Question

Give an example by developing and implementing a business plan. Based on this business plan, discuss what you need to finish in the first 90 days. Please also discuss financial considerations and strategic partnerships throughout, including your initial outlay, and substantiate it with outside research. Please provide details on your validated assumptions.

Answer 1

Answer:

Let us take an example of tuition class business names as “Success Tuition Classes”

Executive summary:

The business of the tuition classes will be started in the name of “Success Tuition Classes” and it would be a sole proprietorship business and funding for setting up the business will be sourced from the proprietor himself. Business will be established in Minnesota, USA and the subjects that would be covered in the classes will be of business management.

Market analysis:

There are large numbers of students studying in the university and the colleges who face difficulty in passing their exams of the business management course. Tuition class will serve to such students. There is less number of tuition classes in Minnesota for business management and hence, there is a great opportunity for the business to acquire the students that are studying in the nearby university and the colleges.

Organisation and Management:

The overall management of the business would be seen by the proprietor himself and there would be 1 human resource manager who would be scheduling the timings of the faculty members and 5 marketing persons would be responsible for attracting students for the tuition classes.

First 90 days of Business:

During the first 90 days, I would have to establish the business by acquiring the place for the one, bringing in the required assets such as benches, chairs, boards and other stationary materials. I would need to hire some part time faculty members, 1 Hr manager and 5 sales persons to market the classes and bring the students into the classes. As soon a the students enrols in the classes, teachers would start teaching the candidates and the owner of the business would collect the advance amount of fees from the students.

Financial considerations:

Major financing amount that would be required will be to acquire the place for the business. This financing need would be accomplished by funding from the owner if he has the enough capacity to do so or taking loan from the financial institutions.

Strategic partnership:

Tuition classes can consider making the partnership with the surrounding colleges and universities and hostels so that they could refer the students to the classes.