Project: Business Plan – Part II

User Generated

EblnyErory

Writing

Description

The group of investors who saw your presentation several weeks ago seemed impressed and believed your business had potential. However, they gave you some feedback that you needed to hear. Your presentation did not include financials, organizational structure, employee skill sets, your background and brief bios of others involved, as well as who your stakeholders are and the nature of your commitment to them from an ethical standpoint.

Using this input plus the feedback you received from your instructor on the first part of your project, complete the finished version of your business plan presentation. You will update your PowerPoint presentation developed in Week 3 and prepare an additional 6 – 10 PowerPoint slides to address the following:

  • Financial projections
  • Sources of capital
  • Organizational structure
  • Key roles and the bios of those filling them.
  • Employee skill sets needed
  • Statement of commitment to the stakeholders

When creating your business plan presentation, include the following:

Business Plan Part I

  1. Title and business name.
  2. Explain the form of business ownership of your business, including the advantages and disadvantages of establishing your business in this form.
  3. Propose the objective(s) of the business and why they are appropriate.
  4. Summarize your intended customers.
  5. Propose your marketing plan:
    1. Specifically detail your major product(s) or service(s).
    2. Explain how you intend to promote your product(s) or service(s).
    3. Justify pricing for your major products (items) or services.
    4. Explain your channels of distribution; how you intend to get the products or services to your customers.
  6. Explain the economic factors that will impact your business.
  7. Analyze your main competitors or the competition factors that may impact your business.
  8. Include 2 -3 additional slides that summarize the corrections and improvements you have made to Part I as a result of your continuing study and feedback.

Business Plan Part II

  • Propose the financial aspects of your plan.
    • Estimate of the amount of startup capital you will need, and examples of how the money will be used.
    • Sources of finances – where you intend to get your startup funds
    • Projected income – how much money you intend to make over the next year, month by month.
  • Explain the key functions within the business.
  • Integrate information about key owners/staff and brief bios to include skills and qualifications needed for the business functions.
  • Propose an ethics and social responsibility statement.

Follow the same PPT design protocols detailed in the week 3 project instructions.

On the final slide, provide a list of references, using APA format Include at least three scholarly resources, one of which must be your textbook.

Unformatted Attachment Preview

Running Head: BUSINESS SELECTION 1 Business Selection Chernae Dalton 10/18/2018 BUSINESS SELECTION 2 Introduction Business refers to the act of making a living by engaging in the production, buying and selling of products that are often either goods or services. There are many forms of businesses, and the owners often have the responsibility and liability for all debts incurred. Some of the known business forms include sole proprietorship, corporation, partnership, franchises, cooperative, a company limited, and an unlimited company. In many cases, activities in business tend to include finance, manufacturing, accounting, marketing, safety, research and development, and even sales. This report discusses a particular business of intention in the context of its purposes, viability and required resources. The business in mind, in this case, is that of real estate property management. Purpose of the Business A real estate property management business serves the purpose of making property run smooth and manages both rental and seasonal properties. As an aspiring property management business person, one must understand that they will often spend their management time by making sure supervisions are taking place and property is made ready for seasonal visits and well-maintained from time to time. Georgiev et al. (2003) states that the property management business ensures that owned property is regularly checked o makes sure it is safe and clean especially when the owner is away in seasons like the winter. The business also enables an individual to act as the contact number in case security systems need to communicate about any security breaches. Property management needs exist for several purposes including acquisition of higher quality tenants, retention of tenants, repairing and maintaining the property, payment of taxes, BUSINESS SELECTION 3 and collection of rent. Every country needs property management so that tenants who are given the infrastructure are screened and proved to be free from scams. Even if the tenants had difficulties, the property manager would work on such and save the landlords from such unreliability and further make some advertising of property marketing. Property management brings tenant retention by testing their quality, keeping them comfortable and managing their problems and queries. Maintenance and repair of property keep tenants and property owners comfortable and safe, and authorities also promote the property management business because it has tax benefits of the deductible fees. Through this business, I intend to provide the services of risk management, financial management, tenant services, facility management, and occupancy concerns. Tenant services come up through the liaison with the landlords so that tenants can reach the property manager when they have questions or problems. The occupancy concern services deal with how tenants move in and out and how to eliminate the ones that are non-paying to give space for the paying ones. Facility management schedules and oversees maintenance and repairs whereas financial management collects rent records finances and balances the books (Smith & Tardif, 2009). Risk management, on the other hand, involves keeping clients and the property owner in compliance with the legal aspects of the property. The viability of Property Management The property management business is viable because it enables individuals to have a relief from mortgage by relieving owners from obligations and enabling the managers to save their credit ratings. The business allows the seller to move forward into homes with good rates that benefit consumer budgets, is an equity build up that enables homes to be sold at market BUSINESS SELECTION 4 values and enables property owners to have their mortgage payments covered and receive positive cash flows (Thrall, 2002). Other viability concerns of the real estate property management business include tax advantages especially the tax write-offs and keeping of credit lines open so that the business doer can run and expand their businesses continually. For this business, I am more likely to make profits because I would manage many properties and a wide variety of services. The business expects to begin with a manageable number of properties then acquire more with time so that revenues keep on increasing instead of stagnating. The business would make more profits with a greater number of properties because it should maintain its operation margins whilst acquiring more properties. Each additional property will be generating an additional percentage that would be falling to profits. The services offered on the other hand are expected to assist in making the business profitable because additional services alongside maintenance, marketing, selling, and renting out would be accompanied. Provision of additional services may even be personal such that a property owner contracts the business aside of the major functions and such could even include cleaning services that are payable. The additional services are best in making profits when the expenses for the service provision are lower than the generated revenues. The real estate property management business is full of both benefits and challenges just like any other business. The two major obstacles that would possibly get in the way of this business’ success include the inability to hire and maintain quality staff and property damage and unexpected maintenance. The quality of staff often makes or breaks any business, and this one too would require team members that are full of a wide range of skills and the desire to succeed. In many cases, the business might be good, but the service givers turn out to be poor communicators and even fail to interact positively with clients. The service providers may even BUSINESS SELECTION 5 attract the best talent during hiring then they change to demean the business, and such are possible everywhere and every time. In incidences of poor-quality staff, the business would be automatically affected and would lose clients, forcing it to undergo unsuccessfulness (Allard & Barber, 2003). Property damage and unexpected maintenance, on the other hand, are aggravating and can occur anytime since they are expected misfortunes. Property damage can take place by clients, tenants and even the staff and such would cost the business costs of repair or replacement. Unexpected maintenance is possible when the staff work on what is not needed and thus wasting time on less important issues and at times even wasting resources on what is not needed. In this similar business of real estate property management, other companies that have been successful and could encourage the idea more are numerous. The companies include Bently Holdings that operates under green business practices, Brandywine Realty Trust that sells and leases property, Brook field Office Properties, Centro Shopping America Trust, Hang Lung Group, and Kier Group among others. Needed Resources According to Kaplan and Norton (2001), the resources that would best be used to start and maintain the business include a license for operations, an office, workers, and a real estate investment club that would be the starting point of ideas and markets. To move forward, information would be passed through people and their connections, related agencies through referrals and giving clients and information seekers business contacts. BUSINESS SELECTION 6 Conclusion The business of real estate property management as discussed in the paper would be ideal for operations since it harbors benefits and has gaps that should be filled too. The paper has also examined obstacles of the business, related successful companies and needed resources. The real estate business would, therefore, be a proper idea since it is manageable and offers profits based on flexibility and creativity of the mind. BUSINESS SELECTION 7 References Allard, L. E., & Barber, C. (2003). Challenges and opportunities in aligning real estate and the workplace with business strategy: A survey of leading CEOs. Journal of Corporate Real Estate, 5(3), 213-220. Georgiev, G., Gupta, B., & Kunkel, T. (2003). Benefits of real estate investment. Journal of Portfolio Management, 29, 28-34. Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization. Strategy and Leadership, 29(3), 41-42. Smith, D. K., & Tardif, M. (2009). Building information modeling: a strategic implementation guide for architects, engineers, constructors, and real estate asset managers. John Wiley & Sons. Thrall, G. I. (2002). Business geography and new real estate market analysis. Oxford University Press on Demand. BUSINESS SELECTION Institutional affiliation date Introduction • Business refers to the act of making a living by engaging in the production, buying and selling of products that are often either goods or services (Kapla,2017). • In many cases, activities in business tend to include finance, manufacturing, accounting, marketing, safety, research and development, and even sales(kaplan,2017). • The business in mind, in this case, is that of real estate property management. Purpose of the Business • A real estate property management business serves the purpose of making property run smooth and manages both rental and seasonal properties(Gupta,2017). FORM OF BUSINESS OWNERSHIP • There are many forms of businesses, and the owners often have the responsibility and liability for all debts incurred. • Some of the known business forms include sole proprietorship, corporation, partnership, franchises, cooperative, a company limited, and an unlimited company (kaplan,2017). • The form of ownership for the proposed business will be sole proprietorship. Advantages of sole proprietorship • The following are the advantages that are associated with a sole proprietorship business. ❑ Easy to begin. ❑ Cheap to start the business. ❑ The owner enjoys full profit advantage. ❑ Tax benefits. ❑ Direct control of the business. ❑ Faster decision making. DISADVANATAGES OF SOLE PROPRIETORSHIP ❑Personal liability in case of any loss . ❑Debt concerns ❑Long term viability. ❑Starting capital might be difficult to raise. ❑Businesses run through sole proprietorship lack the security of performance. OBJECTIVES OF THE BUSINESS The objective of the business include the following. ✓Making property run smoothly. ✓Managing rental and seasonal property. ✓Keeping the rental property safe and clean. ✓Screening of tenants. ✓Maintenance and repair of property. INTENDED CUSTOMERS • Customers are the key concern for every business. • The following are the intended customers for the real estate business. • The intended customers include the following. 1. Public and government. 2. Real estate owners. 3. REITS, developers and house builders. 4. Retirement funds. MARKETING PLAN FOR THE BUSINESS. Products and services The services that will be offered by the business will include the following. ❖Risk management. ❖Financial management. ❖Tenant service. ❖Facility management. ❖Occupation concerns. WAYS OF PROMOTING THE PRODUCT AND SERVICES. The following are the ways of promoting my product. ❖Offering exclusive review to customers of the service. ❖Using social media contest. ❖Email marketing. ❖Offering an upgrade to the business. JUSTIFYING PRICING FOR THE PRODUCTS. ➢ Pointing out the added value for the product and service. ➢ Finding and exploiting weakness links. ➢ Dealing with customers who research online. ➢ Upgrading the service frequently to meet new customer preferences. CHANNELS OF DISTRIBUTION ❑ A distribution channel is the chain through which goods or services passes until it reaches the end consumer. ❑ Direct sales – identifying potential customers directly. ❑ Agents – developing differentiating products that resellers of the real estates that they can modify or include in large, customised orders. ECONOMIC FACTORS THAT WILL IMPACT THE BUSINESS • • • • • • Customer behaviour. Property creation. Availability of mortgages. Appraisal value Interest rate. Investors. COMPETITION FACTORS THAT IMPACT THE BUSINESS ❖Product differentiation. ❖Cost leadership. ❖Marketing strategy. ❖Infrastructure strategy. Conclusion • The business of real estate property management would be ideal for operations since it harbors benefits and has gaps that should be filled too. • The real estate business would, therefore, be a proper idea since it is manageable and offers profits based on flexibility and creativity of the mind. References • G, T. (2016). business geography and real estate market analysis. U.S.A: Oxford university press on demand. • Gupta, G. (2017). benefits of real estate investment. Journal of portfolio Management., 29-37. • Kaplan R, S. (2016). The strategy focused organization and leadership. 41-42. • L, A. (2013). challenges and opportunities in aligning real estate and work place with business strategy, A survey of leading C.E.O, journal of cooperate. university press, 3040.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

...


Anonymous
Really helped me to better understand my coursework. Super recommended.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags