Concepts of Business Planning

free essayEvery business needs to have a certain concept integrated in a business model. However, it is important to acknowledge that neither the principle itself, nor the template can actually bring positive results. For this reason, they should work together in line with the business nature. In fact, it does not matter whether the business offers products or services. Instead, it makes more sense to deliver more value compared to other companies that operate in the same target industry. Overall, both the concept and business model closely relate to each other. It also happens due to their internal nature (Arthur 2013).

In particular, the concept of business is its idea to offer certain products or services that meet the demands of the target market. At the same time, the business model is more related to the actual promotion of the business idea. In other words, the concept addresses the implications of what the business needs in order to be successful. In parallel, the business model designates the ways to achieve all the stated goals, especially if they are beneficial for the target niche, as a whole. Hence, the following start-up business project will ensure to attract the target financial institutions and private investors due to the deep value of their most sophisticated and non-negotiable offer (Greenberg & Kates 2013).

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The New Venture Concept – The Opportunity Gap in the Market and Reasons for Being Confident that This New Business Is Feasible

The concept chosen for the given project and its integration in the selected business model has all the chances for success in the contemporary target market, both local and international. In particular, the principle of business is the ways to deliver more value to the vast majority of target customers on the planet. This estimate could be oriented towards helping people in a wide range of aspects. The benefits of this project are that it allows its founder to bring greater goods to people that really need positive experiences in their sphere of interest. However, the existing target niche hardly can offer all the knowledge and skills in one place. In fact, all the required information could be found online but there is a need to have the sufficient understanding of the entire concept. It is done this way in order to apply everything properly in both personal and professional lives of people (Budelmann, Kim & Wozniak 2010).

Therefore, since today such knowledge is scattered all over the globe, it makes even more sense to collect the wisdom in one place and share it with people. In other words, the idea is to offer the insights of professionals in their spheres of expertise to the individuals who can never afford such products and services. Nevertheless, due to this project start-up, they will be able to have a free access to the knowledge collected all over the world from the top minds in different target markets. The further integration of this concept into the business model will be managed with the help of the contemporary best online marketing practices. It will be presented as the whole mechanism of value that will bring great benefits to individuals all over the world absolutely free of charge. At the same time, it will have an opportunity to gain a sufficient return on the start-up investment (Kleiman 2011).

In more details, there is a constantly growing opportunity as well as a huge gap in the target markets. In fact, different aspects of this business platform are already established and have a high return on the investment even in the first six months after the beginning. For this reason, it is strongly believed that this company will be successful in its target markets. It could be explained by the following fact. In case different parts of the anticipated project are already established in the global market and make profit, it will surely be even more effective in one place. Actually, such pearls of knowledge are difficult to obtain in one site today. It makes it even more challenging and thus feasible (Aalst 2011).

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In more detail, people know that every personalized experience worth millions. In case such knowledge could be found in one place and of the highest possible quality it will have a boundless success. More importantly, it will have even a greater impact on the individuals who cannot afford the certain target products and services today. At the same time, they can still have access to the wisdom of the most brilliant minds on the planet absolutely free of charge. It means that such a project has a strong connection to person and their lives. It is striving to use the greatest talents on the earth to help them in both personal and professional settings. It could be presented through the set of public interviews with the greatest individuals in the world. They will share the most challenging and practical solutions to the number of problems of the ordinary people. It is again important to acknowledge that such knowledge sharing will be free of charge. Meanwhile in reality it may cost even millions (Hill 2011).

The return on the start-up investment could be obtained easily since after the interviews are finished. The authors will offer their most valuable products and services at a great discount. In other words, it means that the target visitors of online interviews will be able to purchase great products and services with almost eighty per cent off. At the same time, the value and quality of such services is extremely high.  With the discount of eighty per cent, the profit will be huge. In other words, those people who can afford such proposals will surely purchase them. Those ones who cannot will still have an opportunity to learn from the greatest minds of the planet absolutely free of charge. It is in fact impossible in the real life. Finally, it is important to acknowledge that the authors to share the knowledge that will be selected in the following categories: health and wellness, personal development, entrepreneurship, family, and community (Krüger & Stumpf 2013).

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The Requirements for the New Business Start-up together with the Management Skills Needed to Make the Business Successful

In order to address both management and marketing implications for this start-up project, it is important to discuss them separately.

The marketing requirements for the business start-up consist of the following:

  • Free and Paid Online Platforms
    • First of all, it is important to have a website that will represent the overall offer to its target customers. On the one hand, the site should be the place to find the knowledge as well as to pose it to the wide target audience. On the other hand, it is the site to offer additional benefits and values by the means of products and services. These ones could be obtained by website visitors at huge discounts and from the greatest mind of humanity. However, it will require some minimal expenses such as the cost of the template being not more than a hundred dollars; and domain and hosting that account for approximately two hundred dollars for the whole year may as well be demanded. In addition, there is a need to have an installed solution in order to have massive options for the creation of numerous landing pages in order to drive traffic (Conaty & Charan 2010).
    • The next platforms that are needed are the social media channels that are absolutely free of charge. They require only the time and efforts of the founder. The digital media channels that are demanded for the start-up project are Facebook, YouTube, LinkedIn, Twitter, and Instagram (Accardi-Petersen 2011).
    • The other platform is the webinar option that costs around another hundred dollars for every month of usage. It is also not much and thus absolutely applicable. In fact, it is the most important element. That is why it should grow in its quality after the business starts generating the first revenue (Daniels, Radebaugh & Sullivan 2011).
  • Value and Benefits for the Target Customers
    • One of the most important instruments of the online marketing is content marketing. In other words, in order to attract the target customers, the website and its social digital media channels should have the content of articles and posts on the selected topics (health and wellness, personal development, entrepreneurship, family, and community) (Aubrey 2010).
    • At the same time, it makes sense to have an email newsletter that will deliver the target readers only the relevant information across the selected categories. It is called email marketing (Mueller 2011).
    • Free test drive offers in all the categories. It means that there is a need to create the free product that will consist of selected recommendations on the improvements for people across the required categories. It will also be given in exchange for the email (Daniels, Radebaugh & Sullivan 2011).
    • Cheap and ample offers that are recorded to have a deeper look on the more effective programs of improvement in the selected areas of interest (health and wellness, personal development, entrepreneurship, family, and community) (Maya 2013).
    • Standard offers on the addressed topics that are offered at the regular prices compared to existing ones in the target markets. It could be presented through the set of group training courses (Khan 2013).
    • Expensive offers that are more detailed and in-depth in the selected area. Such proposals are usually long term training sessions that are both online and offline (Richey & Ponte 2011).
    • Exclusive offers that deliver one on one coaching and / or consulting services (Meyerson 2015).
  • Start-up Marketing Investment
    • It is the time for the secondary payments after the website initial expenses. It is important in terms of advertising the project on Google and across the social media networks. In other words, it makes a great sense to bring traffic to landing pages, grab the emails of target customers, and invite them to public interviews. Afterwards, it will be possible to market the offers of speakers for those individuals who can afford them (Ryan 2014).
  • Business Consulting Services
    • The other payments that are highly important but still could be skipped. However, based on the analysis of numerous start-up failures, it is cheaper to pay for the business consulting services rather than go out of commercial sphere  at the end of the first year. Such services could be one on one coaching and / or consulting in terms of the ways to run a business effectively. It means not spending extra money on the things that are not needed, in the first turn, and concentrate mainly on those that are greatly demanded by the target customers (McIvor 2010).

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Management Skills that are required for the start-up project address the following implications for the business (Kotler, Kartajaya & Setiawan 2010):

  • Being able to understand the dynamics of the team as well as inspire employees to establish transformational relationships in the workplace.
  • Being able to recruit and develop the right people for the business.
  • Being able to delegate the tasks effectively and appropriately to the skills’ set of people.
  • Being able to encourage employees for the high quality work all the time.
  • Being able to establish the corporate culture and manage conflicts efficiently.
  • Being able to communicate effectively on all levels of business.
  • Being able to plan the business growth, including the management of making decisions process comprising the problem solving ability of people.
  • Being able to avoid the vast majority of managerial mistakes (Kotler, Kartajaya & Setiawan 2010).

Proposed Business Model and the Explanation on the Ways to Achieve Positive Financial Results at the End of the First Year

  • Proposed Business Model

The proposed business model consists of evaluating the target markets, including the alternative sources of financing the start-up project. It also corresponds to the analysis of the target industry in terms of business trends, existing competition, the segmentation of the target market, and possible forecasts for the future. It also relates to the examination of similar business offers such as the products and services being in the competing markets. The analysis as well involves the size of business, the need in the personnel, personal qualities and professional qualifications of the founder. The next aspect needed is the planning of production, management of operations, marketing in terms of the pricing policies, distribution of offers, brand promotion, and control of working processes (Strickland, Thompson, Peteraf & Gamble 2013).

In addition, it is important to have the organizational plan that determines the form of ownership, including the identification of  business stakeholders, their background, roles and responsibilities in the company. It makes sense to assess the possible business risks by the means of, at least, SWOT and PEST analyses. In addition, it is required to address the use of new innovative technologies in order to stay in line with competing companies. Finally, it is important to cover the concerns on the financial plan of business. The major elements to consider are the assumptions for the business growth, evaluation of the balance and income statement, projecting the positive cash flow, managing the break-even analysis and utilizing the business sources along with the application of funds for scaling the business in the future (Scott 2014).

Explanation on the Ways to Achieve Positive Financial Results at the End of the First Year

Table 1.

Website Marketing (Meyerson 2015). Expenses
Development and maintenance of the project website with domain and hosting $1000
Writing content to fill in the main pages of the website $1000
Creating a sales page of the mixed business offer $1000
Email marketing services to communicate with the target customers $2000
Content marketing services to promote the project $2000
Social media marketing services to attract the target customers to business offers $2000
Affiliate marketing services to attract business partners and investors to the business $2000
Video marketing services to establish relationships with the target customers by building transformational relationships through YouTube $3500
Management of the social media accounts such as Facebook, Twitter, LinkedIn, and Instagram $2000
Forum marketing promotion services $1500
Customer care and technical support of target customers $2000
Total $20000

Table 2.

Business Strategy Income
Creating the content that promotes offers of top leaders of the world. It could be managed through the set of articles, including the social media posts and also by using the email newsletter. The process of interaction with the target customers is based on the set of five minute video presentations of the authors along with offering the highly reputable and valuable content in terms of blog posts and set of articles in the selected categories. The major areas of concern are the following ones: health and wellness, personal development, entrepreneurship, family, and community (Kotler & Kotler 2013). $10
Developing test drives of wisdom from the top fifty minds of humanity. Such test drives could be perceived in the form of case studies as well as short interviews with some recommendations on the following categories: health and wellness, personal development, entrepreneurship, family, and community. These pieces of advice could also be followed by the series of emails, blog posts and articles on the selected business topics. In this case, the target customers can have a preview of value they will get after they sign up to the program. All the delivered information has a life-long value. It means that after the test drive is purchased, it remains in the sole use of main clients forever. In addition, they continue to receive the number of emails and posts on the social media channels over the email. Moreover, it happens by means of providing target customers even more value every time they consider purchasing any other offer from the company. It always gets doubled in value helping to establish even closer relationships with the target audience. At the same time, it increases the brand awareness of such customers. Thus it improves their loyalty (Kirchmer 2011). $50
Establishing an online 10 day summit on personal and professional development is one more opportunity to serve the vast majority of people all over the world. The idea is to provide even those individuals who do not have the sufficient income to afford visiting the events of at least one speaker. Thus, the main clients will be able to learn from the best at the price which is far below the regular figures being addressed during the personalized training sessions of such speakers. In addition, such online summit helps people to grow their personal qualities and professional qualifications by means of having the possibility to learn from the best leaders of humanity. In fact, such chance comes with sufficient discounts for all offers of speakers. At the same time, by proposing the pearls of wisdom from speakers, the target customers can also take advantage of their own test drive products offered absolutely free of charge with a great number of hidden bonuses (Zoratti & Gallagher 2012). $500
Launching a master mind is another opportunity for people to communicate with each other one the challenging situations in life. In fact, such cases address both personal and professional implications of individuals that they deal with every day. As a result, those ones who have registered for such masterminds can obtain step by step personal and professional development training. Moreover, the target customers could have support of top leaders from the conference. In fact, such one even takes place during three days. Within this time, there are approximately tem leaders of the world who could share their knowledge and experience in the selected categories once every month (Whitelaw 2012). $1000
Running weekly webinars is also one more way to help people all over the world to deal with their struggles in both personal and professional life. In fact, the ability to communicate with the greatest minds of humanity is the ticket to a better life. At the same time, the value of such weekly webinars is that they are offered to target customers absolutely free of charge. However, it occurs only in case they get registered for the event. In addition, the target customers could have an exclusive opportunity to purchase the most challenging offers of speakers at huge discounts. In parallel, the founder of the company could gain the percentage from such sales based on the deal with speakers. As a result, the free event turns out to be the foundation for the huge income, especially after the target audience is generated. It takes place for the reason that the trust between them and the company has been already established. It is the reason why they are not afraid to purchase these offers. They even agree to pay for more products from the company (Kotler, Hessekiel & Lee 2012). $0 + %
Heading monthly offline training sessions with the top minds of  humanity is the path to inevitable success in both personal and professional life. In fact, in order to add more value to the lives of participants, the monthly offline training sessions are established in the most sophisticated places on the planet. Offering these sessions is available in the set of pricing policies. There the target customers could select to be visitors online or offline. In addition, the participation in such monthly offline training sessions includes the chance for the group coaching and even closed personalized meetings. However, such options are available for a narrow circle of main clients. In fact, it is limited but extremely transformational for the vast majority of people (Svensson, Wood & Callaghan 2010). $2000

$3000

$5000

Offering group coaching and / or consulting sessions on Skype is one more way to help people in changing their lives for better. Such an offer is available three times every week and challenges the implications of every party involved. Overall, it is an excellent opportunity to deal with top performers of the globe. In addition, such interactions are also possible through the personalized interviews with the main minds on the planet. At the same time, the option for the registration in such sessions consists of both listening and participating in them. In case of listening to people could learn based on the experience of others. However, they do not have the opportunity to ask questions on their own. In parallel, the case of participating lets individuals ask personalized questions as well as have them answered in detail by the top minds of the planet (Lee & Kotler 2011). $7000

$9000

 

Delivering annual program of support and encouragement for people is another opportunity to contribute to the world by means of helping people to live the lives they truly deserve. In this case, the overall education and mentoring of people is made by interest in the selected categories such as health and wellness, personal development, entrepreneurship, family, and community. In addition, the participants have an ability to communicate directly with each other and share their personal experiences in both personal and professional life. At the same time, they have a direct access to the world of the top minds of the planet. However, such events are held in the private closed group of individuals (Millman 2012). $15000

 

Contributing to the humanity is one of the greatest gifts that individuals have today. The idea is to take advantage of all the skills, knowledge, experience, talents, and competencies by means to empower persons on the road to their success in business and personal life. As a result, such opportunity is based on allowing them to establish affiliated companies all over the world and spread their message further. In addition, there is also a chance to receive support and shared understanding from the top minds of the globe. It is possible through the participation in all the selected events across the categories of health and wellness, personal development, entrepreneurship, family, and community (Light et al. 2012). $50000

 

 

Proposition to Manage Business Risks

  • Research of the target niche for the business start-up
    • The primary study refers to the evaluation of target markets, including the ways to finance the start-up (Scott 2011).
  • Team Recruitment to Manage

Running a business on one’s own is possible but at the same time quite complicated. For this reason, it makes a great sense to delegate the tasks that could be outsourced to the team of professionals. It is, in fact, the additional payments that could actually help entrepreneurs to scale their businesses. Thus, it is important to hire people for writing articles, posts, and emails to target customers. The other people to employ are the IT professionals who will maintain all online platforms. Moreover, the individuals being the customer care representatives who will deal directly with the target clients should be employed. At the same time, it makes sense to recruit marketing experts who will seek different ways of promoting the start-up offers. The final category of people to employ is those who will take advantage of the business administration. It includes all the aspects of business management, including the legal and accounting aspects that are the most important, especially for the start-up business (Locker & Kaczmarek 2010).

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  • Testing and Analysis of Results for the Focus Groups towards Selected Knowledge
    • After the offers are made, it is important to test them on the focus groups. On the one hand, it is important to provide the testimonials to the target customers in order to ensure their quality. On the other hand, it is important to test the demand of the target market and offer only those offers that are the most required by the main audience (Tybout & Calder 2010).
    • The other aspect of interest is the analysis of  marketing results in terms of which products are more valuable as well as purchased in greater scales. It is also important to determine the marketing instruments that work in the most effective way and thus promote the project more effectively across the target markets (Kotler & Pfoertsch 2010).

Conditions which Must Prevail to Avoid Failure

In order for the business to become successful, it is important to have a thorough business model. It will promote the new venture in the most effective way. It means the use of all the available resources that are free more efficiently. At the same time, it reflects the operational use of paid resources that are expected to grow the business and guarantee the return of the investment at the end of the first year and even earlier (Klarsfeld 2010).

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The process of integrating the concept into the business model takes time. For this reason, it is important to follow a specific direction of establishing as well as scaling any business. However, it makes sense to address the following elements of the business template in order to achieve success with minimum losses from the position of the founders of business. The best possible outline of the business template corresponds to the use of a competitive marketing strategy (Scott 2013).

It could be achieved by using all available resources as well as outsourcing those ones that are not obtainable at the moment of the business start-up. The next aspect of concern is to establish many positive relationships, especially with those people who could help in the promotion of business. It also implies taking advantage of  business networking by means of creating relationships with business partners and stakeholders of the company. The final implication to consider is the establishment of the positive experience of target customers towards the most challenging business offers (The Economist & Ellwood 2014).

As a result, all the applied business and marketing strategies will bring value to main clients. Consequently, it will have a positive impact on the business and achievement of its short term and long term objectives. The most important one is that in case the concept is properly integrated in the business model it will bring not only the positive environment around the business and its challenging offers. However, it will as well result in the highly regarded profit margins (Levinson 2010).