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A detailed guide to establishing a new business or entrepreneurial venture within an existing agency

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1. Executive Summary 2. Business concept 3. Products & services description 4. Target Market 5. Competitive analysis 6. Marketing plan 7. Operations & management plan 8. Development plan 9. Financial statements

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Introduction/Business Plan Goals Introduce the entire plan first Goals: Investment Board/staff support Additional programs/services Expanded offerings

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Basic details @ business Name, location, contact DBA doing business as Agency description Legal status How is business formed (ie. Sole proprietorship) Licensing & distribution agreements Trademarks, copyrights, patents

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Company history, development stages History of the agency Virginia Theatre Virginia Theatre Values, vision, mission

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Company history, development stages Phase of business development Seed company Basic business concept developed but it has not been launched and no sales have been made. Start-up Early stages of operation, just begun to sell products Expanding Rapid growth business that wants to increase its product offerings. Stable Currently in operation with consistent sales & modest growth. Retrenchment Little or no growth in sales; needs changes to its product line or organizational structure to attempt to boost sales.

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Company history, development stages What has been accomplished to date Secure location Develop prototype Investors Market research

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Industry analysis What the industry is What state the industry is in North American Industry Classification System (NAICS)NAICS What changes, trends & growths it is facing SWOT analysis. PEST analysis.

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NegativesPositives Internal External

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Strengths Access to national forest land Trail system Outdoor recreation Scenic Views Weaknesses No community parks No community recreation center Not enough summer destination activities for visitors Stewardship of our open space Trails lack connectivity (regional and local) User conflicts on existing recreational facilities Opportunities Government grants Partnerships Threats Environmental

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StrengthsWeaknesses Opportunities S-O Strategies: Pursue opportunities that maximize the agencys strengths W-O Strategies: Overcome weaknesses in order to take advantage of opportunities ThreatsS-T Strategies: Determine ways to use agency strengths to minimize threats W-T Strategies: Implement strategies that prevent agency weaknesses from being highly susceptible to external threats

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Political, Economic, Socio-Cultural, Technology Focus on threats

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1. Detailed product description 2. Detailed facilities description 3. Potential suppliers 4. Profit centers 5. Partnerships

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Detailed product description Crystal Lake Boathouse & concessions Open Memorial to Labor day Boat rentals, concessions, fishing Space for small rentals Qualities & benefit to fill niche Good product will fill a gap in the market

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Detailed facilities description What you have What you want Location Amenities Strengths & weaknesses

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Potential suppliers Directly from manufacturers Best info about products Solid customer service Manufacturers representative Ie. Reps for Columbia, Patagonia, North Face Come to your business to demo products Buy in brand bulk

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Potential suppliers Distributors (wholesalers) Buy products from many manufacturers Warehouse it & resell at wholesale prices Trade Shows Large selection of manufacturers Order equipment for a year Internet

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Potential supplierswhat to ask Minimum quantity Quantity discounts Payment terms Net 30 pay in full in 30 days 2-10 net 30 2% discount if paid in 10 days or full amount due in 30 days Payment dating Delay payment to give more time to sell items

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Potential supplierswhat to ask Pre-season discounts Closeout items Shipping date Est. a shipping date & cancel after that date

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Profit Centers Parts of the business that will generate revenue Determine if it adds value & their is demand Rentals Pros & cons??

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Profit Centers Small scale manufacturing Make own equipment Most common w/ outdoor outfitters Food & beverage Permits & licenses

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Partnerships, AKA Agreements Cooperative ventures Joint arrangements Alliances Collaborations Interagency Cooperation A relationship between two or more parties for the purposes of addressing a common challenge

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Constitution Trail NPRD, BPRD, Friends of Constitution Trail Naperville Ribfest NPD, City, Naperville Exchange Club Provena St. Joseph Inwood Athletic Club Joliet Park District, Provena St. Joseph Medical Center

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Strong target market Definable Identify specific characteristics of potential customers Meaningful Characteristics directly relate to purchasing decisions Strong target market Sizable #s large enough to sustain business Reachable Effectively market to them ($$$)

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Geography City, county, region Type of areas urban, rural, suburban Travel distance Demographics

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Purchasing patterns Who makes purchasing decisions? How often do they buy? Advanced purchases? Concerns of customers (price, quality, convenience) Market size Use demographic variables & characteristics Other factors that influence

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Market trends Growing/shrinking population Competitors Economy

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Competition faced If you have a market, you have competition Direct Offers products much like yours that customers perceive as acceptable alternatives McDonalds vs Burger King Hyatt vs Hilton Indirect Offers products different from yours that meet the same or similar need Customers can substitute your competitors offerings for yours Childrens Discovery Museum vs Chuck E. Cheese Train vs air travel

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Competition faced Develop strengths & weaknesses list for competitors What attributes do they have that would inhibit you from competing? Well known brand Continued growth Longevity Name recognition

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Competition faced Examine customer perception factors What customers can see What attributes make competition attractive to the customer Price, quality, service, social consciousness, reputation Examine internal operational factors What customers cant see Factors that put your customer at a stronger or weaker position Labor costs, marketing budget, expertise, location, access to suppliers, partnerships

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Competition facedDicks Sporting Goods CompetitorStrengthsWeaknessesOther Attributes WildcountryOutdoor expertise; Customer service; Limited product lines; Caters to more serious outdoors people; limited advertising budget; classes draw potential customers What specific businesses do you consider to be your direct competition? Fill in the information requested for each.

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Market share distribution Market share = agencys sales/total market sales Sources of information Trade associations Annual reports Business publications Independent research firms IBIS World database

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Competitive position Rank order competition based on market share, strengths, weaknesses Demonstrates understanding of strength of competition RankCompetitorReason for Ranking 1WildcountryOutdoor product niche; strong expertise 2MC SportsSimilar product line; large market share Rank competitors from strongest to weakest citing reasons for each ranking.

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Competitive edge Concrete examples Show how competitions weaknesses are your strength Examples: Price Product features Convenience Marketing Well known brand Operational efficiencies

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Barriers to entry into the market Patents & trademarks High start up costs Hard to find technical or industry expertise Market saturation Restrictive licensing requirements See what IBIS World says