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)
These articles might interest you :
Too many entrepreneurs still believe the urban myth that you can sketch your idea on a napkin, and investors will throw money at you. Every investor I know is... Read moreThe 21 July 2012 by Martin Zwilling
People ask me if they really need ANY business plan, unless they are looking for an outside investor. In fact, a business plan is needed more by you than... Read moreThe 13 August 2012 by Martin Zwilling
Most entrepreneurs tend to avoid this area of the business, and as a result are badly surprised by cost realities, and investor expectations. Read moreThe 06 September 2012 by Martin Zwilling
Jennie Reedy owns and operates several Baltimore, MD storage units. When recommending storage facilities to friends and family in Dallas TX, she recommends usin... Read moreThe 23 October 2012 by Fleetmatics
Everyone needs a business plan. No matter how much you think you can manage without one, it’s better to write things down to help give you a visual. Read moreThe 06 January 2012 by Micmad
When a business starts, a business plan needs to be determined. It’s best to be written down. The plan is meant to be flexible and may change over time.... Read moreThe 02 May 2012 by Maria Snyder
Description: This activity can become very useful for people who want to start a business, but believe that they do not need a business plan. Read moreThe 26 October 2011 by Bgdn_adrian
MOST POPULAR FROM BUSINESS
- Secret Santa’s Inflation Hedges for 2015 by Phil's Stock World
- Before and After Photos Part 2 - Upstairs and Lower Level! by Homesmsp
- The Discipline Of Execution Defines An Entrepreneur by Martin Zwilling
- Things You Need To Know This Week – December 19, 2014 by Shellykramer
MOST RECOMMENDED IN BUSINESS
- RiskIQ.com Files Suit Again Risk.io For Federal Trademark Infringement by Worldwide
- Shoes.com Sold by Worldwide
- Bread for the Masses: Economic Empowerment to Achieve Social Justice in Egypt by Center For International Private Enterprise
- .XYZ Is The 1st New gTLD To Break 750,000 Registered Domains by Worldwide