A BFS is an abbreviated version of a business plan that serves as a preliminary investigation into starting a chosen business. It contains research into the many facets of business start-up, including sections on industry overview, products and services, market research, financing, management team and community benefits.
What specifically should be included in the BFS?
More extensive details for preparing the BFS will be distributed at a future class.
How do you select a business for which to write your BFS?
To select the business for which you’ll write the BFS, choose from the following:
• A business you’d like to start
• A business or franchise you’d like to buy
• The business you currently own or manage for which you want to propose a
new, major product line or lines; a major service change or additional services; and/or a restructuring of the current business in such a way that customers perceive the business dramatically differently.*
*Students must show major changes to the existing business
What are the submission requirements?
All BFS papers must be typewritten; please proofread prior to submission. Length will vary from 20-25 typewritten pages; cover required points with brief but clear descriptions. Organize the BFS by section as indicated in the outline. It is mandatory to follow the outline that will be provided and to use appropriate section headings.
Items such as brochures, survey questionnaires, ad designs, maps, website URLs and other related items are recommended additions and can be included in an appendix.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.1. Summary
The party and event management industry is one of the fastest growing industries and the total revenues generated by the industry is $4 billion in 2014. It grew at the rate of 2.5% over the period 2009 – 2014, but as the economy is expected to recover from the sub-prime economic recession of 2007, it is expected that the demand for party planning and event management services would further increase and the projected growth in future is 6.6%. The industry is currently in the matured phase and the new business idea seeks to capitalize on this growth potential by offering a vast array of comprehensive solutions to the clients.
The mission of the company would be to provide ease of mind to the consumers so that they can enjoy their events and parties rather than being worried about managing the events. As such, the company would be operating party supplies stores from which consumers can select the products and they can be accordingly used to theme the party and events.
The size of the industry is $1 trillion and the business anticipates to capture less than 0.01% market share over the first 2 years of operations. Since the business is in the inception stage, it would take time to create brand value and spread brand awareness. There is intense competition but the lack of a dominant player creates room for entry of new players. The business would comply with ethical guidelines so that its operations do not damage the environment. It would be initially organized as a partnership firm and as the business would grow, the firm would be taken public to tap international sources of funds at optimal costs. The business would be using a mix of promotional methods to communicate its messages. The promotional methods at the start would comprise of the Internet, print media, outdoor advertisement, advertisement at places where events are organized, etc.
2. Company and industry
A. Industry Overview
The company analyzed in this report is based in the party and event management industry. The industry can be segmented into smaller sections on the basis of several factors. One such factor is the organizing of events for home-owners and individuals and another segment is for businesses. The company would be focusing on both the segments and seeks to capture a large target market share. The party and event management industry is one of the fastest growing industries and the total revenues generated by the industry is $4 billion in 2014. It grew at the rate of 2.5% over the period 2009 – 2014, but as the economy is expected to recover from the sub-prime economic recession of 2007, it is expected that the demand for party planning and event management services would further increase and the projected growth in future is 6.6%. The industry is currently in the matured phase since the client groups and service offerings are defined in a clear manner (IBIS World, 2014).
Currently, there is no dominant player in this industry since there are many companies that strive to provide customized services to specific market segments. Historically, businesses had their in-house department to manage events and individuals also sought to plan their parties on their own so that they could keep the costs low. As there has been an increase in professionalism and the desire of perfection, there has been an increase in demand for event management companies. Businesses are trying to outsource these activities so that they can keep their costs low and at the same time, they can also maintain their brand image by avoiding dilution of brand value through poor hosting of meetings. Individuals are also hiring event managers to maintain their social status and host proper social get-togethers and parties....