I am creating a final business plan. I already have completed executive summary, financial projections, management team, operations plan and most of the industry analysis. I need a market analysis and market plan. I have some stuff I wanted to include in the market analysis so I will attach it. You need to read all my other assignments I completed to be able to follow my company. Ebert Business Plan is a sample of another students so you can follow the layout of it but can not use any information from it. Ways I want to market my business is Tiktok, instagram, facebook and google ads. They need to remain consistent with my other assignments as it has information. They need to look up for market analysis the highest income places in western New York and include research with sources. Also another target market would be woman the age of what ever it is. Market analysis should be a separate word document from market plan and each need to be about 6 pages long. IBS worl has some information that may be helpful and in my executive summary i included some things that they need to include. Again please follow ebert business plan. Graphs and charts need to be included. I need to attach a couple more files than its letting me so please let me know how I can get them to you.
Volo Interiors Business Plan Contents I. Executive Summary4 Industry Analysis6 a. Industry Size, Growth Rate, and Sales6 b. Industry Structure9 c. Nature of Participants10 d. Key Success Factors11 e. Industry Trends11 f. Long-Term Prospects14 Market Analysis 15 a. Market Segmentation 15 b. Target Market Selection16 c. Buyer Behavior20 d. Competitor Analysis 22 e. Market Share and Annual Sales 24 Marketing Plan25 a. Overall Marketing Strategy 26 b. Positioning 27 c. Points of Differentiation 28 d. Pricing Strategy28 e. Sales and Promotional Mix 30 f. Sales Process 30 g. Marketing Budget 34 Management Team and Company Structure35 a. Introduction to Company 35 b. Management Team 35 c. Board of Directors 36 d. Board of Advisors 37 e. Other Professionals 39 f. Company Structure 40 g. Legal Form of Business 40 Operations Plan42 a. Operations Strategy and Procedure 42 b. Business Location 46 c. Equipment 46 d. Operations Strategy and Plans 47 e. Challenges and Risks 47 f. Costs 48 Financial Projections49 a. Sources and Use of Funds 49 b. Assumptions Sheet49 c. Startup Costs 50 d. Pro Forma Income Statements53 e. Pro Forma Cash Flows55 f. Break Even Analysis 57 Recourses 58 IntroductionExecutive Summary Volo Interiors strives to work with individuals to create beautiful spaces, homes and environments through inspiration and design. Their business is relationship oriented as their designer will take the time to understand the scope of their client’s project along the goals and dreams the clients may have for the space. Working together with their clients Volo Interiors creates a design plan that fits the client’s needs and reflects the professional training and experience of their designer. Volo Interiors prides itself on providing the best service possible through fundamentals of competence, and reliability with a focus on building a strong client relationship based on trust, commitment and integrity. Company Description Volo Interiors is looking to open an Interior Design business offering a variety of affordable Interior Design solutions for their clients. The business will be operated in Hamburg NY, it the heart of Volo Interiors target market. The business will begin as a part time business and will slowly grow into a full-time business as the number of clients increases. Industry Analysis Volo Interiors will operate with the Interior Design Industry where they will be primarily engaged in planning, designing, administering and managing spaces within interior spaces to meet both the physical and aesthetic needs of individuals using the space. The Interior Design Industry is a $16.1 billion-dollar industry with annual profits reaching $1.5 billion at a 9.4% profit margin (IBIS Interior Design Industry Report 2020). The industry has performed moderately over the last five years with revenues increasing annually by 0.5%. The industry has benefited from consistent growth in residential construction, rising consumer confidence and growth in the number of wealthy households (IBIS Interior Design Industry Report 2020). Over the next five years the industry is expected to see slow but positive growth around 2.0%. Key factors to success within the Interior Design Industry includes having good project management skills, access to niche markets, having a good reputation, ability to manage external contracts, access to multiskilled and flexible workforce and ability to vary services to suit different needs. Market Analysis & Marketing Plan Volo Interiors will primarily operate in the residential Interior Design segment that accounts for 47.1% of the total industry revenue (IBIS Interior Design Industry Report 2020). Along with full-service Interior Design service Volo Interiors will offer Interior Decorating Service and Purchasing service which will account for an additional 24.2% of revenue within the industry. Volo Interiors will be based in Hamburg NY, focusing on a target market of Southern Erie County New York with a primary focus on towns including Orchard Park, West Seneca, Hamburg, East Aurora and Elma. These towns have 66,558 households with a median household income of $72,365 (United States Census Bureau). Within these towns Volo Interiors will market itself to clients purchasing homes, clients building homes and clients working on residential remodeling projects. Along with marketing itself directly to homeowners, Volo Interiors will market itself directly to realtors and home builders who operate in the same target market as Volo Interiors. Volo Interiors will utilize networking opportunities through the Interior Design Association of Western New York, Buffalo Niagara Builders Association along with relationships that the owner has built while working in the industry over the last ten years. Competition within the industry is high and the trend is steady. To differentiate itself from the competition Volo Interiors primary designer will look to pass the NCIDQ exam. This will set Volo Interiors apart as many designers locally operate using an associates or bachelor’s degree in Interior Design. With a target market of millennials and Gen X’ers Volo Interiors looks to be one of the few designers in this area in the age demographic allowing them to connect with potential clients on a variety of levels. Management Team and Company Structure Volo Interiors will be operated as an LLC under the management and direction of Meghan Volo. Meghan is the founder and designer of Volo Interiors and will serve as sole owner and operator of Volo Interiors. Meghan brings ten plus years of experience in the construction and design industry, she began her formal training in interior design at Villa Maria College where she earned her Bachelor of Fine Arts in Interior Design. Upon graduation in 2013, Meghan has continued to work in the industry on both residential remodels, new home construction projects as well as commercial design projects. In December 2020 Meghan will graduate with her Master’s in Business Administration from Medaille College, earning her MBA has given her the tools and information needed to open and operate a business. Volo Interiors will also bring on a Board of Advisors who have expertise in areas of marketing, new home construction and sales, real-estate and legal counsel. Operations and Development Plan Simple, Cost Effective, Relationship Driven and Exceptional Customer Service are hallmarks of Volo Interiors and they look to carry it through all aspects of the business. Meghan will be responsible for all aspects of the business both frontstage and backstage, she will be prospecting clients, make initial contact, qualify the customers, make sales presentations, meet the client’s objectives and concerns, close the sale and follow up with all customers. To keep in line with their hallmarks, Volo Interiors will be operated out of Meghan Volo’s home office. The primary expenses included in the operation of the business include the purchase of a laptop, design software and industry membership fees. Financial Projections Volo Interiors looks to adopt a low-cost structure which is an essential component of the feasibility of the venture. Investors are not needed at this time as the business benefits from minimal startup costs requirements. Expenses are primarily attributed to software, and membership fees. In the first year of business Volo Interiors estimates $49,146 in sales with a net income of $22,418. A full set of pro forma income statements, and cash flows covering a three-year space are detailed in the business plan. Funding Sought The company is looking for a $10,000 loan that would be paid off in the first year of operation to cover initial startup costs and expenses. Volo Interiors will operate in the Interior Design Industry under NAICS Code 541410. This industry is primarily engaged in planning, designing, administering and managing projects within interior spaces to meet both the physical and aesthetic needs of individuals using the space. Building codes, health and safety regulations, traffic patterns and floor planning, mechanical and electrical needs along with interior fittings and furnishings need to be carefully thought about throughout the entire design process (NAICOS Association). The industry itself has a variety of areas to focus on including hospitality design, healthcare design, institutional design, commercial and corporate design along with residential design. Volo Interiors will offer residential design services as well as interior decorating consultations. INdustry Analysis Industry Size The Interior Design industry is a $16.1 billion-dollar industry with annual profits reaching $1.5 billion at a 9.4% profit margin. Within the United States there are 117 thousand businesses employing 148 thousand people (IBIS Interior Design Industry Report 2020). 148k Employment Industry Performance117k Businesses 9.4% Profit Margin $1.5bn Profit $16.1bn Revenue Over the past five years the Interior Design Industry has performed moderately, with estimated revenues increasing annually by 0.5% to $16.1 billion, 2020 alone is anticipated to see an increase of 0.8%. The industry has benefited from consistent growth in residential construction, rising consumer confidence and growth in the number of wealthy households (IBIS Interior Design Industry Report 2020). Sales Projections and Growth Rate Individuals seeking residential interior design services makes up 47.1% of the services segmentation of the industry making it the largest segment in the industry. This segment of the industry relies heavily on growth in housing starts, existing homes sales, along with other residential remodeling projects that help to drive growth (IBIS Interior Design Industry Report 2020). Overall growth within the residential market has led to a demand from both home owners and builders who are looking for interior design services. The value of residential construction has increased annually by 1.5% from 2015 to 2020, this growth is largely driven by the number of new housing starts which has increased by 2.7% annually along with record low interest rates, rising incomes, consumer confidence and overall economic growth (IBIS Interior Design Industry Report 2020). Even with these positive signs of growth there has been a decline in the number of existing homes sales in the last five years with the trend continuing through 2020. Hiring a designer is a luxury and an increase in disposable income has led to an increased demand for designers. From 2015 to 2020 the level of per capita disposable income is has increased annually at 2.1% a direct effect of increases in wages, low unemployment, new tax regulations along with consumer confidence in the domestic economy (IBIS Interior Design Industry Report 2020). This growth is important as individuals and home owners are more likely to look for design services if they have more disposable income. Over the next five years the Interior Design industry is projected to see slow but positive growth with annual revenues increasing by 1.7% to $17.5 billion in 2025 (IBIS Interior Design Industry Report 2020). New housing starts, and residential remodels are both expected to grow by 1.3% and 0.8% respectively through 2025. An area of concern that the industry will want to pay close attention to is the number of existing home sales and number of households that will have an income above $100K annually, both areas are expected to decline in the next five years (IBIS Interior Design Industry Report 2020). Industry Structure In the five years leading up to 2020 the Interior Design