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Agenda
Goals Marketing mix Reverse income statement Feasibility study Business plan Conclusion
Marketing Mix: 3 Cs
Customers
Who are they? How many are there? (market size) What are their needs?
Competitors
What firms are trying to meet the needs of the customers?
Company (you)
How will you deliver a service that better meets customer needs?
Marketing Mix: 4 Ps
Product
How will you tweak your product or service to better meet the needs of customers?
Price
How will you set prices? How does your pricing compare to similar services?
Promotion
How will you get the word out that you have a great product at a great price?
Placement (distribution)
How will you deliver your product or service to the customer?
Market size
What is the size of your target market?
$50 million market? $100 million market? $500 million market?
A key milestone is to become cash flow positive from operations (when incoming cash from operations exceeds outflowing cash from operations)
Breakeven Volume is a key way to determine when you will achieve positive cash flow
Feasibility Study
What it is?
1-2 page written plan 1-page description of market size/financials
Feasibility study
Provides overview for business plan
Summary/Vision
Summary of business idea Vision for your company
Market Analysis
Market size/market growth rate Market customer segments/target customer profile Customer needs (Use marketing mix 3 Cs in this section)
Competitive Analysis
Key competitors
Who are they?
Competitive landscape
Fragmentation: Few large players vs lots of small players?
Changes in industry
Any consolidation happening?
Strategy
Complete a SWOT Analysis
Strengths Weaknesses Opportunity Threats
What is your strategy for serving the customers better than existing competitors?
How is your product faster/better/cheaper?
Products/Services
Describe your product/service How do you position it relative to competing products? Do you have a product roadmap for developing a suite of products? Are you creating a product or a company with products? (Use marketing mix 4 Ps in this section)
Marketing/Sales
Price
What prices will you charge? Will you offer any discounts based on volume, time of purchase, etc?
Promotion
How will you get the word out that you have a great product at the right price?
Placement/distribution
How will you deliver your service to your customers?
Operations/Key Personnel
Key personnel/qualifications
Include bios on founders/key advisors
Organizational structure
How will you organize your firm to market, produce and deliver services to customers?
Financials
Assumptions Income statement (P&L) projection
Revenue - Cost of Goods Sold = Gross Profit Gross Profit Overhead = Pre Tax Operating Profit Operating Profit Capex = Pre Tax Profit Pre Tax Profit Taxes = Net Profit
Balance Sheet = Assets Liabilities = Shareholder Equity (Use reverse income statement for this section)
Partners
Advisory board Beta customers Distributors Marketing channel partners
Legal/Accounting
Conclusion
Think carefully about your business goals Business plan is a snapshot in time
Always out of date
More about the process of creating the plan, not the plan itself
Reference Materials
Marketing mix document Business plan outline Developing a discovery-driven plan
See document See link: http://faculty.msb.edu/homak/HomaHelpSite/WebHelp/Disc overy_Driven_Planning_-_Annotated.pdf
Contact Info
Feel free to contact me if you have questions
Eliot Ingram Clear Admit, LLC eliot@clearadmit.com 215.568.2590