Small Business Plan Essay Example

Small Business Plan Essay Sheridan Skills Basketball Academy (SSBA) Founder: Timothy Sheridan Sheridan Skills Basketball Academy (SSBA), 99 Yale Terrace Blauvelt NY 10913 B. Sheridan Skills Basketball Academy offers the teaching and tuning of Young Men and Womens Basketball Skills. Through A Limited Liability Corportation,. C. CEO and Founder: Timothy Sheridan Bachelors of Business Administration SUNY Cobleskill in Technology Management Experience: CYO Basketball Coach, Basketball Camp Senior Counselor, Captain of TZHS basketball team Employees: Tim Sheridan Sr: BBA Accounting Pace University Experience: Basketball Coach for over 20 years at all levels Ryan Sheridan: Bachelor of Business Administration SUNY Oswego Experience: CYO Basketball Coach, Basketball Camp Senior Counselor, Captain of TZHS basketball team, Captain Oswego State Basketball Team, All NY State, Rockland County POY Griffen Sheridan: Executive Summary SABB is a summer basketball program located in the lower Hudson valley that offers kids in high school and on their way to college. The camp will be highly competitive and not for the average player but focus on kids who have been recruited to play Division 1 Basketball. The target markets will be kids ranging from freshman in high school to graduated seniors. There is a market for such camps, and there are camps that are similar but I believe that I have the necessary drive and skills to offer kids a better opportunity than that is out there. The benefit of this camp compared to any other kinds of camps in the vicinity is there is no high-level basketball camp to offer kids with a serious amount of talent. One of the problems with high school basketball in the lower Hudson valley is that there is no exposure to show what the kids can do and give them the opportunity to show their respected talent to college scouts and amateur leagues. We will write a custom essay sample on Small Business Plan specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Small Business Plan specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Small Business Plan specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The camp will be held in the summer months, to maximize attendance and so that other obligation will be minimized like other leagues and school. Kids these days lives are run by sports, Basketball can be a opportunity for kids to make their lives better. They already dedicate their lives to sports, and this will help them to advance their skills and aid them in their goals and dreams. The experience that is needed by my staff and I could be considered ample and sufficient. We all possess basketball backgrounds and high IQ’s in basketball. As a entrepreneur I have had little experience myself but my father who also is a partner and our accountant; owns his own business. This is my first business, but I have had plenty of work experience. I have worked in the restaurant business which I can attribute my people to people sales skills. I also work as a consultant for JP Morgan Chase which I can attribute my business skills by honing them in a professional business setting and work experience. I am seeking finance in the amount of $150,000 and using $20,000 of my own money into SSBA. Vision At SSBA we want to advance the high school basketball competition in the Lower Hudson Valley by offering a high-level summer basketball camp. The exposure necessary for kids these days to get into college and recruited is the problem. SSBA wants to help these kids not only get better with Basketball but also give them the opportunity to get noticed. Mission Statement The Mission of SSBA is to enrich the lives of Lower Hudson Valley Basketball student athletes, by providing life development skills and opportunities to further their educational development through the game of basketball. It is the goal of this organization to assist athletes in becoming valuable and valued contributors to their community. Industry Profile and Overview Industry Analysis The basketball camp industry is very popular around the Hudson Valley in the fact that they are almost a glorified babysitting for kids during the day. Each school and local college has a basketball camp that anyone can attend and there are plenty of summer leagues that everyone can play in. The difference between these and SSBA is the exclusivity and competition that can be offered. The more exclusive the place the better, and the better the competition the better the kids who attend the camp will get. Recently the grades have increased with numbers of students so business should get better as the years go on which is important for business to grow and advance. The trends around my town is that every kids parents pay them to go to summer camps and all types of leagues so it should not be a issue for getting business. Also my family has a reputation for having good athletes and good coaching which is a start to an even better reputation when the camp gets off the ground. The future can be bright for SSBA because there are no other camps like the one that we are trying to start. The harder we work the more the business will expand. Background The history of SSBA started with my family and I having a discussion as how there were not enough places to play basketball and how no one had tried to tutor athletes in basketball. It eventually grew from tutoring and coaching, counseling at other camps to asking ourselves why we didn’t have a camp of our own. From then on we decided to start SSBA. The current situation is that summer is approaching which we would like to start small and work our way up to a bigger camp. I am recently graduating and will use my education to further the business. Market Analysis/ Target Market The potential buyers for this business could be pretty much anybody, hopefully one day it will turn into a high end corporation but as of now it is just going to be a small business. Other than that it could be some of the smaller camps that are run by the school or town recreation. Their motivation to buy this company is that this will be the only camp like it. The market contains a huge amount of customers. Just in my town alone is two highschools, in Rockland County there are a total of 8 public schools. The market is substantially big and because there are no privatized basketball camps it’s a great opportunity. Rockland County Student Enrollment Grade| Student Count| K-Half Day| 1,274| K-Full Day| 1,617| 1st Grade Students| 3,004| 2nd Grade Students| 3,032| 3rd Grade Students| 3,192| 4th Grade Students| 3,105| 5th Grade Students| 3,078| 6th Grade Students| 3,127| 7th Grade Students| 3,368| 8th Grade Students| 3,212| 9th Grade Students| 3,546| 0th Grade Students| 3,555| 11th Grade Students| 3,394| 12th Grade Students| 2,969| Total Students:| | Public School Districts in Rockland County, NY District Name| Grades  Served| School Count| Clarkstown School District| K-12, UE, US| 14| East Ramapo School District (Spring Valley)| PK-12, US| 14| Haverstraw-Stony Point School District| PK-12, UE, US| 10| Nanuet School District| K-12, US| 4| Nyack School District| K-12, UE| 5| Pearl River School District| K-12, UE| 5| Ramapo School District (Suffern)| K-12, UE, US| 7| South Orangetown School District| K-12, US| 5| Source: Newyorkschools. com The product that is offered is very durable, each year the reputation of the camp will increase and the more success the more campers. Eventually leading to multiple sites throughout the tri state region and the United States. The camp will start out only seasonally in the summer but the facilities can be used year round. The reason starting out to be in the summer is only to research and feel out how the camp goes. Learning from this experience will better suit us to serve our customers when we open for leagues in the spring, fall and winter. The advantage my business has is that I am still young, only 23 years old and having brothers and sisters that are in high school. Highschoolers are our demographic and I believe that I can serve them because I know what they want. Also having my parents on staff will benefit us because they know what kids parents want which are the ones who will be writing the checks. We also have advantage over others because we have a substantial basketball background. My brother and assistant have been playing college basketball for the last 3 years and he knows what it takes to play and prepare for the next level of basketball. We also have experience because we have attended all sorts of sporting camps, specifically basketball camps. We understand how they are run and what it takes to be successful and make it appealing to the customer. Product features that entice the customer are recognition, popularity, skill development, and exclusivity. Basketball players want to be the best and in order to be the best, they have to play the best. I believe that the camps around here are getting old and the competition is not substantial enough in the camps that are in Rockland county. They also let anyone in the public into the other camps which dilutes the competition and takes away from the campers getting better. With invitation only it will be already known that the campers attending will be playing good competition. SSBA will target high schools, parents and kids between the ages of 13 and 18. As shown in the charts above there are a large amount of students in Rockland. SSBA will operate a website to offer customers and clients up to date information on the camp and registration. The website will also highlight the past years and show how the camp works and proof that the camp is one of a kind. Pricing will be a one time payment in the coming weeks before the camp starts. Prices for other camps ranges from around $100 all the way to $1000. I will charge a fee of $500 dollar which could become more or less depending on the amount of sessions per summer, the economy and also the success of the camp. This is a reasonable asking price as it will pay out in practice and success. Advertising: SSBA will advertise in the Journal News, Our Town and other local newspapers and pamphlets. We will also advertise on facebook, online, twitter and social networking cites that kids in our demographic use. We can also advertise at schools, on the television and radio. Newspapers cost about $1000 an add to advertise in the classifieds. Online and in the schools is free. It is also free to advertise in local businesses and shops. Fliers will be printed and brochures can be printed out and mailed for stationary expenses. External Market Influence: Obviously the market and economy is not the best, but it is growing and it’s going to get better. Summer camp is a luxury for many families to give their kids and that’s one of the downsides for my proposal. Inflation, recessions, employment and interest rates will hurt my company if it gets serious because as a luxury expense it is the first thing to be cut. The only thing that is beneficial is that by attending such a camp can benefit your kids basketball ability and that will save you money in the long run for scholarships in college which is way more expensive than a summer camp. The thing about all these things affecting my company is that they affect all kinds of camps but being a good entrepreneur is that you react to these economic changes. Competitor Analysis: Existing competitors include a few high school, college and town recreational camps. As I said before these camps do not offer high end competition in basketball to hone a advanced kids skills. These camps are just sign up and attend where my camp would be invite only and very exclusive. The potential customers go to these camps because they are the only camps offered. As of now there are no other companies that are starting basketball camps as I know of. The strengths of these competitors is that they have no real competition. The weaknesses is that they are poorly run, thrown together and don’t offer the correct competition for kids who are pursuing a career in basketball. Strategic Plan: SSBA core competencies revolve around the kids, ranging from ages 13 to 18; we wish to bring out the best in our clients. We will treat all campers as professionals and expect them to reciprocate the same to counselors as we are working as a team to make them better on and off the court. They are eager to learn the game and earn educational opportunities. The Camp covers a one week time frame and activities include but are not limited to: structured basketball drills facilitated by qualified coaches and former professional basketball players, cardiovascular training, motivational presentations, lectures on the importance of academics, presentations on NCAA compliance, understanding the importance of teamwork and devotion sessions. Future camps will include presentations on simple financial management, cultural adjustments when living away from home (critical to scholarship recipients) and sports psychology. SWOT Analysis Strengths: -SSBA has a team that has coached and played at several levels that gives them an excellent basketball IQ. Each counselor and worker brings a different piece to the company that will benefit each kid in a different way. It is a family owned and operated camp, which not only operates with a caring and honest attitude. -Another strength that this business offers is that there is no other kinds of camps like this one with a competitive atmosphere that is strictly based on advancing the kids basketball careers. Weaknesses Although we are confident that there is no other camps like ours, there are other camps that are run and that’s always a weakness. -The concept of invitation only can be rough and tough on our potential customers because everyone is going to want to be part of it but its just not possible. -Making a investment like such is a big thing and it needs to be taken very seriously. Opportunities -There is serious opportunity to make this camp b igger and better if everything goes to plan. -We believe that we can offer the best kind of advice and basketball instructions for kids to be successful. Threats -Kids like to go to other camps around North America -Other kinds of camps are offered around, that offer more than basketball. Structure SSBA will be an A corporation. A company that offers all the advantages of a well run organization, such as continuity, easy transferability, and limited personal liability. The advantage of an S corporation of this company is that investors and owners can avoid losing their personal assets should a customer or counselor injure herself. I will be the owner with fifty-one percent of the company and maintain decision-making. Financial Plans: Located Below Loan Proposal I will be investing 20,000 of my own money into Sheridan Skills Basketball Academy. These funds are from my savings account. I will need a loan of $150,000 to cover my business and startup. Financial Forecast Balance Sheet Assets Current Assets Cash and Equivalents$20,000 Inventory$2,000 Miscellaneous$1,000 Total Current Assets$23,000 Fixed Assets Property$179,700 Total Fixed Assets$179,700 Total Assets $212,582 Liabilities Current Liabilities Notes Payable (short term)$ 0 Loan$21,839 Total Current Liabilites$21,839 Long Term Liabilities Notes Payable$138,904 Total Liabilities$160,743 Owner Equity$20,000 Total Liabilities and Owners Equity$212,582 Cash Budget June- August Item| June| July| August| Beginning cash balance| 15,000| -13,500| 20,000| | Expected Cash Receipts:|   |   |   | Cash Sales| 20,000| 25,000| 30,000| Collection of accounts receivable| 45,000| 55,000| 70,000| Other income| 0| 0| 5,000| Total cash collected| 80,000| 66,500| 125,000| | Expected cash payments:|   |   |   | Raw materials (or inventory)| 50,000| 11,000| 5,000| Payroll| 10,400| 10,400| 10,400| Other direct expenses| 2,000| 2,000| 2,000| Advertising| 10,000| 0| 0| Selling expense| 6,000| 8,000| 6,000| Administrative expense| 4,500| 4,500| 4,500| Plant and equipment expenditures| 10,000| 10,000| 10,000| Other payments| 600| 600| 600| Total cash expenses| 93,500| 46,500| 38,500| Cash surplus (or deficit)| -13,500*| 20,000*| 86,500| SSBA Income Statement Most Likely June- August Sales Campers$500,000 Gross Profit$500,000 Operating Expenses Advertising$50,000 Gas/ Electric$10,000 Insurance$20,000 Depreciation$10,000 Salaries$200,000 Water$10,000 Cable/Telephone/ Internet$600 Total Operating Expenses$300,600 Net Income$199,400