Phase 1
Sole Proprietorship
A Proprietorship is not a legal entity but the individual owns the company and is responsible for any debts on its behalf. Compared to a company a sole proprietor can be sued and charged for what happens with their job, does not separate the company from the person
Partnership
A Partnership is where two entities enter a relationship to further and improve their interests. The automotive industry takes advantage of this.
Corporation
A Corporation is a group of people who are able to come together to create something that is treated as a legal entity or being. Allows the owner to separate their personal life from their business.
Franchise
A Franchise is a way to create "chains" without the liability and cost to the company. The company receives a share of the profits and usually the company requires you to buy access to use their name.
Conglomerate
A conglomerate is two or more companies grouped together, usually involves a parent company and subsidiaries, examples include Toyota and Lexus, Volkswagen and Bugatti, etc.
Multinational
Multinational companies or corporations are those who own or produce goods in one or more countries outside of their home country. Every company who has their goods produced in China is a multinational entity.
Crown Corporations
A Crown Corporation is a company that is either completely owned by the government or the government has a controlling share in the company. 51% of Frances economy is controlled or owned by the government.
Multi-level Marketing (MLM)
Also known as a Pyramid scheme, Multi-level Marketing is a system which the sales force or employees are paid not only for the revenue they make but also the revenue of others who work for them
Phase 2
My Groups ideas were, a tattoo or skin cover, a cracked screen replacement company, and a company that would jail-break your phone for you.
I chose the tattoo cover because 20% of Americans according to a Fox News poll has one or more tattoos. This is a massive market that has not been tapped yet, not only could this stick on cover be applied to cover tattoos but also burn marks, scars and a host of other skin imperfections.
My least favorite idea was the Phone WiFi case, the power drain would be too high, the case would be bulky and heavy. Even if it was made as a built in Modem which would then plug directly into the internet, would require a ton of support from Shaw and other internet companies. If there was a hard line into the internet in most cases the ISP's would have already have put in a modem and a router to give you free WiFi.
The idea I decided to go with is the Tattoo cover because it has the most opportunity and hasn't been done to a wide amount yet.
SWOT Analysis
Strength Weakness
People get tattoos which need to get Lasered or covered later Getting the adhesive to stick properly even when sweating
Almost a quarter of Americans have tattoos but there will be more who have blemishes or imperfections Making it comfortable and have it match the skin tone
Easy to patent and create a name for your product Creating positive Public opinion
High percentage of markup Making sure the patch doesn't hurt anyone
Almost a quarter of Americans have tattoos but there will be more who have blemishes or imperfections Making it comfortable and have it match the skin tone
Easy to patent and create a name for your product Creating positive Public opinion
High percentage of markup Making sure the patch doesn't hurt anyone
Opportunities Threats
Even in an Economic slump the Canadian beauty industry was $1.7 Billion dollars for the last 5 years Companies like band-aid copying the idea
Band-aid was first sold in 1920, Band-aids annual revenue is $63.75 Billion with a net income of $12.95 Billion Negative Public opinion
Only 6% of the people interviewed said that they were going to or have had a tattoo removed Someone suing the company because of an injury
Band-aid was first sold in 1920, Band-aids annual revenue is $63.75 Billion with a net income of $12.95 Billion Negative Public opinion
Only 6% of the people interviewed said that they were going to or have had a tattoo removed Someone suing the company because of an injury
Phase 3
Step 1
You can generate ideas through an "inspiration" room, a daily event, or a need that you have.
I would promote my product in the case of the Body Cover by going to tattoo parlors and getting the people there on my side so that then the product would spread through word of mouth recommendations. Once the recommendations picked up I would start a website and web store, with the intent to sell to a global market. Once I had sufficient sales I would go to retailers (if I hadn't already been approached) and convince them to carry my brand.
I will know if the idea/plan has failed or succeeded if, it has run a profit, if I got my investment back, if I can support myself and my family
I would promote my product in the case of the Body Cover by going to tattoo parlors and getting the people there on my side so that then the product would spread through word of mouth recommendations. Once the recommendations picked up I would start a website and web store, with the intent to sell to a global market. Once I had sufficient sales I would go to retailers (if I hadn't already been approached) and convince them to carry my brand.
I will know if the idea/plan has failed or succeeded if, it has run a profit, if I got my investment back, if I can support myself and my family
Step 3
What is a Venture Plan
A Venture plan is a declaration of goals, why they are obtainable, and how to reach those goals. It can also contain information about the person or group who is trying to obtain these goals. A Venture plan is used to describe an expansion or a product, therefore these plans are used to explain and outline how the company or person is going to go about doing this. These kinds of assessments are useful to outline what should/will happen with the company, who will be running the company and may also include the differing perception of your company from the customer, to the community.
Market Analysis
Analyzing the Market, and where your product will fit/create market share. Can include where competitors are in the market and predictions on how your product will perform. It will also include the public's perception of your company or your product. It will also outline the history of the demographic and whether or not there is a critical need to potential customers, and if that need is being filled. A target market/demographic should be a reasonable market to break or push into, without being over-appealing or beyond reasonable resources.
Pricing and Competitive Analysis
Figuring out the gross margins, it will also benefit from the analyization of the competitors and will also have various contingency plans. Can also outline how your product will compete price-wise and/or what sales you will have.
Organizational Structure
Defines the owner, the active management team, as well as the qualifications required for the members of the board. This part may seem redundant for a small business, but when you have associates or business partners this has to be part of the plan. It will also outline the financial institutions who have a relationship with the company and retaining the services of key personnel such as salaries and incentives.
Finance and business plan
Finance and Business plans help convince investors and board members to either invest in you or continue supporting your plan/vision for the company
Mission statement
A mission statement exists to explain what the company stands for and what the founders envisioned for the company.
Product/Service Description
Is there to explain to investors and partners what you are trying to sell and what your idea is. On Dragons Den this is known as the pitch.
Timeline
Gives a timeline of expected events and release dates for products services or sales.
SWOT Analysis
What Strengths, Weaknesses, Opportunities and Threats to the company or product. Widely used analysis acronym in the Business world.