Presentation on theme: "Business Plan Kathryn Sutton Emma Vonder Haar Daniel Bonnel Olivia LaMartina Nancy McKenzie-Adams Samantha Nielsen."— Presentation transcript:
Business Plan Kathryn Sutton Emma Vonder Haar Daniel Bonnel Olivia LaMartina Nancy McKenzie-Adams Samantha Nielsen
Executive Summary The Business Profile The Market The Market: Strengths & Weaknesses The Market: Target & Competition Strategies: Marketing, Advertising, & Promotion Management Structure Table of Contents
The Executive Summary Statement of Purpose We strive to offer the best business solutions to the local Kirksville, MO area. Company Background We are a partnership founded by students in Business and Visual Communications majors in 2014. Our staff currently comprised of eight full-time workers and two interns. URL kathryn-sutton- wsmk.squarespace.com Products & Services Our services are based primarily in business consulting and graphic design. Market Potential Despite the economic and geographic challenges of operating in the Kirksville area, we see a potential for new business and to become an important part of the local culture and commerce, as well as expanding and growing the local economy. Management Skills & Qualifications We are a talented and experienced group of individuals who are from Missouri and are aware of the local culture. We are graduates of Truman State University with accredited degrees in Business and Visual Communication. We are dedicated to community service and helping the local Kirksville community.
The Business Profile Legal Structure The business will be a partnership between two individuals. Partnerships are inexpensive and easy to start because they require little financial and legal formalities to begin. If the partnership contract is written well, the entity can be dissolved easily in the event that the business closes. Business Concept/Summary This business is a design and consulting firm based in Kirksville, Missouri. We strive to build strong local brands. Our consulting services include market research and advising. Our design services include identity design and advertising. Our main goal is to help the economy of Northern Missouri grow by making businesses in the area do business better.
The Market Introduction to the Market The market for this agency consists of Kirksville, Missouri. While this is a smaller town, it is a central hub for Northeastern Missouri. Kirksville is home to a large agricultural community, two higher education institutions (Truman State University as well as A.T. Still University), and an number of local businesses. Kirksville is roughly two hundred miles from any major metropolitan area. Students are in Kirksville for a short amount of time, typically only a few years. This group ranges in age from 18-24 typically, though may extend past this age generalization for those that are studying medicine or dentistry at A.T. Still University. While this group is much younger and could potentially be more vibrant than those permanently living in this region, they do not possess the same loyalty as their local counterpart. Local residents are primarily white (92.3%) with a median income at $36,772. As of 2000, roughly one third of the population of Kirksville lived below the poverty line. However, this demographic is loyal to the businesses they patronize.
Geographic Size of the Potential Market As of the 2010 census, Kirksville is home to roughly 17.5 thousand people. While this is simply the city of Kirksville, there are many smaller towns nearby that we can serve as well. Changes in the Market Kirksville, Missouri and surrounding areas appear to have relatively steady markets, though changes in the economy or changes either schools (shifting demographic of who moves to this area) may influence the market. Target Market Segment Our target market segments are local businesses that have been around for many years, start-ups, and family run/owned farms and businesses.
Market Strengths and Weaknesses Market Strengths Though the market is a regional area in the primarily rural Midwest, there are a few advantages to working in this area. The clients will typically be involved in a smaller, tightly knit community. Consumers in this area are local and easily accessible through traditional means of advertising, such as printed media, billboards, environmental graphics, and promotional materials. Because we are in a more traditional, rural area, clients may not see more advanced forms of technology as a priority. However, skills in web based advertising will put us at an advantage. Our audience is anyone looking to go further into a business company and needing help advertising their personal business. Kirksville is a central location for many in the Northwestern region of Missouri as well as the Adair county seat. An agency such as this will be at an advantage due to lack of competition. The quality of our product/service will be stronger than most because we are placed in a smaller area with less clients.
Market Weaknesses Our potential market may not have the financial means to acquire our services. The median income for a household in the city of Kirksville is approximately $22,836, and the median income for a family is approximately $36,772. About 14.4% of families and 30.6% of the population were below the poverty line. This weakness in the market may hinder our efforts to win new clients. Expanding our business reach to more affluent communities beyond the city of Kirksville will open up new opportunities. Kirksville is a very isolated part of Northeastern Missouri, and local businesses are sparsely spread out across the area. There is a limited number of businesses in the area, and new businesses have a hard time staying around longer. The main way to combat this problem is to offer discounts and payment plans. We want to make it easy for our clients to pay for our services, yet we want to maintain a constant flow of finances into our business.
The Market: Target & Competition Target Audience Our target audience are businesses in the Kirksville, Missouri area. Competition Our competition is primarily university students and faculty with experience in design, business, and marketing. This can be mitigated by employing those students by offering them internships or full-time positions. Students will take advantage of this opportunity.
Strategies: Marketing, Advertising, & Promotion As we are an advertising, design, and consulting firm, we have the resources and skills to market our company. Keeping in line with our market, we will use print and some web to convey our message to the community. However, since we have the skills to promote our business with newer forms of technology, we will utilize these as well.
Management Structure: Staff Positions and Management Section This business will be under a simple and flat management structure, which is defined as an owner/partner at the top and employees at the bottom. A strong team of experienced designers, writers, marketers, researchers, and other dynamic employees is essential to the success of the business. The business will be broken down into three main branches: marketing, creative, and administration. The marketing team will consist of four people, one of which is the firm’s partner. The marketing team will do work in the areas of research and analytics, client consultation, social media, public relations, and advertising, & media relations. The marketing team is also responsible for corresponding with clients, winning new clients, developing the firm’s advertising and PR strategies, and conveying the client’s messages to the creative department. The marketing team builds and maintains its relations with clients by addressing their needs and offering services.
The creative team is responsible for executing all creative work to help clients send their message in a powerful and compelling visual manner. The creative team is made up of three people, one of which is the firm’s partner. The creative team has skills in designing brand identities, advertising campaigns, publication designs, etc. A copy writer will also be kept on staff to ensure that copy is well written and accurately represents the brand. The last branch of the firm is the administrative person. This job is held by one person, and he/she is responsible for the company’s payroll and bookkeeping. Preference for new employees will be given to graduating students of Truman State University. The firm will also keep one paid intern every year in the marketing and creative department. This tactic doubles as a recruitment strategy and an act of public service.