Senior Project (Course Project) Developing A Business Plan Overview Developing a

Senior Project (Course Project) Developing A Business Plan
Overview Developing a Business Plan is a valuable way to understand the various components required for a successful business operation. In this Course Project, you will select a type of business( Hair Beauty Industry) and develop a business plan using the textbook and what you have learned throughout your academic journey. The project is divided into a market research paper and three parts, described as follows: Market Research is due in Week 2. Part 1 is due in Week 3. Part 2 is due in Week 5. Part 3 is due in Week 7. Additionally: Create each part of your assignment within a Microsoft Word document that aligns the Deliverables outlined in the tabs below. Each section of the Business Plan should be 500 words. If a section exceeds 500 words, review and edit that section to make it more focused and concise. Each part should be completely integrated and presented in a logical order, written professionally, and free of spelling and grammar errors. Your final Course Project must include a cover page and reference page formatted in APA Style. Include supporting documentation in your Appendix (created in Part 3). For your final submission, be sure your Business Plan includes corrections and advice received throughout the course from your professor. Course Project Part 1 (180 points, Due Week 3) Outline Section A: Business Concept ( Hair Beauty Industry) Section B: Industry Analysis Section C: Regulation and Legal Review References Details Section A: Business Concept: (50 points) Please describe the purpose of the selected company, including a detailed description of the product(s) or service(s) it offers to the market. Please answer the following questions in this section of your business plan: What benefits to the market does your product or service provide? How is your approach better than the competition? Section B: Industry Analysis (60 points) Based on your market research and using the DeVry Library, complete an analysis of the industry related to your chosen business. The week 2 lesson can help you understand an industry analysis and its importance. Please include the following in your analysis: size of the industry in units and dollars. growth rate of the industry. prospects for the industry. average gross and net margins on sales in the industry. major companies in the industry Each section of your business plan should be about 500 words. Section C: Regulation and Legal Review (60 points) A part of the research you need to conduct includes researching laws and regulations specific to the industry in which your business will compete. In this section, please answer the following questions in this section: Briefly describe laws and regulations that apply and explain how your business will meet those conditions. How do you set up a local sole proprietorship within your community? Address any legal, zoning, and licensing concerns your business will face. Address any pending regulations which may have an impact on your business. Outline Section D: Target Market and Segmentation Section E: Value Proposition and Competitive Analyze Section F: Marketing Promotion and Pricing Strategy References Details Section D: Target Market and Segmentation: (50 points) Please review the Week 4 lesson for information related to Sections D, E, and F. Each section of your business plan should be about 500 words. In this section, please describe your market and answer the following questions: Where is it? What are the unique features or dynamics of this market? What are the demographics and psychographics of your target customer? Assume your plan works well; five years from now, you have a dozen locations and a successful website. How can you take your operations global? Research the top three countries where you would expand your business and write about how your products/services may need to change to adapt to each new market. Section E: Value Proposition and Competitive Analyze (60 points) In this section, please provide your business’s value proposition. Prove that if you make this investment, customers will buy what you are selling. What is your competitive edge? Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Section F: Marketing Promotion and Pricing Strategy (50 points) In this section, describe your communication plan. Describe the role, the strategy, and the execution of your total communications plan including: What is your message? What are your specific communication vehicles, such as advertising, literature, promotion, or the Internet? Show your budget by year and type of expense. Describe your pricing strategy and specific prices for your product(s) or service(s). How did you arrive at these prices? Part 3 sections includes the Executive Summary, G, H, and I in bold below. Once completed, Part 3 should be combined with Parts 1 and 2 of your Course Project, including your professor’s feedback and all references. Parts 1, 2 and 3 combined will constitute your Business Plan. Part 3 will include: Cover page Table of contents Executive Summary Section A: Business Concept Section B: Industry Analysis Section C: Regulation and Legal Review Section D Target Market and Segmentation Section E: Value Proposition and Competitive Analyze Section F Marketing Promotion and Pricing Strategy Section G: Facilities and Equipment Plan Section H: Technology Plan Section I: Financial Plan. Includes Sales Forecast and Breakeven Analysis Appendix (include any other research or support documentation here) References Details Executive Summary (30 points) This Executive Summary was developed during the Week 5 Collaborative Assignment. Your final draft Executive Summary should be include in this Section of your Business Plan. As described in the Week 5 Collaborative Assignment description, this one-page summary of your plan should be able to stand alone as a document on its own merits. Include a clear and specific compelling Value Proposition, a brief synopsis of each plan section, and brief financial highlights. After reading this summary, the reader should have a clear understanding of the specifics of your Business Plan. Section G: Facilities and Equipment Plan (50 points) Please review the Week 5 Lesson for information related to this section. Describe the cost of your capital assets, such as production lines, office equipment, and buildings. If you plan to have a physical location, include a floor plan if possible. What are your startup timelines? Expansion timelines? Section H: Technology Plan (50 points) Please review the Week 5 Lesson for information related to this section. In this section, describe your company’s IT needs, how much they will cost, and how you will implement them. Will you have a web presence, and if so, what functionality will it include? Will you handle your IT requirements “in-house” or outsource to IT consultants—explain your decision. Section I: Financial Plan (60 points) Includes Use of Funds, Sales Forecast, and Break-even Analysis. Please review the Week 6 Lesson and Chapter 16 of the textbook for information related this section. Create your 5-year projection (See Week 6 Lesson for details) for your business. It is critical to include units, dollars, and assumptions in your projection. Create the sales projection in a narrative that includes the description of the units you plan to sell, the services (amount of them) you plan to provide, and your growth projections of these numbers. Document all assumptions and provide external source information for all assertions. Include a graphical representation that shows when your company will start making a profit and the break-even point. Paper/References (10 points) The Paper should be written using APA 7 format guidelines.