Let’s imagine that each of you have just inherited $500,000 business capital from an elderly relative who admired their entrepreneurial spirit.  The only stipulation in the will is that you must use the money to buy, and make plans to run, one of the small businesses that are for sale locally [for this discussion you may choose what’s “local”.] Also, before the money will be released to you, you must submit a preliminary business proposal the trustees of the estate. Finally, you must start the process of buying an existing business immediately or the inheritance will pass to another likely entrepreneur in the family! To begin:

1. You will search for a local business for sale on the Wall Street Journal’s online center for entrepreneurs at http://www.startupjournal.com/ (Links to an external site.).
2. Next, you will find the template, “Business Plan for an Established Business”, on the SCORE Web site, http://www.score.org/template_gallery.html (Links to an external site.). Then, fill out the General Company Description (page 5) with all the information you can gather on their chosen business for sale and submit to the discussion forum for review.

————————

Brandee Payne 

Hello Everyone.

My business is a pizza place that will let you make your own pizza. You can create a lot of new combinations and make what’s best for you! We will solve a problem for every person on Earth, hunger. We will have a lot of options including, Vegan and gluten free options for you to choose from. In one year, I expect my business to be more popular but still a small place that isn’t too packed. Farther in the future, I expect to be well known but still seen as a nice little place where people can hangout and spend quality time with each other. My target market would be everyone who enjoys a good pizza. From kids to adults, everyone can come enjoy a good pizza. I am up against a lot of pizza places in town that are much more well known. I let my customers make their pizzas right in front of them, and that is very unique; whereas in other places, they cook the pizza for you. My management team creates cool animated commercials and ads for social media that will attract kids and teenagers. They will see the ovens at their tables and the bar of different pizza toppings around the restaurant. The products will cost more than the ingredients it took to create them. For the unlimited pizza bar, they will pay slightly more than customers who order already prepared pizzas.

—————————–

Avory Caruthers 

Business Name

Dapper Fellas Barber Lounge 

Company Mission Statement

Dapper Fellas Barber Shop will provide a comforting yet stimulating, old-world gentleman’s club atmosphere in which customers will be able to relax both their body and mind through a wide range of services. Dapper Fellas Barbershop will establish itself as a world-class service provider to which clients can always come to escape the stresses of life, rejuvenate their energies, and enjoy the camaraderie of their colleagues and friends.

Company Philosophy/

Vision

Our vision is to become the number one choice when it comes to barber shop in the whole of Los Angeles, CA – United States of America and to be amongst the top 20 barbers shop in the United States of America within the next 10 years

Target Market

The business has a small retail component consisting mainly of men’s hair and facial products. The target market is mainly gentlemen. 

Industry/

Competitors

1.     Axis Barbershop 

2.     Slick and Dapper

3.     Gentlemen’s Parlor BarberShop 

Legal Structure

Corporation 

Company History 

Mir had a passion for hair when he was in his early 20,s when he opened his first shop to help support his family. Over time his love for hair care grew, and his passion developed into the ability to create a men’s grooming experience and make each client walk out feeling like a better man. Dapper Fellas Barbershop opened a few years ago and is located in So. Ca area as Mir is the General Manager and Master Barber. They are looking to replace him with another manager but allow Mir to work with the new owner to give him the best entry and teaching he needs to be the best manager and owner of the store when Mir leaves. 

Strengths/Core Competencies

1. Revenue generated per employee is greater than industry average. 

2. Professional and customer-centric approach to the client. 

3. High Skilled Staff 

4. Clever Marketing ways on social media 

Challenges 

1. Very small market share in their industry 

2. Higher prices compared to regular salons 

3. Income depends on the amount of customers

4. Number of employees is not growing as fast as other industries.