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Business Plan Startup

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Business Plan Startup document sample

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									Queens Economic Development Corporation
       StartUP! Business Plan Competition
            Training Session 1
   Overview of The Business
                    Sponsored by:
          Overview of The Business

The Business Planning Process
Welcome to the first step in realizing your business goals
If you were going to visit a friend whose house you had never been to what
would you do?

How would you begin the process?

- Find out the Directions
- Bring along the necessary tools
- Have someone to call in case you need help along the way
Well, A business plan works the same way
          Overview of The Business

The Business Planning Process
A business plan is essentially your roadmap to success. Without it you
could get lost, spend unnecessary money, time and effort and make a lot of
mistakes.

The plan is not the be all end all, meaning just because you write a plan
does not mean that the business is guaranteed to be the next big thing.
But it does minimize your risk potential.
          Overview of The Business

The Business Planning Process
The business plan is like a treasure map it tells you the direction to go in to
achieve your goals. You need to develop this document because it will help
you get to where you want to go. Remember nothing is written in stone.


It’s a reference document and when it comes time to make crucial
business decisions you should refer back to the plan to make sure that
your decisions are aligned with your goals.
         Overview of The Business

The Business Planning Process
You should review your plan at least once a quarter and make the
necessary adjustments as your business or your business planning
process changes and evolves.
           Overview of The Business

Just a reminder…
Format of the plan
- Must be typed
- Cover Page
- Team entries must include the names of all team contact info
- A Table of Contents, one-page
- Executive Summary, one page
- Paragraph form 6-8 lines per paragraph
- Single 1.5 line spacing
- Use Basic fonts for the body of the text – Times, Helvetica, Arial or the like
- Page numbers throughout the plan
Let’s get started!
         Overview of The Business

The Company Description

The Company Description gives the reader a general overview of the
business and the current status of the operation. The company description
should include:

- A brief summary of what you do and where you are located
- The company mission statement
- A full description or the products or services you offer
- The current status of the business, what have you done so far
- Legal structure and ownership information
(These things should be written in paragraph format)
        Overview of The Business

Sample Company Description
World, Sit Down, Inc. is a New York-based Restaurant founded
by Franklin Mora in September 2008 with a legal structure of
an S-Corporation. World, Sit Down, Inc. caters to customers
located in the New York City area with healthy and diverse
world-wide cuisine, fair trade coffee, imported wine, and
alcoholic beverages at its storefront located in Astoria,
Queens. The inspiration for this restaurant comes from the
founder’s multi-cultural experiences, his taste for cuisine and
eye for service.
        Overview of The Business

The Company Description
- The Company Mission Statement

3 Keys of Meaningful Mission Statements from About.com

1) A mission statement must be a concise paragraph describing what
your company does and for whom. Show your mission to your
mother, if she does not understand it, start again.
         Overview of The Business

The Company Description
3 Keys of Meaningful Mission Statements from
About.com

2) Self-Igniting: Your mission is for you and your business. It does
not have to be an earth moving statement. It can be whatever inspires
you.

3) Value Alignment: Forget the money. A meaningful mission goes
beyond the dollars and cents. If your small business is creative,
focus your mission on creativity. Try to be what your core
competency is.
          Overview of The Business

The Company Description

Sample Mission Statements
Our Mission is to…..

Ben & Jerry’s Ice Cream: "To make, distribute & sell the finest quality all
natural ice cream & euphoric concoctions with a continued commitment to
incorporating wholesome, natural ingredients and promoting business
practices that respect the Earth and the Environment."
            Overview of The Business
The Company Description

Sample Mission Statements
Our Mission is to…..

World, Sit Down, Inc. is a restaurant who’s mission is to provides fresh, all-
natural, exotic worldwide cuisine, locally-grown food and selected organic
menu items. We are a social gathering place that celebrates culture
through artwork, music, and food. At World, Sit Down, Inc. we hope to
develop a welcoming atmosphere where our clients represent a diverse
group of people from different backgrounds that will all Sit Down together.
         Overview of The Business

Industry Analysis & Trends

The industry analysis portion of the plan describes the
 industry, what the current developments and trends are in
your industry (i.e. retail, advertising, see list of industries).

It should give detailed information showing you are an expert
in your industry.
        Overview of The Business
Industry Analysis & Trends
Example of Industries:
Advertising                  Alcoholic Beverages & Tobacco
Insurance                    Machinery
Aerospace & Defense          Apparel & Footwear
Information Technology       Autos & Auto Parts
E-commerce                   Movies & Home Entertainment
Agribusiness                 Private Schools
Investment Services          Health Care Products & Supplies
Airlines                     Publishing
Lodging & Gaming             Restaurants
Broadcasting & Cable
                             Supermarkets & drugstores
        Overview of The Business
•
Industry Analysis & Trends

Is the industry growing or declining what is expected in the
future?
How much money is spent in the industry on a yearly basis?
What are the current trends?
Where are the opportunities in the industry?
Is there seasonality to your industry?
Are there any barriers to entry?
        Overview of The Business

Industry Analysis & Trends
Databases Available:

Standard & Poors Online (can access remotely)
Business & Company
First Review
Plunkets
EBSCO Host
Market Research
(SIBL Library 34th Street and 5th Ave)
          Overview of The Business

Industry Analysis & Trends

How do you Find the Data?
All of the data that you need to complete your industry analysis can be
found in an industry report (see sample industry report)

Industry reports can be picked up from the Queens Library Business
Librarian. You can download a report for your industry for free from one of
the Library databases like Standard & Poors
       Overview of The Business


Market Analysis
- Market size and trends
- Current Buyers: demographics, psychographics, purchasing
patterns,
- Factors that affect the market including seasonal,
technological and regulatory challenges
         Overview of The Business


Target Market
Your target market is the customer group that you plan to service.
Many people are afraid of limiting themselves to a certain portion
 of the population but it is a good thing. Your target market is
essential the group of people that you spend your marketing
dollars on. This is the group of individuals should be the most
likely group to spend their money on your products or services.
         Overview of The Business


Target Market
You should know your target market as if they were your best friend. This
is a crucial area of the plan to spend time researching because if you are
marketing your products or service to the wrong group it is difficult to
acquire sales.
         Overview of The Business


Target Market
Knowing your target market will also help you determine
the best way to market your business to customers. If you know most of
the people in your target group workout than you may be able to form
partnerships with businesses that have fitness services where it makes
sense.
         Overview of The Business

Target Market
What do you need to know?
Demographic Information
-Age
-Income
-Sex
-Occupation
-Martial Status
-Family Size
-Ethnic Group
-Education Level
-Home Ownership Status
           Overview of The Business


Target Market
What do you need to know?
Geographic Description
-Neighborhood
-City
-State
-Region
-Climate
-Density (urban, rural, suburban)
            Overview of The Business

Target Market
What do you need to know?
Psychographic Description
This information is reflective of how customers make their purchasing decisions it really is all
about how the customer sees themselves or how they want to be perceived.

Are They any of the following?
-Technologically advanced
-Trendsetters
-Conservative
-Socially responsible
-Environmentally conscious
-Smart Shoppers
-Family oriented
-Fun-seeking
             Overview of The Business

Target Market
What do you need to know?
Life Style Description
This information is reflective of how customers spend their time, below are some of the
questions that you should answer:

What is the Customers….
-Family Stage
-Vacation Choice
-Favorite TV shows to watch
-Favorite websites
-Hobbies & Other entertainment
-Publications subscribed to
-Organizations or Affiliations
-Type of Car owned
          Overview of The Business

The Competition

The Competitive section of the plan should include the following
information:

- Description of the competition
- Competitive Position
- Barriers to Entry
-Strategic Opportunities
-Competitive Matrix
          Overview of The Business

The Competition
You should know who your competition is because your customers are
shopping with them. If you do not have competition then you may not have
a valuable business

What do you need to know?
Description of the competition
-Who your major competitors are
-On what basis do you compete
-How do you compare
-Potential and future competitors
-Barriers to entry for new competitors
       Overview of The Business

Strategic Position & Risk Assessment
- Companies Strengths
- Market / Industry opportunities
- Definition of strategic position
- Risk Assessments
                   Overview of The Business

                                   Competitive Matrix Analysis
The purpose of a Competitive Matrix analysis is to critically profile and compare your company against known
competitors. Select evaluation factors that are pertinent for your company or industry and that will help differentiate your
company’s products from that of the competition. Choose Feature categories that will demonstrate your company’s
competitive advantages. (This example can be found in your textbook, pg. 106)

        Factors ( customer
   considerations for the buying     Your Company            Competitor:      Competitor:   Competitor:   Competitor:   Competitor:
            decision)



Price                                     $10-$15              $25 -$35

Quality                                     good                 great

Distribution                         retail store, online   catalog, online

Delivery Time                        8 business days        4 business days

Return Policy                             30 days              14 days

Social Consciousness                   recyled bags              none
Questions

								
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