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MAN302 Preparation Of Business Plan
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MAN302 Preparation Of Business Plan
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Course Code: MAN302
University: National Open University Of Nigeria
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Nigeria
Question:
This assignment comprise the progressive completion of a business plan based on the identification and 5-year growth strategy for a new business venture to be discussed during the week 2 tutorial. This is a group assignment focusing on the preparation and presentation of a total Business Strategy for a new business opportunity which shows an understanding of the theory, definitions and concepts underlying Strategic Planning, Management of Growth, Entrepreneurship and New Venture Creation by applying them to a practical situation.
Students will be allocated into groups of NO MORE THAN 3 and allocated different industry sectors in which they are required to identify a viable and original new business opportunity and complete a business plan whose purpose is to seek Venture Capital funding from an arm’s length third party investor. The format of the Business Plan and Presentation will be given during the tutorial in Week 2.
The viability of the venture should be consistent with the criteria outlined by Timmons or with some other acceptable academically peer reviewed criteria. The venture must be capable of expansion either nationally or internationally and achieve a Profitable Return on Investment by at least year 3 and with a MINIMUM annual revenue of AUD$5 Million. Plans which propose a single café or other form of hospitality venture, usually a café or restaurant in an outer suburb serving a variety of ethnic food or which cannot be expanded to achieve the minimum revenue will not be acceptable. The purpose of this unit is to acquaint students with the problems of planning for sustainable growth in times of rapid change. The undertaking does not have to be unique, but it must not be based on an existing venture e.g. Franchises for existing operations (such as McDonalds, KFC, Blockbuster, etc.,) are NOT acceptable examples. Plans based on or too similar to templates found on bPlans.com or similar sites will be automatically graded zero marks.
Throughout this unit, a substantial requirement is developing a plan for a business website. This website will reflect and be an extension of the business venture students have decided upon. Within this case study, the students will be required to write a business website development plan, that consists of the website type and expected functionality, as well as how it will complement their selected business venture.
Students are required to undertake a detailed opportunity analysis of their chosen market in Australia and identify potential New Venture Opportunities. The analysis should cover market structure, segmentation, distribution channels and trends for the total market but students will be required to derive (and justify) their own estimates of the particular product segment specified. In addition to the market analysis students are also required to outline their proposed strategies for launching the product into the Australian market.
The students will post their written viable business plan case study of 1500 words with 3-minutes duration voice- over PowerPoint presentation to their Google Drive with provision of a shareable link. The business case study and voice over presentation must be designed to “sell” the business idea to investors or senior corporate management.
Answer:
Business Type
Showeve.Com will be a business of online booking system that will be developed to help its consumers to find and hire services of live entertainment for the corporate events, weddings, nightclubs, private parties, grand openings and certain other events. Gradually, this business will expand its service offerings to include certain other entertainment services like comedians, caterers, dancers and photographers.
Business Problem
From the market research it has been evident that in Australia more than AUD $9 billion is invested in the music and entertainment services within various events each year. There are more than 14000 traditional or offline event booking agents in Australia and many of them have websites offer services of booking online services. These agents are observed to generally focus on high-end bookings and ignoring the broad market of consumers looking for quick and easy personalized event services. Considering such research problem, the business of Showeve.Com will offer quick and personalized online booking services for events all over Australia through its active website.
Business Solution and Business Name
The business name selected for this event service website is Showeve.Com that will use the internet ability advantage for organizing and connecting fragmented marketplace for entertainers and musicians within a searchable database which will be consumer-focused and simple to use. Considering such research problem, the business of Showeve.Com will offer quick and personalized online booking services for events all over Australia through its active website. To make consumers event services booking easy, this new business will operate through a highly active and organized event service booking website that will facilitate its consumers to find quality entertainment services for any event they are having.
Services
The business of Showeve.Com will offer with services of personalized press kits matching to the events they are having that will include biography and full description, color photos, audio and video samples, client testimonials, song lists, rates and prices, instrumentation and musical genre. Moreover, other services includes certain other entertainment services like comedians, caterers, dancers and photographers for live entertainment in the corporate events, weddings, nightclubs, private parties, grand openings and certain other events. Other revenue streams or services will include booking commissions, corporate sponsorships and merchant services. The consumers can type their ZIP Code with the type of event and entertainment services they are seeking and the company will offer services of providing audio samples, watches video, reads biographies, and views client testimonials from which they can select the services they prefer.
The Market
Target Market100
The services and the target market segment plan will be developed by this new business based on the The target consumer segments of the new business of Showeve.Com are mentioned below:
Weddings
Corporate Events/Conventions
Nightclubs/Bars/Restaurants
Bar/Bat Mitzvahs
Festivals
Vacation & Resort Entertainment
Fraternity/Sorority Dances & Parties
High School Proms/Dances
Country Club Entertainment
Hotel Entertainment
Marketing Strategy223
The Future
Vision Statement
The vision statement of Showeve.Com will be to attain favorable positioning itself as a renowned event service website in Australia through offering exceptional and personalized event entertainment services all over Australia.
Goals and Objectives
The goals and objects that are set for the business of Showeve.Com in attaining competitive and profitable position in the industry are explained under:
To increase the number of visits to website by its target consumers by 10% at the end of first year of its business operation through search engine optimization
To offer customized packages to the target consumers based on their event needs through constant innovation and creativity
To increase profits generated from the revenue streams by 6% at the end of first year of business operation through offering quality services through all its revenue streams
The Finances
Startup Expenses
Buildings / Real Estate
Purchase
$ 40,000
Construction
10,000
Remodeling
–
Other
500
Total Buildings and R / E
$ 50,500
Leasehold Improvements
Online bidding system
$ 5,500
Live music shows
$ 5,500
Online press kits
$ 5,500
Newsletters
$ 5,500
Catering and photography
$ 22,000
Capital Equipment List
Furniture
$ 55,000
Equipment
$ 1,500
Fixtures
$ 1,500
Machinery
$ 6,500
Other
$ 2,500
Total Capital Equipment
$ 67,000
Location and Admin Expenses
Rental
$ –
Utility Deposits
5,500
Legal and Accounting Fees
4,500
Prepaid Insurance
55,000
Pre-opening Salaries
5,500
Other
5,500
Total Location and Admin Expenses
$ 76,000
Opening Inventory
Online bidding system
$ 2,560
Live music shows
$ 2,560
Online press kits
$ 2,560
Newsletters
$ 2,560
Catering and photography
$ 2,560
Total Inventory
$ 12,800
Advertising and Promotional Expenses
Advertising
$ 1,500
Signage
$ 1,500
Printing
$ 1,500
Travel & Entertainment
$ 1,500
Other / Additional categories
–
Total Adv and Promo expenses
$ 6,000
Payroll and payroll taxes
Expense 1
$ 25,000
Expense 2
25,000
Total Payroll and payroll taxes
$ 50,000
Year 1
Year 2
Year 3
Year 4
Year 5
Gross revenue
$80,000
$200,000
$300,000
$400,000
$500,000
Cost of goods sold
$0
$0
$0
$0
$0
Gross margin
$80,000
$200,000
$300,000
$400,000
$500,000
Other revenue [source]
$21,000
$22,000
$23,000
$24,000
$25,000
Interest income
$8,000
$7,000
$6,000
$5,000
$4,000
Total revenue
$109,000
$229,000
$329,000
$429,000
$529,000
Operating expenses
Sales and marketing
$6,000
$6,120
$6,365
$6,747
$7,286
Payroll and payroll taxes
$50,000
$51,000
$53,040
$56,222
$60,720
Depreciation
$27,900
$28,458
$29,016
$29,574
$30,132
Maintenance, repair, and overhaul
$0
$0
$0
$0
$0
Total operating expenses
$83,900
$85,578
$88,421
$92,543
$98,139
Operating income
$25,100
$143,422
$240,579
$336,457
$430,861
Interest expense on long-term debt
$1,500
$1,545
$1,591
$1,639
$1,688
Operating income before other items
$23,600
$141,877
$238,988
$334,818
$429,173
Loss (gain) on sale of assets
$330
$320
$310
$300
$290
Other unusual expenses (income)
$0
$0
$0
$0
$0
Earnings before taxes
$23,930
$142,197
$239,298
$335,118
$429,463
Taxes on income
30%
$7,179
$42,659
$71,789
$100,535
$128,839
Net income (loss)
$16,751
$99,538
$167,508
$234,582
$300,624
Year 1
Year 2
Year 3
Year 4
Year 5
Total
Operating activities
Net income
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
Depreciation
$27,900
$28,458
$29,016
$29,574
$30,132
$145,080
Accounts receivable
($76,000)
$44,000
($13,000)
($13,000)
($13,000)
($71,000)
Inventories
$0
$0
$0
$0
$0
$0
Accounts payable
$0
$0
$0
$0
$0
$0
Amortization
5,000
5,000
$5,000
$5,000
$5,000
$25,000
Other liabilities
25,000
25,000
$25,000
$25,000
$25,000
$125,000
Other operating cash flow items
0
0
$0
$0
$0
$0
Total operating activities
$11,900
$142,458
$96,016
$106,574
$117,132
$474,080
$0
Investing activities
$0
Capital expenditures
$0
$0
$0
$0
$0
$0
Acquisition of business
15,000
15,000
15,000
15,000
15,000
$75,000
Sale of fixed assets
$10,000
$10,000
$10,000
$10,000
$10,000
$50,000
Other investing cash flow items
0
0
0
0
0
$0
Total investing activities
$25,000
$25,000
$25,000
$25,000
$25,000
$125,000
Financing activities
Long-term debt/financing
($43,500)
$1,545
$1,591
$1,639
$1,688
($37,036)
Preferred stock
0
0
0
0
0
0
Total cash dividends paid
5,000
5,000
5,000
5,000
5,000
25,000
Common stock
0
0
0
0
0
0
Other financing cash flow items
5,000
5,000
5,000
5,000
5,000
25,000
Total financing activities
($33,500)
$11,545
$11,591
$11,639
$11,688
$12,964
Cumulative cash flow
$3,400
$179,003
$132,607
$143,213
$153,820
$612,044
Beginning cash balance
$0
$3,400
$182,403
$315,010
$458,223
Ending cash balance
$3,400
$182,403
$315,010
$458,223
$612,044
References
Burns, P. & Dewhurst, J. eds., (2016). Small business and entrepreneurship. Macmillan International Higher Education.
Chambers, I. & Humble, J., (2017). Plan for the planet: a business plan for a sustainable world. Routledge.
Evans, (2016). Financial Times Essential Guides: Writing a Business Plan. Harlow: Pearson.
Hopp, C. & Greene, F.J., (2018). In Pursuit of Time: Business Plan Sequencing, Duration and Intraentrainment Effects on New Venture Viability. Journal of Management Studies, 55(2), 320-351.
Hopp, C., Greene, F.J., Honig, B., Karlsson, T. & Samuelsson, M., (2018). Revisiting the influence of institutional forces on the written business plan: a replication study. Management Review Quarterly, 1-38.
McKeever, M., (2016). How to write a business plan. Nolo.
Nicolò, D. & Ferrara, N., (2015). Corporate reputation, business plan and start-up sustainability,[in:] Nicolò D.(Ed.) Startups and start-up ecosystems: theories, models and case studies in the Mediterranean area.
Nutting, M.A., (2018). The Business of Personal Training. Human Kinetics.
Qureshi, M.S., Saeed, S. & Wasti, S.W.M., (2016). The impact of various entrepreneurial interventions during the business plan competition on the entrepreneur identity aspirations of participants. Journal of Global Entrepreneurship Research, 6(1), 9.
Schaper, M.T., Volery, T., Weber, P.C. & Gibson, B., (2014). Entrepreneurship and small business.
Simón-Moya, V. & Revuelto-Taboada, L.,(2016). Revising the predictive capability of business plan quality for new firm survival using qualitative comparative analysis. Journal of Business Research, 69(4), 1351-1356.
Smith, K., (2018). Ouachita seniors win second place and Dr. Chris Brune honored at Arkansas Governor’s Cup Business Plan Competition.
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