Business Plan – Event Planner

Description

Access Sections 3.1 and 3.2 from the business plan outline located in Course Resources. In this Assignment, you will develop a description of your industry using resources provided and/or ones you find on your own. Then you will complete both a chart and an explanation of the chart that will outline your target customer(s).


Assignment checklist:

  1. Describe your industry

    1. Industry description: (Include: economic situation; governmental regulations and global considerations either through Internet or location)
    2. Resources used
  2. Complete customer analysis

    1. Explanation
    2. Table

EXECUTIVE SUMMARY
Product
Plan It Right is a full-service event planning business. We will specialize in planning small
and large meetings, conventions, and other special events, such as weddings, gender reveal parties,
bridal/baby showers, and fundraisers.
Customers
The target customers for Plan It Right are individuals and small/large corporations who
wish to save time and money by hiring an event planning professional to plan all the details of
their events and parties.
What Drive Us
The goals for Plan It Right are superior customer dedication and satisfaction by fulfilling
every detail of a customer’s needs, building a large business network through our customers by
being creative with every event, and having a stronger social media presence.
COMPANY DESCRIPTION
Vision Statement
Plan It Right’s Vision Statement: To become a recognized event planning company and be
known for excellence in service.
To assure the Plan It Right’s vision, I would lead by example. All employees would know
they are a valuable member of a team and can provide input and use their knowledge to help the
company grow. Plan It Right will have an environment where employees are given goals and can
achieve these goals. The vision of the company will always be visible to all employees. The
BUSINESS PLAN
3
company will also have team meetings where the owner and all employees share stories of success
that realize the company vision.
Mission Statement
Plan It Right’s Mission Statement: Our mission is to provide the highest level of event
planning services while maintaining extraordinary customer service.
Start-Up Management and Personnel Plan
As a start-up company, Plan It Right will start with three employees; two leaders/managers
and one employee. The primary employee is the owner/manager, who will plan events as well as
manage market planning, advertising, and public relations. A second employee will be the finance
director. The finance director will be responsible for the company’s financial health and managing
accounting and financial control functions. The third employee will assist in planning events.
Leaders/Managers
Key Functions
When needed
(number of
months/years after
opening)?
Owner/Manager
Manage market planning, advertising, and public
relations.
Immediately
Meet with clients to work out event details, plan
with the client and their team, scout and book
locations, food, entertainment, staff and cleanup.
Finance Director
Produce financial reports related to budgets,
account payables, account receivables, expenses,
etc. Review, monitor and manage budgets. Develop
strategies that work to minimize financial risk.
Immediately
Employee
Assist the owner/manager.
Within one to two
months of opening.
Meet with clients to work out event details, plan
with the client and their team, scout and book
locations, food, entertainment, staff and cleanup.
BUSINESS PLAN
3
Legal Structure
The legal structure of Plan It Right is a sole proprietorship.
BUSINESS PLAN
Business Plan
[Your Name], Owner
Purdue Global
Date
BUSINESS PLAN
1. EXECUTIVE SUMMARY
1.1 Product
1.2 Customers
1.3 What Drives Us
2. COMPANY DESCRIPTION
2.1 Mission and Vision Statements
2.2 Principal Members at Startup (In Unit 7 you will expand on this section to include medium
and long term personnel plans for all team members, including the line staff.)
2.2.1 Using chapter 10 of your text, write the plan, using the section in Chapter 10 that shows
how to introduce each team member and describe their background and responsibilities. You will start
with the leaders and managers, then discuss other employees as needed for your company to grow.
2.2.2 Use this spreadsheet to show the planning
BUSINESS PLAN
Leaders/managers (unit 1)
Key Functions
When
needed
(number of
months/years
after opening)
Add line staff
(Unit 7)
2.3 Legal Structure
Outside Services Needed
BUSINESS PLAN
3. MARKET RESEARCH
3.1 Industry (from SBA, Business Guides by Industry, and Bureau of Labor Statistics)
3.1.1 Industry description
3.2.1 Resources used
3.2 Customers (from SBA site fill in worksheet, then use text for spreadsheets and follow-up
explanations)
Add SBA part here:
Then, fill in spreadsheet using this example from the text:
Housewife:
Age:
Income:
Sex:
Family:
Geographic:
Occupation:
Attitude:
35–65
Fixed
Female
Children living at home
Suburban
Housewife
Security minded
Older Couple:
Age:
55–75
Income:
High or fixed
Sex:
Male or Female
Family:
Empty nest
Geographic: Suburban
Occupation: White-collar or retired
Attitude:
Security minded, energy conscious
Married Couple:
Age:
35–55
Income:
Medium to high
Sex:
Male or Female
Family:
0 to 2 children
Geographic: Suburban
Occupation: Varies
Attitude:
Security minded, energy conscious
Elderly:
Age:
70+
Income:
Fixed
Sex:
Male or Female
Family:
Empty nest
Geographic: Suburban
Occupation: Retired
Attitude:
Security minded, energy conscious
Explain who you are targeting and where they are located. Insert information here using these guidelines:
Information About Your Target Market – Narrow your target market to a manageable size. Many
businesses make the mistake of trying to appeal to too many target markets. Research and include the
following information about your market:
BUSINESS PLAN
Distinguishing characteristics – What are the critical needs of your potential customers? Are those
needs being met? What are the demographics of the group and where are they located? Are there any
seasonal or cyclical purchasing trends that may impact your business?
Size of the primary target market – In addition to the size of your market, what data can you include
about the annual purchases your market makes in your industry? What is the forecasted market growth
for this group? For more information, see the market research guide for tips and free government resources that can help you build a market profile.
How much market share can you gain? – What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.
3.3 Competitors (from SBA site fill in worksheet, then use text for spreadsheets and follow-up
explanation)
Then:
Fill in spreadsheet using this example from the text:
Estimated Market Share
Product Line
Quality
Technology
Advertising
Sales Force
Distribution
Price
Installation
Ease of Use
Appearance
Design
Competition
60%
4
4
4
2
3
3
4
4
4
3
4
Home Improvements Inc. 30%
5
5
5
5
5
4
4
5
5
5
5
BUSINESS PLAN
Useful Life
Responsiveness
Availability
Technical Expertise
Repair Service
Efficiency
Guarantee/Warranty
On Time Capability
Industry Reputation
4
3
1
4
3
3
5
4
3
4
5
5
5
5
5
5
5
5
Write an explanation of your findings using information from the spreadsheet using these guidelines:







Market share
Strengths and weaknesses
How important is your target market to your competitors?
Are there any barriers that may hinder you as you enter the market?
What is your window of opportunity to enter the market?
Are there any indirect or secondary competitors who may impact your success?
What barriers to market are there (e.g., changing technology, high investment cost, lack of quality personnel)?
3.4 Competitive Advantage
Read: Sustainable competitive advantage or temporary competitive advantage: Improving
understanding of an important strategy construct.
3.5 Regulation (use SBA site to fill in blanks, and use SBA regulations as a resource)
BUSINESS PLAN
4. PRODUCT/SERVICE LINE
4.1 Product or Service
4.2 Pricing Structure
4.3 Product/Service Life Cycle
4.4 Intellectual Property Rights
4.5 Research & Development
BUSINESS PLAN
5. MARKETING and SALES
5.1 Growth Strategy

A market penetration strategy.

A growth strategy. This strategy for building your business might include: an internal strategy
such as how to increase your human resources, an acquisition strategy such as buying another
business, a franchise strategy for branching out, a horizontal strategy where you would provide
the same type of products to different users, or a vertical strategy where you would continue
providing the same products but would offer them at different levels of the distribution chain.

Channels of distribution strategy. Choices for distribution channels could include original
equipment manufacturers (OEMs), an internal sales force, distributors, or retailers.

Communication strategy. How are you going to reach your customers? Usually a combination
of the following tactics works the best: promotions, advertising, public relations, personal selling, and printed materials such as brochures, catalogs, flyers, etc.
After you have developed a comprehensive marketing strategy, you can then define your sales strategy.
This covers how you plan to actually sell your product.
5.2 Your overall sales strategy should include two primary elements:

A sales force strategy. If you are going to have a sales force, do you plan to use internal or independent representatives? How many salespeople will you recruit for your sales force? What
type of recruitment strategies will you use? How will you train your sales force? What about
compensation for your sales force?

Your sales activities. When you are defining your sales strategy, it is important that you break it
down into activities. For instance, you need to identify your prospects. Once you have made a
list of your prospects, you need to prioritize the contacts, selecting the leads with the highest
potential to buy first. Next, identify the number of sales calls you will make over a certain period of time. From there, you need to determine the average number of sales calls you will need
to make per sale, the average dollar size per sale, and the average dollar size per vendor.
5.3 Communication Strategy
5.3.1 Internet Strategy (from the text)
5.3.1 Tracking ROI form website
5.3.2 Discuss how you will assure ethical practices are being used in your marketing and selling.
BUSINESS PLAN
6. FINANCIAL PROJECTIONS
6.1 Profit & Loss
6.1 Profit & Loss
Year 1
Year 2
Year 3
Year 1
Year 2
Year 3
Sales
Costs/Goods Sold
GROSS PROFIT
OPERATING EXPENSES
Salary (Office & Overhead)
Payroll (taxes, etc.)
Outside Services
Supplies (Office & Operation)
Repairs & Maintenance
Advertising
Car, Delivery & Travel
Accounting & Legal
Rent
Telephone
Utilities
Insurance
Taxes (Real Estate, etc.)
Interest
Depreciation
Other Expenses
TOTAL EXPENSES
NET PROFIT BEFORE TAXES
Income Taxes
NET PROFIT AFTER TAX
Owner Draw/Dividends
ADJUSTED TO RETAINED
BUSINESS PLAN
6.2 Cash Flow Complete section 6.3 of your business plan outline
Cash Flow
Cash on Hand
CASH RECEIPTS
Cash Sales
Collections from CR
Accounts
Loan/Cash Injection
TOTAL CASH RECEIPTS
TOTAL CASH
AVAILABLE
CASH PAID OUT
Purchases
Gross Wages
Outside Services
Supplies
Repairs & Maintenance
Advertising
Car, Delivery & Travel
Accounting & Legal
Rent
Telephone
Utilities
Insurance
Taxes (Real Estate, etc.)
Interest
Other Expenses
SUBTOTAL
Loan Principal Payment
Capital Purchase
Other Startup Costs
Reserve and/or Escrow
Others Withdrawal
TOTAL CASH PAID OUT
Pre-Startup
ESTIMATE
Year 1
Year 2
Year 3
BUSINESS PLAN
Cash Flow
Pre-Startup
ESTIMATE
Year 1
Year 2
CASH POSITION
6.3 Balance Sheet
Assets
CURRENT ASSETS
Cash in Bank
Accounts Receivable
Inventory
Prepaid Expenses
Other Current Assets
TOTAL CURRENT ASSETS
FIXED ASSETS
Machinery & Equipment
Furniture & Fixtures
Leaseholder Improvements
Land & Buildings
Other Fixed Assets
TOTAL FIXED ASSETS
(net of depreciation)
OTHER ASSETS
Intangibles
Deposits
Other
TOTAL OTHER ASSETS
TOTAL ASSETS
Start Date:
End Date:
Year 3
BUSINESS PLAN
Liabilities & Equity
Start Date
End Date
CURRENT LIABILITIES
Accounts Payable
Interest Payable
Taxes Payable
Notes, Short Term (due in 12 months)
Current Part, Long-Term Debt
TOTAL CURRENT LIABILITIES
LONG TERM DEBT
Bank Loans Payable
Notes Payable to Stockholders
LESS: Short-Term Portion
Other Long-Term Debt
TOTAL LONG-TERM DEBT
TOTAL LIABILITIES
OWNER’S EQUITY
Invested Capital
Retained Earnings
TOTAL OWNERS EQUITY
TOTAL LIABILITIES & EQUITY
6.4 Break-Even Analysis
DIRECT COSTS
Cost of Goods Sold
Inventory
Raw Materials
Direct Labor
Fixed Costs ($)
Variable Costs (%)
BUSINESS PLAN
DIRECT COSTS
Fixed Costs ($)
INDIRECT COSTS
Salaries
Supplies
Repairs & Maintenance
Advertising
Car, Delivery & Travel
Rent
Telephone
Utilities
Insurance
Taxes
Interest
Depreciation
Other Costs
Total Fixed Costs
Total Variable Costs
BREAK-EVEN SALES LEVEL:
6.5 Financial Assumptions
6.5.1 Assumptions for Profit and Loss Projections
6.5.2 Assumptions for Cash Flow Analysis
Variable Costs (%)
BUSINESS PLAN
6.5.3 Assumptions for Balance Sheet
6.5.4 Assumptions for Break-Even Analysis
Unit 2 Assignment Grading Rubric
Unit 2 Assignment Grading Rubric
Percentage Points
Possible
Possible
Points
Earned
Criteria:
Points are based on correct and thorough responses
to the checklist items using critical analysis:
Industry description (Include: economic situation;
governmental regulations and global considerations
either through Internet or location)
20%
10
Resources used
Complete target customer analysis:
10%
5
 Explanation
 Table
 Research used
Subtotal:
Writing, spelling, grammar
36%
10%
14%
18
5
7
90%
10%
45
5
Total Points
100%
Possible
points
total: 50
Points
Earned:

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