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5551 Views 6 Replies Latest reply: Mar 17, 2010 12:32 AM by songwolffarm
songwolffarm Novice
songwolffarm
Currently Being Moderated

Mar 11, 2010 8:23 PM

Don`t understand this?

I am now pretty close to page 10 of my business plan and have caught a snag.
I`m using a Score Template that`s working really well for me.
Here`s the snag.

Describe your most important company strengths and core competencies.
How can I do this, when I have no company?

What factors will make the company succeed?
I can`t do this without having a company can I?

What do you think your major competitive strengths will be?
How do I figure this out, without a company? And without knowing when I`ll have the business (if anyone is interested in investing with a partial business plan that gets worked on about every other day, that would be great, we`re looking for someone who can point us in the right direction with a farm attorney, bookkeeping, and other financials in that line, but one who will let us do the grunt work with the horses, since we have the experience or know those who do), or What background experience, skills, and strengths do you personally bring to this new venture? Unfortunately, jobs in northern WI are null. And without jobs, there is no money, without money there`s little I can do with education. I haven`t even finished my HSED, I need $100 to be reregistered in my online high school class, I am 2/3 complete, with a 91 average. Anyone willing to help me with at least that if not willing to invest...I do have 3 colleges in mind. Yes 3. One for professional dog training and behavior, one for graphics and animation, one for equine business management. However, I did raise show rabbits and had business experience there. I also have friends who have more experience than me, in the areas I lack...does this work?
  • UncleLeon Novice
    UncleLeon
    Currently Being Moderated
    Mar 12, 2010 11:19 AM (in response to songwolffarm)
    Re: Don`t understand this?
    This requires cold, truthful analyzing.

    Make a chart. Along the left side, list your proposed company and your proposed competitor companies.

    Along the top list desireable traits of the product or service you are going to provide.
    (Examples: Best Price, Best quality, Warranty, Customer service, etc)

    in each block rate each company as to number 1 (best), number 2 (2d best), etc including your proposed company's position for each of these desireable traits.

    By doing this you can see what competetive advantage you can offer; what competetive advantages that you will have to overcome from the etablished companies.

    If you don't have (or can't develop) competetive advantages, how will you get business? Even if you do, you still have to overcome the momentum of the established companies. And finally, you will not get customdrs just because you are (in fact) better than others. You will get customrs ONLY if your prospective customers BELIEVE that you are better than others.

    In addition, customers become "comfortable" with their suppliers.. They won't try a new supplier unless there's a good enough reason to make them move. (Trial offer / Special offer / New customer offer / introductory offdr, etc.)
    • songwolffarm Novice
      songwolffarm
      Currently Being Moderated
      Mar 12, 2010 4:12 PM (in response to UncleLeon)
      Re: Don`t understand this?
      The problem with that is, how is it economical to offer trial periods on horses? I`d be paying out of pocket to ship horses to their intended new owners, then after trial period, paying again to ship them back to me. And how do I offer a warranty on a horse? And as far as competing businesses, that would be one very large chart because there isn`t just 1 other breeder in the world. There`s hundreds if not thousands who raise a variety of breeds for a variety of disciplines. That chart would take years, if not my entire life and then some.
      And in breeding, competing, and selling horses, how can I offer an introductory offer? And a new customer offer? And a horse breeder is considered a supplier? That`s like saying I sell horse meat isn`t it?
  • TheSoloGuide Expert
    TheSoloGuide
    Currently Being Moderated
    Mar 14, 2010 6:23 PM (in response to songwolffarm)
    Re: Don`t understand this?

    songwolffarm:

     


    Although I understand what UncleLeon is suggesting, let me try to explain this a different way. You don't need to have a business already established to be able to answer these questions. You will need to have good, objective research data on your target market and competition to complete your plan.

     


    Describe your most important company strengths and core competencies.

     

    In this section, you will compare what you plan on offering (combination of your products, services and expertise) to that of the current competition and how that benefits your defined target market.

     


    What factors will make the company succeed?

     

    This information in this section will largely come from your research and your strengths. For example, do you find through your research that your target market isn't being properly serviced by the current competition? If so, what strengths (expertise, products, services, planning, marketing, cash reserves, etc...) do you have to give you a high percentage of potential success?

     


    What do you think your major competitive strengths will be?

     

    If you need an investor, and the investor doesn't know you, how will you convince them that if they invest in your business, you will succeed? Again, by researching the market and having good data on your competition (length of time in business, online ratings, products and services offered, pricing, etc...), you will be able to discuss and differentiate your services and how that will benefit your target market.

     


    I hope this helps. If not, I recommend you sit down with a SCORE counselor to help you define these answers.

     


    All the Best,

     


    Doug Dolan

     

    The Solopreneur's Guide

     

    http://thesologuide.com/
    • songwolffarm Novice
      songwolffarm
      Currently Being Moderated
      Mar 17, 2010 12:32 AM (in response to TheSoloGuide)
      Re: Don`t understand this?
      Now that made perfect sense! I definitely understood that. Thanks. No Score here, there`s really...nothing here LOL so that`s why I wanna move. Better economy everywhere but here. There is no future here, so if I wanna have kids, like yesterday, I gotta get this plan done, or come up with a way to borrow funds while having bad credit.

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