Have you explored the broad economic business sectors: manufacturing, wholesale, retail, service? Have you considered other industries within the sector of your choice? Have you thought about what types of businesses are strongest now and for the future? Have you checked out franchises? To check out the possibilities and benefits of becoming a franchise outlet owner or franchisor, read Erwin keup's Franchise bible and my books, no money down: Financing for Franchising and, the Franchise redbook. Do you have a location in mind?
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It provides a structure for the company's pursuit of the winner's trophy. Even though creating a business plan takes time, thought and effort, and may seem like an impediment to getting on with opening or growing your new business, it is imperative in today's competitive business climate for you to have all relative information available and evaluated. With a thoughtfully prepared business plan you will enter the business world prepared, ready to run your business and ready to compete. Although researching and writing your business plan may seem like a monumental task, with preparation it can be quite painless. As you go through the process, you will develop your knowledge and understanding of your business, improve subliminal your chances of success, and diminish your risks of failure as a startup owner. Prior to writing your business plan, there are several issues you must resolve. It is beyond the scope of this text to cover all of these in depth; however, a basic checklist with a few recommended reference books is provided, so you can explore some of the subjects more thoroughly. As an entrepreneur of a startup company: Are you prepared to operate a business? Have you already decided upon your product(s) another or service(s)? Have you investigated other types of businesses?
February 1, 2005 11 min read. Opinions expressed by, entrepreneur contributors are their own. Editor's note: This article is excerpted from. Rule's book of Business Plans for Startups, from Entrepreneur Press, for a startup business, creating a business plan is like creating a game plan in sports. You need to scout out all the information to create a winning strategy for the game. While business plans for existing companies may have a special focus, such as setting overall goals, reviewing specific operations, evaluating great new products, assessing new technology in the industry, or some other specific purpose, the business plan for a startup company is the blueprint for its. A business plan exposes a new company's strengths and weaknesses. It reveals ways to capitalize on the strengths and minimize the weaknesses, uncovers every facet of the business that can be developed, and points to the best method for that development.
Develop strategic alliances with online merchants, shipping companies, and credit card issuers to negotiate reduction or elimination of party the shipping costs to consumers on returned merchandise. Design, maintain, and promote a user-friendly website, the corporate trademark, that offers an easy and trouble-free merchandise return procedure for consumers. 1.4 Mission, our mission is to enhance customer service of online merchants, boost their customer retention and increase their sales. We strive to improve the overall image of the online merchant and therefore stimulate growth of online shopping. We put our efforts to increase customer satisfaction when consumers deal with retailers, to enhance the interaction process when retailers communicate with consumers, and to streamline the problem resolution order in all possible ways. Don't fear the business plan process. With preparation, knowledge and these insider tips, you'll be able to create a business plan built for success.
Present procedures to the consumer in the most concise format. Provide reference to the merchant's entire return policies if requested. Inform the merchant of the entire transaction as it occurs. Gain authorization from the merchant to return merchandise if needed. Present the merchant's website to consumer for selling opportunities. Provide confirmation emails to the customer of the actions taking place if requested. Interact with the merchant's database for further customer details if needed. Maintain a record of the transactions for the company's own database. Develop successful relationships with online merchants to facilitate exchange of information.
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1.2 Positioning Statement m strives to position itself as a strategic partnership between online merchants, web hosting companies and portals, shipping companies, and online payment agents such as credit card issuers. Due to demand aggregation, the strategy will produce reduced or totally free shipping of returned merchandise to consumers. This differentiating element will multiply the consumer acceptance factor and will draw more revenues to all participating companies. The proposed program is therefore a win-win solution to all parties involved. Moreover, the software architecture and website format will be wireless-friendly thus designing the service in such a way that consumers will later be able to easily use it via cellular phones and other personal wireless devices.
1.3 keys to success. In order for the company to operate, a number of specific ingredients are needed. Following are things to put in place before the service can be offered. Develop a customer service customer satisfaction software application that uses order number (of a merchandise item) and merchant's Web address to: Retrieve all pertinent plan information on a participating merchant. Match appropriate return procedures against the returning item.
Even more impressive is m's net profit margin. Year two will only see a net margin of 25, but the following year will see a sustainable. M will be creating a new service category leveraging their first mover status and seizing the incredible market potential of Internet-based retailers. We recommend using liveplan as the easiest way to create graphs for your own business plan. Create your own business plan.1 Objectives, the ultimate benefit of the program is that it enhances the overall image of the online merchant.
Consumers demand not only convenience but a peace of mind. The proposed program offers both, and it will increase the number of online shoppers, thus causing a market expansion for online merchants. The first retailers who implement the proposed program will also be able to differentiate themselves and capture larger market shares in their respective segments. Once embraced by the majority of retailers, the program will become an industry standard. Due to lack of current competition, m has the first-mover advantage and is well positioned to establish itself as the leader in the newly created service category. M therefore has an enormous upside potential and is poised for rapid growth. By securing agreements with companies such as m and Yahoo! That host large numbers of merchants, m will raise high entry barriers for possible competition and will significantly minimize the replication factor.
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Dan Codder bill is a twenty-year veteran in the computer industry. Self taught, dan has worked at ibm, cadence, tektronix, and front several other companies. Dan has the ability to design and write computer code very quickly and accurately. M will leverage dan's skills for the completion of their customer service software engine. Financials m's financials are conservative yet quite promising. Once they are up and running and sign up some merchants as customers, m will quickly gain momentum and generate impressive sales. Revenue for year two will be 19 million, climbing to 59 million by year three. Net profit for these years respectively will.7 million and.3 million.
The company was founded by Steve logic and Dan Codder. Steve has spent the last ten years at Federal Express. While at FedEx, Steve was responsible for their logistics system. Steve has the incredible skill of perceiving business needs and creating a solution to address the need. At FedEx, Steve was the architect behind their benchmarked logistic system that has the ability to track customer packages and share the information with the client. What this meant for FedEx is that they could tell the customer exactly where their package is at any one point. This logistics system is the main driver behind FedEx's insurgent exponential growth.
of their business activities. Their second key is the formation of strategic relationships with online merchants, shippers, and credit card companies. The relationships with merchants will allow m to quickly grow their customer base of retailers served. Alliances with shipping companies will be formed since the actual cost of shipping is their largest cost driver. Partnerships with credit card companies will allow m to offer the respective cards as the preferred credit card thereby generating an additional source of revenue. Management team, there are two principals that are responsible for the idea and the progress of the firm. They recognize as the companies quickly grows, certain positions such as ceo and cfo will need to be filled.
An earlier study conducted by Ernst young, before the holiday frenzy, already estimated that total revenues for resume online retail and consumer products for the calendar year just completed were around 25-30 billion. Currently, the average rate of returns for Internet-based companies. In the coming year the value of returned merchandise was.5 billion. This indicates an amazing opportunity. Service Offerings m's services streamline the entire return process for retailers. They allow retailers to outsource a large part of their business, allowing the retailer to concentrate on their core competencies and not get distracted with activities that add little value. M will reduce capital expenditures of a company that uses their services, increase customer service of the retailer, increase sales opportunities, increase revenues, and improve inventory management. Customers will benefit by having a convenient, easy way to return their purchases as well as the ability to track their returns.
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M is an e-commerce start-up company positioning itself to become the market leader in offering online merchants and book consumers a uniform and trouble-free way to return merchandise purchased online. The company offers a business-to-business solution to online merchants of physical, non-perishable products. The company utilizes a consolidation approach in handling all product returns that allows online merchants to instantly save bad sales, restore customer satisfaction and stimulate repeat sales, while offering consumers a convenient, centralized online location to claim returns. By creating a new service category and utilizing the first-mover advantage, m positions itself for rapid growth and gains a strong opportunity to raise entry barriers for possible competition. The market, e-commerce continues to accelerate and the amount of money spent on purchases made through the Internet shows no sign of decline. During the past holiday season (november 20 to december 19 retailers saw online revenues quadruple, jumping 300 to about 11 billion and far exceeding expectations, according to a study by Shop. Org and Boston Consulting Group. The study of 30 retailers in such categories as apparel, books and music, home and garden, specialty foods and electronics showed a 270 growth in the number of orders. The study indicated that online sales were growing at 145 annually and it projected online retailer revenues of more than 36 billion for last year.