Tuesday 3 May 2011
Enterprise Evaluation
Throughout the enterprise module I have been constantly referring back to the detailed lecture notes and online presentations which have helped with my understanding of business terminology and outlined the basic steps to setting up my own business. The lectures provided basic structure to what I have needed to explore in ore depth in order to get exact costing' and understanding the target market. I have been surprised at how much I have learnt about the business structures and different ways to market yourself and how to analyses other companies threats and weakness which can potentially help my business improve and see the gaps (niche) in the market. I believe the presentation part of this module was essential to learning and putting into practice the theory. The enterprise module has been a valuable learning curve because it has made me come to terms with the amount of research and initial start up things which need to be established in conjunction with your product just being good in graphic design just doesnt cut it when you have a business if you are unable to keep track of your finances and the current climate in which the industry is in your business will not be a success. I have been looking into other entrepreneurs and there business modules and occasional you tube videos to help me understand how and where they started up such as jonny cupcakes and the amazon model. With the current design industry there are more small - medium sized businesses therefore it would be liable for me to start up in the future possibly after my degree.
Business Plan
2. Business overview
(Keep this section brief)
Introduction
Our business has formed by 4 graphic designers wanting to create a partnership we have all worked within industry for many years after all achieving our degrees at university. We want to start a Graphic Design company with editorial pieces being the main focus for the group. We want to locate in Leeds just outside of the city center this is important to us as we can have a bigger studio space for less rental charges and also gives us competitive advantage as there are not many companies offering the same series as we do around that area.
A brief history of your business (or of the idea that has prompted you to start it).
The purpose of your business: what business you’re in and why you started it.
Note its location and explain if this is important (or a competitive advantage).
Describe your products and services.
Current position
So far within our careers we have achieved great success and built up a strong client base and recognition within the design industry, by combining all four sets of skills and clients we can really build a strong partnership that will be able to hit the industry with creativity and expertise knowledge. Our business is currently in the introductory phase of its lifecycle we are ensuring it gets the best start within the industry and want to outline and come to terms with all the pitfalls and growth within the industry in order to avoid disappointment or rushing into something which is over our heads. In terms of an industry the Graphic Design industry is a mature industry things are changing all the time within the industry to keep it fresh and innovative.
What have you achieved so far?
Outline the current position of your business: where is your business in the business lifecycle (introductory phase, growth phase, mature, declining)?
Explain what industry you operate in and where it sits in the business lifecycle (emerging industry, growth industry, mature industry, declining industry).
Competitive advantage
Our competition are other graphic design companies in Leeds area yet many of these are large companies which don’t offer the personal contact that we offer talking directly to the client ensure specific needs to be met and taken on board. Our company has four partners all with very different areas of speciality and expertise which makes our company fresh and by combining four disciplines ends up creating products with a different edge to something which has been created by one person alone we all have creative input with each and every brief. The market niche that we have found things are changing in the design industry and very soon everything will be goin to web design and with are partnership were fully equipped with knowledge and high end skills to do deal with this transition. where as companies in this area are print based media designers
What are the strengths and weaknesses of your competition?
Explain your competitive advantage(s) and the market niche(s) you’ve identified.
What makes you confident your business will continue to grow and endure? Why is your business model effective?
Growth plan
Goals for the business we wish to in the first year have 8-12 active clients and plan on turn over a third of them each year therefore 4 new clients each year after that. Ideally we will get rid of 20% of the clients which are not providing new and constant income and replace them with clients which push our boundaries higher profile companies to improve are reputation and increase our designing skills. Too many small clients can become an issue as there not providing us with constant income or enough to keep the business afloat.
Provide a brief overview here of what will be described in more detail in the rest of the plan.
Describe the current reach of your business and explain how this business plan will change that. Give an overview of your goals and the future you plan for your business.
Tactics
Where we are now as a company as we havent set up the business yet we have a range of clients on our books which as previous freelancers we have gained loyalty of. We are cureently a small partnership which we wish to grow into a prestigious Graphic Design company which offers diverse concepts to problems.
SWOT and critical success factors
Strengths: Four partners with individual specialist skills, competitive pricing structure also offer incentives, personal service, location convenience unique combination of both creative and business sence, targeted focus for attracting customers,
Weaknesses:the strugle to develop awareness realted to a start up company . the struggle to be constantly on the “cutting edge”. print based company dont design for screen.
Opportunities: an industry that is not significantly effected by slumps in the economy. niche in the market, creative approaches to design solutions. an industry which isnt effected by a target sector of the market
Threats: business is currently un heard of. start up company, have big competitors who have been in the industry longer and have a larger client base, in are first year of business therefor vunerable position. competition from local competitiors that focus on luxury/retails targetted segments. signifiacnt increase in ease of use of graphic design software that allows individuals to design their own graphical pieces.
Outline briefly your marketing strengths, weaknesses, opportunities and threats.
What are therefore the critical success factors for your business?
Market research
Explain what market research you’ve done and methods you use.
Outline how ongoing market research is built into your daily business operations.
What target market(s) has your market research (and trading experience) established.
Explain how intimately you understand these markets (how close you keep to your customers) and how this feeds back into your business (improvements, product/service changes, etc).
Distribution channels
The currrent marketing reach of our company is local businesses we are reaching them through doing a viral mail out. are distribution channel would be selling direct consultants as we talk to the customer and find a solution to there problem.
Product- service
Promotion- direct mail
Price- are we an operational efficent? competitive pricing structure / provide customer intamacy do we deliver product to the highest standard need a higher pricing structure to reflect this
Placement-
Marketing mix
4 p's
Product- branding illustration editorial packaging
Price- As we want to enter the luxury sector of the market we want our prices to reflect this putting them too low contradicts what were trying to achieve
Promotion- direct mail will be our main campaign to achieve our customers from local business.
Placement- just outside Leeds city center at Umberella studios Holbeck.
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