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Length: 1000 words
You will use the new venture business plan from ENTR615 and your work from Week 4 for this assignment. The final draft should incorporate feedback provided by your instructor and peers during the course.
The new venture business plan from ENTR615 should include the following sections:
- Table of Contents (TOC)
- Mission Statement
- Vision Statement
- Product or Service
- Market Opportunity
- Competitive Environment
Part 1
Incorporate any new information generated during this course to the following sections of your new venture business plan from ENTR615:
Product or Service
Market Opportunity
Competitive Environment
Part 2
Generate the following new sections for your new venture business plan from ENTR615:
- Facilities
- Operating Plans
- Legal Structure
Part 3
The main component of this part of the assignment is the inclusion of updated and detailed pro forma financial documents.
The financial documents should include the following:
- Balance sheet
- Income statement
- Cash flow statement
Polish and strengthen your plan to improve the following:
- Format
- Flow
- Ideas
Be sure to focus on the following:
- The sections should be tightly written and professional in a business rather than academic style.
- Present charts, graphs, and other visual aids as appropriate.
- Changes made to any aspect of your plan should be reflected in your financial information.
Submit your business plan and financial statements in PDF format. Your most recent EZ Numbers file for the proposed new venture should be submitted in .xlsm format.
5
J2’s Kiddie Klubhouse & Learning Center’s Daycare Business Venture
Tatyanna R. Howard
Instructor: Derrick Booker
Date 02/14/2023
Table of Contents
Mission Statement 1
Vision Statement 1
Part 1 1
ENTR615 1
Product or Service 1
Market Opportunity 2
Competitive Environment 2
Part 2 2
Facilities 2
Operating Plans 2
Legal Structure 3
Mission Statement
Our mission is to offer high-quality education and care that is client-centered, values our children, and is holistic. J2’s Kiddie Klubhouse & Learning Center ‘s main goal is to help the kids grow and develop as much as possible by providing them with opportunities for a range of activities, including learning, playing, and socializing.
Vision Statement
Our vision is to be a renowned leader in offering the best care for all children. In general, the J2s Kiddie Klubhouse & Learning Center provides families with young children in their home with a service that is broad and of the highest standard.
Part 1
ENTR615
Any good business begins with a proper business plan to monitor all the ideas and identify some business aspects that may be missing. After taking the ENTR615 course, I realized that it is important to consider the legal and ethical aspects of starting a business. Our daycare business will be affected by various legal considerations such as selecting a proper business entity, permits, and licenses, handling safety and health issues obtaining adequate insurance as well as dealing with employees (Edwards, 2021).
Product or Service
The new business venture will focus on the provision of daycare services for children. Our daycare service will be a sole proprietorship but it may develop into a partnership in the future. Therefore, we will have to look into the legal form that protects the people involved from personal liabilities. We will also be responsible for the health of the children, especially with the fact that there will always be a potential for injury within our business premises.
Market Opportunity
Our target market will typically include children from infancy to school age. Our specific age range will depend on the daycare center’s licensing and program offerings. We will be primarily located in a residential neighborhood where we will serve families living in that area. We aim to offer our services to parents and caregivers working full-time or part-time as well as those working irregular hours. Based on the age of the children and the number of hours spent taking care of them, we will determine the price of each child enrolled.
Competitive Environment
To determine the viability of our new business, we will analyze the market share of our competitors and the possible impediments that may hinder us from flourishing. To begin with, our daycare center will be strategically located in a residential neighborhood which will increase our competitive edge. Besides, our selected location has very few daycare centers which will give us an opportunity to attract customers and increase brand awareness. Additionally, we intend to offer specialized programs and services such as after-school care which will give us a competitive advantage over other services that offer only basic services. Moreover, we will provide affordable pricing which will attract customers from over-priced facilities for the same quality of services.
Part 2
Facilities
Our daycare center will include different facilities to ensure the smooth running and delivery of childcare services. First, we will have dedicated classrooms for children of different ages which will be designed with age-appropriate furniture, learning materials, and toys. Additionally, there will be outdoor play areas that will be designed with soft surfaces, toys, and equipment. There will also be restrooms that are clean, well-lit, and easily accessible. To provide children and staff with meals and snacks, we will have a kitchen and dining area. Moreover, there will be an office and administrative area as well as a nap or rest area designated for the staff and children respectively.
Operating Plans
We intend to follow the long list of health and safety regulations published by our state. This may include the number of children that each employee should handle and how the number may vary with the age of the children. We will also have a well-defined program and curriculum that details the types of activities, learning opportunities, and services provided to children like teaching methods. The plan will also incorporate staffing including the number of staff required, their roles and responsibilities, qualifications, plan for hiring, etc. Additionally, there will be a plan for communicating with parents and caregivers including offering regular updates, clear policies on how to address concerns, and conferences. We will also have a financial plan that includes billing procedures, tuition, and fees, as well as a plan for maintaining the facilities and equipment.
Legal Structure
Our childcare center will follow all the legal protocols needed to be successful. We will familiarize ourselves with basic employment law issues such as workers’ compensation, illegal discrimination, and how to deal with the hiring and recruitment process. In our case, the daycare center is a sole proprietorship where the facility will be owned and operated by a single individual. The facility’s owner will be responsible for all aspects of the business inclusive of the financial and legal liabilities. We will operate with the guidance of a lawyer and we will be ready for any additional regulations and licensing requirements at the local and state levels.
References
Edwards, C. (2021). Entrepreneurs and regulations: Removing state and local barriers to new businesses.
Cato Institute, Policy Analysis, (916).
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