Essay Sample: How To Write A Business Plan
Feasibility analysis and a complete business plan are two of the most in-depth analysis a business can conduct for their new business (1). A feasibility analysis seeks to answer many questions for an entrepreneur seeking to start a new business (1). The business owner should seek to answer some detailed and probing questions such as:
• Is there a need for my business idea in the industry and can the market support an additional business of its kind?
• Does my product or service make sense for the immediate area, or do I need to expand my reach? This reach may include other states or countries.
• Does the startup and maintenance of this business make economic sense (1)? How much does it cost to start up or maintain this business effectively to grow and manage the day-to-day operations (1)?
• Am I ready to start a business and move into entrepreneurship? Do I have the skills, and tenacity to make this business successful (6)? What other resources do I need to assist with building a successful business and brand (6)?
The business owner should start with a detailed description of the business idea (1). The details will begin the workings of the feasibility analysis. The description of the product or service should be written in a clear and concise format (1). The product description should include details such as colors, price, size, and demographics/target market in which it is intended to serve. Each of these product descriptions will assist a new business owner with their niche market or who their intended audience should or will be (6). Product marketing is critical, is your product unique, and how does your product differ from other products or brands in your same target or demographic market (1). Does the features or details of your product make financial sense or does the product need potentially tweaking to meet market demand (1)? Are your products in line with the needs of the community or do you need to potentially expand your reach?
Furthermore, the same approach that a business owner will take to decide the feasibility of a product is the same approach that will be reviewed for the feasibility of services rendered. The business owner’s feasibility analysis should also include a detailed approach to service delivery (1). What type of services are offered, and are the services priced as a package or a la carte? How will the business owner determine to price? Additionally, will there be any services offered to rent the facility to generate additional streams of income such as the kitchen when not in use (6)? Services offered and how they are offered will have a huge impact on the venue’s bottom-line numbers (6). A core set of services that are needed within the community can become a foundation in the community (6).
A plan to start an events hall has been a desire for many years. My venue is named The Kingdom Palace which will be designed as an upscale business and event venue (6). The Kingdom Palace’s primary purpose is to service small to large corporate and personal events (6).
The Kingdom Palace niche market is for businesses wanting to host or sponsor mid to large-scale Events (6). I will have the venue equipped with technology, full kitchen staff, décor, and additional services to add to the client’s experience (6).
Therefore, as I conducted some research on the feasibility of my service, it was determined that most venues will offer or can host larger parties for personal or corporate events; however, I am unable to find any business to offer the business component to a smaller business that may want to host a smaller audience [50-100] people (6). Some of the venues researched were Martins West (2), Tiffany East (3), Diamondz Events and Catering (4), and the Baltimore Convention Center (5). Each of these venues offers full services catering, but none offers exclusive services for business or corporate services except the Baltimore Convention center (5). To that end, the Convention Center only offers services to larger organizations.
Nevertheless, the demographics for The Kingdom Palace is to service small to large corporations, and the public for all needs starting with 50 guests (6). I would like the venue to subdivide into smaller spaces, so the area feels complete when in use (6). The venue will be designed to hold as many in one area without the feel of being surrounded by space (6). Kingdom Palace will have diversity to accommodate most clients (6). Diverse accommodations also allow clients to customize their events to include the color or layout of the room(s) occupied (6).
However, when completing the feasibility analysis, I must also take a detailed look at how I will market my services to reach my intended target audience. How does The Kingdom Palace reach the correct hands at these organizations (6)? I think it’s a lot easier to reach the public but reaching the right internal resource and being sure your information is kept for future needs can be a bit of a challenge. Also, while devising my marketing plan, marketing efforts will need to show value in my service and why my services are needed. Plans are made to use marketing techniques such as social media, postcard mailings, and mass media (1). However, I plan to cold call businesses to potentially get the names and email addresses of a person(s) or unit that may oversee corporate events, this will further my reach with email campaigns. Marketing feedback will also help me decide my competitive advantage over other venues and what makes The Kingdom Palace different (1). Does the industry support this type of venue concept (6)? Market feasibility has highlighted several key factors that will be taken into consideration (6). Some of the key factors are, with COVID and a lot of corporate Americas now working from home, how much should I focus on the business segment of the business (6)? As individuals begin to return to the office, is this still feasible (6)? My marketing analysis has also included the inclusion of conference sponsors such as real estate events. Marketing will also expand into exploring subcontracting various services, such as food or bar services (6). Can The Kingdom Palace handle these services at the beginning of startup (1)? During startup, I plan to subcontract these services out. I think financially, it would make financial sense to hire as needed. This allows for minimum food or staff cost, during the business’s infancy stages.
Consequently, The Kingdom Palace is an event venue that I see myself bringing to light at some point in the future. My desire to succeed and belief in myself will give me the push needed to bring this vision forward. As a current business and have some of the tasks that I have accomplished with my real estate business, I believe I have the skills necessary to open a successful venue. Being an entrepreneur takes many things and not just a title. Are you mentally and emotionally involved in your business as you are financial? Do you have the tenacity to keep going when the business is slow or not doing well (6)? Lack of clients or revenue. What drives you to want to open a business or build a brand (6)? When you brainstorm these questions, are you opening a business for the right reasons? What’s the one sole reason you want to become an entrepreneur? The Kingdom Palace is a business venue I have wanted to start for many years; however, the opportunity was never there (6). Due to life circumstances can see myself moving forward at some point with my venue.
Finally, a feasibility analysis is essential to any business or business owner. The analysis should be thorough and not taken lightly. A business owner should not only review areas such as:
• Description of Your Business (1)
• Customer-Niche Market (1)
• Marketing (1)
• Product/Services (1)
Although these items researched were identified at the onset of the business, these items should also be reevaluated once the business is fully operational. The ability to pivot during any business is monumental to the success of your business (6). Understanding market trends and what’s needed to keep your business in business is paramount. Because a business may be viable at startup, doesn’t mean the business will remain viable (6). Each area of your business should be examined frequently to adapt to market trends. Business owners should remember that they should pivot back to their feasibility analysis and business plan (6). “Even after you are well on your way to starting a business and even after your business is successful and you have met your initial goals, the nature of entrepreneurship and small business is that you will always be on the lookout for new opportunities” (1). Further, positive reinforcement and allowing yourself to change courses is not failure, it’s growth. Continuous evaluation is key. Successful business owners never rest and assume they have achieved success (1).
