Compensation and Pricing

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JFiler_BusinessEthics_072714.doc

JFiler_BusinessLetter_072014.doc

JFiler_StrategicPlanning_080114.doc


If an organization decides to hire employees, the decision must be made about the compensation method. In addition, you must be able to determine how to price a good or service to be competitive. Assume that you decide to hire employees for your project. Prepare a brief essay that addresses the following:

  • How do you determine the proper pay scale for the employees?
  • How do you determine pricing for your company to be competitive and yet profitable?

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Running head: Project on Childcare I Picked Childcare: In Business Capstone Jazmin Filer Rasmussen College Author Note This project paper is being submitted on July 27, 2014, for Ryan Averbeck's B280/GEB2930 Section 01 Business Capstone Course. Project on Childcare I am getting my degree in Business Management but for my project I picked a child care business, because I want to run my own in the near future plus have over eight years of experience. If you read online news articles on a number of web sites from Yahoo! to Google, you will find a recurring theme. There are books, magazine articles, and television specials related to the problem. There are more things to do in a day than there are hours to do them. There are a lot of issues relating to the children care are found. As the government are doing his job quite well but there are also some sort of responsibility on us to make aware the peoples about childcare and help them. Just because of we are in touch with them by regular interaction. They know us well and we also know them well. Actually child care is the supervision of the children’s usually form age of six to thirteen. Normally child care involve in day-center, baby sitter and other providers. There are a large range of the tasks that should be included in the child care. In which the business ethics also plays the vital role in both the quality of services and profitability of the firm. Actually child care is a broad topic having different activities, cultural and social convention and institutions. Children are the future assets for the country prosperity therefore it should be properly deal and managed. The business that is being proposed would use the need of the child care services as the opportunity for their business. It is being giving the services to solve the problem of child care because in now a day the household cannot give proper time to their children. Since there is an opportunity cost and trade of for each choice, it would be up to potential customers whether they would rather pay someone to assist them with certain tasks or try to do it all themselves. The company will advertise itself not as a cleaning service or a babysitting company but as a lifestyle Project on Childcare management service. The employees will be background checked, bonded, and insured. They will be available for helping the peoples through the provision of quality services regarding the children’s care. Any errands or tasks that fall into household management would be acceptable. There would be a per hour fee for each client and it would be up to the client how often they want help whether it is one hour per week or more or ten hours for one time only. All in our entire project must follow the moral management approach for their business ethics. Which is suitable and best fitted for the scenarios. This approach emphasizes the economic responsibility, legal responsibility. Ethical responsibility and philanthropic responsibility. By this approach our project can achieve a good corporate social responsibility and hence they have highlighted their image among their competitors. This attracts the customers to itself. And through this the project can achieve its profitability. Project on Childcare Business Letter: In Business Capstone Jazmin Filer Rasmussen College Author Note This project paper is being submitted on July 20, 2014, for Ryan Averbeck's B280/GEB2930 Section 01 Business Capstone Course. Project on Childcare To: jill.rhea@gsa.gov From: jazmin.filer@smail.rasmussen.edu July 20, 2014 Subject: Nationally Accredited Dear Ms. Jill Rhea I am currently working with a friend who has just recently opened her childcare center. She is already licensed with the state, but we are wondering how do we go about getting Nationally Accredited? If forms are need would you please send them as an attachment so we can begin the process? Thank you so much for you time. Sincerely Jazmin Filer Running head: Project on Childcare I Picked Childcare: In Business Capstone Jazmin Filer Rasmussen College Author Note This project paper is being submitted on August 01, 2014, for Ryan Averbeck's B280/GEB2930 Section 01 Business Capstone Course. Project on Childcare Executive Summary Safe Kids Child Care is a start-up association that gives day forethought administrations to Lynn, MA, a suburb of Boston. This fair sized tyke mind office serves kids from three months to six years old. Their administrations are protected and secure, giving the folks a fantastic spot where their youngsters might be dealt with. The Market The kid forethought business is truly focused in the Boston zone. There are in excess of 300 separate offices. There are two general sorts of offices. The bigger style is economically run, ordinarily a corporate establishment focus. These offices are both local and national. Right now, the four biggest tyke mind offices in the USA represent 29% of the business. There are additionally numerous distinctive more modest provincially run and claimed personnel. While the biggest offices can have between 20-100 youngsters, the generally run focuses ordinarily have a greatest limit of 20 kids. As said prior, the business sector is very focused. Safe Kids will utilize two methodologies to separate themselves. The primary is an estimating structure where Safe Kids' administrations will be evaluated at 5%-10% short of what the bigger business run offices. The second separating exertion will be seat checked client administration. A client driven theory will be mixed inside the whole association. Safe Kids will use additional cash to draw in and train the best workers. This is particularly essential in light of the fact that it is the workers that cooperate with both the youngsters and folks and will have the best opportunity to awe them enough to transform them into an unwavering client and in addition to be vocal in informing their companions concerning their positive kid forethought experience. The Customers Project on Childcare Safe Kids will be focusing on two diverse target client sections. The main is full-time working couples. This gathering is gauge to record for 80% of Safe Kids' business. This gathering is developing at a rate of 25% and there are in excess of 100 potential clients in a 10 mile span. The second gathering of clients are drop in, clients who use Safe Kids sporadically, at whatever point the need emerges. This gathering is developing at 20% and there are 50 potential families. The Management Team Safe Kids will be lead by two tyke mind industry veterans, Taffen Anderson and Jazmin Filer. Jazmin has a deals, advertising, and administration foundation inside the business, having put in seven years at The Toddler Warehouse. Amid her residency at Toddler Warehouse, Jazmin helped develop the business from $98,000 in yearly income to over $4.6 million. Jazmin's accomplice is Taffen Anderson who has an account and organization foundation. Past to Safe Kids, Taffen worked for The Rug Rat Vault, the seventh biggest youngster mind enterprise in the USA. While Taffen was at The Rug Rat Vault as CFO, she could expand working benefits by 12%, a build that is by and large inconceivable in this industry. Safe Kids is an energizing open door that gives sheltered and secure youngster consideration to the Lynn, MA neighborhood. Safe Kids will arrive at economical gain-fulness throughout the following three years, with $674,000 in deals by year three. Through a blending of generally valued administrations, remarkable client administration, and an overall prepared administration group, Safe Kids will rapidly increase piece of the pie and a notoriety for being a head kid mind supplier. Chart: Highlights Project on Childcare Mission Safe Kids Child Care means to offer sheltered and secure kid mind at all times. Close individual consideration regarding every kid is crucial to giving a quality experience to all youngsters; accordingly, sufficient faculty will be enlisted to guarantee every tyke has the best possible supervision will in our forethought. Keys to Success Keys to success for the company will include: • Keeping up a respectable and untarnished notoriety in the group. • Quality consideration. • Focused evaluating. • Adaptable hours. Company Summary Project on Childcare Safe Kids Child Care is a start-up overseen by two accomplices. Both have broad encounter in the youngster mind industry, and have kept up phenomenal notorieties in this same industry. Moreover, these two accomplices are fit for taking care of the deals/administration and fund/organization zones, separately. Company Ownership This business will begin as a basic proprietorship, claimed by its authors. As the operation develops, the managers will consider re-enrolling as a restricted risk organization or as a company, whichever will better suit the future business needs. Start-up Summary The organization originators, Ms. Anderson and Ms. Filer, will handle regular operations of the business and will work synergistically to guarantee that this business wander is a win. It is evaluated that the start-up costs will be $3,000 (counting lawful expenses, promoting, and related costs). An extra measure of $67,000 will be needed as start-up stakes. The start-up expenses are to be financed in equivalent divides by the holders' close to home supports and by a $30,000 5-year advance. Table: Start-up Start-up Requirements Start-up Expenses Legal $1,000 Project on Childcare Brochures $350 Stationery etc. $100 Activity Supplies $250 Food Preparation Supplies $300 First Aid Supplies $200 Cleaning Supplies $150 Nap Time Bedding $250 Other $400 Total Start-up Expenses $3,000 Start-up Assets Cash Required $67,000 Other Current Assets $0 Long-term Assets $0 Total Assets $67,000 Total Requirements $70,000 Project on Childcare Table: Start-up Funding Start-up Funding Start-up Expenses to Fund $3,000 Start-up Assets to Fund $67,000 Total Funding Required $70,000 Assets Non-cash Assets from Start-up $0 Cash Requirements from Start-up $67,000 Additional Cash Raised $0 Cash Balance on Starting Date $67,000 Total Assets $67,000 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $30,000 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 Total Liabilities $30,000 Project on Childcare Capital Planned Investment Owner – Anderson $20,000 Owner – Filer $20,000 Other $0 Additional Investment Requirement $0 Total Planned Investment $40,000 Loss at Start-up (Start-up Expenses) ($3,000) Total Capital $37,000 Total Capital and Liabilities $67,000 Total Funding $70,000 Services Safe Kids Child Care offers kid watch over ages from 3-month newborn children to 6 years of age. Hours of operation are from 6:30 A.m. to 7:30 P.m., Monday through Friday. Project on Childcare Company Locations and Facilities Safe Kids Child Care will base its operations in Lynn, Massachusetts, a suburb of Boston. The office will initially comprise of a 1,300 sq. ft. house in a tranquil, private neighborhood. The yard will be completely fenced in, to guarantee nobody can either come in or meander away. The yard will be outfitted with sheltered, stimulating toys, and additionally a sandbox. The house will be utilized for stormy day exercises and the serving and planning of suppers. The house will likewise hold toys, recreations, and books for the diversion of the kids. Market Analysis Summary Safe Kids Child Care is a business that has gotten to be vital in today's quick paced world. There are an expanding measure of families who have gotten to be reliant on two wages, which has made the need of the kid mind industry. Without a doubt, it has. There are in excess of 300 offices in the territory that give comparable administrations to Safe Kids Child Care, each of these has a huge customer base, and a lucrative business. There is most likely there is room in the business sector for a top notch tyke mind office. Market Segmentation Safe Kids Child Care has a concentrate on gathering the nearby requirement for tyke consideration benefits inside the 10-mile span of Lynn. Kids are taken in adaptively on either a full-time or low maintenance premise. Full-Time Working Couples The organization needs to create a fundamentally expansive full-time general customer base keeping in mind the end goal to build a sound, steady income base to guarantee strength of the business. Client relations are to a great degree critical, as it is basic to keep the folks satisfied Project on Childcare keeping in mind the end goal to keep their youngsters in the childcare focus. Low maintenance Workers/ Drop-Ins Low maintenance specialists and drop-ins involve more or less 20% of incomes. While this business sector is not the essential center, sufficient adaptability to handle this auxiliary business is critical to creating supplemental incomes. Table: Market Analysis Market Analysis Year 1 Potential Year 2 Year 3 Year 4 Year 5 Growth CAGR Customers Local Residents 25% 100 125 156 195 244 24.98% Drop-ins 20% 50 60 72 86 103 19.80% Other 0% 0 0 0 0 0 0.00% Total 23.33% 150 185 228 281 347 23.33% Chart: Market Analysis Project on Childcare (Pie) Target Market Segment Strategy The target market for Safe Kids Child Care is full-time working couples. Referral advertising is the key kind of showcasing technique used. Keeping up and further improving its notoriety in the group is urgent to picking up extra piece of the overall industry of this target market. Market Needs With expansion keeping on increasing consistently, it has gotten to be essential for more families to depend on two wages to survive. Thus, this builds the interest for youngster mind offices. We don't anticipate this pattern turning within a brief period of time, and aim to catch an offer of this business sector. Service Business Analysis The tyke mind business is lucrative, as said in the recent past. Thus, there are numerous focuses that give quality forethought to youngsters in the same range as Safe Kids. The kid mind Project on Childcare industry is part between extensive, financially run focuses and littler, provincially possessed focuses. Safe Kids will contend with the little mind focuses, this is the place the principle rivalry lies. The organization is sure that this will be a fruitful wander in light of the nature of its directors and the capacity of its Care Staff, which is specified in more detail in the Personnel area. Competition and Buying Patterns There are in excess of 300 kid mind suppliers in the neighborhood. The bigger business chain kid consideration focuses, for example, Kindercare, have a lion's share of the piece of the overall industry. These bigger chains contend well in light of a decent notoriety among the customer market. Safe Kids Child Care offers a lower staff to youngster proportion, which is speaking to generally folks. Also, the organization keeps up kid consideration expense levels that are 5-10% underneath the normal of that of the huge business chain tyke forethought expenses. Strategy and Implementation Summary Safe Kids Child Care will succeed by offering its customers' kids a protected and secure the earth, and close individual consideration. The objectives of the inside are double sided: to help folks like the consideration of their kids, and to make it a sheltered, instructive, and fun experience for the youngster. Competitive Edge Tyke mind focused edge is the office's exertions in acquiring all suitable authorizing and affirmations. Moreover, careful pre-hire foundation screenings are performed on all people before procured for job. Sales Strategy Safe Kids Child Care will make a critical benefit through the phenomenal forethought of Project on Childcare youngsters. Despite the fact that Safe Kids charges less, the organization will see benefit inside the first year because of helpful verbal promoting. The organization hopes to twofold its customer base like clockwork, for the initial year and a half. Sales Forecast As the accompanying table demonstrates, the organization arrangements to convey offers of more or less $262,000 in the first year, $515,000 in the second year, and $674,000 in the third y e a r p l a n u s a g
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