Select one of the sample business plans from the appendix of your textbook that most closely aligns with your product or service. You may also use the SCORE business plan template attached here. Use the business plan you select as a template for your own business plan. Assemble a well-researched comprehensive, coherent business plan drawing from the research, information, and detailed plans you completed in prior MBA courses or in this course.
Use the business plan you selected as a guideline to help you create a complete and organized plan. Use your own creativity to add additional headings or subheadings as needed if your business idea calls for modified data, information, or sections.
The written plan should be comprehensive and complete, but well-organized so that a reader can move through it quickly. Don’t bog down the body of the plan with vast quantities of minute detail. Put those in well-labeled appendices and refer to them in the body.
The length will depend on the business idea; however, most ideas should require somewhere between 25 and 50 pages, preceded by an executive summary not exceeding one page in length. Appendices may contain charts, tables, graphs, articles, research reports, etc. You must support your statements with facts from your research without overwhelming the reader with unnecessary or undigested data. Don’t simply dump huge reports on the reader, but assimilate them yourself and provide the relevant summary information.
I can give you some of the stuff I’ve been working on.
VISION STATEMENT
Over the course of 10 years, we would like to ensure our tenants continue to receive exceptional customer service and an unmatched level of professionalism. Additionally, our intentions are to expand Wells & Boyd Lifestyle Realty by the incorporation of gaining owner clients and providing them with a unique quality of service that adds value to their real estate assets via property management. Lastly, we will also include home staging and a Real Estate team in the final phases. All while continuing to improve and innovate our services on a day-to-day basis.
MISSION STATEMENT
Wells & Boyd Lifestyle Realty will pursue real estate investments with sincerity and good faith in efforts to interest the community, our tenants, and our owners. Our goal is to exceed the standard of increased performance while listing and managing short and long-term residential properties creating a comfortable and economical lifestyle for our clients. The success of Wells & Boyd Lifestyle Realty will be a direct result of our motivation and desire to set the bar exceptionally high to ensure our clients, our properties, and the future of Wells & Boyd are being valued.
BUSINESS OBJECTIVES
1. Invest in quality properties
2. Locate exceptional qualified tenants, preferred long-term leasing options
3. Generate passive income and generational wealth
Target Markets
Our target market at Wells & Boyd Lifestyle Realty will be middle-income neighborhoods. Reports indicate that millennial and middle-income households will be the driving force for rentals within the next 10 years. (PROVIDE RESEARCH ON TARGET MARKETS FOR MIDDLE-INCOME HOUSEHOLDS).
Business legal structure
Wells & Boyd Lifestyle Reality is a limited liability company (LLC) as it will have to incorporate many stakeholders like the constructors and contractors who will make the business be successful. The company will have to incorporate land owners, real estate vendors, house constructors, and other related stakeholders whom shall work together to achieve the company goals. PROVIDE MORE DETAILS ON LLC.
Legal environment
The business is ready to operate under legal obligations which are according to the industry requirements. The company has corporate lawyer who will be handling any legal requirements for smooth operations of the business. There are three licenses which are required for operations. The Licenses are:
- Real Estate Associate License
- Community Association Managers License
- Real Estate Broker’s License
The Real Estate Associate License has an estimated timeline of completion by Dec 2021. The Community Association Managers license and Real Esates Broker’s License will be acquired sometime between the 5-7 year mark as they are not needed for Phase 1 of the company. The trademarks are already in place as well so the operations are smooth as the company is legally known. The insurance is as well in process of acquisition. The insurance cover costs (ESTIMATED COST OF INSURANCE IN FL) as it will be covering lands, houses and other` properties which will be rendered to be under the company. The business is not affected by any health or` a workplace regulation as it does not touch anything to do with human life. The bonding requirements which are applicable is the contract and agreement which has to be signed by the both parties which are the company and the land or house owners.
For Capital and Start Up.
We will be paying the downpayment on the conventional home loan and furnishing the first unit.
Short Term
- Purchase first rental property and utilize as a short-term rental.
- Use profits from first rental property to purchase a multi-unit property.
- Hire contractors
- Provide long term housing solutions within the cities
- Provide affordable housing to middle- and low-income earners
- Provide homes and housing solutions to tourists who would like to live like locals
- Provide homes away from home to city dwellers
Long Term
- Implement the real estate dreams and ideas
- Open real estate firm
- Add staging consultation and designs
- Addition of property management services.
Goals and Milestones
- Open Real Estate Firm (Timeline 10 years)
- Add Staging Consultation and Design (Timeline 10 years)
- Property Management addition (Timeline 10 years)
- Purchase Condo (Within 1st year)
- Staging Condo (Fully Furnish)
- Pricing Airbnb Property Correctly
- Rad Reviews
- Marketing
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