Of Gnashes LLC - Business Plan Example

Gnashes Business Plan BY YOU YOUR SCHOOL INFO HERE Executive summary Traditional media sources are under-representing private practice dentists and cosmetic dentistry practitioners. As a result, development of a website that consolidates all UK dentists to assist consumers in finding an appropriate dentist in their region, at a relevant price structure, would be viable for consumer satisfaction, expanding dentist presence and marketing visibility, and procuring revenues through subscription and advertising. The unique selling proposition for this new virtual company is “what about you?” a consumer tagline that is associated with a growing trend in conspicuous consumption, with a supplementary emphasis on convenience and an absolutely free guarantee. Revenue production for this model will be inclusive of advertising partnerships and subscription rates for dentists that supply appropriate talent information, specialty services, and other demographic data for the website. Return on investment is calculated at 44%, which is relevant in an environment with little procurement needs and inventories. Nearly all expenditures per month and quarter are fixed expenses, making them predictable. Based on budget expenditures and expected revenues of £3 million annually, it is anticipated the company will sustain a cash position of 1.06 million Pounds at the end of the period running from April 2014 to April 2015. 2. The business idea Cosmetic and private consumer dental care services provide excellent revenue opportunities an environment where there is high consumer demand. The industry in the UK is estimated to be worth £6.2 billion (IBIS World 2013). Hence, this is an enormously lucrative industry if dental companies are able to capture the attention and loyalty of existing markets in the United Kingdom. This is increasingly difficult to accomplish in an environment that is becoming saturated with competition. The main problem with providing private and cosmetic dental care services is that pricing structures for these services vary outrageously between different dentists. Dentists who attempt to offer competitive “deals” have obstructions that prevent them from being able to advertise. Hence, pricing becomes a difficult marketing positioning tool which is unfortunate considering that this generally high-priced industry could attract more consumers if dentistry services were offered at a pricing structure that was perceived as fair and competitive, especially with price-sensitive buyers. Conventional media sources, such as that of UpMyStreet.com, have difficulties in attempting to communicate why one dentist is able to justify higher prices as compared to other dentists in a region. This creates a market opaqueness which concerns consumers who are not fully sure of whether they are paying a fair price or achieving the best “deals” for their expenditures on dental services. This has significant consequences for dentists that want to attract more consumers and build a solid brand identity and brand reputation. Further complicating the dentistry industry are a variety of amendments to the UK Dental Act in 2006 provided opportunities for corporations to own their own dental practices and provided legislation supporting that non-dentists could now own shares of these subsidiaries and even be involved in the management operations of these new business units (IBIS World 2013). Because of the lucrative nature of the industry, private corporations have been acquiring dental practices at a shocking rate as a means of consolidating the industry. The ability of equity firms to achieve economies of scale in areas of IT and support systems, marketing, procurement and staffing have given major dental companies such as Oasis Healthcare and Integrated Dental Holdings the ability to use lower pricing incentives to gain consumer interest and improve their revenues by benefitting from the methodology by which NHS contracts are supplied. Consolidation and developing private equity firms is building the foundation for regional oligopolies which is closing out the competitiveness of private cosmetic and private generic dentistry companies that have not achieved appropriate economies of scale and must incur high operational costs comparatively. Therefore, this business plan proposes the launch of a new website that will provide significant advantages for the private dentistry business. This website, MyDentist.co.uk, is designed to facilitate convenience and user-friendly searches where consumers will be able to locate all of the dentists in their neighbourhoods. The website will provide information on dentist demographics, such as telephone number and address, with a listing of all dentists’ practice specialties and competencies. When consumers click on their desired dentist, they will be given pricing structures for these services associated with each dentist, with a supplemental price comparison tool that shows regional and local pricing similarities and disparities. This will provide private dentists with more competitive visibility as a marketing tool. 4. Ownership and company structure Gnashes LLC Southwark, London, United Kingdom 020-7888-8787 Gnashes, the parent organisation of MyDentist.co.uk, will be established a limited liability company in the UK. The benefits of this structure ensure that company liabilities are not carried over as an impact to the personal assets of ownership. This structure also provides for pass-through taxation protections, where the business does not pay taxes, but losses or gains are considered the personal level. It is also known to give a business more industry credibility and reputation as it illustrates a significant volume of planning was put into the business model and shows partners, suppliers and customers that a formalised commitment has been made (BizFilings 2014). The company requires support management related to the majority of divisions identified in Michael Porter’s Value Chain, inclusive of sales and marketing, human resources, information technology, operations and service. Role Responsibilities Human Resources Manager Works directly with peer management and subordinate employees to develop career planning and organizational culture development. Uses contemporary strategies for employee engagement and job design to facilitate effective human capital allocation throughout the business model. Sales and Marketing Manager Serves as brand manager to develop promotional methodologies and establish appropriate advertising concepts. Critical customer relationship management development and internal company promotion to ensure cultural inclusions. Information Technology Manager Coordinates software development capacity and maintenance of software systems associated with communications, website upgrade and Business Resource Planning technologies. Operations Manager Vital responsibilities related to internal cost control systems. Develops appropriate flowcharts of work activity and establishes viability for tangible resource allocations. Service Manager Offsite representative responsible for procuring new business contracts. Establishes rapport with new and existing customers for brand reputation management and revenue production. In addition to the management team, to guarantee effective service delivery and operational support, the company will be employing approximately eight lower-level support agents responsible for handling customer inquiries, implementing accounts payable and accounts receivable activities, and other important operational considerations necessary to facilitate effective company operations. 5. The Team: Leadership and Board of Directors Gnashes ownership: 1. YOUR NAME HERE – PLACE YOUR DEGREE CREDENTIALS HERE. 2. Michael Black – Founding member of the International Association of Information Technology Trainers. Master’s of Computer Technology from University of Southampton. Bachelor’s of Marketing from U of S. Corporate governance is a critical factor for ensuring competitive and strategic success for Gnashes LLC. The business will establish a four member Board of Directors, inclusive of ownership, management and two external agents. Governance ensures that appropriate market evaluations are performed, ensures executive managerial activities are regulated through the establishment of a compliance framework, and develops more effective strategic objectives (Tricker 2009). Having a Board of Directors will facilitate future growth opportunities by becoming a publicly traded organisation, hence improving relationships and communications with important future shareholders. The Board will meet every three months in which auditing systems, steering committees, and strategic determinations considered. The two external Board members, which provides for more non-biased and impartial decision-making, will be paid for their tri-monthly services at a rate of £3000 for participation in four annual meeting sessions. The External Board Membership 1. Rebecca Moore – Former Chief Executive Officer at Integrated Dental Holdings (2006 to 2012). Master’s of Business Management from the University of Bradford. Awarded Most Influential Social Media Expert by Forbes Magazine in 2010. Awarded National Business Award in 2011 for Enterprise Excellence and Small Business Innovation. 2. James Hartman – Master’s of Marketing from University of Bath. Bachelor’s of Information Technology from University of Bradford. Former member of the Board of Directors at Impax Asset Management Group (2004 to 2009). 6. The Product MyDentist.co.uk is a revolutionary website and search engine that provides comprehensive information about local dentists for consumer convenience. When consumers click on the search parameters clearly illustrated on the site, they will be given options to explore the listed dentists by competency, specialisation, pricing structure, and consumer reviews about their experiences with the service provider. The website ensures that information about dentists in regions is fully updated (offering guarantees of this diligence). What differs from other search engine websites is that it focuses strictly on dental criteria, thus avoiding superfluous information about other contracting services which is common on other competitive websites of this nature. The website competitive advantage, to make it more attractive to diverse consumer segments, is that it will be afforded free-of-charge to consumers. The majority of revenue will stem from low-cost subscription prices for dentists who list their information on the website and advertising partnerships with corporations and private small to medium-sized business involved in the dental industry in the UK. Gnashes will be following the proven successful U.S. business model known as AngiesList.com, a consumer website that procures reviews and competencies of local service providers inclusive of construction contractors, plumbers, roofers and dentists (to name only a few). This business model allows consumers to place their reviews of service providers in their region, assisting in giving consumers a sense of security that they have identified appropriate and competent servicepersons. Angie’s List reported membership of 2.4 million people in 2013 with revenues of $63.4 million USD (AngiesList 2013). This incredible growth in revenues is largely attributed to advertising revenues once the website had proven metrics illustrating high demand and user access of the website. Angie’s List’s success hails from competency and prowess in marketing, which is inclusive of expenditures totalling 16 percent of revenues annually (AngiesList 2013). 7. Intellectual property protections Standard copyright and trademark of all corporate logos, unique business-related content utilised on the website, and the brand name will be established. In an environment where companies are able to quickly replicate elements of a competitor’s business model, the only real asset that a company has is its brand (Nandan 2005). Hence, it is absolutely critical as a competitive tool to ensure that all intellectual property is protected through UK IP legislative policy. The company will consult with the domain name registrar and then apply for an appropriate trademark once the domain host has been selected. The certificate received from the UK Intellectual Property Office will also be scanned and included in the website to deter competitors from attempting to utilise unique creations developed by Gnash. 8. The marketing plan Marketing will be fundamental to the success of Gnashes and MyDentist.co.uk. Fortunately, generic dentistry is applicable to mass markets, providing opportunities to gain attention and interest from a broader segment of the UK population. Cosmetic dentistry, though likely attractive to mass market audiences, is applicable to higher resource markets representing a need for appropriate segmentation and targeting strategies. There is a growing trend in the UK for conspicuous consumption, the purchase of premium products as a means of illustrating a consumer’s success, wealth and social status to important social groups (O’Cass and McEwen 2004). Cosmetic Dentistry Guide provides the following pricing structures for the most common cosmetic dentistry procedures in the UK: Teeth whitening £300 - £1,000 Dental veneers £300 - £2,000 per tooth Dental crowns £300 - £2,000 per tooth Dental implants £1200 - £2,500 per tooth Dental bridges £250 - £800 per unit Gum contouring from £400 CEREC restorations from £400 per unit Invisalign £3000.00 - £6,000 Source: Cosmetic Dentistry Guide. (2014). [online] Available at: http://www.cosmeticdentistryguide.co.uk/articles/cost-cosmetic-dentistry price.html#sthash.6KjG3127.dpuf With the understanding that consumers are drawn toward premium prices under the theory of conspicuous consumption, Gnashes will target consumers based on lifestyle attributes, a methodology referred to as psychographics. Psychographics involves grouping consumers based on their social attitudes, values, personalities, and interests (Boone and Kurtz 2007). The VALS 2 model of psychographics, a respected marketing model, illustrates the most viable target segment that will be attracted to the company model: 1. Innovators – Very high resource consumers that have very high needs for self-esteem and image (SBI 2014). This market segment has very sophisticated tastes for consumption of products. 2. Strivers – A consumer segment with moderate financial resources, but are highly motivated by personal success and achievement. They want strongly to emulate aspirational social members and often consume products out of their price capabilities to show off their social status. Both identified market segments will be the most significant revenue producers for Gnashes. Supplementing the business’ market targeting, the business will utilise pricing as a positioning tool (free services) to gain interest from price-conscious consumer segments that make quality decisions and patronage decisions founded on pricing structures. 8.1 The 4Ps of marketing Product: There will require some level of emphasis on product, illustrating its convenience attributes and user-friendly characteristics as a marketing goal. The company will utilise promotional literature inclusive of direct mail strategies and online banner advertising to send the message about the product’s benefits and features. Prior to launch of the website, the company will procure a variety of mailing lists from special agencies and the Royal Mail (and other appropriate sources) to inform consumers about the launch, product features and the nature of the site’s services. Banner ads, post-launch, will provide links directly to the website so that consumers can experience and navigate the website to become familiar with the business concept and ideology. Price: As indicated previously, a zero cost pricing structure has considerable advantages and opportunities for Gnashes. Promotional literature inclusive of direct mail cards and pamphlets, online banner advertisement, and post-launch television advertising will focus strongly on the absolutely free concept, a highly motivational incentive for many disparate customer segments that will serve as the underpinning of business strategy. Under the law of supply and demand, as a price approaches zero, demand for the product will dramatically increase (Boyes and Melvin 2005). As illustrated by the demand curve chart below, a long-standing and respected economic model of supply and demand, as price increases, demand decreases. This is fundamental and inclusive of known consumer behaviour patterns as it pertains to pricing. The relevancy of this macroeconomic model is of considerable advantage to Gnashes. Source: ICC. (2014). Graphs in Economics, Illinois Central College. [online] Available at: http://faculty.icc.edu/instructionaldesign/econ/math/econGraphs.html?p=law+of+supply+and+demand+graph+chart (accessed 17 February 2014). The following pricing structure for subscription is relevant for start-up of the website: General subscription: £60 for three months Advanced subscription: £220 annually (includes self-updating capability and log-on) Ad Space (3 months) £350 Ad Space (1 Year) £600 Place: The website does not provide for products, only a valuable service. Hence, place marketing will consist of emphasising enhanced convenience by being able to access the service not only on traditional personal computers, but on mobile smartphones in an environment where smartphone usage for Internet access is growing monumentally. Promotion: Promotion is absolutely vital to the success of MyDentists.co.uk. Consumers are known to have very high brand attachment and loyalty when they perceive that a product or service can enhance their lifestyles and provide for self-expansion at the social level (Zhang and Chan 2009; Greenwald et al. 2002). This is the foundational nature of MyDentists.co.uk, to enhance one’s social status and perceptions of social relevancy by providing access to cosmetic and general dentistry services, services that are related to health sustainment and vanity and beauty conceptions. The innovator and striver groups identified as the most relevant to the business model for revenue growth have very strong desire for image sustainment and social relevancy. The online promotional model, using banner advertisements, will depict very attractive individuals with excellent teeth to serve as the face of Gnashes. Figure 1 illustrates the conceptual marketing that will have significant advantages for gaining the attention and interest of the high resource innovator and moderate resource striver groups. Figure 1: Conceptual conspicuous consumption advertising model It should also be recognised that in the United Kingdom, there is considerable ethnic diversity. Using relevant actors maintain ethnic characteristics and consideration of varying age groups, it should gain more attention from diverse consumers in the innovator and striver segments to improve website patronage. Television advertising will consist of similarly diverse and attractive actors sustaining excellent and bright white teeth engaged in social situations in which there is concern over dentistry needs. Important reference figures will inform the actors that they must visit MyDentist.co.uk for easy, convenient and zero price obligation services. The catch phrase, “What about You?” as a tagline in television, print and online advertisement will have self-indulgent appeal and serve to remind consumers with conspicuous consumption values that they need to take care of their appearance. Actors in the television spots will illustrate enthusiasm and appreciation to their social reference groups for their wisdom and foresight in suggesting the website and for prompting them to take immediate action to find a quality dentist. Hence, Gnashes will establish brand recognition quickly and improve word-of-mouth with desirable consumer segments by providing perceptions of personal social self-expansion. 8.2 Objectives and milestones 1. Establish brand recognition within two months of launch. 2. Accrue advertising revenues of £3 million by the March 2015. 3. Establish website patronage levels at 1 million consumers by the end of 2014. The company will require a very detailed IT project that provides for online metrics to measure patronage levels, sign-up frequencies to the website, the volume of reviews left by consumers subscribed to the site, and other important data. This will be fundamental for gaining advertiser interest in providing expenditures in advertising. The company will enlist the IT manager and the support IT team to develop appropriate metrics software that can be easily compiled into quarterly reports to indicate the return on investment for the marketing expenditures. These reports will be essential for proving the success dynamics of MyDentist.co.uk and gaining advertiser interests, inclusive of such ad partners as toothpaste manufacturers, private and cosmetic dentists wishing to further expand their competitive visibility, dentistry appliance producers, and even health services advocate agencies and non-profits wishing to use the site to expand their public relations information. 9. Sales strategy It is not only selling the website to consumers that is integral in building a solid business model, it is establishing sales relationships with non-consumer buyers, primarily those purchasing advertising space on MyDentist.co.uk. The company will require a substantial customer relationship management system, inclusive of sales face-to-face, direct support and the establishment of appropriate self-updating systems to provide authenticity and trust in the business model. According to research, companies that provide electronic access to consumers build much more potent and trusting relationships. The pharmaceutical company Pfizer establishes IT systems that are given pre-approved access to the system remotely which gives them the ability to track invoices, submit important orders, and make contact with Pfizer representatives (Pfizer 2013). MyDentist.co.uk will provide this self-help access to subscribed and paying dentists wanting more visibility. New submittals and changes by Business-to-business buyers will be approved by Gnashes IT and QA support representatives to ensure integrity of the information before publication. The IT department will establish user-friendly protocols and self-help features inclusive of live chat opportunities and clear icons to facilitate effective user capabilities. As the company gains patronage levels and advertising successes, these metrics will be included in report generation that will be presented to dentists throughout the UK, illustrating the proven advantages of listings. Supplemental dentist testimonials about business revenue improvements and client inquiries as a result of advertising on the site will also be included, hence adding more reliability and trustworthiness in the CRM model. These reports will be delivered by email, posted on the website under investor relations links, and through face-to-face advertising conducted by the Sales Manager who will visit dentist agencies throughout the country to inspire subscription. 10. Competitors There is virtually no competition in this industry for Gnashes. Traditional sites that offer information about dentists are inclusive of a broader search methodology, such as those found on virtual phone directories in the UK and UpMyStreet.com. Hence, competition during the first months of operation of MyDentist.co.uk is of little concern to the business. The innovativeness of Gnashes business model might, in the future, be replicated by other private businesses, however the company will be developing an appropriate contingency plan to respond to any competitive movement in this direction. 11. Agreement and Alliances The business is currently negotiating co-branding agreements with major online retailers in the UK with strong presence, revenues and reputation. Amazon.co.uk, a major multinational Internet retailer, will be a viable partner as this organisation supplies dental instruments, dental accoutrements, and even raw materials for dentist organisations. Once the contract negotiations are completed, Amazon will maintain a presence on the website during the duration of the contract terms and also give MyDentist.co.uk ad space on Amazon’s sites inclusive of the dental industry. 12. Budget The primary, high budget expenditures for the business are inclusive of concentrated marketing both pre- and post-launch using a system of integrated marketing communications relevant for desirable customer segments. Additionally, website development costs and inclusion of software programs for metrics, Business Resource Planning, and operations (i.e. invoicing, procurement and payroll) are required to launch a successful business model. There are currently 18,000 registered dentists in the UK according to The British Dental Association (BDA 2014). This represents ample revenue opportunities if Gnashes is able to procure considerable national interest in subscription and advertisement. If the company is able to attract 30 percent of the market, it is representative of 5,400 dentists. When determining cash flow, this market figure will serve as the assumption for subscription-based revenues. Expenditure Category Sales and Marketing (annual) £75,000 Software Procurement and Maintenance £180,000 Payroll £650,000 Procurement £100,000 Insurance and legal £40,000 Tax £500,000 Facilities Lease £150,000 Total Budget £1.70 million The following is a cash flow forecast based on revenues inclusive of projected advertising growth and subscriptions on a month-by-month basis for the year of April 2014 – April 2015. As indicated, the cash flow illustrates a positive result of £1.06 million at year’s end April 2015. Cash Flow Forecast Gnashes Pre-Startup EST May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Total Item EST Cash on Hand (beginning of month) 3,000 200,000 247,170 294,340 341,510 388,680 455,850 523,020 619,970 716,920 813,870 935,820 1,057,770 1,057,770                               CASH RECEIPTS                             Ad and Subscription Sales 0 200,000 200,000 200,000 200,000 220,000 220,000 250,000 250,000 250,000 275,000 275,000 275,000   TOTAL CASH RECEIPTS 0 200,000 200,000 200,000 200,000 220,000 220,000 250,000 250,000 250,000 275,000 275,000 275,000 0 Total Cash Available (before cash out) 200,000 400,000 447,170 494,340 541,510 608,680 675,850 773,020 869,970 966,920 1,088,870 1,210,820 1,332,770 1,057,770                               CASH PAID OUT                             Payroll 54,000 54,000 54,000 54,000 54,000 54,000 54,000 54,000 54,000 54,000 54,000 54,000   Advertising 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250   Insurance and legal 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300   Software Systems 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000   Lease   12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000   Procurement 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000   SUBTOTAL 0 5,280 5,280 5,280 5,280 5,280 5,280 5,500 5,500 5,500 5,500 5,500 5,500   Loan principal payment 0 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 0 Tax 0 41,000 41,000 41,000 41,000 41,000 41,000 41,000 41,000 41,000 41,000 41,000 41,000   TOTAL CASH PAID OUT 0 0 0 0 0 0 0 0 0 0 0 0 0   Cash Position (end of month) 0 152,830 152,830 152,830 152,830 152,830 152,830 153,050 153,050 153,050 153,050 153,050 153,050 0 200,000 247,170 294,340 341,510 388,680 455,850 523,020 619,970 716,920 813,870 935,820 1,057,770 1,179,720 1,057,770 The cash flow forecast is indicative of the objective of achieving approximately £3 million in annual subscription and advertising revenues by April 2015, inclusive of higher-priced corporate advertisers and independent dentistry practices. 13. Investment needs The company seeks £200,000 in investment to successfully launch Gnashes’ website. This will secure pre and post-launch marketing, expenditures for facilities lease, procurement needs, intellectual property protections establishment, cash-on-hand need, software procurement and insurance. Where outlay costs less income is equal to break even, the company is able to determine its monthly break-even level: £600,000 – 414,000 = 186,000 / 4 = £46,500 Break even monthly ROI with expenditures totalling £1.7 million and revenues at £3 million, return on investment is calculated at 44%, this is due to limited inventory needs and other operational costs associated with bricks-and-mortar facilities for service delivery. The company has allocated a monthly repayment of the principal loan at £8,000 monthly, inclusive of interest and fees. 14. Barriers and exit The UK maintains a very explicit environment with access to relevant modern technologies which could pose a long-term competitive threat if new entrants attempt to emulate this business model. The company will be establishing an appropriate plan to reposition the business or alter the website model and concept in this event. The company will also be seeking a diversification strategy to provide more income by targeting other than just dentistry industries, but perhaps construction providers, home services (i.e. plumbing, etc.) to ensure less risk. Exit in this model is simplistic and involves only a termination of the website and all accompanying support services. References AngiesList. (2013). Angie’s List reports third quarter 2013 results. [online] Available at: http://investor.angieslist.com/releasedetail.cfm?ReleaseID=799542 (accessed 17 February 2014). BDA. (2014). Registered dentists, British Dental Association. 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