My requirements are attached along with the Feasibility plan paper that has already been completed and can be used for part of the business plan.Business Plan template is attached along with Deer Hunting in Michigan paper to be utilized in the business plan along with other research that is required for the business planAssignment GuidelinesDevelop a comprehensive written business plan for a small or medium size existing or start-up business (not home based and not a franchise) or a division of a larger organization that is capable of generating a minimum of $250, 000 per year in the first year of operation. The business must be capable of global expansion. The completed plan should follow the outline in the business plan template and comprise 10 pages of narrative excluding the Title Page, Executive Summary and Table of Contents and Appendices. A break even analysis, three years of income and cash flow statements and an opening day Balance Sheet together with other required and optional supporting documents must be included in the appendix A comprehensive references page in APA 6th Ed format must be included as an AppendixClick to access and download the template for the Business PlanMechanicsWrite the plan in third person, active voice. Use professional report format, one-inch margins, double line spacing, 12 point font, appropriate headings and subheadings. Cite and reference research sources in APA 6th Ed format. Ensure the plan is free of grammar and spelling errors by carefully proofreading and editing prior to submission.
busn495_business_plan_template.docx
deer_hunting_lodging_feasibility_plan_paper.docx
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Name of Business
Business Plan
Business Owner(s)
Primary Contact Information
Phone:
Email: (xxxxxxx @email.davenport.edu)
Table of Contents
Page #
Table of Contents
Executive Summary
Company Description
Industry & Market Analysis
Products and Service Development Plan
Organization and Management Team
Operations Plan
Marketing Plan
Financial Plan
Growth Plan
Appendices
Executive Summary
The Executive Summary should
● be less than two pages
● outline all key aspects of the business in a persuasive story that prompts the reader
to read the more detailed plan
● be written in clear, concise, non-technical language that anyone could understand
Company Description
The Company Description provides a high level overview of the business, its mission,
structure, broad strategy, and business model. This section of the business plan should
● be one to two pages
● describe what the business is and what it will do
● include a brief mission statement that concisely identifies the reason for being, the
core values of the business, and overall business strategy
● state the business structure (legal form ) of the business
o sole proprietor/Limited Liability Company
/Partnership/Cooperative/Corporation/S Corporation
● identify who the target customer(s) is/ are
● outline the business model, i.e. how the business will create and deliver value for
customers, generate revenue and make a profit
● explain core competencies and how the business is differentiated from competitors
Industry and Market Analysis
The Industry and Market Analysis summarizes industry and market research to identify to
provide the understanding and context in which the business will compete.
This section of the business plan should
● be four to five pages
● be based on secondary and primary research
● include industry research that identifies
o the NAICS code for the business
o Size of industry (sales volume, value and growth rate)
o Typical financial margins
o Major trends influencing the industry (Political, Economic, Socio-cultural,
Technological)
o identify any potential legal, regulatory and environmental constraints on the
business
●
include market research that identifies
o the size and potential value of the customer segment(s) in the geographic
area(s) the business will serve
o the demographic profile of customers in the identified segment(s)
▪
Consumer profiles should consider age, gender, location, income level,
occupation, education level
▪
Business profiles should include industry, location, firm size,
quality/price/service preferences.
o trends in the target market segments (growth, customer preferences,
product development)
o competitor analysis of both direct and indirect customers
o the potential market share the business could capture
o distribution channels
o the best market entry strategy for the business
Management Team and Organization Plan
The Management Team and Organization Plan summarizes information about the
organizational structure of the business, management roles, responsibilities, expertise and
qualifications. This section of the plan should
● be two to three pages
● identify the legal form of the business.
● include a brief statement of management philosophy and desired organizational
culture
● provide both an ethics and social responsibility statement including any principles
and standards on which they are based.
● summarize the qualifications, experience and core competencies of each of the
founding members of the business (detailed resumes may be included in
Appendices).
● explain how key tasks will be accomplished on a daily basis
● identify any gaps in the management team and explain how these will be filled
● include an organizational chart with key positions identified and number of
employees required (job descriptions and salary and payroll information can be
included in the appendices)
● detail professional, governance and advisory support for the business
o Board of directors (governance)
o Management advisory board (including any mentors or consultants)
o Attorneys (professional)
o Accountant Banker (professional)
o Insurance Agents (professional)
o Web and Social Media Services (professional)
Product and Services Plan
The Product and Services Plan outlines the benefits the products and services of the
business will provide, the needs the products and or services will fulfill and the problem
they solve for the customer. This section of the business plan should
● be approximately two pages
● describe in detail each of the products and/or services the business will offer
● the differentiating features and benefits to customers of each of the products and/or
services including level of quality
● technical specifications and intellectual property if applicable (patents, trade or
service marks
● explain plans for prototyping or testing with customers
● identify the pricing strategy for each of the products or services
● any after sales warranties or service
Operations Plan
The Operations Plan identifies in some detail what needs to happen within the business to
ensure it runs effectively and efficiently. This section of the business plan should
● be three to four pages
● identify how and where products or services are produced and the hours of operation
● identify any legal requirements
o licensing, bonding, permits, zoning requirements, insurance coverage,
trademarks, copyrights or patents
● the control processes and systems the business will use
o quality
o customer service – how you will acquire and train and deploy employees
o inventory – type and quantity, typical value of stock, turnover rate, ordering lead
time, seasonal fluctuations
o product development
● detail the location characteristics necessary for the business
o size, building type, zoning, necessary utilities
o whether premises will be purchased or leased
o accessibility such as parking, foot traffic etc
o proximity to transportation networks (rail, road, air, shipping, suppliers)
● include researched cost estimates for rent, maintenance, utilities, insurance, any initial
remodeling and the equipment necessary for the business to operate
● outline the business credit policies and the policy for slow paying customers
● outline the business policy for managing accounts receivable and payable
● identify key suppliers and what they will supply
● include a time line of key task milestones to start up
Marketing Plan
The marketing plan identifies how the business will reach and communicate with its
identified target market segments to deliver a cohesive and consistent integrated
marketing mix (product, price, promotion, place ) to reinforce the competitive position the
in the mind of the consumer. This section of the business plan should
● be three to four pages
● briefly summarize the segment(s) and profile of customers the business will serve
● describe the overall positioning and branding strategy for each of the segments
● explain the marketing strategy for each of the segments
o the strategy for entering the market
o the business development strategy
o the distribution strategy
o the communications strategy
o the pricing strategy
o the sales strategy
▪
size and type (internal or independent) of sales force
▪
recruitment and training of the sales force
▪
compensation package for sales force
o outline the sales activities plan
▪
identify and prioritize highest value contacts
▪
sales targets (e.g # of sales calls per day, sales value per month)
o include the marketing budget
Financial Plan
The financial plan is a forward-looking section of the business plan in which projections are
based on anticipated revenues and costs. Each section of the business plan feeds into the
development of these projections. The financial plan helps investors to determine if they
wish to invest in the business and when they may see a return on any investment they
make. It also guides the business owner to understand when they may need additional
funding and, once the business is up and running, to determine if the business is meeting
the anticipated financial targets. This section of the business plan should
● be three to four pages
● summarize key financial metrics
● identify capital requirements and anticipated sources of funding
● include a sales forecast for first year and expected percentage growth for following
two years
● discuss the break even point
● state any assumptions made related to the development of financial statements and
funding requirements
Note three years of financial projects should be included in the Appendix of the plan.
International Expansion Plan
Frequently, there comes a time when the business needs or wants to push into new
overseas markets. Possible reasons include cost cutting to sustain or improve domestic
profits , or market expansion to increase revenue. Planning for international business
entails much of the same research as for a domestic business but has increased complexity
and risk due to different political, economic, legal, social and cultural considerations. This
section of the plan should
● be two to three pages
● clearly identify the country (countries) into which the business might expand and
the reasons for international expansion
● outline the current political, economic, socio-cultural, technological and stage of
country development
● consider the infrastructure of the country
● detail population income and literacy levels
● identify any potential risks arising from doing business in the selected country,
including language, cultural, trade barriers and fluctuating exchange rates
● describe the skills and strategies to necessary to overcome or minimize the risks
● identify the market entry strategy the business will use to access the overseas
market
Business Plan Appendices
Page #
Appendix 1: PESTLE Analysis
Appendix 2: Porters 5 Forces Analysis
Appendix 3: SWOT Analysis
Appendix 4 Break Even Analysis Calculation
Appendix 5 Three Year Income Statements
Appendix 6 Three Year Cash Flow Statements
Appendix 7 Opening Day Balance Sheet
Appendix 8 Title (add or delete relevant supporting documents as necessary)
Appendix 9 Title
Appendix 10 Title
Running Head: FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
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Feasibility Plan for Hunting and Lodging in Michigan
Davenport University
Date
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
Introduction
In Michigan, the business of deer hunting is one that happens during various periods
of the year. However, there are many hunters that do not have access to property that they can
call their own. In addition, the majority of the hunters also do not have the patience to go
hunting on state land. They, therefore, feel like their time is not worth. From the foregoing,
my husband and I wish to start a business, which will enable hunters to have an instant and
easy access to hunting land (the United States, 2014).
The land will be available to them on a lease basis. This piece of land that will be
available to the hunters throughout the year. The land will have planted food plots and there
will also be hunting blinds that will be available to the hunters whenever they can spare some
time to hunt. In addition to the hunting space, we also intend to provide the hunters with
lodging facilities. These facilities will be quite useful to them during the day since they will
have access to meals that are warm during their stay at the lodge.
The business idea is motivated by the fact that his family has a large piece of hunting
land in Michigan, as well as, in several other states. In addition, we have successfully been
able to lease the property to fourteen hunters, which gives us the motivation that we will be
able to successfully run hunting plans. All we need is to come up with the right plan and to
also ensure that the business is run in the right way. This comes with ensuring that we hire
qualified personnel to run the business. We also need to first conduct thorough research, in
order to identify what it entails to run such a business.
Founding Team
My husband will be the Chief Executive Officer of the business. He has experience
in such business since has successfully been running similar ventures in other states. The only
difference that this new venture will involve lodging facilities in addition to the leasing of
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
hunting the land. The experience he has had for all the years will enable him to run a
successful business. He is one person who is highly motivated and he always goes that extra
mile to achieve the desired results.
He is also a leader. Despite leading in his own businesses, he heads various groups
within our locality. This is an opportunity that has enabled him to rise up the ladder in so
many aspects. This will also be of assistance in marketing the business. Since many people
trust in him, they will also trust in the business and this will help attract customers, thus
ensuring the success of the business.
I will be the co-founder, running the business as the Managing Director. Since I joined my
husband’s family, I have had the experience of running the hunting business. I have
interacted with hunters and now fully understand what their needs and wants are. I also
clearly understand when the hunting business peaks and what needs to be implemented in
order to ensure that they get value for what they pay.
I am also a creative person. In fact, I am the one who came up with the idea of running
lodging facilities in addition to leasing land for hunting. I sold the idea to my husband, who
supported it fully. My creativity will enable me to continue running the business in a way that
enables it to survive in the competitive market. It needs a lot to make a new business to
survive in the market and it requires teamwork. My husband and I are great team players and
will do our best to see that the business succeeds.
Industry and Market Analysis
We intend to run our business in an industry that has a lot of competition, but one that is
also very lucrative. The hunting business in Michigan is a big one. There are many people in
Michigan who take part in the same, so as to get out and have an experience of the many
natural resources that are available. The hunting business is also motivated by the need for
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
people to make a contribution to the quality of life that is found in the state.
According to the United States Fish and Wildlife Service, it is estimated that the hunting
industry has a two point three billion dollars economic influence in the region (Lansing,
2016). This amount includes what is spent on food and lodging services. This is an indication
that the industry that we intend to venture in is one that has a great impact on the economy of
the state, meaning that we will manage to reap big from it as long as we give it our best.
Engaging in the hotel/lodging industry will be beneficial throughout the year. When the
hunting business is a bit low, the lodging facilities can be lent out to other people, who are
not necessarily hunters. The lodges are not limited to the hunters. We will, therefore, be in a
position to make money from the lodges throughout the year, whether the hunting business is
on or not. This gives us an added advantage. We can focus on these lines of business to
sustain us without looking any other way.
Target Market, Key Competitors and Competitive Advantage
Our business mainly targets hunters, both from Michigan and also from other surrounding
states. Every year, approximately five hundred thousand hunters participate in the hunting
game. There is, therefore a huge market for the business we intend to run. Half a million
hunters is a huge number and it may not be possible for all of them to get space on state land.
The land that we will be leasing out will, therefore, ensure that every person who has an
interest in the hunting business is accommodated. Additionally, our target market includes
the people who visit Michigan for leisure. Such people need a place to stay while in the state
and the lodging facilities that we will offer will provide them with perfect spaces for the stay.
We, however, expect to face competition from the state. Those who hunt on the state land
do it at a smaller fee than what we will be charging. This could be challenging since many
people might prefer to go hunting on state land. The lodges that we will be running will,
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
however, give us a competitive advantage. We will give the first priority to those who will
lease our land. In addition, the fact that the hunters who will lease land from us will have
access to warm food also gives us a competitive advantage. The hunters on state land are
usually forced to travel quite some distance to look for food and in most cases, they have to
consume it while cold.
Sales and Market Share
Within the first year, we target to make about a million dollars from both the leasing of
land for hunting and the lodges. This estimate is with the hope that all the land that we intend
to lease will have occupants. In the event that only has of the space is occupied, we will then
at least make half of that. The lodges will be made available to people who are not hunters
when the hunting season is low. This is in order to ensure that we get to meet our target
(Lohrer, 2017).
Profit Margins and Return on Investment
The hunting business is one that has great returns in the state of Michigan. The business
has an economic impact of about two point three billion dollars in Michigan every year.
Many people engage in the activity, not just for commercial purposes but for leisure as well
(Ballard, 2010). Each and every one of them spends in one way or the other, which increases
the Return on Investment (ROI) and leads to an increase in profits every year.
Start-up Costs and Funding
For the leased land, we will not need to spend much on that since we already have the land
to lease out. However, we need capital for the construction of lodges and equipping them
with all the facilities needed. We intend to spend about two million dollars for the same.
Since we do not have all the cash needed, we will obtain a loan from our bank, then add on to
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
what we have as savings and use that as the initial running cost for the lodges. The loan will
then be paid from the returns that we will get from the business.
Conclusion
From the aforementioned factors, it is evident that hunting business makes good returns. I,
therefore, strongly feel that the business idea is feasible. The research conducted has shown
that we will have a competitive advantage over our investors. This is, therefore, a business
idea that we intend to move ahead with and pursue. We believe that the business will be in a
position to pay the loan acquired from the bank in good time.
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FEASIBILITY PLAN FOR HUNTING AND LODGING IN MICHIGAN
References
Ballard, C. L. (2010). Michigan’s economic future: A new look. East Lansing:
Michigan
State University Press.
Lansing, M. (2016). Hunting Continues to Drive Economic Impact in Michigan. Retrieved
rom https://www.michigan.org/pressreleases/hunting-continues-to- drive-economicimpact-in-michigan
Lohrer, L. (2017). Hunters bring billions to Michigan’s economy each year. Retrieved
from https://www.freep.com/story/sports/outdoors/2017/03/04/hunters-bringbillions-michigans-economy-each-year/98641518/
United States. (2014). The WPA guide to Michigan: The Great Lakes state.
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