A detailed guide to establishing a new business or entrepreneurial venture within an existing agency
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- Slide 2
- A detailed guide to establishing a new business or
entrepreneurial venture within an existing agency
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- 1. Executive Summary 2. Business concept 3. Products &
services description 4. Target Market 5. Competitive analysis 6.
Marketing plan 7. Operations & management plan 8. Development
plan 9. Financial statements
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- Introduction/Business Plan Goals Introduce the entire plan
first Goals: Investment Board/staff support Additional
programs/services Expanded offerings
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- Basic details @ business Name, location, contact DBA doing
business as Agency description Legal status How is business formed
(ie. Sole proprietorship) Licensing & distribution agreements
Trademarks, copyrights, patents
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- Company history, development stages History of the agency
Virginia Theatre Virginia Theatre Values, vision, mission
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- Company history, development stages Phase of business
development Seed company Basic business concept developed but it
has not been launched and no sales have been made. Start-up Early
stages of operation, just begun to sell products Expanding Rapid
growth business that wants to increase its product offerings.
Stable Currently in operation with consistent sales & modest
growth. Retrenchment Little or no growth in sales; needs changes to
its product line or organizational structure to attempt to boost
sales.
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- Company history, development stages What has been accomplished
to date Secure location Develop prototype Investors Market
research
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- Industry analysis What the industry is What state the industry
is in North American Industry Classification System (NAICS)NAICS
What changes, trends & growths it is facing SWOT analysis. PEST
analysis.
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- NegativesPositives Internal External
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- Strengths Access to national forest land Trail system Outdoor
recreation Scenic Views Weaknesses No community parks No community
recreation center Not enough summer destination activities for
visitors Stewardship of our open space Trails lack connectivity
(regional and local) User conflicts on existing recreational
facilities Opportunities Government grants Partnerships Threats
Environmental
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- StrengthsWeaknesses Opportunities S-O Strategies: Pursue
opportunities that maximize the agencys strengths W-O Strategies:
Overcome weaknesses in order to take advantage of opportunities
ThreatsS-T Strategies: Determine ways to use agency strengths to
minimize threats W-T Strategies: Implement strategies that prevent
agency weaknesses from being highly susceptible to external
threats
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- Political, Economic, Socio-Cultural, Technology Focus on
threats
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- 1. Detailed product description 2. Detailed facilities
description 3. Potential suppliers 4. Profit centers 5.
Partnerships
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- Detailed product description Crystal Lake Boathouse &
concessions Open Memorial to Labor day Boat rentals, concessions,
fishing Space for small rentals Qualities & benefit to fill
niche Good product will fill a gap in the market
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- Detailed facilities description What you have What you want
Location Amenities Strengths & weaknesses
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- Potential suppliers Directly from manufacturers Best info about
products Solid customer service Manufacturers representative Ie.
Reps for Columbia, Patagonia, North Face Come to your business to
demo products Buy in brand bulk
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- Potential suppliers Distributors (wholesalers) Buy products
from many manufacturers Warehouse it & resell at wholesale
prices Trade Shows Large selection of manufacturers Order equipment
for a year Internet
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- Potential supplierswhat to ask Minimum quantity Quantity
discounts Payment terms Net 30 pay in full in 30 days 2-10 net 30
2% discount if paid in 10 days or full amount due in 30 days
Payment dating Delay payment to give more time to sell items
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- Potential supplierswhat to ask Pre-season discounts Closeout
items Shipping date Est. a shipping date & cancel after that
date
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- Profit Centers Parts of the business that will generate revenue
Determine if it adds value & their is demand Rentals Pros &
cons??
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- Profit Centers Small scale manufacturing Make own equipment
Most common w/ outdoor outfitters Food & beverage Permits &
licenses
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- Partnerships, AKA Agreements Cooperative ventures Joint
arrangements Alliances Collaborations Interagency Cooperation A
relationship between two or more parties for the purposes of
addressing a common challenge
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- Constitution Trail NPRD, BPRD, Friends of Constitution Trail
Naperville Ribfest NPD, City, Naperville Exchange Club Provena St.
Joseph Inwood Athletic Club Joliet Park District, Provena St.
Joseph Medical Center
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- Strong target market Definable Identify specific
characteristics of potential customers Meaningful Characteristics
directly relate to purchasing decisions Strong target market
Sizable #s large enough to sustain business Reachable Effectively
market to them ($$$)
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- Geography City, county, region Type of areas urban, rural,
suburban Travel distance Demographics
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- Purchasing patterns Who makes purchasing decisions? How often
do they buy? Advanced purchases? Concerns of customers (price,
quality, convenience) Market size Use demographic variables &
characteristics Other factors that influence
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- Market trends Growing/shrinking population Competitors
Economy
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- Competition faced If you have a market, you have competition
Direct Offers products much like yours that customers perceive as
acceptable alternatives McDonalds vs Burger King Hyatt vs Hilton
Indirect Offers products different from yours that meet the same or
similar need Customers can substitute your competitors offerings
for yours Childrens Discovery Museum vs Chuck E. Cheese Train vs
air travel
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- Competition faced Develop strengths & weaknesses list for
competitors What attributes do they have that would inhibit you
from competing? Well known brand Continued growth Longevity Name
recognition
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- Competition faced Examine customer perception factors What
customers can see What attributes make competition attractive to
the customer Price, quality, service, social consciousness,
reputation Examine internal operational factors What customers cant
see Factors that put your customer at a stronger or weaker position
Labor costs, marketing budget, expertise, location, access to
suppliers, partnerships
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- Competition facedDicks Sporting Goods
CompetitorStrengthsWeaknessesOther Attributes WildcountryOutdoor
expertise; Customer service; Limited product lines; Caters to more
serious outdoors people; limited advertising budget; classes draw
potential customers What specific businesses do you consider to be
your direct competition? Fill in the information requested for
each.
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- Market share distribution Market share = agencys sales/total
market sales Sources of information Trade associations Annual
reports Business publications Independent research firms IBIS World
database
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- Competitive position Rank order competition based on market
share, strengths, weaknesses Demonstrates understanding of strength
of competition RankCompetitorReason for Ranking 1WildcountryOutdoor
product niche; strong expertise 2MC SportsSimilar product line;
large market share Rank competitors from strongest to weakest
citing reasons for each ranking.
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- Competitive edge Concrete examples Show how competitions
weaknesses are your strength Examples: Price Product features
Convenience Marketing Well known brand Operational
efficiencies
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- Barriers to entry into the market Patents & trademarks High
start up costs Hard to find technical or industry expertise Market
saturation Restrictive licensing requirements See what IBIS World
says