Business Babies

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A start up company project.

Transcript of Business Babies

  • Lee RibeiroJordan Land Joseph CrulichChung CheungSharee WashingtonBusiness Babies

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Executive Summary Pricing a service for your typical broke college student could be difficult. They are coming from loads of student debt and searching for work to fix that and in the same sense, start a career that will support them in life. Here at Business Babies, we believe in truly providing a service that helps everyone. But at the same time want to be successful and make money. All clientele will have the option of picking pricing packages that best fits their financial needs. This will also provide us with an opportunity to assist our low-income clients with payment plans and possible federal and government assistance that they may not have received unless they were signed up with a service such as Business Babies. Acquiring an office space that can function as an event space is also very imperative to this company as additional revenue potential. This way events can be thrown in the space for established companies and promising graduates and all profits will go directly to Business Babies. Taking the time to research exactly who this service pertains to and how to market to them best is essential for Business Babies to thrive as such a unique company. Having affordable prices and utilizing the fact that our market is very big on social media can be real advantages for this company. With so many factors involved, Business Babies plan on executing this marketing plan to perfection to ensure future stability of this business.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Business BabiesMission: Turning Business Babies Into Business Bosses

    Describe your business- what is your service/product?: Business Babies provides the service of assisting, coaching and helping people unlock their full potential in order to obtain fulfilling careers.

    Core competencies: Business Babies take pride in having an extensive list of contacts that are willing to mentor and guide clients to be better prepared for the career of their choice. Utilizing the fact that Business Babies take the time to really get on a personal level with the clientele makes the company able to connect on a human level to unlock their true potential.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Business Description

    Owners: Sharee Washington CEO Lee Ribeiro CFO

    Management structure: Jordan Land COO Joseph Crulich Executive Manager Cheng Cheung Senior Manager

    Legal status of business: Consulting Agency

    Describe what licenses and permits will be needed to operate, as well as what governmental entity would issue those licenses and permits: No license or permits needed

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Goals

    Short-term goals: Penetrating the market and gain market share

    Long-term goals: To develop and build a reputation in Chicago, specifically to become the top personal consulting company in Chicago

    Implementation Plan: Penetration pricing strategies will help Business Babies attain short term goals of penetrating the market and gain market shares. While Showing customers Business Babies premium network and life/business coaching will allow Business Babies to develop into a top rated consulting company in Chicago.

    Industry trends: 1 out of 4 graduates will not find a job in their specified career field. Source- BLS Monthly Labor Review

    Impact of Market Forces: Bad Economy and Increase in tuition can cause students to become tighter on budgets. Stricter loan policies for students can also cut into customer budgets.Bad Economy also creates a tough atmosphere for attaining jobs, making Business Babies life and business coaching more appealing.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    SITUATION ANALYSIS* External: Social: Fear of being seen as a therapy type of environment, not getting the strong reputation and falling to second best Legal: Keeping contractual commitments such as pricing, and coaching dedication to the company, Insurance policies Economic: Tougher job market for college graduates, bad economy, tighter budget on clients Political: Stricter federal loan policies* Internal: Investors: Sharee Washington (CEO), Lee Ribeiro (CFO), Chase Bank Employees: Hiring Craig Piatti as an in-house counselor as a trainer for the employees to model leadership and inspire the staff. Suppliers: Vistaprint, PageMoto, Uline, Craig Piatti

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    SWOT ANALYSISStrengths- Unique service to a large market, difficult to find employment in Job market today in 2013Weaknesses- New small business, companys target market infamously know not to possess a lot of fundsOpportunities- Innovative business that helps community, offer payment plan to assist clientele, geographic location is conveniently located to pubic transportation making it easily accessible to the publicThreats- Pricing may not be affordable to target market, clients may not be committed to programs offered

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    COMPETITIVE ANALYSISPORTER 5: COMPETITION- Internship Agency, DreamCareers Agency, careerbuilder.com and monster.com, CUSTOMERS-Clientele will predominantly be college graduates. SUPPLIERS- Networking event sites, newspapers, job fairs, clothing stores to dress clients NEW ENTRANTS- Direct: The buyer has come to identify the brand name of the firm with the product. Indirect: Items that can be substituted. Competition: Will compete for customers business. SUBSTITUTES- Online job searching sites, life coaching classes, guidance counselors

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Description of the CompetitionStrategy: Use Business Babies premium network to separate the service from competitors.Tactics: Penetration Pricing strategies will be used to make Business Babies services more appealing to a college student/graduates budget

    CompetitorStrengthWeaknessJody Michael AssociatesMarket Share:Established since 2007 and has gained a good reputation in the Chicago land area.Priceline:Charges up to $350 per session, making the service too expensive for college kids and graduates.School Guidance CounselorsFree Service & Located on University campusDoesnt offer in depth career coaching. No networking services offered.Monster & Career BuilderFree to sign upGenerates relevant job opportunities based on resumesLow percentage of actually landing a career of your choice.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    TARGET MARKETGeographic Scope: College Students and recent college graduatesSize of Total Market (population): 313,000 College StudentsSize of Target Marketapprox. 110,000 GraduatesBuyer ProfileAge: 20-25Gender: Male & FemaleIncome: $22,000 Other: Graduates unconfident in their abilities to find a career after college.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    MARKETING MIXPricing:Free ConsultationGroup Coaching Package - $225/mo. (plus additional fees associated with extra social outing events)Individual Coaching Package - $300/mo. (plus additional fees associated with extra social outing events)Promotion: Social Media (Facebook, Twitter)Redeye advertising integrated with QR codes to lead clients back to Social media outlets.Distribution/Location: Located in the Downtown Chicago Loop (330 S. Wells), near Business and Financial districts but also near big Universities and our target markets such as DePaul, Columbia, City Colleges etc Packaging: Package deals including Business Babies Network, Resume building sessions, networking social events, and weekly coaching evaluations.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    PROMOTION BUDGETWith the allocated $3,000 budget, Business Babies have decided to use the funds to spend on different types of promotional strategies. They include social media accounts, an event flyer and newspaper ad. The social media accounts include a Facebook page with all of the businesss contact information included. A SurveyMonkey App has also been integrated into the page to be able to keep track of the demographic and needs of the clientele. Even though starting a Facebook Page is completely free, using PageMoto, $37.56 will be used per year to obtain intricate page designs. A free Twitter page will also be created to keep close communication with fans and clients. Using the companys office as an event space is a way to cut cost to almost nothing. $1,750 will be used for event space and the flyer distribution. The newspaper ad will be taken out in the RedEye as another way to promote the business. A QR Reader will be integrated into the ad, which is free to create. The newspaper ad will be $810 to run everyday in the RedEye for 2 weeks.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    CODE OF ETHICS

    Describe your Code of Ethics: The Code of Ethics for Business Babies embodies our commitment to conduct business in accordance with all applicable laws, rules and regulations. Business Babies is to provide honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interest, and the prompt reporting of violations. This code has been adopted to promote compliance and avoid any appearance of improper conductDescribe your Implementation Plan: This company has an open environment making sure that all employees know that an Open Door policy is in effect. Implementing the companys code of ethics will involve communicating the guidelines and policies effectively to employees and providing necessary training to ensure that the training is understood.Describe your SCR Plan: Business Babies is a company that provides a service that can truly give back to the community. This business maintains the power to give that extra edge to people that need the help to enter the workforce. With the unemployment rate still low in this country, Business Babies is proud to have a company that can help stimulate the economy.

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    Financing Request

    Total financing neededBusiness Babies will be requesting $10,000 to aid in the start up of the business in addition to the $10,000 investment .The funds will be divided and used in the following budgets:$10,000 Used for office down payment and monthly rents for initial period$2,000 Office supplies (Laptops, pens, paper etc)$3,000 Promotion and Advertising($37.50 for professional web page assistance from PageMoto, $750 for flyers, pamphlets, brochures, $1000 towards space for events, and $1200 for Red Eye advertising that charges $400 a week.)$5,000- Contingency Allowance

    Owner(s) investment10% of net worth$10,000($5000 investment from both Lee Ribeiro, and Sharee Washington, the owners of the Business)Gift or loanLoan from Chase Bank

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    CONTINGENCY PLAN A contingency plan includes an allowance that is designed to cover items of cost which are not known exactly at that time but will occur on a statistical basis. Business Babies contingency plan will be put into effect and used to keep the business running and functioning properly. Allotted Contingency Allowance: $5,000-Rent $2,400 (2 months)-Computer Repairs $600-Employees Misc. $1,000-Other Misc. $1,000

    ENTREPRENEURSHIPStarting and Operating a New BusinessMariotti and DeSalvo2007 Pearson Education, Inc.Pearson Prentice HallUpper Saddle River, NJ 07458

    ADDENDUMDESCRIBE AND ATTACH MARKET RESEARCHMarket Research Paper AttachedDescription: Business Babies has arrived to the conclusion that performing market research studies help assist the completion of the strategic plan. Results of the data obtained from market research could benefit a new business in exactly who their demographic is, so they can better target a specific audience. The payoff may also potentially be to dispose of ideas that have not received good feedback. Business Babies conducted surveys to the public, ages 18-26 about various topics pertaining anywhere from job readiness, interests in social events and personal appearance. Results f this data can be found in the market research analysis attached.

    RESUMES OF OWNERS ATTACHED