Final wgu business plan template 2

Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 1
Fostering Christian Success Business Plan
Lacey Bailey
Owner of Fostering Christian Success LLC
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 2
A.
Executive Summary …………………………………………………………………………………………………………………………..4
A1. Company Identification ……………………………………………………………………………………………………………………..4
A2. Mission of the Company ……………………………………………………………………………………………………………………4
A3. Business Goals …………………………………………………………………………………………………………………………………4
A4. Keys to Success ………………………………………………………………………………………………………………………………..4
B.
Company Summary …………………………………………………………………………………………………………………………..4
B1. Industry History ………………………………………………………………………………………………………………………………..5
B2. Legal Form of Ownership …………………………………………………………………………………………………………………..5
B3. Location and Facilities ……………………………………………………………………………………………………………………….5
B4. Management Structure ……………………………………………………………………………………………………………………….5
B5. Products and Services ………………………………………………………………………………………………………………………..6
C.
Market Analysis ………………………………………………………………………………………………………………………………..8
C1. Target Market ………………………………………………………………………………………………………………………………….8
C2. Industry Analysis ……………………………………………………………………………………………………………………………..8
C3. SWOT Analysis ……………………………………………………………………………………………………………………………….9
D. Market Strategy …………………………………………………………………………………………………………………………………. 13
D1. 4Ps ………………………………………………………………………………………………………………………………………………. 13
D2. Price List………………………………………………………………………………………………………………………………………. 13
D3. Promotional Strategy ……………………………………………………………………………………………………………………… 13
D4. Sales Forecast ……………………………………………………………………………………………………………………………….. 13
E. Implementation Strategy …………………………………………………………………………………………………………………….. 17
E1. Overall Strategy ……………………………………………………………………………………………………………………………… 17
E2. Monitoring Plan ……………………………………………………………………………………………………………………………… 17
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 3
F. Financial Statements and Projections ………………………………………………………………………………………………….. 19
F1. Forecasted Profit and Loss Statement ………………………………………………………………………………………………… 19
F2. Forecasted Balance Sheet …………………………………………………………………………………………………………………. 19
G. Financial Report ………………………………………………………………………………………………………………………………… 20
G1. Financial Projections ………………………………………………………………………………………………………………………. 20
G2. Financial Position …………………………………………………………………………………………………………………………… 20
G3. Estimated Capital/Investment Needs …………………………………………………………………………………………………. 20
H. References ……………………………………………………………………………………………………………………………………….. 22
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 4
A. Executive Summary
Suggested length of 1–2 pages
A1. Company Identification: Identify the company’s name and location.
A2. Mission of the Company: Describe the mission of the company.
A3. Business Goals: Discuss two business goals in support of the company’s mission.
A4. Keys to Success: Discuss three keys to success for the company.
Fostering Christian Success is a business consulting firm for Christian entrepreneurs who want to
start or grow their business using biblical principles and strategies for success in business. We
are located online nationwide and can be accessed anywhere in the world from the web. We
teach entrepreneurs a simple framework we use to start and grow a business from seed to
fruition.
The mission of Fostering Christian Success is to inspire, teach, and mentor Christian
entrepreneurs by empowering them to find their god given purpose. We provide them the
resources they need to start and grow their business from start to finish with our online learning
courses.
The first goal in support of our company’s mission is to sell our course called Bloom to 1000
people in the first month of our companies launch. We will be publishing our book and course at
the same time and our goal is to gain a net profit of 500,000. Once we have profit coming in, we
will move on to goal two. Educating Christians is part of Foster Christian Success’s mission and
will also empower them to start their own business giving them the ability to take their time and
freedom back from the corporate job.
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The second goal of Fostering Christian Success is hire 100 mentors and coaches within the next
3 months. We cannot do this journey alone, so in order to fulfill our mission we will need
expertise in the faith-based business arena. This supports our mission so we can mentor all of the
Christian entrepreneurs that go through our courses.
Three keys to success:
•
Christian Culture- We will target the Christian culture which is said to be 7 out of 10
people or 70%
•
Truly listen to customers needs and expectations- We will make the consult part of the
process the most important process of the project. When we sit down to get customer
requirements, we will make sure we include each phase in the process and be consistent
with out meetings and coaching calls
•
Remain up to date on education and knowledge about business and the bible and learning
to combine them to teach a unique foundation
Company Summary
Suggested length of 4–6 pages
B1. Industry History: Describe the history of the industry in which the company will operate.
B2. Legal Form of Ownership: Identify the legal form that the company will take.
B3. Location and Facilities: Describe the location and type of facilities needed for the company.
B4. Management Structure: Describe the management structure, including key positions and
specific responsibilities.
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B5. Products and Services: Describe the products and services offered by the
company.
B1.
Management Consulting has been around since the late 19th century in the
United States. Businesses in the management consulting industry advise in areas
such as leadership, human resources, corporate strategy, marketing and sales,
and finances and logistics (IBISWorld,2021). From 2016-2021 annual growth was
about 1.5%. The Management Consulting industry has experienced unusual
turbulence over the five years to 2021. Prior to 2020, overall economic growth
and continued merger and acquisition (M&A) activity in the corporate sector
drove demand for consulting services from industry operators. However, in 2020,
the COVID-19 (coronavirus) pandemic caused a recession which reduced
aggregate downstream spending on industry services. Nonetheless, a marked
improvement in the economic outlook in 2021 has positioned the industry for
growth. As a result, industry revenue has grown over the past five years, rising
an annualized 1.4% to $253.1 billion, including growth of 8.6% in 2021 alone.
(IBIS World,2021)
Some of the first management consulting firms were started by college
professors and now are known as the big three. McKinsey & Company, Boston
Consulting Group, and Bain and Company. Founded in 1926, McKinsey is the
oldest and generally perceived to be the most prestigious company among the
Big Three. In the 1960s, a number of new management consulting firms formed,
most notably Roland Berger and the Boston Consulting Group (BCG). These firms
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helped bring a rigorous analytical approach to the study of management and
strategy. During the 1960s and 70s, firms such as BCG, Roland Berger, Booz Allen
Hamilton, McKinsey, and the newly formed Bain & Co (1973), as well as Harvard
Business School, pioneered many of the analytical tools and approaches that
would define the new field of strategic management. The publication of these
concepts has set the groundwork for many Consulting firms to follow.
B2.
For the first year, we will be a small startup with only the CEO and CFO running it. We plan to
outsource work to individual coaches and consultants we hire on through our company as
coaches to help with the work needed to be provided including designing and making new
courses and mastermind classes. After the first year we do plan on having a geographical
organization structure where each division operates as if it is a company in itself, complete with
the personnel to carry out various business functions such as finance, marketing, and production.
The divisions establish themselves in the geographical area they serve, creating regional, national,
or international operations. Within each department we will train the CEO of the location to run
and operate fostering Christian success online from their location and they can hire each
personnel they will need to run the business successfully. Specialized firms have increased
pressure on larger, more generalist Consulting firms to increase their sophistication in industry
and geography-specific knowledge in order to compete for business.
B3
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 8
We will be exclusively online nationwide in all areas of the world and accessible to anyone. Our
coaches and consultants will work from home which will give them the freedom to have some
time for God and to walk in their full purpose of their life.
B4. For the First year we plan to only operate as a small startup with just myself as CEO and my
partner the CFO as management positions in the organization. We plan to hire on specialty
consultants and coaches as independent contractors on a per need basis.
B5.
Services offered by the Management Consulting industry are highly diverse and vary based on
the size and scale of a given industry operator, the background of its employees and its
geographic location, among other factors.
As a result, diverse service offerings enable many smaller enterprises to capture market share
by specializing in a particular field, contributing to the industry’s fragmented nature.
Our products include our 5-phase signature course E-Courses and books and our
services include Christian business consulting for Christians who want to grow or
start a business. If the person wants a little more personalized help with their
specific business or industry, they can get the package deal with private coaching
included. We will also host webinars and masterclasses for live training.
B. Market Analysis
Suggested length of 3–5 pages
C1. Target Market: Describe the target market for the company’s products and
services, including the specific location, demographics, etc.
C2. Industry Analysis: Complete an industry analysis for the company, including current trends
and statistics.
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C1 The target market for our company’s products and services includes Christian entrepreneurs
who want to grow or start a business. We target both Consumers and Businesses online through
our books and e-courses and provide 1-1 Christian business consulting for their specific industry.
Our home based office is located in Anaconda, MT but we serve all geographic locations via
internet.
C2 Revenue for the Management Consulting industry is estimated to grow at an annualized
rate of 1.4% to $253.1 billion over the five years to 2021 . From 2021-2026 they are predicting
a growth rate of up to 2.3%. Over the five years to 2026, the industry is poised to benefit from
stronger economic growth than during the current period, leading to an expected increase in
downstream demand from profitable businesses. As a result, industry revenue will likely
continue to grow, increasing at an annualized rate of 2.3% $282.9 billion over the next five
years. Consequently, industry profit is also forecast to increase during the outlook period.
Consolidation from the largest players is forecast to continue; however, the industry is forecast
to experience a continued influx of smaller operators that serve local. (IBIS, 2021)
The industry as a whole tends to be procyclical, as downstream businesses cut back spending
on consulting services when facing their own budget constraints and declining revenue. In some
respects, however, management consulting can be a countercyclical industry, since consulting
companies may be hired to improve a company’s performance during a downturn. Moreover,
companies that exhibit declining performance generally may seek out industry services to effect
a strategic pivot that can reposition them for growth.
C3. SWOT Analysis: Complete a four-square SWOT analysis for the company in which you do
the following:
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a. Identify three strengths, three weaknesses, three opportunities, and three threats.
b. Explain each of the identified strengths, weaknesses, opportunities, and threats.
S (Strengths)
W (Weaknesses)
1. Low Competition in faith based
1. Low & Steady Barriers to Entry
coaching sector
2. No level of Assistance
2. Low Product/Service Concentration
3. High Competition in consulting
3. Low Capital Requirements
industry for niche industries.
O (Opportunities)
T (Threats)
1. High Revenue Growth 2021-2026
1. Low Revenue Growth 2016-2021
2. High Performance Drivers
2. Low Outlier Growth
3. Corporate profit
3. Yield on 10- Year Treasury Note
The strengths in the management consulting market are low for competition due to not many
using biblical principles alongside management consulting. There is a Low Product and service
concentration in the market and low capital requirements are needed to get started in
management consulting. The weaknesses include low and steady barrier to entries
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The level of assistance and training for this field is a weakness as not many are teaching it to
learn from. I get my information from the bible and compare it to other consulting firms’
practices. I tried to do some research on consulting using biblical principles and it’s a new idea
in the marketplace. Not many people teach how to start or grow a business by making God your
business partner, so this concept will be a new idea. There are some books out there about it,
but no one is teaching it. Dave Ramsey has similar concepts in his business, but he teaches
Christians how to get out of debt.
Another weakness Is high competition in the consulting and coaching industry and low and
steady barriers to entry. the industry continues to experience an influx of new operators due to
the low barriers to entry and the continual emergence of niche opportunities for success by
smaller players. In addition, firms from external industries are increasingly offering the same
lines of services. The industry continues to experience an influx of new operators due to the
low barriers to entry and the continual emergence of niche opportunities for success by smaller
players. In addition, firms from external industries are increasingly offering the same lines of
services. Everyone is teaching their methods and systems to run an effective business. For my
niche industry in particular though, competition is lower. The Management Consulting industry
is characterized by a low level of market share concentration, where no single operator is
expected to capture more than 5.0% of total market share. There are many opportunities in
management consulting including High Revenue growth for the next 5 years with many highperformance drivers and corporate profit. The threats include Low Revenue Growth 2016-2021,
Low Outlier Growth, and yield on 10-year treasury note. The yield on 10-year Treasury notes is
forecast to increase in 2021, posing a potential threat to the industry.
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Anticipated growth in corporate profit is expected to increase business budgets, enabling
companies to heighten spending on consulting services. Additionally, as business optimism
improves, companies are expected to increase their labor forces and expand investment in new
facilities and operating capacity. Investment will likely boost demand for process and
operations management consulting, corporate strategy consulting and organizational design
consulting.
Key trends include:
The number of businesses is expected to increase in 2021.
Negative effects of the pandemic will likely be experienced by companies specializing in more
vulnerable industries
Reduced overall consumer spending led to a contraction in demand from the consumer goods
market segment
Two of the trends that have driven overall industry growth during the current period are
healthcare changes and rapid digitization
A broader economic recovery will likely drive industry revenue growth over the five years to
2026
While the full effects of the coronavirus pandemic on the global economy have yet to be
realized, it has undoubtedly catalyzed change in the global business environment.
For example, businesses will likely integrate a greater degree of remote work moving forward,
whether on a full-time basis or as part of a hybrid model with in-office operations.
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D . Mar ke t S tr at eg y
Suggested length of 3–6 pages
D1. 4Ps: Discuss each of the four Ps of marketing as they relate to the company’s products and
services.
D2. Price List: Develop a price list for the company’s products and services.
D3. Promotional Strategy: Develop a promotional strategy including specific tasks, target dates,
and responsible parties.
D4. Sales Forecast: Develop a monthly sales forecast for the first year of operations, including a
discussion of expected market conditions.
Note: The sales forecast will be used as the basis for your revenue in your financial statements.
D1 The 4P’s
Product- (B5) Brand strategy, services that bundle
Price – Year 1 – list price, enter market higher or lower, Bundling? Credit terms?
Place – Supply chain and distribution not location
Promotion – How do you let your customers know about you. Advertising. Social media or digital
marketing, salesforce PR event, introductory sales promotion
Market Strategy
Product- Our Products will consist of online courses and coaching services for Christian entrepreneurs
who are interested in starting a business. Our services will also be able to be bundled so that if a customer
takes an online course and wants to have a coach help guide them for their particular industry, they will
get a discounted price if they choose to have both services bundled.
Price: We will have one main signature program with little classes that can be bought additionally. Our
online courses will be priced individually, or we will have the option for monthly or lifetime access.
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We will be entering the market about the same price as our competition and will not have credit terms
other than our monthly memberships.
Place- All of our courses and programs will be hosted on Teachable an online platform and We will host
meetings and record on zoom for our coaching calls and group coaching sessions. Our books will be
found on Amazon or any local bookstore near you.
Promotion- we will use social media marketing, email marketing, and our website to direct them to our
services they can choose from. We will also partner with others and have guest speakers on our platforms.
The books purpose to direct them to the online course as well and we will be mentioning it several time
throughout.
Bloom Program is a group coaching program
Bloom School (Online Course)- $2987
Coaching Services- Group Coaching as above $99/month or $47 for individual course one time purchase
Private Coaching $987/month
Promotion Strategy
Specific Tasks
Target Date
Responsible Parties
Create Website that lists
November 1st
CEO
November 15th
CEO
November 15th
CEO
services provided
Create Google Page for
Business and advertising
services
Create Brand Strategy and
Social Media Accounts
(Facebook, Twitter, Instagram)
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Create Blog and YouTube
November 20th
CEO
December 1st
CEO
December 15th
CEO
December 16th
CEO
December 20th
CEO
Channel for Followers
Create Brochures and Business
cards that market website and
social media profiles
Schedule Public Relation Events
and Plan to Distribute Brochures
Go to University and School to
talk about Program and Courses
for students interested in
entrepreneurship
Advertising for the business on
various channels
Sales Forecast:
Annual
Sales
Forecast
Signature
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2987
5974
8961
14935
14935
20909
29870
35844
44805
44805
62,727
44805
1980
2772
3208
4051
4419
4579
4690
5264
6159
6786
7622
8305
Course
Group
Coaching
and
Individual
Courses
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Private
3948
4935
7403
8142
6539
8205
8543
8714
8798
8840
6888
8379
Books
2500
2500
2500
2500
2500
2500
2500
2500
2500
2500
2500
2500
Total
11415
16181
22072
29628
28393
36193
43578
52322
62262
62931
79737
63989
Coaching
Sales Per
Month
Total
508,701
Annual
Sales
Market Conditions:
In the first year we will plan to rely on advertising strategies to get the name of the organization out there
but realize based on the trend of consulting businesses we will need to have a few reviews and a good
reputation as a company, so we plan to offer our program to three individuals in return for their honest
review and to show other people what business they have started for themselves. We also have a book
deal with a publishing company and get 30,000 in royalties for the year. We plan to start off slow until
our word of mouth and marketing efforts are realized. During the first-year sales tend to be steady with
steady growth by the end of the year but this is a normal growth with that kind of price tag on the
services. I plan to try to upsell the private coaching package and contract 2 new clients a month at the
minimum. The book sales are guaranteed, and I get the money up front from the publishing company and
plan to use some of that money to spend in marketing and advertising. We plan to hit $500,000 by the end
of year one with 10% growth rate the following years
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 17
E. Implementation Strategy
Suggested length of 1–2 pages
E1. Overall Strategy: Summarize the overall strategy that will be utilized to launch your
business, including target dates and goals for implementation.
E2. Monitoring Plan: Develop a post-launch monitoring plan (e.g., financial impact, quality
control, customer satisfaction, monitoring schedule) to evaluate the success of the company in
meeting milestones.
Overall Strategy:
Task
Completion Date
Person Responsible
Meet with attorney to file LLC
12-1-21
CEO/Attorney
Register with State and get all
12-1-21
CEO
Get EIN and Bank Account
12-5-21
CEO
Obtain additional funding for
12-15-21
Finance Manager
Set up Website
12-16-21
CEO
Set up all programs needed
12-20-21
CEO/Vendor
Implement Promotion Plan
12-31-21
Marketing Manager
Launch Date
1-1-22
Company
documents filed (Business
License)
startup
along with computer equipment
with a vendor
–
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 18
Monitoring Plan
Task
Frequency
Responsible Party
Meeting with all company
January 1st 2020
CEO/CFO
Weekly
CEO
Monthly
All Consultants and coaches
Weekly
CEO
Quarterly
CFO
members to go over operations
manual and handbook
Meeting with consultants to go
over tasks and responsibilities
Company meeting with all
consultants to maker sure
production goals are being hit
and making new strategies for
next quarter
Monitor and implement
promotion strategy including
social media channels
Go over financials to make sure
everything is on budget and on
track
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 19
F. Financial Statements and Projections
Note: Develop projected financial statements for the first year of business. You are required to
use the Business Plan Financials Template. The only information entered in section F of this
report should be “See attached spreadsheets”.
F1. Forecasted Profit and Loss Statement: Develop a month-by-month forecasted profit and loss
statement using an estimate of revenues and operating costs based on the sales forecast.
F2. Forecasted Balance Sheet: Develop a forecasted balance sheet for the end of year one.
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 20
G. Financial Report
Suggested length of 1–2 pages
G1. Financial Projections: Summarize the financial projections and the assumptions used in
estimating the financial statements.
G2. Financial Position: Describe the company’s financial position at the end of the first year.
G3. Estimated Capital/Investment Needs: Describe the company’s initial and future estimated
capital/investment needs.
G1. From the book I will earn an upfront payment of 30,000 from the publisher that I will be
using towards startup cost and is broken down to 250 books per month sold toward revenue.
Expenses are very low for this type of business and are expected to have a consistent stream of
income of the course each month. Our sales will grow with our marketing efforts and word of
mouth. Our projections are based on the market average in the industry and what similar service
based coaching businesses are making per month with advertising efforts being the most
prominent way of reaching people and will be our biggest expense per month based on profit
made.
G2. Fostering Success will end the first month in the positive and end the year at $474,046, which
will be really close to hitting our target of $500,000. The outlook for the company is positive and will
only increase profit within the next few years. The CEO spent a lot of effort of the marketing
aspects and startup costs were fairly low, so it balanced it out leaving the company in the
position to hire more coaches and grow the organization in the next couple years. The company
will continue to add courses growing the intellectual property and worth of the company.
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G3. The CEO will invest the 30,000 earned from the book to use towards start up cost. Startup
cost and investments are low in this service business, with marketing being the highest expense
based on profit. We plan to keep it small for the first year and as we grow hire more coaches and
consultants as independent contractors.
Student ID 000000 Bailey Business Capstone Business Plan Version 1 page 22
H.
References
“Industry Market Research, Reports, and Statistics.” IBISWorld, 29 Sept. 2021,
https://www.ibisworld.com/united-states/market-research-reports/management-consultingindustry/.
Abrams, R. (2014) Successful business plan: Secrets & strategies (6th ed.). The Planning Shop:
Redwood
City, CA.
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