Posted: February 28th, 2023
ENTR630 U1 DB2
Primary Task Response: Within the Discussion Board area, write 600–1,000 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Analyze the sections of your venture plan, and respond to the following questions:
- What sections of the plan are done or close to being done?
- What sections of the plan require the most attention?
- What additional, unique sections should you add to this plan?
9
J2’s Kiddie Klubhouse & Learning Center’s Daycare Business Venture
Tatyanna R. Howard
Instructor: Derrick Booker
Date 02/14/2023
Table of Contents
Mission Statement 1
Vision Statement 1
Part 1 1
ENTR615 1
Product or Service 1
Market Opportunity 2
Competitive Environment 2
Part 2 2
Facilities 2
Operating Plans 2
Legal Structure 3
Mission Statement
Our mission is to offer high-quality education and care that is client-centered, values our children, and is holistic. J2’s Kiddie Klubhouse & Learning Center ‘s main goal is to help the kids grow and develop as much as possible by providing them with opportunities for a range of activities, including learning, playing, and socializing.
Vision Statement
Our vision is to be a renowned leader in offering the best care for all children. In general, the J2s Kiddie Klubhouse & Learning Center provides families with young children in their home with a service that is broad and of the highest standard.
Part 1
ENTR615
Any good business begins with a proper business plan to monitor all the ideas and identify some business aspects that may be missing. After taking the ENTR615 course, I realized that it is important to consider the legal and ethical aspects of starting a business. Our daycare business will be affected by various legal considerations such as selecting a proper business entity, permits, and licenses, handling safety and health issues obtaining adequate insurance as well as dealing with employees (Edwards, 2021).
Product or Service
The new business venture will focus on the provision of daycare services for children. Our daycare service will be a sole proprietorship but it may develop into a partnership in the future. Therefore, we will have to look into the legal form that protects the people involved from personal liabilities. We will also be responsible for the health of the children, especially with the fact that there will always be a potential for injury within our business premises.
Market Opportunity
Our target market will typically include children from infancy to school age. Our specific age range will depend on the daycare center’s licensing and program offerings. We will be primarily located in a residential neighborhood where we will serve families living in that area. We aim to offer our services to parents and caregivers working full-time or part-time as well as those working irregular hours. Based on the age of the children and the number of hours spent taking care of them, we will determine the price of each child enrolled.
Competitive Environment
To determine the viability of our new business, we will analyze the market share of our competitors and the possible impediments that may hinder us from flourishing. To begin with, our daycare center will be strategically located in a residential neighborhood which will increase our competitive edge. Besides, our selected location has very few daycare centers which will give us an opportunity to attract customers and increase brand awareness. Additionally, we intend to offer specialized programs and services such as after-school care which will give us a competitive advantage over other services that offer only basic services. Moreover, we will provide affordable pricing which will attract customers from over-priced facilities for the same quality of services.
Part 2
Facilities
Our daycare center will include different facilities to ensure the smooth running and delivery of childcare services. First, we will have dedicated classrooms for children of different ages which will be designed with age-appropriate furniture, learning materials, and toys. Additionally, there will be outdoor play areas that will be designed with soft surfaces, toys, and equipment. There will also be restrooms that are clean, well-lit, and easily accessible. To provide children and staff with meals and snacks, we will have a kitchen and dining area. Moreover, there will be an office and administrative area as well as a nap or rest area designated for the staff and children respectively.
Operating Plans
We intend to follow the long list of health and safety regulations published by our state. This may include the number of children that each employee should handle and how the number may vary with the age of the children. We will also have a well-defined program and curriculum that details the types of activities, learning opportunities, and services provided to children like teaching methods. The plan will also incorporate staffing including the number of staff required, their roles and responsibilities, qualifications, plan for hiring, etc. Additionally, there will be a plan for communicating with parents and caregivers including offering regular updates, clear policies on how to address concerns, and conferences. We will also have a financial plan that includes billing procedures, tuition, and fees, as well as a plan for maintaining the facilities and equipment.
Legal Structure
Our childcare center will follow all the legal protocols needed to be successful. We will familiarize ourselves with basic employment law issues such as workers’ compensation, illegal discrimination, and how to deal with the hiring and recruitment process. In our case, the daycare center is a sole proprietorship where the facility will be owned and operated by a single individual. The facility’s owner will be responsible for all aspects of the business inclusive of the financial and legal liabilities. We will operate with the guidance of a lawyer and we will be ready for any additional regulations and licensing requirements at the local and state levels.
Part 3
J2’s Kiddie Klubhouse & Learning Center’s
Balance Sheet as at June 30, 2022
Assets
Liabilities
Cash assets:
$120,000
Current liabilities:
$100,000
Petty cash:
$20,000
Accounts payable:
$150,000
Accounts receivable:
$30,000
Notes payable:
$65,000
Inventory value:
$10,000
Long-term liabilities:
$160,000
Investments:
$140,000
Taxes (state):
$20,000
Prepaid expenses:
$30,000
Taxes (federal):
$15,000
Land:
$30,000
Taxes (property):
$15,000
Land improvements:
$10,000
Taxes (misc.):
$10,000
Buildings:
$50,000
Payroll/wages:
$20,000
Vehicles:
$25,000
Misc:
$9,000
Equipment:
$24,000
Furnishings:
$40,000
Miscellaneous assets:
$15,000
Intangible assets:
$20,000
Total assets:
$564,000
Total liabilities:
$564,000
J2’s Kiddie Klubhouse & Learning Center’s
Income Statement as at June 30, 2022
Financial Statements in U.S. Dollars
Revenue
Gross Sales
650000
Less: Sales Returns and Allowances
250000
Net Sales
400000
Cost of Goods Sold
Beginning Inventory
23000
Add: Purchases
10000
Freight-in
15000
Direct Labor
20000
Indirect Expenses
Inventory Available
68000
Less: Ending Inventory
Cost of Goods Sold
68000
Gross Profit (Loss)
332000
Expenses
Advertising
1000
Total Expenses
1000
Net Operating Income
331000
Other Income
Gain (Loss) on Sale of Assets
Interest Income
Total Other Income
0
Net Income (Loss)
331000
Cash Flow
J2’s Kiddie Klubhouse & Learning Center’s
Cash Flow for March –Dec 2023
Starting date
March , 2023
Cash minimum balance alert
$ 20,000.00
Apr 2023
May 2023
Jul 2023
Aug 2023
Sep 2023
Oct 2023
Nov 2023
Dec 2023
$215,000
$240,000
$245,000
$250,000
$251,923
$ 252,543
$ 261,789
$302,945
References
Edwards, C. (2021). Entrepreneurs and regulations: Removing state and local barriers to new businesses.
Cato Institute, Policy Analysis, (916).
11
J2’s Kiddie Klubhouse & Learning Center’s Day Care Business Venture
Tatyanna R. Howard
Instructor: Gary White
Date 02/18/2023
Expanded Market Environment
An expanded market environment refers to a broader market beyond the traditional or local market that a business typically serves. It can include customers, partners, or stakeholders who are not located in the immediate vicinity of the business. The expanded market environment may include regional, national, or even global markets
Expanding the market will help our business to grow and increase profits but it will also increase competition and logistical difficulties in serving customers in new markets. Therefore, we will need to carefully consider our expansion strategies and take into account the potential risks and benefits of expanding their marketing environment.
Marketing Mix
The marketing mix is a framework that describes the set of controllable marketing tools that a company uses to influence customer behavior and achieve its marketing objectives. A marketing mix consists of a set of 7 elements that can be used to effectively promote a product or service. The marketing mix elements are commonly known as the “7 Ps” of marketing (Mahmoud, 2019).
Product
The product refers to the physical or virtual product that a company offers to customers, including its features, design, packaging, and branding. The daycare business is the product that is being sold. Our daycare facility aims to provide safe, affordable, and high-quality services to meet the needs of different children such as toddlers, infants, and after-school programs as well as their families. Other elements of this product include the qualifications and experience of our employees, the available resources and facilities, and the reputation of our facility.
Price
This refers to the amount that a company charges for its product or service inclusive of the pricing strategies, discounts, and payment options (Saidani & Sudiarditha, 2019). Our facility intends to set prices that are competitive with other daycare providers in our target location while taking into account the quality of our services and the costs of running the entire business. We will also utilize package deals and discounts to attract new customers. The price will also factor in different payment options, any additional fees such as materials and registration, etc.
Place
The place defines the channels through which a company distributes its products or service including the physical locations where the product is sold, online platforms, and marketing tactics to reach customers. We intend to have a suitable location for our daycare business that is easily accessible to our customers. We consider factors such as the proximity to residential areas, busy roads as well as the availability of parking.
Promotion
These are the activities that a company uses to communicate the benefits and features of its product or service to potential customers, including advertising, public relations, personal selling, and other marketing communications. We will utilize different methods to promote our daycare services including advertising, referral programs, and social media platforms.
Physical evidence
Physical Evidence is the tangible or intangible evidence that supports the overall impression of a product or service that customers receive. It includes the physical environment, such as the design and layout of a store, website, or packaging, as well as the quality of materials, equipment, and signage that customers interact with (Saidani & Sudiarditha, 2019). Physical evidence in our daycare facility will be inclusive of the equipment and physical facilities utilized. This will comprise classrooms, playrooms, and any other areas utilized by the children and teachers.
Process
The Process refers to the activities that a company uses to create and deliver a product or service to its customers (Saidani & Sudiarditha, 2019). It includes the steps involved in the production, distribution, customer service, and any other activities that influence the overall customer experience. The process involved in our new business venture will entail the delivery of the daycare services such as drop-off and pick-up processes, enrollment, etc.
People
People refer to the employees or personnel involved in providing a product or service to customers (Saidani & Sudiarditha, 2019). This includes everyone from salespeople to customer service representatives, technicians, and support staff. The quality of customer service and interaction with people can have a significant impact on a customer’s perception of a company or brand. It is therefore essential for companies to hire and train the right people to provide excellent customer service and create a positive experience for customers.
Digital Marketing Plan
The digital marketing plan for our daycare business will involve the following elements:
Website: A well-designed and user-friendly website is a key aspect of a daycare business’ digital presence. The website will provide information about the services offered, the qualifications of the staff, and the facilities available. It will also include a call to action, such as a contact form or registration page, to encourage parents to reach out.
Search Engine Optimization (SEO): This will be done through the use of keywords, meta descriptions, and other optimization techniques. The goal will be to make the daycare business’ website more visible to parents searching for childcare services in the area.
Content Marketing: Creating and sharing valuable content, such as blog posts and articles, will help build trust with potential customers and position the daycare business as a knowledgeable and reliable source of information. Topics will include child development, safety and security, and the benefits of quality child care.
Email Marketing: Email marketing will be used to keep parents informed about events, promotions, and other important updates. A monthly or quarterly newsletter will be sent to subscribers, and targeted email campaigns will be used to reach specific groups of parents, such as those with children of a certain age.
Pay-Per-Click (PPC)
Advertising
: This will be an effective way to reach parents actively searching for childcare services in the area.
By implementing these digital marketing strategies, our daycare business will increase its visibility, build its reputation, and reach more potential customers (Desai & Vidyapeeth, 2019). It’s important to track the results of these efforts and adjust the marketing plan as needed to ensure that it is delivering the desired results.
Social Media Strategy
A social media strategy is a plan that outlines how a business will use social media to achieve its marketing and communication goals. It involves identifying the target audience, selecting the social media platforms that are most relevant to that audience, and creating a plan for producing and distributing content on those platforms (Quesenberry, 2020).
Social media platforms, such as Facebook and Instagram, will be used to reach a wider audience and build a strong online presence. This will include posting regular updates about the daycare services, highlighting staff members and the facilities, and sharing photos and videos of the children and their activities.
In our daycare business, a social media strategy will be an effective way to communicate with parents, demonstrate the center’s services, and create brand awareness. This strategy will be used to identify the primary target audience such as parents of young children which will help inform the content generated and the social media platforms to be used. It will also include a plan for creating and distributing content such as a mix of posts, images, videos, and images. The content produced will be engaging, informative, and relevant to the target audience. Additionally, the social media strategy will include a plan of engaging with the target audience such as responding to messages and comments, running social media contests or promotions, and sharing user-generated content. Finally, a plan to measure and analyze the effectiveness of social media activities will be included.
Financials
The financials involved will include operating expenses, start-up costs, revenues generated, profits and losses, and cash flows in and out of the business. Financials will play a critical role in the success of our daycare business. To operate effectively, our daycare facility will need to be able to manage its finances, generate revenue, and control costs (Montani et al., 2020). Some of the key financial considerations will include:
Start-up costs: Starting our daycare center will be expensive. The business will need to purchase or lease a suitable building, purchase equipment, and supplies, and hire staff. It will be important to create a comprehensive budget that takes into account all of these costs, as well as any legal or licensing fees.
Revenue streams: Our daycare center will generate revenue through fees paid by parents or caregivers. It will be important to establish competitive pricing that covers the costs of running the business while still remaining affordable for parents.
Operating expenses: Our new business will incur a range of operating expenses, including rent or mortgage payments, utilities, supplies, staff salaries and benefits, insurance, and marketing costs. To manage costs effectively, it will be important to track expenses and identify areas where savings can be made.
Budgeting: Creating a budget will be essential for managing the finances of our daycare center. The budget will take into account all of the business’s costs and revenue streams and should be reviewed and updated regularly.
Cash flow management: We will ensure that the business has enough cash on hand to cover operating expenses, pay staff, and invest in the business. This will require careful management of accounts receivable and accounts payable, as well as regular cash flow forecasting.
Profitability: We aim to generate enough revenue to cover all operating expenses and provide a return on investment for business owners. To improve profitability, our new business may need to explore new revenue streams or look for ways to reduce costs.
J2’s Kiddie Klubhouse & Learning Center’s
Balance Sheet as at June 30, 2022
|
Assets |
|
Liabilities |
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|
Cash assets: |
$120,000 |
Current liabilities: |
$100,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Petty cash: |
$20,000 |
Accounts payable: |
$150,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Accounts receivable: |
$30,000 |
Notes payable: |
$65,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Inventory value: |
$10,000 |
Long-term liabilities: |
$160,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments: |
$140,000 |
Taxes (state): |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Prepaid expenses: |
Taxes (federal): |
$15,000 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Land: |
Taxes (property): |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Land improvements: |
Taxes (misc.): |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Buildings: |
$50,000 |
Payroll/wages: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Vehicles: |
$25,000 |
Misc: |
$9,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equipment: |
$24,000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Furnishings: |
$40,000 |
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|
Miscellaneous assets: |
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|
Intangible assets: |
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|
Total assets: |
$564,000 |
Total liabilities: |
J2’s Kiddie Klubhouse & Learning Center’s
Income Statement as at June 30, 2022
|
Financial Statements in U.S. Dollars |
||||||||||||
|
Revenue |
||||||||||||
|
Gross Sales |
650000 |
|||||||||||
|
Less: Sales Returns and Allowances |
250000 |
|||||||||||
|
Net Sales |
400000 |
|||||||||||
|
Cost of Goods Sold |
||||||||||||
|
Beginning Inventory |
23000 |
|||||||||||
|
Add: Purchases |
10000 |
|||||||||||
|
Freight-in |
15000 |
|||||||||||
|
Direct Labor |
20000 |
|||||||||||
|
Indirect Expenses |
||||||||||||
|
Inventory Available |
68000 |
|||||||||||
|
Less: Ending Inventory |
||||||||||||
|
Cost of Goods Sold |
||||||||||||
|
Gross Profit (Loss) |
332000 |
|||||||||||
|
Expenses |
||||||||||||
| Advertising |
1000 |
|||||||||||
|
Total Expenses |
1000 |
|||||||||||
|
Net Operating Income |
331000 |
|||||||||||
|
Other Income |
||||||||||||
|
Gain (Loss) on Sale of Assets |
||||||||||||
|
Interest Income |
||||||||||||
|
Total Other Income |
0 |
|||||||||||
|
Net Income (Loss) |
Cash Flow
J2’s Kiddie Klubhouse & Learning Center’s
Cash Flow for March –
Dec 2023
|
Starting date |
March , 2023 |
Cash minimum balance alert |
$ 20,000.00 |
||||
|
Apr 2023 |
May 2023 |
Jul 2023 |
Aug 2023 |
Sep 2023 |
Oct 2023 |
Nov 2023 |
Dec 2023 |
|
$215,000 |
$240,000 |
$245,000 |
$250,000 |
$251,923 |
$ 252,543 |
$ 261,789 |
$302,945 |
Digital Marketing Policy
To begin with, our new business will have a policy that defines the goals and objectives of our digital marketing activities. This will include improving website traffic, creating brand awareness, generating leads, and improving customer engagement. The policy will also offer clear guidelines for the type of content that is This will include standards appropriate to be posted and shared on our digital and social media platforms. for tone, language, image quality, and rules for the type of content allowed. The digital marketing policy will also include a social media policy that will detail how employees should use social media on behalf of our daycare business such as engaging with customers, responding to negative feedback, and maintaining a professional image online. Furthermore, the policy will include instructions on data protection and privacy. This will guide the collection, storage, and use of customer data and the protection of the privacy of customers. This will also include how informed consent will be obtained from customers and how to comply with data protection regulations such as GDPR.
Philanthropy
Our daycare facility will hold fundraising events, apply for grants, community partnerships, and volunteerism, as well as ask for donations from businesses, individuals, and other organizations to support its services, and programs. We will partner with local businesses to create volunteer or fundraising opportunities. Our daycare center will also encourage parents, children, and employees to support charity events. For example, we can organize a food drive or a toy donation program for a local charity event. We also intend to sponsor local charity events to help raise our public profile and build positive relationships with local businesses and families. Additionally, we will establish a charitable giving program that enables families to donate to specific causes of charities. This will help show our commitment to social responsibility and support important community causes.
References
Desai, V., & Vidyapeeth, B. (2019). Digital marketing: A review.
International Journal of Trend in Scientific Research and Development,
5(5), 196-200.
Edwards, C. (2021). Entrepreneurs and regulations: Removing state and local barriers to new businesses.
Cato Institute, Policy Analysis, (916).
Mahmoud, T. O. (2019). Green marketing: A marketing mix concept.
International Journal of Electrical, Electronics, and Computers,
4(1), 20-26.
Montani, D., Gervasio, D., & Pulcini, A. (2020). Startup company valuation: The state of the art and future trends.
International Business Research,
13(9), 31-45.
Quesenberry, K. A. (2020).
Social media strategy: Marketing, advertising, and public relations in the consumer revolution. Rowman & Littlefield Publishers.
Saidani, B., & Sudiarditha, I. K. R. (2019). Marketing mix-7Ps: The effect on customer satisfaction.
Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB),
7(1), 72-86.
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