Business Plan for YVCC BUS& 201 Topic: Winery in New York or…

  

Business Plan for YVCC BUS& 201 Topic: Winery in New York or… Business Plan for YVCC BUS& 201 Topic: Winery in New York or Prosser WA 1. A short summary of the overall plan gets the reader interested and allows you to mention the important aspects of your plan and then go in depth within the body of the Business Plan. Typically, this section is written last as it is a summary of the important data you will gather below. 2. II. Business DescriptionThis section is where you generally plan for what your business will do. We will go into more details later, so you can keep things general in your description here. Do research before doing the project and using that research use it for some sections required! Things to consider while researching: 1. What is the product or service you are offering? 2. What is your mission statement? 3. What is your company vision? 4. Who will you be to your customers? 5. What makes your company better? Can you keep others from duplicating that? 6. How will it affect your stakeholders? 7. What are the barriers to you entering this market? s you should answer within your business plan:1. What is your product or service?2. What needs in your industry are not being met?3. What methods can you use to meet these needs? 4. What will your market niches be?5. Who will your key customers be?6. Will customers buy the product or service more than once? What is the life cycle of the product or service?7. What are your company’s future goals? 5 years? 10 years? 8. Who are the owners? How many will you have? 3. III. Market Overview DemographicEducationGeographic Area  Income  AgeGender2. Psychographic Trends 1. What type of media do they consume? 2. What are their beliefs?3. Why do you believe they are the type to buy your product? Can you prove it? 4. Phase of Life1. Is your product limited to certain time periods in customer’s lives? (e.g., single, parents, retired, empty nesters, college age students)s you should answer within your business plan:1. Who is your customer – provide a specific description (summarize the information above that describes your ideal customer)2. How many potential customers are there in your target area? 3. How are these customers currently being served?a. What is the unmet need and how will you meet it? b. Think about how you will win the customers currently being served by others? 4. IV. Industry OverviewThis is a description of all aspects of the industry you plan to go into. 1. How are the other companies in this Industry set up?2. Competition: Who, How Many, How Big What are their markets and market share? Products, prices, etc.?3. Stage of Industry (Startup, Growth, Maturity and Declining)4. What are the Trends?  What is the growth within this industry?  Technology: is technology changing (quickly, slowly)?  IV. Industry OverviewThis is a description of all aspects of the industry you plan to go into. 1. How are the other companies in this Industry set up?2. Competition: Who, How Many, How Big What are their markets and market share? Products, prices, etc.?3. Stage of Industry (Startup, Growth, Maturity and Declining)4. What are the Trends?  What is the growth within this industry?  Technology: is technology changing (quickly, slowly)?  IV. Industry OverviewThis is a description of all aspects of the industry you plan to go into. 1. How are the other companies in this Industry set up?2. Competition: Who, How Many, How Big What are their markets and market share? Products, prices, etc.?3. Stage of Industry (Startup, Growth, Maturity and Declining)4. What are the Trends?  What is the growth within this industry?  Technology: is technology changing (quickly, slowly)?Buying patterns: is this a one time purchase item or many lifetime purchases? 5. What are the Government Regulations for this industry? Licensing, insurance, taxes?6. What Promotions are other companies utilizing?7. What Pricing mechanisms are being used by other companies?s you should answer within your business plan:1. Description of the current industrya. How can you take advantage of the current industry trends?b. How much growth can you expect?c. Is this a market you want to go into?2. What ideas can you borrow from the competition? (I.E. Supply chains, distribution channels, points of sales)3. What can you do that your competition can’t? a. Can you keep them from doing that?4. What can you improve upon? Make more profitable, simplify, streamline, just-in-time, reduce waste? V. Marketing PlanDo research, to solidify all of the ideas that you have and should help you to see what marketing ideas are the best options. 1. Product: what is the product? Describe all of the attributes of the product or service? Is it a service or tangible good? What is the product life cycle?2. Price: how will price be determined? What options work best for your product? How will consumers & competitors react to your pricing? Will you have price promotions?3. Promotion: how are you going to promote your product or service? What promotional ideas work with the market you have selected? Think about newspapers, contests, cold calling customers, websites, television or other advertisements, grand openings, parties, partnerships, etc.s you should answer within your business plan:1. What is your product or service? (If you have explained it fully before, you don’t need to repeat it. Just make sure it is fully explained somewhere in your plan.)  2. What is the price? How did you determine this price? Show support of price using; cost of materials, time to produce, cost of transport, competitor’s prices and your profit. 3. Where do you plan to locate your business? Where will you obtain the components necessary for your product or service? Where will you sell your product or service? How will it get there? 4. What promotional ideas will you use? When and how? What image will that give to your product? Your answer should be a few paragraphs.VI. Segment, Target & Position1. Segment: who are potential buyers of this product? 2. Target: who will you pursue?  This should be decided by which segment your product would appeal to the most, and if they have the means to buy your product.  Describe your target market segment in detail by using demographics, psychographics, geography, lifestyle, or whatever segmentation is appropriate.  Why is this your target market? How large is it? 3. Position: what is the position you want in a customer’s mind about your product?  Positioning is designing a product or service that the targeted market sees as distinct and valuable when compared to competitors’ products. Three ways to position a product:  Unique: this is the only one of its kind Difference: more than twice the speed, or more attachments, etc. Similarities: same as ______ but at a lower priceWhat is this telling your targeted segments? Should you rethink anything?A. How will you communicate with the market?B. What is your value proposition – why is it better than your competition?C. What is the evidence that it will be successful?s you should answer within your business plan:1. How do you promote your product in the market? To whom?2. What is the position you will go after in the market?3. What is your value proposition – why is it better? 4. What is the evidence that it will be successful?Your answer should be a few paragraphs.  VII. Organization PlanThis section is where you determine what type of business organization is appropriate for your type of business. Refer to the Small Business Structures module and Corporations. Remember that various types of organization structures exist and, depending on type of business, how many owners, etc. one might be more appropriate than another. Consider a sole proprietorship, general partnership, corporation, or limited liability company.What will your management look like? How will management be structured? How will conflicts be resolved? Your business structure will determine some of these answers.What s you should answer within your business plan: What type of business will you organize as? How will this company structure benefit the company and owners? What special skills or experience does the key management have for this industry?  What other resources will you be bringing into the company (i.e. consultants, employees)?Your answer should be a few paragraphs and specifically address the reasons why you chose the particular structure. List the pros and cons of your selection.VII. Financial PlanWhat are the required financial and other resources you will need for your company? Project out monthly financials for 3 years to give a realistic overall picture of: A. IncomeB. Salary expensesC. Equipment and supply expensesD. Other expenses (rent, employee benefits, etc.)E. Assumptions upon which projections were basedF. Projected range of sales s you should answer within your business plan:1. How much money do you need?   When will you need money? How many customers do you need to break even? What percentage of your target market is that?2. When will you break even? 3. When can you expect to start to pay off investors?4. How will your business structure effect loan eligibility?Your answer should be a few paragraphs.IX. Financial TermsWhat types of financing are you hoping to seek for your company? s you should answer within your business plan: How much money do you need? Where do you plan to obtain it? What will the investor/lender get out of this deal?  What are the actual terms of the deal? (i.e., interest, dividends, payouts, stock, expected work loads for partners)X. Exit StrategyNot all businesses are successful. The latest data from the Small Business Administration (SBA) states that nearly 66 percent of small businesses will survive their first two years. While it is not fun to think about, it is helpful in the beginning to plan for the worst just to be safe. In this final business plan section, describe how you plan to pay off the investors if the company does not work out.s you should answer within your business plan: Is your company separate from you? Is it a legal entity? What is the value of the company at the time of the exiting? How will you pay off the investors?  If you sell?  If the company does not make it and closes?  In a partnership make a plan for who retains the company, who gets bought out and how the price could be determined.             Business Management Business Law Share (0)

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