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8/4/2019 Model Business Plan 4
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Feasibility PlanFeasibility Plan Prepared By
Linda Smith, President
1234 Main Street
Anytown, ST 55555
(999) 999-9999
Date PreparedNovember 10, 200A
Target Geographics
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Executive Summary 4
Venture Description 4Product/Service 4
The Market 4
Start-Up Costs 5
Price and Profitability 5
Product/Service 6
Purpose of the product/service 6
Stage of development 7
Product limitations 7Proprietary rights 7
Governmental approvals 7
Product liability 7
Related services and spin-offs 7
Production 8
Marketing Plan 9
Industry profile: Current market size 9
Growth potential 9
Industry trends 10
Competition profile 10
Customer profile 11
Customer benefits 11
Target markets 12
Market penetration 12
Target Geographics Feasibility Plan
Table of Contents
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Price and Profitability 13
Price list 13Sales estimate 14
Cost of product/service 15
Gross margin 16
Three-year operating expenses 17
Three-year operating statement 21
Start-up costs 22
Start-up expenses 23
Capital expenditures 25
Plan for Further Action 26
Strengths 26
Positives 26
Needed capital 26
Entrepreneurs role 26
Business plan 26
License potential 27
Corporate partners 27
Proprietary rights 27Infrastructure members 27
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4
Target Geographics Feasibility Plan
Executive Summary
Venture Description
Target Geographics (TargetG) is a service business that provides mapping solutions tocompanies and organizations that lack in-house resources. These solutions include maps that
enhance sales presentations, research reports and business proposals by displaying information
in an attractive, easy-to-interpret format. Target Geographics will give companies the ability to
apply mapping technology to business problems such as geographic segmentation, site
selections and trade area analysis. We will also offer customized software and will assist in
training and on-site technology evaluations. We are currently a start-up business.
Product/Service
Using desktop mapping and graphic design software, TargetG will create maps anddemographic reports for companies involved with trucking, advertising and marketing,
nonprofit groups, and health care. More companies are recognizing the need for mapping
software, but do not have the time to train staff to use software properly.
The Market
The market for geographics is growing. As recently as last year, GeoMarketers International
reported that 49.3% of businesses were performing geographic segmentation, 42.4%
were performing site selections and 33.5% were running trade area analysis. The CAD/
CAM/CAE (computer-aided design, computer-aided manufacturing and computer-aided
engineering) sector of the computer software market is comprised of four major segments
including Geographic Information Systems (GIS)/Mapping. Overall this segment is expected to
experience the fastest growth with levels of 14% annually over the next 3 years.
Key markets include the trucking industry, advertising and marketing agencies, health care
companies, and nonprofit organizations. We will penetrate these markets using direct mail
with timely follow-up to the marketing directors of these organizations. We will pursue one
industry at a time, but will add others as we grow.
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Start-Up Costs
Target Geographics will use approximately $45,000 of start-up capital, broken down asfollows: $28,000 to cover four months operating expenses and $17,000 for start-up expenses.
Price and Profitability
High gross margins make Target Geographics an attractive business. In year one, projected net
income of $67,317 is expected. With the addition of rent, salary increases and added
marketing efforts in the second and third years, net income is projected to be $42,389 and
$14,542 respectively. These additional costs will help position TargetG for future aggressive
growth.
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Purpose of the product/service
Target Geographics believes that a little map goes a long way to help businesses make strategicdecisions.
Eighty percent of data has some geographic component, according to industry research;
therefore, it can be displayed on a map. Since "a picture is worth a thousand words," a map
helps data come to life. From simple location maps to detailed proximity studies, maps hold
the power to enhance communications and improve overall productivity.
Maps offer visual solutions to a number of challenges that businesses face today. Some of these
challenges include
choosing better retail locations through well-thought-out site selection,
optimizing sales productivity by targeting profitable territories and regions within
trade areas,
looking at different route areas, and
assessing different options for demographic profiling.
Using desktop mapping and graphic design software, TargetG will create maps and
demographic reports for companies involved with trucking, advertising and marketing,
nonprofit groups, and health care. More companies are recognizing the need for mappingsoftware, but do not have the time to train staff to use software properly.
Customers may include maps in the following variety of publications:
Presentations
Business Plans
Proposals
Annual Reports
Sales/Media Kits
Newsletters
Brochures
Web pages
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Target Geographics Feasibility Plan
Product/Service
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Stage of development
Target Geographics, a consulting firm, is in the model stage of development. Linda Smith,president, is in daily contact with other mapping professionals in other markets via e-mail and
telephone and will begin to makes site visits when possible to learn about new technology,
business opportunities, and changes in the market.
TargetG is currently working with the XYZ Freight Carriers. XYZ is a leader in the trucking
industry and this association will assist TargetG in landing future clients.
Product limitations
Keeping up with the volume of geographic and demographic information is tedious. Renewing
data can be costly, so it is important for Target Geographics to seek out suppliers that offer a
variety of pricing structures and quality data.
Proprietary rights
Target Geographics has not obtained any patents, trademarks, or copyrights.
Governmental approvals
Target Geographics has registered the company name with the Secretary of State.
Product liability
TargetG makes every attempt at accuracy, and it requires clients to sign-off on work; however,
there is always the chance that a mapping error might occur. Therefore, Target Geographics
will be covered by professional liability errors and omissions insurance in a business policy.
Related services and spin-offs
Target Geographics will begin developing relationships with suppliers such as InfoMap to be a
software trainer of new geographical analysis packages when they are released. Linda Smith
will work with customers as a consultant to teach them to use the software they purchase.
Time spent in training allows TargetG to develop other business and serve current clients while
providing TargetG a lucrative contracting opportunity.
Another service considered beneficial to Target Geographics and its clients would be mapping
solutions for a customer to use in-house. TargetG will form an alliance with mapping
programmers who will sub-contract with TargetG to provide tailored applications for clients.
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These applications might be a macro to produce reports automatically for a real estate firm or
an algorithm to figure the closest delivery terminal for a trucking company.
Location Based Services is a technology by which consumers can retrieve and view information
about companies in their vicinity over cell phones or palm pilots. This service enables
companies to focus on consumers geographically. TargetG is investigating this technology.
Production
All projects will be performed internally, except overflow. When necessary, the type of work
will determine the subcontractor. TargetG will use subcontractors with a degree in geography,
who have extensive software map experience, and who can work independently. Hourly rates
may vary but will average approximately $35. Initially no other work will be contracted out.
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Industry profile
Current market size
Target Geographics is classified as a software programming business, SIC code 7371.
According to U.S. Industry and Trade Outlook the market size is well over $23.7 billion.
Specifically the CAD/CAM/CAE market, which includes Geographic Information Systems
(GIS)/Mapping, is approximately $2.8 billion.
According to Business Geographics:
19.9 percent of respondents to last years survey conducted by GIS World said their
organizations spent more than $100,000 on business geographics.
Business geographics previously predictable application use is also changing.
GeoMarketers Internationalreported that 49.3 percent of businesses were
performing geographic segmentation, 42.4 percent were performing site selection,
and 33.5 percent were running trade area analysis. Today, perhaps spurred in part
from the awareness of digital mapping from the earlier generations of geographic
information systems (GIS), there seems to be a burgeoning interest in routing,
nearest-to and direct mail applications areas that would have been previously
perceived as secondary concerns. (July 200A)
Growth potential
According to U.S. Industry and Trade Outlook, the GIS/Mapping Segment of the CAD
software market continues to expand. The GIS industry has moved well beyond its initial
niche based on land management and environmental tools. Many functions now supported by
this type of system were formerly done manually. Increased corporate use of GIS technology to
improve customer service and cut costs is expected to propel overall market growth in the next
5 years.
The GIS/Mapping application sales estimates and forecasted amounts, according to U.S.
Industry and Trade Outlook are as follows:
In millions
200A 587
200B 672
200C 769
200D 881
200E 1,008
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Target Geographics Feasibility Plan
Marketing Plan
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Industry trends
Trends, as highlighted by 10 industry leaders (Business Geographics, July 200A), include:
Increases in Internet applications get the data to the client faster for more timely
maps (quicker time to market).
Integration of vehicle tracking and GIS field data collection/update functions
("combined" systems) makes it easier to build and maintain GIS databases that can
support robust GPS-based vehicle tracking applications.
Access to more sophisticated spatial models and a customized GIS toolbox for the
business geographer provides faster service to anxious customers.
This business is all about technology, and it is important to stay on top of the latest software
releases and hardware developments.
Competition profile
Direct competitors, such as MapSearch.com, are available over the Internet and are fairly
easy to find. Unless a company is extremely sophisticated and can handle total online
communication, however, it may rather utilize someone regionally.
Direct competition for consulting and software development includes companies trained in
computers, but not experts in the geographic field, such as Infosearch, Inc.
Indirect competition will come from other sources that display information in a different
format at a reduced price, such as DandyMaps. These companies will not be geographic
experts and will not be able to perform as sophisticated and extensive data analysis as
TargetG. Other indirect competition includes "do it yourself" software that companies try to
learn on their own.
Target Geographics competitive advantage is based on its credentials, service, and business
knowledge. Highlights of its competitive edge follow:
TargetG will provide professional maps for clients needs and provide them with
new information on other uses of maps for specific business objectives. It is the only
company in the area owned by a professional cartographer.
TargetG delivers client's maps in a more timely fashion than out-of-town
companies.
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TargetG remains well networked in the geographic and demographic community to
guarantee the most appropriate solution for the client.
TargetG will be available to work on site with new users of software to help them
be more efficient with new programs.
TargetG is expert in customizing software. It will use a network of other experts in
business geographicsthose with degrees or with extensive experience in the field.
TargetG will be able to show patterns and trends in data that businesses provide
that may otherwise be difficult for them to see.
TargetG will perform sophisticated and extensive data analysis.
TargetGs location in Anytown where major firms in its specific niche market are located will
be extremely beneficial. Trucking, health care, nonprofits, ad agencies all have corporate
headquarters here.
New enterprises are currently treated well in the geographics industry. Nationally, geographers
are close-knit. The more businesses beginning in this area, the more potential customers will
be educated to the benefits of applying mapping technology to business problems. This
education will increase sales for all of us.
Customer profile
The intended customers for TargetGs products are the marketing and graphics departments
within the niche market. In addition, operations department managers are key contacts,
especially in the trucking industry. Advertising and marketing account managers are important
because they sell their proposals to clients and do not have any expertise in GIS mapping.
Vice-presidents of large retailers are also key contacts because they are very interested in
demographic information when choosing new sites.
Customer benefits
Maps from Target Geographics help businesses in the following areas:
Choose better locations through site selection and competitor analysis.
Improve retail profits by illustrating market research.
Optimize territories and regions with trade area analysis.
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Build better sales forces by targeting prospects and defining territories.
Focus advertising more effectively through distribution studies.
The additional customer benefits from on-site training will provide companies with in-house
expertise in using software purchased for mapping solutions. Many times companies will simply
use an administrative assistant or an information technologist employee and expect them to
teach themselves the software, which is next to impossible in this highly specialized field.
Site evaluations benefits to customers are many. The most evident one will be higher sales,
because of well-thought-out demographic, geographic, and psychographic mapped evaluations.
Customized software for companies with specific ongoing needs will allow users to save timeand be more efficient in their day-to-day operation and usage of GIS software. This service
will assist clients with projects they do internally over and over. They will have software that
will be easy to maintain and use.
Target markets
The niche markets for Target Geographics include the trucking industry, advertising and market-
ing agencies, health care companies and nonprofit entities. We plan to focus on organizations
like Yellow Freight, BRB Advertising, Hospital Health Care, and Big Brothers and Sisters.
Market penetration
1. TargetG will hand deliver to marketing directors, throughout a specified time
period, a professional direct mail piece, with creative external packaging. The inside
will display TargetG-generated information and the same information by traditional
methods (charts, etc.). This comparison will make very evident what format is the
most inviting. We will also include a promotional item related to the mapping
industry that clients may use on their desks.
2. When it is ready, we will send a postcard to announce TargetGs website to about
60 contacts who have responded to the above marketing kit and existing clients.
3. Follow up is important, so we will call everyone to whom we sent the above
marketing kit and ask him or her for an appointment to show some of our work.
4. TargetG plans to join professional organizations and associations where the target
market population will be members. We will make fun, innovative presentations on
the power of mapping.
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Target Geographics Feasibility Plan
Price and Profitability
Price list
Products/services Price
High Quality GIS Mapping 100/hr
Training 75/hr
Site Evaluation 75/hr
Customizing Software 125/hr
Price assumptions:
Target Geographics has decided to charge hourly for its services. In time, it may change the
pricing structure to per project. TargetG has also set hourly rates to reflect the demand on
more deadline-driven projects as in the GIS Mapping. The most expensive per hour fee will be
for customized software because of the level of expertise required. We have looked at industry
pricing and feel that we offer our clients a high-perceived value for our services.
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Sales estimate
Product/service Year 1 Year 2 Year 3
High-quality GIS Mapping (1) 66,000 72,600 72,600
One-on-one training (2) 33,000 36,300 36,300
Site evaluation (3) 6,600 7,260 7,260
Customized software (4) 55,000 67,760 67,760
Total sales 166,000 183,920 183,920
Sales assumptions:
(1) High-quality GIS Mapping: 15 hours/week, 60 hours/month for 11 months at $100/hour.
(2) One-on-one training utilizing clients facilities and data: $75/hour, 10 hours/week, 40
hours/month for 11 months.
(3) Site evaluations: $75/hour, 2 hours/week, 8 hours/months for 11 months.
(4) Customized Software: $125/hour, 10 hours/week, 40 hours/month for 11 months.
The second year reflects a 10% increase in sales. The third year we have not projected anincrease primarily to maintain the pace of the first two years and to work out any operational
issues. We will be very pleased if we can maintain our high sales numbers for the second and
third years. We will then start planning more aggressive growth.
We have calculated to bill 37 hours/week, utilizing a 50-hour work week, and an 11-month
work year. The remaining hours will be used for administration and marketing.
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Cost of product/service
Product/service Year 1 Year 2 Year 3
Product/service item 1
Product/service item 2
Product/service item 3
Product/service item 4
Product/service item 5
Total cost of goods sold
Cost of goods sold assumptions:
Target Geographics is a service provider and does not have a cost of goods sold.
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Gross margin
Product/service Year 1 Year 2 Year 3
High-quality GIS Mapping (1) 66,000 72,600 72,600
One-on-one training (2) 33,000 36,300 36,300
Site evaluation (3) 6,600 7,260 7,260
Customized software (4) 55,000 67,760 67,760
Total sales 166,000 183,920 183,920
Gross margin assumptions:
We have calculated a 100% gross margin because TargetG is a service business with no cost
of goods.
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Three-year operating expenses
Marketing expenses Year 1 Year 2 Year 3
Salaries & wages marketing
Benefits & taxes marketing
Commissions, reps & contractors
Advertising broadcast
Advertising brochures/posters (1) 4,000 3,500 5,000
Advertising direct mail (2) 1,600 5,500
Advertising other (3) 5,000 5,000 6,000
Marketing print (4) 1,640
Marketing samples/trade shows (5) 1,500
Other marketing expenses (6) 12,000 6,000
Total marketing expenses 13,740 20,500 22,500
Marketing expense assumptions:
(1) We plan to produce a four-color brochure with samples of our work. The budget for this
at startup includes enough for future seminars and sales calls. We have priced printing,
paper, design and art direction. The piece will be designed so that we can produce various
inserts to communicate to different markets. We will produce 500 of the main piece at
approximately $5/each. The remaining $1,500 will be used for the four inserts.
(2) We plan to buy lists from various organizations and mail out a less expensive direct mail
piece as a teaser to encourage people to call and find out what TargetG is all about. Wehave priced a unique postcard mailer made of rigid translucent plastic to introduce our
website. These cards are $2.20/each plus 35 cents for postage. A mailing of 600 will use
half of the budgeted amount.
(3) This budget is for promotional products. We will spend $1,250/per quarter on items to
give to prospective and existing clients. We would also like to purchase a less expensive
item to distribute at seminars. Keeping our name in front of clients will help build brand
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identity. We will also buy corporate apparel to wear while working on site with clients.
Holiday thank you gifts also come from this budget item.(4) We would like to purchase ads in local trade associations newsletters, including the
chambers of commerce. A quarter-page ad usually costs between $250-400.
(5) Samples will include larger, more extensive maps for trade shows and seminars. They will
be laminated and appropriate for large groups. The cost is approximately $190/each.
(6) TargetG will incur this expense in years two and three. We will commission an outside
marketing person to plan and execute an extensive marketing plan, estimated at 50/hour
for 20 hours/month. Once we have a plan in place, we will cut the hours to 10/month in
year three.
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Administrative expenses Year 1 Year 2 Year 3
Salaries & wages (1) 40,000 48,000 60,000
Benefits & taxes (2) 17,600 20,400 24,600
Meals & entertainment (3) 900 1,000 1,200
Dues & subscriptions (4) 250 450 600
Professional fees (5) 500 600 850
Accounting/bookkeeping (6) 800 800 800
Travel/automotive (7) 775 960 1120
Other administrative expenses (8) 11,550 24,700 33,000
Total administrative expenses 72,375 96,910 122,170
(1) Salaries and wages are based on one full-time salary.
(2) Benefits and taxes include a health insurance premium of $300/month and 35% for taxes.
(3) This figure is low at $75/month and will include lunches with prospective clients, food
brought to presentations, and any small gifts or tickets bought for clients.
(4) We plan to subscribe to Business Geographics, Geo Worldand Mapping Awareness.
We will also join the Society of National Cartographers.
(5) Legal services are included in this item
(6) We have decided to outsource all accounting functions and have received a bid of
$200/quarter.
(7) This figure is based on .32/per mile with approximately 2,400 miles the first year, 3,000
miles the second year, and 3,500 miles the third year. Included in this amount are all
deliveries of materials in addition to the everyday mileage to conduct business.
(8) This expense is for outside contract labor. The first year is budgeted at 30 hours/month at
$35/hour. The second year will have 45 hours/month at $50/hour, and the third year will be60 hours/month at $50/hour. We have also decided that we will only pay for 48 weeks of
contracted help. The increase in hourly wage will reward those contractors that become
part of our outsource team, and we hope they will give us preferential treatment when
deadline-driven work arises. Hours increase substantially the third year, even though sales
dont increase, because the owner plans more administrative work and less hands-on work.
Second- and third-year administrative expenses will rise, because the owner will take a higher
salary and will hire more contract labor.
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General expenses Year 1 Year 2 Year 3
Bank charges (1) 150 165 180
Credit card fees (2) 664 736 736
Interest
Insurance (3) 4,000 4,000 4,000
Office supplies (4) 1,000 1,000 1,000
Other supplies (5) 4000 4400 4840
Postage (6) 250 250 250
Telephone (7) 1200 1320 1452
Utilities
Rent (8) 12,000 12,000
Repairs & maintenance (9) 150 150 150
Taxes & licenses (10) 100 100 100
Other general expenses (11) 1050
Total general expenses 12,568 24,121 24,708
General expense assumptions:
(1) Minimal bank charges for business checking account
(2) Credit card fees of 4%; approximately 10% of sales purchased by corporate credit card
(3) Errors and omissions insurance in addition to basic liability insurance on equipment
(4) Basic office supplies for day-to-day operations
(5) Updating software, presentation materials, stenciling supplies, binding materials, copies
(6) Stamps, packaging
(7) Two phone lines, internet access, and cell phone
(8) Rent for second and third year only, including utilities
(9) Basic maintenance
(10) Business licenses
(11) Incidental unplanned expenses including anything that cant be put into a category
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Three-year operating statement
Product/service Year 1 Year 2 Year 3
Sales 166,000 183,920 183,920
Cost of goods sold
= Gross Margin 166,000 183,920 183,920
Marketing expenses 13,740 20,500 22,500
Administrative expenses 72,375 96,910 122,170
General expenses 12,568 24,121 24,708
= Gross profit* 67,317 42,389 14,542
*Before taxes, amortization, and depreciation
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Start-up costs
Start-up costs Year 1
Petty cash
Register cash
Opening inventory
Rent (last month's)
Security deposit
Telephone deposit
Utilities deposit
Other deposits and start-up costs
Total start-up costs
Start-up costs assumptions:
The first year TargetG will be a home-based business; so typical start-up costs will be low.
The plan, however, is to have office space the second and third years, so we will incur deposit
costs then.
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Start-up expenses
Start-up expense Year 1
Fictitious name costs
Corporation filing fee (1) 250
Corporate tax prepayment
Activation fee
Legal & consulting fees (2) 850
Accounting fees (3) 600
Federal tax ID
Sales tax permit
Salaries & wages -training/setup
Benefits & taxes - training/setup
Office supplies (4) 450
Business supplies (5) 3,300
Printing- cards, stationery, brochures (6) 125
Pre-opening advertising (7) 4500
Other start-up expenses (8) 800
Total start-up expenses 10,625
Start-up expense assumptions:
(1) State filing fee to register an LLC, $250
(2) Attorney fees to set up LLC5 hours at $170 per hour
(3) Accounting fees to set up accounts, etc.10 hours @ $60 per hour
(4) Basic office supplies (file folders, paper, pens, etc.)
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(5) Software purchases--Maptitude 4.2, IcoMap, 3.0 and GeoMedia 4.0
(6) Business cards, stationery, and envelopes(7) Pre-opening advertising will be broken down as follows:
300 promotional items at $5/per item ($1,500)
Presentation box at $3/ea ($900). Inside, a promotional item, sample maps, a basic
brochure outlining our services, and an invitation to an informational breakfast
Brochures estimated at $4/ea, including printing and paper ($1,200), hand delivered to
targeted potential customers
Informational breakfast at $900
(8) Four-day seminar of extensive training on the new geographic software
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Capital expenditures
Capital expenditures Year 1 Year 2 Year 3
Equipment (1) 4,000 1500
Furniture (2) 1750
Leasehold improvements
Vehicles
Buildings
Land
Total capital expenditures 5750 1500
Capital expense assumptions:
(1) Two computers in year one; computer updates in year two
(2) Desk, chair, file drawers, drawing table and files for disc storage
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Pitfalls
Perceived need for the product. TargetG will have to continually show potentialclients why mapping is a better visual presentation of data than traditional delivery
systems.
Keeping up with work flow. TargetG may have to hire more subcontractors than
originally intended.
Recessions impact on business when marketing budgets get cut. TargetG will need
to network with other departments in a company to maintain a variety of client
sources.
Strengths
Business with great news value. Mapping is an interesting way to view
information.
Product is workable and feasible. Software is continually coming out that
highlights what businesses are looking for.
High gross margin. At this point, TargetG has no cost of goods.
Exit potential. As long as TargetG works towards getting a strong network of
independent contractors, it should be a viable business to sell.
Needed capital
This venture will be self-funded.
Entrepreneur's role
The entrepreneur will be president, salesperson, cartographer, trainer and office manager
during the first year of business.
Business plan
A business plan should be written to prepare three-year operating budgets and operating
systems. TargetG would also like to further define its target markets; they might be too broad.
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Plan for Further Action
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License potential
License potential is minimal since much of the work is customized. Should TargetG developsoftware that can be used in several applications and industries, this possibility may be explored.
Corporate partners
The only corporate partners that would be viable would perhaps be software retailers.
Proprietary rights
TargetG uses commercially available software and purchases demographic data or uses what is
publicly available. Our clients will own the maps produced. Proprietary rights will be limited
to software that TargetG may develop in the future.
Infrastructure members
At this point the key advisors are, as needed, an attorney and accountant, paid on an hourly
basis. An advisory board is being considered.
In addition, a close network of geographers in the country, a continual source of information
about new technologies and new markets, provide information on how and where to
outsource different functions at no cost.
The president of TargetG has taken FastTrac New Venture and Planning and has a network of
classmates for entrepreneurial support. She plans to use their expertise for her business and in
return show them the power of maps for their entrepreneurial ventures.