Transcript Business Plan

Business
Plan
Kathryn Sutton
Emma Vonder Haar
Daniel Bonnel
Olivia LaMartina
Nancy McKenzie-Adams
Samantha Nielsen
Table of Contents
Executive Summary
The Business Profile
The Market
The Market: Strengths & Weaknesses
The Market: Target & Competition
Strategies: Marketing, Advertising, & Promotion
Management Structure
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-suttonwsmk.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.