all our management employees. This agreement will be based on the performance of all our management employees for a period of three years or longer. The laying out and implementing of those measures will hopefully enable us to successfully hire and retain our business’s most valuable resources; this will be possible because they will be dedicated to helping us build the business that we have always dreamed of. References Dobkin, A. G. (2021). On control and responsibility in strategic planning. Courier of Kutafin Moscow State Law University (MSAL)), 6, 170–176. https://doi.org/10.17803/2311-5998.2021.82.6.170-176 Grundy, T., & King, D. (1992). Using strategic planning to drive strategic change. 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