Business Plan_2_

A05 Section One Overview World of Colors centrally located in Ypsilanti, MI. World of Colors can help make a difference in a clients home by painting and decorating. World of Colors is a business that paint and decorate your home on a budget. Legal Form World of Colors is a sole proprietorship owned by one owner. (Boone and Kurtz) World of Colors is a sole proprietorship, it is a new small business owned by one person. The sole proprietorship was chosen because it was easy to create legally and close down. Advantages and disadvantages of sole proprietorship Advantages: 1. Owner can retain all the profits 2. East to form and dissolve 3. Owner has flexibility Disadvantages: 1. Unlimited financial liability 2. Financing limitations 3. Management deficiencies 4. Lack of continuity Owner Biography World of Colors was established by Schilita White, when she was attending Eastern Michigan University in 2007. While obtaining a bachelors degree in accounting, World of Colors was created. The background of Schilita White was crunching numbers and in her spare time Schilita enjoyed painting and decorating her home and others. What was interesting to Schilita was the possibilities of how you feel when you complete a home makeover project, how your home can be literally transform. Simply by changing the color scheme and decorating your home can make a huge difference in your attitude. SWOT Analysis Strengths    The business ethics of World of Colors is to provide quality work. World of Color’s prices are uncomparable. World of Colors provide creative ideas, along with the clients feedback. Weaknesses    Need to budget an expense account for effective advertising. Being a new business cash flow can be unstable. World of Color’s reputation has not been exposed to the public. Opportunities    World of Colors customer base will expand by advertising. The State of Michigan encourages more small businesses to be developed. World of Colors can obtain grants to increase cash flow of business assets. Threats    Competition is a threat with other small business competing for a customer base and competitive pricing. The market changes with customers deciding to paint their own homes. The ups and downs of the economy customers may not have the income to have their home painted.