PLEASE SEE ATTACHED.
Business Plan Development Project
Part 2
Task: Development of Business Plan Components for a Web-based Business
Continue with the Business Plan
1
. Competitive Positioning
Complete the Competitive positioning table. Describe each aspect in minimum 1 to 3 sentences. Note:. Listing or describing in few words for aspects that are applicable – will be accepted. You need to have at least two Competitors in the table.
-Competitive Positioning Table
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Competitive Offering
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Your Business (Type here) |
Competitor #1 (Type here) |
Competitor #2 (Type here) |
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Value Proposition |
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Core products or services |
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Value-added offering |
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Customer geographic territory served |
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Industries served |
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Pricing strategy |
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Other 1 (Type here) |
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Other 2 (Type here) |
2. Milestones and Action Plan
Complete the Milestone and Action Plan table. You need to have at least one Milestone and at least 3 actions for it. Explain each aspect (Milestones, Action Plan #1, #2, #3) in of 1 to 3 sentences.
-Milestone 1
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Milestone 1 | |||||||||||||||||||||||||||||
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Measurable event description |
Due date |
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Action Plan for Milestone 1 |
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Resources required |
A person or entity responsible |
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Action #1 |
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Action #2 |
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Action #3 |
3. Financial Plan
Complete the Profit and Loss Mini-budget table. On the expenses you can show expenses for minimum of 5 areas (you can choose from the list shown in the table).
-Mini-Budget Table
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Assumptions Metrics: |
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Selling Price (SP), Offering 1 |
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Cost of Goods Sold (COGS), Offering 1 |
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Average Sales Cycle Time (in months) |
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Month 0 |
Month 1 |
Month 2 |
Month 3 |
Total |
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Unit Sales, Offering 1 |
0 | ||||||||
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Total Sales (SP * Unit Sales), Offering 1 |
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COGS, Offering 1 |
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Gross Profit, Offering 1 |
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Expenses: |
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Public Relations |
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Advertising |
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Marketing |
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Website |
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Shipping |
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| Other 1 | |||||||||
| Other 2 | |||||||||
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Other 3 |
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Total Expenses |
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Profit (or Loss) |
EXAMPLE OF FINANCIAL PLAN:
Financial Plan
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$0 |
$35 |
$40 |
$50 |
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$15 |
$20 |
$23 |
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.5 |
1 | |||||||||||||
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120 |
150 |
230 |
500 |
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$4,200 |
$6,000 |
$11,500 |
21,700 |
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$1,800 |
$3,000 |
$5,290 |
$10,090 |
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$2,400 |
$6,210 |
$11,610 |
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$100 |
$150 |
$300 |
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$250 |
$300 |
$350 |
$1000 |
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$900 |
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$500 |
$650 |
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$200 |
$700 |
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$600 |
$800 |
$950 |
$1,200 |
$3,450 |
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-$600 |
$1,600 |
$2,050 |
$5,010 |
$8160 |
TERM PROJECT
part 2
Competitive Positioning
■ A well-done competitor table succinctly portrays a value proposition offering relative
to your competition in tabular form.
■ Competitor table lays out the decision-making process of the customer among
competitor.
– Write like a customer
■ Who are your competitors? No competitor?
– Internet search, North American Industry Classification System, industry
associations, etc.
■ It should get updated and referenced often.
Competitive Offering
Your Business
(Type here)
Competitor #1
Home Depot Garden
Center
Competitor #2
Wildcat Garden Center
Value Proposition
Native, distinctive, and
uncommon plants, trees and
shrubs
Lowest prices for the most
common mass-market
plants and materials
One-stop shopping for all
your garden center needs
Geographic area server
7-mile radius of single location
with mobile outreach
10-mile radius of multiple
locations
5-mile radius of single
location
Core products or services
Locally grown green goods,
glowers, plants trees and
shrubs, and premium
accessories
Name-brand discounted
flowers, nursery stock,
garden tools, greenhouses,
planters, water, and
accessories
Everything from plants to
pots, chemicals, accessories
and more
Value-added offering
Landscape architecture design,
sourcing perfect plants, in-
house delivery, installation,
education events
Installation, low-prices sales,
project how-to-guides for do-
it-yourselfers, e-commerce
Store-owned delivery,
category event sales, private
consultations
Pricing strategy
Premium price for a premium
product to premium
customers, 50% gross margin
minimum
Name brands at low prices
Event sales, prices within
20% of Home Depot’s for
overlap, 45% gross margin
pricing on all other products
Café? No No No
Milestones
■ A good business plan provides a guide, like a road map, for you to reference when
you need one.
– Talk to your customers first before you write any business plan.
■ Milestones represent significant events in the life of a business
– It can be used to check whether your business is on the right track.
■ How can we possibly predict what our business will be doing 90 days from now, or
one, three or even five years from now?
■ We need the
milestones
to happen.
– Action plans and items
Milestones
■ Three elements
– A significant business event, a deliverable date, and a measurable description
of the business event.
■ What are some classic milestones in business?
– Completing the product or service prototype for customer testing.
– Hiring the first employee
– Obtaining the first sales order
– Receiving your first customer payment
– Paying back your investors
Milestones
■ With the proper level of sandbagging
built into your milestone, you can
reduce uncertainty and myriad
business risks.
– You do not want to create future
business millstones that you
cannot achieve because they
might also be used as weapons
against you.
■ Action plan and action items for the
milestones
Mini Budget
■ Recording the early customer financial transactions is the most important part of
the budget process.
– We ignore most expenses for now, except for those that enable us to achieve
the first customer transaction.
■ Mini budget is a major cornerstone for your business model, and we will see how it
naturally folds into a more complete profit-and-loss budget.
Mini Budget
■ Selling price: the price at which something is offered for sale.
– Market-based method: based on your competitors’ selling prices.
– Mark-up method: establishing a selling prices based on all known costs.
■ Cost of goods sold: the direct costs attributable to the production of the goods sold
by a company.
– This amount includes the cost of the materials, direct labor costs, packaging
costs, inland freight, etc.
– For service goods, costs related to employee training, travel, and printed
materials should be considered.
Mini Budget
■ Average sales cycle time/customer acquisition time
– How many days will it take you to acquire your first customer?
– You will need to estimate and later refine your average sales cycle time as a key
business model performance indicator.
■ Add (#) of days from first contact to customer conversion for all deals = Total (#) of days
for all sales combined
■ Total (#) of days for all sales combined / (#) of deals = (#) of days for Average Sales
Cycle. E.g., 20 days / 50 transactions = 0.4 day.
■ Unit sales forecast
– How many units of your offering you can sell in your average sales cycle time?
– How many customers can you approach in one month?
Mini Budget (an example of Aruba)
■ Aruba’s snorkeling business example
– 2.25 trips per day (0.25 from the night snorkeling.)
– Two vans seating five people each on average. The second van breaks down a
lot.
■ Unit sale forecast by month.
– 30 days * 2.25 snorkeling event per day * 1.25 vans * 5 people per van *
0.65 average van capacity
– 274 average snorkeling unit sales per month.
Mini Budget
Question?
2
Business Plan Development
Term Project – Part 1
Isabella Petrafeza
January 22, 2023
1. Business Description
a.
Business name: BFIT
b.
What type of business? BFIT is an online platform via an app. The app will enable users to exercise at any time of the day, wherever they are. There will not only be guides, but visual recordings as well of all exercises. Users will be able to choose the length of the workout and what muscle they want to focus on. The only equipment needed is resistance bands a set of dumbbells.
c.
Vision statement: “Look good, feel good, do good – it all starts with YOU”
d.
Mission statement: To allow all ages and stages to stay fit and consistent no matter where they are in life.
2. Value Proposition
Need: Individuals, especially those working in offices, have little time to take part in physical exercise. They find it hard to plan and create time to visit settings such as gyms or attend clubs to get an opportunity to participate in the exercise. However, BFIT offers a chance to overcome these barriers. BFIT, as an online platform application, enables users to exercise at any time of the day, wherever they are. The tool will guide them and offer visual recordings of their heart rates, activities, and physical fitness. The program will give the users a chance to choose the length of workout and the muscle they prefer to focus on.
Solution: Success in physical activity and exercise requires knowing essential vitals. The proposed program helps individuals monitor their physical fitness, activities, and heart rate. This gives an opportunity of making the necessary adjustment in case the exercise is not beneficial.
Product/Services Feature: BFIT is an online platform via an application. It offers guidelines to the users about the exercise. It records vitals that guide on the need to adjust the exercise plan. It also advises the muscle to focus while planning the length of the workout.
Advantage: The advantage of BFIT offers flexibility to the users. In this case, it makes it possible for them to participate in the exercise program at any time and wherever they prefer to practice. It allows the users to choose the length of the workout and the muscle they prefer to focus on. The other advantage is that it offers the users the opportunity to view the programs they have made in terms of exercise and allows them to make the necessary adjustments to attain the targeted objective.
Benefit: The application will improve the physical fitness of the individuals. It will help reduce chronic diseases such as obesity, hypertension, and diabetes. This is because it reduces the high cases of sedentary lifestyle linked to office work or limited time taking part in the exercise. It will also boost the economy of the individuals and the country as people will remain healthy and actively participate in nation-building activities.
3. Customer Target Market
Public Relations: The application is a promising tool aimed at increasing adherence to physical exercise at home, places of work, and anywhere a person feels they can engage in exercise activity. Therefore, it is essential to create awareness about the existence of the BFIT program. The focus groups, polling, interviews, questionnaire, and field experiments will be used as tools for public relations.
Advertisement: It will be achieved through the use of social networking. The YouTube advertisement, use of Facebook, partnerships with widely recognized sportsmanship individuals, use of sports events or activities, and advertisement on international business television networks will be adopted as practical approaches.
Marketing: The marketing program will focus on the targeted market, creating a website with easy scheduling, maximization of the SEO, starting a fitness blog, building a social media presence, and launching the fitness challenge. It is also essential to build a community through a specific club to attract more people, share the message, host live videos, and provide behind-the-scenes content.
Sales: The selling will be promoted by creating an online store using a platform that supports digital, subscription production, physical, and VOD.
The list of prospective customers: The targeted customers are individuals at risk of a sedentary lifestyle and have low chances of participating in the exercise. Those working full-time in the offices are also targeted. The target is also the individuals with risks of obesity, diabetes, and other chronic disease caused by poor involvement in exercise activities. Individuals with chronic conditions such as hypertension, diabetes, and obesity are also targeted.
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