Business Plan FactorsPosted on the 14 December 2011 by Caliburns
Starting an entertainment company is something I am currently involved in doing. Instead of a thesis paper, this is my final assignment to earn my Masters of Science degree in Entertainment Business. In reading about the Goodwin’s in my previous post (Founders of GEICO), I have learned that I plan to run my company along the same lines, service-wise, as they did. Mr. Goodwin realized that he could offer great service at a low cost, by cutting out the middleman (Insurance, 2007). My consulting company, 2JB Consulting, plans to do the same for its clients. The company will specialize in start-up and entertainment businesses, as well as, artist development. The overall concept is to save our clients money while they are building their companies and/or brands, by educating them. Once they realize how much money my company saved them, clients will be much more likely to return.
The first McDonalds brothers Richard and Maurice McDonald opened was called “McDonald’s Bar-B-Que” (Our Company, 2011). They later restructured it and reopened it similar to the McDonalds we all know today. I have changed the structure of my business plan from being such a broad, entertainment group, to focusing on one business/service at a time. This way, I can specialize in a specific area and as the company grows, branch out into other areas. I used to be very focused on getting every branch of the company up and running at the same time, but I now understand it’s not what’s most important. The McDonalds brothers showed there is always time and room for change.
There are various sections in a business plan. An investor doesn’t read the entire business plan from front to back; they skim through to what they feel to be the most important areas. For this reason, it is important that all sections of the business plan being written are done thoroughly. I personally find the Market Analysis section to be one of the most important. According to an article written on About.com, this section “examines the primary target market for your product or service and their needs, including geographic location, demographics, and how these needs are being met currently” (Business Plan Outline, 2011). This is extremely important to an investor because they need to know if the product or service even has a market; and if so, is it big/specific enough to make a profit. If not, an investor will not want to invest their time and/or money.
Business plans can be vital to a company’s success. Hiring a professional to help write, or edit, may be the best way to go. My company. 2JB Consulting, which will be in full operation February 2012, will offer such services. Lawyers and other business professionals are able to help in this area as well. Click here for more information and assistance on writing business plans.
(Info. Sources: http://insurance07.blogspot.com/2007/09/geico-history-highlights-government.html & http://www.aboutmcdonalds.com/mcd/our_company/mcdonalds_history_timeline.html & http://sbinfocanada.about.com/cs/businessplans/a/bizplanoutline.htm. Photo sources: http://www.infobarrel.com/Small_Business_Plan_Outline_-_Materials_and_Marketing)
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