Now it’s time to pull everything together and create your final business plan. Make sure to review all the feedback you received for Assignments 1, 2, and 3, and make the necessary corrections. Then copy and paste it all into one document, and add an executive summary and an exit strategy. The executive summary is a snapshot of your business plan as a whole and should touch on your company profile and goals. Additionally, the most successful exits in business require considerable planning. You will need to discuss two key factors to consider when planning your exit strategy.

Write a five (5) page paper in which you:

1. Write a one page executive summary that includes your company profile and goals.
2. Revise and insert the business models section you developed for Assignment 1.
3. Revise and insert the target market section you developed for Assignment 2.
4. Revise and insert the startup funds section you developed for Assignment 3.
5. Write a one page exit strategy where you discuss two key factors you would consider when planning an exit strategy. Provide explanation to support your reasoning.
6. Format your assignment according to the following formatting requirements:
   1. This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.
   2. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
   3. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length.

The specific course learning outcomes associated with this assignment are:

• Examine the process of innovating and developing ideas and business opportunities.
• Analyze different innovative business models to determine the best model for a specific venture.
• Analyze the management of a successful innovative company.
• Examine the process of developing a business plan and setting up the company.
• Analyze the market, customers, and competition of entrepreneurs.
• Analyze money sources for finding and managing funds.
• Determine the most effective communication process to present the business to investors.
• Analyze methods for exiting the venture.
• Use technology and information resources to research issues in entrepreneurship.
• Write clearly and concisely about entrepreneurship using proper writing mechanics.

Running Head: BUSSINESS MODEL 1

BUSSINESS MODEL 1

The best business models

Opening a new small business is a significant and challenging step. It is because it involves one leaving a more secure job with a specific salary to an uncertain future. However, starting a business can be very fulfilling as I can earn a living while still pursuing a business in which I have a great passion. Considering starting a new business will also lead to flexibility in my lifestyle (Machado et al., 2016). I do not need to work on a fixed schedule. The three business models I have in mind are Affiliate marketing, Store retailing, and Agency-based.

The availability of social media has led to people connecting from different parts of the world hence making marketing more acceptable. Starting an affiliate marketing business model will allow me to earn a commission from companies in which I will be promoting their products and services. In this, I will help companies sell their products and earn a profit from each sale I make.

A lot of people buy products in small bits as buying in bulk can be wasteful and very expensive. Starting a retail business is a good idea for me because by buying products from distributors, I will be able to sell them in bits to the public. Also, this business is essential as I will be able to reach many customers, hence more profit.

An agency acts as a company’s partner and helps in handling non-core businesses such as advertising and network marketing. Considering starting an agency-based model will help companies to delegate non-core business to the partner and focus on their core businesses. Also, companies look for agencies that are responsible and can maintain efficiency as well as privacy.

From the three models, I wish to start a store retailing business. Most people need a store where they will buy products for consumption in small bits to avoid wastage and also that is less expensive. Customers need a place they will buy goods every time they need to; hence, the stores are designed to attract a lot of walk-in customers as they operate in fixed locations. Also, marketing online is easier as almost everyone is connected to social media (Chen, Li, & Pun, 2018). Additionally, a store retailing business serves a lot of customers, including the general public, businesses, and even institutional clients.

References

Chen, J., Pun, H., & Li, W. (2018). Using online channel to defer the launch of discount retailing store. Transportation Research Part E: Logistics and Transportation Review, 120, 96-115.

Machado, H. P. V., Gazola, S., Fabricio, J. D. S., & Anez, M. E. M. (2016). Women entrepreneurs: Reasons and difficulties for starting in business. RAM. Revista de Administração Mackenzie, 17(3), 15-38.