TOPIC FOR PROJECT:
WellSpa is located in the tourist hub and commercial district near the base of Charleston’s historic Ravenel Bridge – 235 Meeting St, Charleston, SC 29401.
Introduction of project to reader (½ page to 1-page each highlighted topic). Includes:
Who wrote the plan
How they can be contacted
To whom is it being presented (Banker? Investor?)
Business name and
Business address (Must be a real commercial location that is currently available for lease)
https://www.sba.gov/business-guide/launch/pick-your-business-location-zoning-laws , or
Research local commercial properties for lease on one of many sites like this:
The date the plan is submitted
Table of Contents:
Use all Section headings and subheadings in this outline. Page numbers can be added as your project is developed for the final copy.
Specific address where you are located- must be a business that is available to be leased or purchased.
Overview of the entire business plan, including basics of the idea, style, name, location, and projected revenue of the business. It will introduce you, your business and your product that you plan to offer to the reader.
Target Market Review:
Research to confirm that the market is large enough to accommodate your promotion idea.
Use the data mining software directions (Contents/project/Data Mining) to produce the following information for each of your Target Markets. Plan to have at least two Target Markets. You will need maps, demographic, and psychographic data for each targeted city or area unless we discuss a different plan of action.
You will need this link in order to collect the data mining info:
Unless on campus, you will be required to provide your TTC login credentials.
You can also go to the library Database page (A-Z list under “D”) and click directly on it.
Locals? (city, and/or Tri-county area)
Create a map with a five-mile radius, zip code or a geographic metropolitan areas you intend to focus upon.
For business locations promoting to tourists, you would promote to
Example: a downtown business would promote to locals, Charlotte, and Atlanta.
For business locations primarily focusing upon locals, plan to promote to
the local area
a nearby area that would potentially come to the business.
Example: a Summerville business would promote to Summerville and Goose Creek
The maps below show two ways to collect info for a Target Market- you will determine the best one. The first was created using the software above and using a combination of Zip codes and census tracts for a business in Mt. Pleasant that draws its customers from Mt. Pleasant, Sullivan’s Island, and the Isle of Palms. This will allow all subsequent demographic and psycho-graphic data to include everyone in this area.
The second map uses a radius around the business that includes downtown Charleston, and parts of West Ashley and James Island. Notice that it doesn’t cover all of Wild Dunes on the Isle of Palms. The second map is not a good choice to collect Target Market information for a business located in Mt. Pleasant as very few of the population on the circle that includes James Island or downtown Charleston will drive through the #1 city in the US to visit the Mt. Pleasant shop. Your Mt. Pleasant and surrounding locals will.
Tourists? Research where they come from. Unless we agree on other locations, you should plan on the Lowcountry’s tourists coming from Atlanta and Charlotte.
Specific demographic target markets – based on the maps created and using the data mining report (“Complete Demographic Summary Report”) to show estimated specifics of the estimated demographic groups:
Demographic age groups range you plan to target:
25 to 82? 23 to 35?
How many of them are there within this range?
Median household income of the groups that you are targeting?
Per Capita Income?
Psycho-graphics- what is the lifestyle of the customers, or how much do they spend per household on food & bev/pertinent items outside of the house? Use the data mining report (“Consumer Expenditure Restaurant Detail Summary.” “Consumer Expenditure Food Beverage Grocery Detail Summary” or see me to find similar relevant data for your business)
Use the appropriate portions of the demographic & psychographic reports to support your findings in the plan. Do not swamp the reader with unneeded data. Cutting & pasting, or highlighting the data can accomplish this.
Traffic count of closest road- and one other for a reference to the reader.
Summarize the groups:
For the Nexton-located restaurant, Hall’s Chophouse, they would likely promote to demographic groups with certain characteristics (business professionals, Happy Hour fans, & locals.
Lease, Licenses & Management
Required business licenses, permits and fees:
State Retail License (SC Dept. of Revenue)
Liquor licenses (if applicable)
Sunday alcohol sales as well?
DHEC inspection fee
Upper management Serve-safe fees
County Building inspection and
Fire Marshall’s walk-through certification.
List each cost, and total costs for all. For county or city fees that require a percentage of your sales, you have already created the sales data and can supply this in order to determine a specific fee. Take your projected sales, and pay the fee for ½ of the projected sales. This covers you:
Pay the rest of the fee at the end of the year when your business has been open and is producing revenue, or
It prevents you from overpaying if something stops the business from reaching its projected sale, like a hurricane, recession, or Coronavirus.
All have government web sites have requirements. You will find most of the information you need from: state, county & city web sites, and some additional online research, your past class text books, our D2L folder: D2L/Course Materials/ Content/Project, and interaction with the instructor for any subject not 100% clear.
List lease type
Triple net? Include:
monthly & yearly rent
Property taxes (I can help estimate if needed)
Rent with percentage of gross sales? (We can estimate a specific %)
Length of lease? Options to renew? How many options? You should have at least 15 years of operating time when options to renew are added.
Pertinent details covered if needed:
Guaranteed # of parking spots?
Grounds keeping costs?
List costs per month & year
Questions to ask: https://www.legalnature.com/article-center/commercial-lease-agreement/how-to-successfully-negotiate-a-commercial-lease-with-a-landlord
Lease types: https://42floors.com/edu/basics/types-of-commercial-real-estate-leases
Name, Legal Structure, & Tax Designation: (Your HOS 265 Law text is an excellent reference)
a. How will you set up the organization as a legal entity? Will you create a sole proprietorship, a partnership, a corporation, an S-Corp, or LLC?
Justify your choice.
Consider these sites for more info:
https://www.fundera.com/blog/s-corp-vs-c-corp , https://www.irs.gov/businesses/small-businesses-self-employed/business-structures , and
5) Mission & Vision Statements:
a. The Mission Statement should highlight how your business is unique and what you hope to accomplish when using your concept. What is the product or the service your business is going to offer?
b. The Vision Statement should clarify your long-term goals for the business.4
c. Management: (Your HOS 256 Management text is a good reference).
Assume your project team will be actively involved in the operation of the business.
Brief job description for each member of the management team- include experience and education. (1/2 to one page)
Create a visual chain of command with Microsoft “Smart Art” or similar graphics
– include Assistant Managers.
Show all details: who is in charge when the GM/Partner is gone – Partner #2? Assistant event planner? Assistant manager? The chef? Head waiter? Make it clear.
List qualifications & experience, capabilities preferred of your managers and staff other than you (Serve Safe alcohol/food certified? extroverts? (1/2 page)
The attached file is an Example of a project