Expert answer:Business Plan

Solved by verified expert:A new business plan Our group are plan to open a new business in Michigan area. the business model is pretty much similar like UberEATS and Yelp EAT24. Please plan a new business based on local income levels, the main competitor，etc. (SWOT analysis) Report guide Characteristics of the customers a. Who are the target customers of the product or service in the market you will serve?(be as specific as possible; generally “everybody who wants…” is not a good description; provide characteristics of the people who would be most interested in your offerings; those who potentially could be your repeated clients in case your offer lends itself for a repeated purchase)Using your industry analysis estimate the number of this group in the market you will serve. b. The unique selling propositions of your product or service (how is your business idea different/ better from what is currently available to the customers). Business model validationc. How did you validate the need for your product or service? Provide specifics on what you did, what you have found out and how it would impact your future work on your business model. -surveys, interviews & focus groups (examples for questions will be provided)-tests (landing pages, etc., tracking click activity, fake ads) Financial plan 1. Fill out the Pro-Forma Income Statement excel spreadsheet month-by-month for the first 2 years, as well as present the overall numbers for the first 5 years of the business operations. Please submit both of these files attached to your financial plan write-up.
business_model_report.docx

marketing_segment.docx

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Business model report
Product/Service description
a. A description of the product or service.
b. The market need filled.
c. The competitive products that are currently filling this need, their features,
strengths and weaknesses.
d. The companies in this product market space, their strengths and weaknesses.
Industry Analysis
e. The size and characteristics of the domestic and/or international market (cover
local markets applicable to your product or service, if information is
available).
f. The growth rate of the market (again, cover local markets applicable to your
product or service, if information is available).
Characteristics of the customers
g. Who are the target customers of the product or service in the market you will
serve?
(be as specific as possible; generally “everybody who wants…” is not a good
description; provide characteristics of the people who would be most
interested in your offerings; those who potentially could be your repeated
clients in case your offer lends itself for a repeated purchase)
Using your industry analysis estimate the number of this group in the market
you will serve.
h. The unique selling propositions of your product or service (how is your
business idea different/ better from what is currently available to the
customers).
Business model validation
i. How did you validate the need for your product or service? Provide
specifics on what you did, what you have found out and how it would
impact your future work on your business model.
-surveys, interviews & focus groups (examples for questions will be
provided)
-tests (landing pages, etc., tracking click activity, fake ads)
Financial plan
1. Fill out the Pro-Forma Income Statement excel spreadsheet month-by-month for the first 2
years, as well as present the overall numbers for the first 5 years of the business operations.
Please submit both of these files attached to your financial plan write-up.
2. Explain how you calculated your:
a) Revenue – what assumptions did you make to calculate your number
b) Cost of Goods Sold – same, what assumptions did you make to calculate
your number; some general rules of thumb are presented in PP that describes the
Financial Plan
3. Describe in detail your:
a)
Fixed Costs
b)
Variable Costs
c)
Other Operating Costs
If some of these costs are not relevant to your business make a note of that in your
write-up.
Remember to include your own salary in the fixed costs!
4. Calculate in table your investment necessary to serve the first customer or make the first
product.
Extra credit to this point:
Take a stab at how much time it could take to recover that initial cost in your owners’ equity
boosted by your profits? Explain the reasoning behind your calculations.
5. How will you finance your business?
a)
In the period before launching to market
b)
During the first 4 years of business operations
This is a site that may help you to collect the area information.
https://segmentationsolutions.nielsen.com/mybestsegments/Default.jsp?ID=20&menuOption=
ziplookup&pageName=ZIP%2BCode%2BLookup
…
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