Assessment Software | $7,445 |
Other | $0 |
Cash Requirements | $15,000 |
Start-up inventory | $0 |
Other Short-term Assets | $0 |
Long-term Assets | $0 |
Left to finance: | $71,509 |
Investor 1 | $0 |
Investor 2 | $0 |
Other | $7,945 |
Unpaid Expenses | $0 |
Short-term Loans | $0 |
Interest-free Short-term Loans | $0 |
Subtotal Short-term Liabilities | $0 |
Long-term Liabilities | $0 |
The Enhanced Occupations Center will be located at 1505 N. Fifth Street, Seattle, Washington. The suite is approximately 850 square feet and encompasses two offices, a receptionist area, and a 700-foot open training area. The suite is housed inside a secure building. There are restroom facilities and a drinking fountain located in the foyer area. The doors on the building automatically lock at 4:55 P.M. Anyone entering after that time must use a personal code.
The building is located between Marshall and Stanton roads and is near one of the state's largest employers, General Hospital. Other businesses located in the building are: Private Management, Temporary Placement Services, Pager Company, and a Credit Counselor business. The building is surrounded by restaurants, stores, etc.
EOC will offer the following training and assessment services. Each element of service will be implemented in overlapping phases.
Microsoft Office®-based computer training including the following:
The Occupational Skills Assessments are for the following areas:
Computer literacy testing.
Microsoft Office User Specialist (MOUS) Certification Testing
Class tuition payments must be paid to EOC in full, before the student can take a class. EOC will offer several payment options to the student such as: Visa, MasterCard, money orders, and personal checks.
We will provide core curriculum designed to train individuals from basic computer skills to certification competencies. Students will be retained through Step-Level Based Training indicated below:
The test consists of actually taking the exam to be come a Microsoft Office User Specialist. This certification will give the student the credentials needed to prove that the student knows how to use Microsoft Office Applications efficiently and productively.
EOC believes that assessing a customer before and after a class will give us the real value of our training. EOC also will follow up 30 days after the training to see if the student actually retained what was learned and if the student was able to apply the skills in their current environment.
EOC also believes in assessing our own staff. We will conduct ongoing Skill Level Needs Assessments of our own employees across the Center, aimed at making computer training more strategic and providing computer training that has more of a business impact. We will continually seek to be effective for future student and business needs. Our key focus is to utilize our program outcomes to improve and increase our computer training effectiveness in the workplace.
EOC will provide an assessment service to local businesses as their pre-interviewing process. There will be a fee attached to this service. The assessment appointment will be by the company and they will give instructions as to our location, etc. EOC will only do business transactions with the company.
The typical computer training class will run 2 hours, twice a week, for four weeks or a total of 16 hours of training. Our capacity for weekly classes, for one month, would be a total of 72 students.
Our workshops are one day, eight-hour classes. These classes are geared towards the individual wanting to brush up or learn a skill quickly without the long-term commitment.
The computer training classes will be scheduled as listed below. The specific subject of the class won't be established until we receive customer response to advertising and promotions.
8:30-10:00 | Class preparation/marketing—Trainer |
10:00-12:00 | Class |
12:00-12:30 | Lunch—Trainer |
12:30-2:30 | Class |
2:30-3:00 | Return Phone Calls/Miscellaneous—Trainer |
3:00-5:00 | Class |
5:00-5:30 | Day's Review—Trainer |
8:30-10:00 | Workshop preparation/marketing—Trainer |
10:00-12:00 | Workshop 1# |
12:00-12:30 | Lunch—Trainer |
12:30-2:30 | Workshop 2# |
2:30-3:00 | Return Phone Calls/Miscellaneous—Trainer |
3:00-5:00 | Workshop 3# |
5:00-5:30 | Day's Review—Trainer |
9:00-12:00 | Class/Includes Break—All |
12:00-12:30 | Lunch—All |
12:30-4:30 | Class/Includes Break—All |
EOC differs from the traditional learning environments where the classes are large and sometimes overwhelming to new students. EOC believes that by having smaller classes (no more than 8 students) the trainer can be more attentive to the majority of the students' needs. We focus on quality training, not quantity. Our fees are justified by the specialization of our personalized services.
Once we learn the immediate needs of our typical customer, we can create our marketing literature to address these problems and our solutions to them, such as:
Are you being turned down for jobs because you don't know Windows, Microsoft Word, or PowerPoint? If so, call the Enhanced Occupations Center at 643-1000 for personalized hands-on training in the most popular software packages.
EOC will capitalize on the 80-20 rule and target low-maintenance customers that bring us the most revenues for the least effort. According to W.E.B. Business Consultants, 80 percent of computer training revenues come from 20 percent of our customers. We will use a program for tracking customers, sales, and our time. And then we will focus our efforts on the best 20 percent of our customers. We will target these people first and give them preferred status. EOC will then market our services to everyone else. We will "weed out" the customers that want to nickel and dime EOC, and make us rework a project over and over while they keep changing their minds about what they want.
EOC's sales literature includes:
Enhanced Occupations Center will maintain the latest Windows® capabilities including:
We will be adding these products and services in the near future:
Secretarial Training Classes —The student will learn about daily routines, telephone usage, mail services and shipping, travel arrangements, keeping accurate records, office machines, telecommunications equipment, computer systems, database management systems, computer communications, computerized spreadsheets software, data security, keyboarding skills, word processing, computer terms, writing business letters, and other written communications, forms of address, legal documents and terms, correct English usage, spelling, pronunciation, punctuation, numerals, bookkeeping and accounting, business and personal taxes, banking, special business and financial information for the small business secretary, and career advancement. Retail Self-paced Learning manuals —The student will be able to order or purchase outright, computer workbooks to use as added supplements. Senior Citizens Classes —Seniors will be picked up at their location and brought to the center for two hours to learn the basics of using a computer. These students will not be able to keep materials. This service will be at a senior discounted rate. Web Page Design Classes —The student will learn the basics of how to design a web page. This class will be a 2-8 hour class and will have a fee of $135 tuition and $20 for the book. Computer Question/Help desk —This service will only be available to current students who have computer questions related or not related to the subject they are currently studying.
The U.S. Census Bureau County Population report from 1998 states that the 14 most common purposes of the computer being used at home are word processing, calendar/scheduling, e-mail, bookkeeping, customer records, inventory control, invoicing, sales/marketing, desktop publishing, graphics and design, analysis, programming, spreadsheets and databases. The number one main purpose for computer use is word processing. The number one software used for these applications is Microsoft Word.
EOC will be focusing on new computer users and employed computer users that need to gain skills or update current skills. Our most important group of potential customers are those employed with high-technology businesses. These are entry-level employees or managers. We realize businesses do not want to waste their time or risk their money with training organizations that are fast paced with low skills retention outcomes.
The U.S. Census Bureau County Population report from 1998 states that there are approximately 436,084 people living in King County. As of the fall of 1989, nearly 1 in 3 persons age 3 and above will have used a computer. Overall about 1 in 6 adults has a home computer. More than 1 in 3 adults uses a computer at work. Women use computers 43 percent more than men. Persons in managerial and professional positions (56 percent) and technical and administrative positions (55 percent) were most likely to use computers.
Managerial or Professional | 56% | 244,207 | 380,963 | 594,302 | 927,111 | 1,446,293 | 56.00% |
Women | 43% | 187,516 | 268,148 | 383,452 | 548,336 | 784,120 | 43.00% |
Technical and Administrative | 55% | 239,846 | 371,761 | 576,230 | 893,157 | 1,384,393 | 55.00% |
Other | 46% | 200,598 | 292,873 | 427,595 | 624,289 | 911,462 | 46.00% |
EOC will focus on the following segments. These segments are more interesting than other groups because they have the specific computer training needs EOC intends to meet.
These strategies are most effective when put into a formula in the following order:
Our slogan "Training with a personal touch" emphasizes one of our major benefits and we will use this slogan throughout our literature, advertising, and graphics.
The following functions will be assigned to our marketing tools:
The following are low cost/no cost marketing methods:
The following are for fee marketing methods:
EOC has two marketing formulas in place and they are:
Our target market is very dependent on reliable information technology. They use the computers for a complete range of functions, beginning with core administration information such as accounting, shipping, and inventory. They also use computers for communications within the business and outside the business, and for personal productivity. The businesses are not, however, large enough to have dedicated computer training personnel such as the MIS departments in large businesses. Ideally, they come to us for a long-term alliance, looking for reliable training service and support to substitute for the lack of their in-house trainer. These are not businesses that want to shop for rock-bottom prices. They want to have reliable providers of training expertise.
One important trend is that we live in an age where one-stop shopping is the preferred purchasing method. All you need to do is head down to your local Wal-Mart Supercenter for a 31-inch television, diapers, and a gallon of milk, while you simultaneously let them rotate your tires and have your hair done.
Now the technical professional has a similar resource. With the growing popularity of the Microsoft Office User Specialist Certification and use of Microsoft Office products, EOC is offering students the "one-stop-shop computer training and certification" approach. A student will no longer have to go from one seminar to another, or from one instructor's methods to another. At EOC students can begin at the basic level of instruction and follow through all the way to certification, without going through the added stress of familiarizing themselves all over again.
According to the America's Career Infonet Report, the top three fastest growing occupations in Washington are:
Listed below are the occupations with the largest number of projected openings in Washington during the 1994-2005 time period.
All of the above occupations will require computer knowledge or computer training from their candidates.
By the year 2002, almost every household will have a computer and almost all businesses will be utilizing a computer for one reason or another. Computer training will no longer be a choice—it will be a requirement. EOC will be in place and established, already serving the training needs of employment candidates and businesses.
Among industries, computer use was most common in finance, insurance, and real estate, where 2 in 3 workers used them. According to Training Magazine 's 1999 Industry Report in 1999, training budgets crept up to $62.5 billion. Of that sum, $15 billion will go to outside providers of training products and services. Of all formal training 33 percent will be devoted to teaching computer skills. Of all computer-skills training, 74 percent of the training will be delivered in a classroom by a live instructor.
EOC's main competitors could be considered local colleges, universities, and continuing education providers, but in reality they are not.
In a sense, these "competitors" actually welcome computer training companies who cater to the smaller class sizes and novice computer users. It gives them the opportunity to cut back on waiting lists and also expedite their schedules, increasing the quantity and decreasing the quality. Computer Training companies rank second in selected training sources organizations choose to utilize.
EOC has heard time and time again, from students who have withdrawn from educational institutions because the classes are "too large and move too quickly through the materials." These students want and need computer training classes that are small and Skill Level Based oriented. The students also want improved teaching methods outside the traditional lecture learning style. They seek retention of skills learned. They want hands-on learning and they want to be able to go home or to work and begin using their new skills right away. Here are some other reasons that people will want to come to EOC for training:
According to the American Society for Training and Development (ASTD), "leading edge companies are responding to the need of skilled employees by providing more training (usually outsourced) because it makes sense from both a business standpoint and from a recruitment standpoint," said Laurie Bassi, ASTD Vice President of Research.
The huge need for skilled employees is being driven by technology and companies are scrambling to meet the technological requirements of their business.
The 1999 State of Industry report found that most firms increased the amount of money they spent on employees by about $150 per employee from 1996 to 1997, but that the leading edge firms surveyed doubled that with an average increase of $300 per employee. Typical total expenditures for training grew from $1.4 million in 1996 to $2 million in 1997 for average firms, and leading edge firms increased spending from $3.4 million to $4.1 million in the same period. Projected expenditures for 1998 show that the gap between the average firm and leading edge firms will continue to widen, with industry average increasing to $2.1 million while leading edge firms are projected to spend $4.7 million on training.
ASTD has found that companies that invest the most in workplace learning find higher net sales per employee, higher gross profits per employee, and a higher ratio in market-to-book values, compared with companies who invest less in workplace learning.
The information technology and transportation/public utility sectors spent the most on training ($3.9 million and $3.8 million respectively) and these sectors also led in terms of money spent per employee on training ($1,004 per employee and $943 per employee respectively).
Outsourcing of training grew by 20 percent, from $461,000 per firm in 1996 to $513,000 in 1997, and was predicted to grow to $522,000 in 1998.
In 1998 job-specific technical skills (including the use of technology) were the most frequent kinds of training delivered (17%), followed by management and supervisor training (12%), computer literacy and applications training (12%). Bringing up the rear was executive development (4%) and basic skills (2%), all which were up from 1996.
The use of learning technologies in training was on the rise—with an increase of 50 percent— but was still relatively low overall.
After carefully researching the computer training market, it has been discovered that some students are more concerned with how you train than with what you are training, even though the two concepts are equally important. EOC focuses on customer care.
The nearest Microsoft Office User Specialist testing center is in Redmond. EOC will be the first in MOUS Training Center to make its presence in Seattle. This groundbreaking opportunity gives EOC time to establish and maintain ongoing relationships with area businesses and students to gain their loyalty should another center open in Seattle. The key element in purchase decisions made at the EOC client level is trust in the professional reputation and reliability of the training center.
We develop marketing materials based on the symptoms of our customers and then we coordinate those materials to focus on solving the typical customer's symptoms. We will then obtain lists of people that fit our typical customer's characteristics.
Our business strategy is to develop a list of people that would most likely exhibit the "symptoms" we have determined our typical customer would have. Once we have our list we will consistently approach them about our services.
One way of approaching our prospects would be the Letter-Series Method. The Letter-Series Method consists of sending our prospects a series of four different professionally written letters (1 per week) before we ever call them. The letters would be personal, meaning the letter would state "Dear Mr. Smith" instead of "Dear Prospective Customer." By sending customers four letters we will establish EOC in their minds as a professional, persistent business entity.
The letters will be written in advance. They will cover a different topic each time. They will contain computer hints or a copy of our newsletter. We won't try to push or sell in these letters. By the fourth letter, they will know that we intend to call them. We will make sure we do call them when we say we will.
Here is the possible structure for our four letters:
Introduce ourselves and our philosophy. Build trust. Don't try to sell in this letter. Go over our attitudes, specialty, history, qualifications, and philosophy. It will be like a resume to introduce EOC.
Introduce our company.
Cover a topic we feel may interest the prospect based on our knowledge of their "symptoms" and characteristics.
Cover another topic we feel may interest them and let them know we will be calling on a specific day/time.
We will then create reminder and follow-up letters as well. These letters will include:
EOC will make it a point to sign and hand-address our envelopes. We believe this will significantly increase the probability of our letters being opened. And an individually signed letter is much more personal.
On the fifth week, we will call to make an appointment to come in and talk with the prospect. We will have a written telephone script before we start calling.
A Harvard Business School study indicates that it "takes five contacts from an unknown company to an individual before he or she will feel comfortable enough to do business with the company." We will start with 350 or more prospects. We won't mail them all at once. We will stagger the mailing so that we will be able to contact them personally after they have received their fourth letter. This will be our initial implementation of the business, along with our current waiting list of students.
That list includes:
Myrna Armstrong | Susan Gregory | Sheila Noble |
Jennifer Armstrong | Irene Bailey | Deborah Steel |
John Armstrong | Missy Williams | Bella McCormick |
Barnard Ashton | James Allen | Tina Thompson |
Cherry Ashton | Donald Ray | Rolanda Jenkins |
Mary Evory | Willa Chatman | Daniel Fisher |
Samual Harmon | Cecelia Barnes | Melissa McCray |
Lori Dickie | Wilonda Black | Lisa Jarrett |
Cyndi Donaldson | Rev. Stephanie Smith |
Once our students respond to our advertisements or referrals, they will enter into our pre- registration process. Once they have submitted their registration form/agreement letter and payment, they will be invited to the orientation and skill assessment. After they have been assessed they will be placed in a basic beginner's, advanced, or intermediate class— whichever meets their training needs.
After students complete their level they will be assessed and an outcome report will be written. Each student will be evaluated after each level they pass. The student will then again be placed. Once the student has completed all of the levels, or does not want to go any further, they will have a closing assessment. Each student will receive technical support for 30 days after which they will be contacted and a follow-up report will be done on the skills they have learned and the skills they use.
We will start with a critical competitive edge: there is no local competitor we know of that offers the MOUS Certification testing, small retention based classes, or individual student attention. Most of the local training facilities are not flexible to students' needs. Our positioning on this point is very hard to match, but only if we maintain this focus in our strategy, marketing, business development, and fulfillment. We should be aware that the tendency to dilute this personal touch, with larger classes that require longer student commitment, could weaken the importance of our competitive edge.
Marketing in a high-end computer training business depends on recognition for expertise. It starts with our known contacts in positions to recommend us, and continues with long-term efforts to develop recognition in professional forums.
We will develop and maintain a database of people in the right positions. It starts with contacts we bring in as we start the business. From there we add enquiries and participants in forums and seminars, and newsletter subscribers. We use the database to make regular contact with mailings for additional forums and seminars.
Seattle Community College's Continuing Education offers similar courses to EOC. Seattle prices its computer classes at $119 for 5-8 hours of training and $20 for the book. We will follow suit but market our classes at $125 for the class and $20 for the book. We can ask for more because our classes are smaller and we are able to give more individualized attention to our students. We also are able to give discounts on some of our manuals because we manufacture them ourselves.
The going rate for private training is between $25-$60 per hour depending on what is being taught. For businesses the rate is between $40-45 per hour for on-site training of 1-2 students, with a minimum of a two-hour visit. If people are going to have a large group trained at their location, we would charge a per person rate instead of an hourly one. For an 8-hour course, we would charge $300 for the first two students, and $110 for each additional student. Our fees will be set to cover a reference book, training, and 60 days of follow-up phone support.
For the periodic Computer Upgrading workshops, a two-hour class, the fee will be $49 per person, and includes a copy of "How to buy the right computer."
For the periodic Basic Four workshops, a one-day or eight-hour class, the fee will be $179 per person, and includes a workbook, copies of "How to buy the right computer" and "The Beginner's Inspirational Guide to Computer Tips and Shortcuts," and a light lunch.
The biggest mistake that computer-based business owners make is using a shotgun versus a laser beam approach to their business. Most of us in the computer industry have a tendency to be good at many different computer tasks. We might be good at desktop publishing, recommending software, customizing software, and doing basic PC repair. We might think that because we are good at all of these things we should do them all. We will have a broader customer base. We can service more people and thus should make more money.
This seems like the logical conclusion, but in reality it does not work. We spread ourselves to thin. At EOC we believe the more specific you get about what you do and who you do it for, the easier our service is to sell. We are working with a laser beam approach when we focus in this way. A laser beam is concentrated and works in a powerful way. We believe in focusing on one aspect of the computer industry for a specific type of client. In doing this we become three things: 1) a specialist, 2) known as an expert in our field, 3) all our marketing efforts fall into place, 4) we minimize, if not eliminate, much of our competition.
Because we do not want to grow too fast, our main form of promotional strategy in the beginning will be word of mouth and referrals.
EOC's delivery method will have a large bearing on how we develop our program, so we have given this process up-front consideration. We have chosen to use the learning center method to deliver our training.
The training distribution will begin with first completing a needs assessment on the customer. Once the customer has been assessed they will be placed in a class that meets their assessment needs. Once the customer completes the class, they will again be assessed and go through an outcome procedure. The customer then has the choice of going up to the next level. If a customer chooses to dropout, they can return and be tested and placed again.
The following distribution tools will be used to aid in our classroom delivery:
Our goal, in the near future, is to implement a Distributed Learning Framework (DLF). A webenabled DLF can be accessed by users in a consistent and convenient manner from any location on the Internet. The DLF would manage other application data such as:
The benefits of this approach would be:
In the future, learning frameworks will evolve to embrace new technologies such as electronic commerce and knowledge management best practices to solve business issues such as skill gaps, corporate virtual campuses, career development, and help desks. Distributed learning frameworks also will link to enterprise resource planning, human resources, and financial systems.
EOC will use the accelerated-learning theory called the multiple intelligences theory. This theory was developed by the Harvard psychologist Howard Gardner and his team of researchers at the Graduate School of Education. What Gardner and his team put forth is the fact that there is no single way in which everyone thinks and learns. Instead, there are many forms of intelligence, many ways by which people learn, understand, think, problem-solve, and relate to the world. Gardner proposed a system of eight distinct intelligences. EOC will incorporate activities into our computer training program that exercises all eight of these intelligences.
In brief, here are Gardner's eight multiple intelligences:
All training programs have four major ingredients: information, performance outcomes, instructional methods, and instructional media. EOC will carefully account for and include each of these ingredients in our instructional methods.
All courses will include information to be trained. Course information can be classified as one of five types: facts, concepts, processes, procedures, and principles. The information will be decided by both looking at the knowledge and skill requirements of the job and the knowledge and skill level of the intended audience. Subtracting the knowledge and skills of the intended audience from those of the job, EOC will be able to derive final course content.
EOC's performance outcome will be a clearly defined statement of what the learners will be doing when they have achieved the purpose of the course or lesson. The performance outcomes will be mirrored with what must be done on the job. They are then written in the form of learning objectives. For each of our lessons we have at least one major learning objective and many will include supporting objectives as well.
Instructional methods are two types: informational displays and practice exercises with feedback. EOC will mainly use the practice exercise with feedback method.
Our instructional methods will be delivered through a mix of media that include: instructor, computer, workbook, overhead transparencies, flipchart, and perhaps a video.
EOC is obliged to offer training that works in today's society. While the modern employees are the best-educated in history, they are still required to absorb tremendous amounts of information and apply vast amounts of knowledge. EOC will use every theory, tool, and technique that will help employees learn while unleashing every available type of intelligence, gift, and aspect of humanity at their disposal.
The letters, brochures, business cards, flyers, and other literature will act as our representative. Here are some of our marketing programs and strategies:
Using sales letter strategies such as:
Designing good ad copy to reach our customers:
Customer loyalty is much more important to EOC than customer satisfaction. We will serve our customers so well they will brag about EOC to others. This will keep them loyal and also provides a continual flow of customers.
We will maintain our customers' happiness by utilizing our Self-Evaluation Program in which we will continually ask ourselves these following questions:
EOC will continue to listen to ours customers and stay in regular contact with our customers by offering:
EOC also will have a program in place for dropping customers who meet the following criteria:
EOC's sales strategy is to get people to talk about themselves—their wants, desires, needs, and fears. Then use the information to help make a sale. Our sales goal is to remember why people buy.
The majority of people buy on emotion and justify their decision with facts and reason. They may buy for power, prestige, security, happiness, or freedom. EOC's service will appeal to these basic emotional needs first. After the prospect decides to buy our service for an emotional reason, they will be given facts by EOC to back up their decision.
EOC will establish trust and rapport with all of our prospective customers. We also will be prepared or anticipate objections. With those objections, we will make a list, learn from them and then come up with the answers to them. EOC will review the list of objections and possible solutions frequently.
EOC will have quantitative, reasonable sales goals by asking ourselves the following questions:
We will also research our past and decide what is working and what is not. Based on our past performance we will decide on a goal that is attainable. We will then work backwards from our goal to decide what we will have to do to reach it.
EOC sales concentration will also be focused on reversing the risk from our customers to our Center by offering guaranteed learning. If at the end of a course students don't feel like they have learned what was covered in class, we will work with them at no additional charge until they are comfortable with the material.
EOC believes that being in the right place at the right time is 50 percent of obtaining a successful sale. Product knowledge is 25 percent and the last 25 percent is our human relations skills. Being very knowledgeable and extremely helpful are the ingredients to a successful sale.
Listed are some valuable secrets we have learned:
Sometimes having too many customers can be bad for business. Raising rates through a letter can serve three purposes:
Finally, it is our goal to deliver more than what we promise and never build up hopes.
The peaks and valleys for this business in the U.S. are from about September 6 through November 22. For some reason people think "school" in the fall, and they take more classes. Two of our worst times are from November 22 through January 7 and the month of March. Obviously, the holidays are getting in the way from November 22 through January 7. People are too busy with taxes in March, but it will pick up in April and May as people file their tax returns.
It's during our "valley" periods that we will concentrate on a saturation of workshops and seminars, where no long-term commitment is required of the customer. We will also do holiday specials. For everyone who has inquired about our classes during the year, we will do a mailing around November 5 and offer them a really good deal on training during our "valley" period.
Sales | $122,448 | $200,192 | $200,192 |
Other | $0 | $0 | $0 |
$122,448 | $200,192 | $200,192 | |
Sales | $0 | $0 | $0 |
Other | $0 | $0 | $0 |
Living and volunteering in the Seattle community for the past 34 years has given computer trainer Serena Bolton an opportunity to build many business alliances within the King County area. Those alliances include:
University of Washington—Office of Business and Community Partnerships Stephens Capital Development Seattle Board of Education Seattle Police Department Employment Opportunities Unlimited Jason's Staffing General Hospital Generation Learning Solutions TechTool Publishers Microsoft /MicroShare Testing Senior Citizens Centers Webber Real Estate Dr. Waylon Nestle, D.S.S. UAW 451
Ballinger Center Career Pathways
Other alliances will be created through public relations programs.
Seattle, Washington is at a business industry turning point. With Boeing being phased out as the number one employer, people are scrambling to adjust their skills. Those employees that have been laid off or bought out are finding the world outside is not what it used to be before they entered Boeing. Those employees are now finding their skills to be outdated or unusable in the workforce today.
They lack the computer skills needed to become employable once again. They are also finding that more and more certifications are now being required criteria for employment.
EOC is strategically positioning itself to be in place for these workers and others that are in need of basic computer training. EOC is also positioning itself to meet the needs of employers who are requesting advanced training and certifications. EOC will be the gap filler between the employer and the employee.
EOC knows that no business is without frustrations and disappointments. Yet, we strive to know what to expect in advance, so we are better prepared to deal with the built-in frustrations of this business. We expect a certain amount of "no shows." This is why we require payment up front as a guarantee of attendance. We know that about 1 out of every 5 people who sign up could possibly back out due to sickness, emergencies, and sometimes people just change their mind. In this case we make sure we do not spend our money before it has cleared.
EOC will consist of three employees. Serena Bolton will participate full-time in the business as Director and Computer Instructor. The other three positions are currently vacant and will be filled as needed. Listed below are the job descriptions.
The projected salaries for each of these positions is hourly at $8.00 with no benefits at this time.
Receptionist/Secretary | $9,920 | $16,640 | $16,640 |
Trainer's Assistant | $9,920 | $16,640 | $16,640 |
Van Driver | $9,920 | $16,640 | $16,640 |
Other | $17,360 | $29,120 | $29,120 |
We want to finance growth mainly through cash flow. We recognize that this means we will have to grow more slowly.
The most important factor in our case is sales. We will develop a permanent system with ongoing marketing and sales development.
We are also assuming an initial short-term loan of $71,500 which includes start-up capital of $15,000.
Our financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions.
Some of the more important underlying assumptions are:
Short-term Interest Rate % | 10.00% | 10.00% | 10.00% |
Long-term Interest Rate % | 10.00% | 10.00% | 10.00% |
Payment Days Estimator | 30 | 30 | 30 |
Collection Days Estimator | 45 | 45 | 45 |
Inventory Turnover Estimator | 6.00 | 6.00 | 6.00 |
Tax Rate % | 25.00% | 25.00% | 25.00% |
Expenses in Cash % | 10.00% | 10.00% | 10.00% |
Sales on Credit % | 0.00% | 0.00% | 0.00% |
Personnel Burden % | 15.00% | 15.00% | 15.00% |
Our monthly units break-even is 72 students. The monthly sales break-even is $10,403. Our average per-unit revenue is $145 per class and our estimated average fixed cost is $10,396 per month.
Monthly Units Break-even | 72 |
Monthly Sales Break-even | $10,403 |
Average Per-Unit Revenue | $145.00 |
Average Per-Unit Variable Cost | $0.10 |
Estimated Monthly Fixed Cost | $10,396 |
Our projected profit and loss is shown on the following table, with sales increasing more than 30 percent. We show a break-even profit the first year. We prefer to project conservatively so that we make sure we have enough cash.
The detailed monthly projections are included in appendices.
Sales | $122,448 | $200,192 | $200,192 |
Direct Cost of Sales | $0 | $0 | $0 |
Production Payroll | $0 | $0 | $0 |
Other | $0 | $0 | $0 |
Gross Margin | $122,448 | $200,192 | $200,192 |
Gross Margin % | 100.00% | 100.00% | 100.00% |
Sales and Marketing Payroll | $0 | $0 | $0 |
Advertising/Promotion | $7,130 | $11,960 | $11,960 |
Travel | $0 | $0 | $0 |
Miscellaneous | $0 | $0 | $0 |
Sales and Marketing % | 0.00% | 0.00% | 0.00% |
General and Administrative Payroll | $0 | $0 | $0 |
Payroll Expense | $47,120 | $79,040 | $79,040 |
Payroll Burden | $7,068 | $11,856 | $11,856 |
Depreciation | $1,696 | $0 | $0 |
Leased Van | $2,625 | $4,500 | $4,500 |
Telephone | $350 | $600 | $600 |
Utilities | $1,435 | $2,140 | $2,140 |
Insurance | $950 | $1,900 | $1,900 |
Rent | $4,200 | $8,400 | $8,400 |
General and Administrative % | 0.00% | 0.00% | 0.00% |
Other Payroll | $0 | $0 | $0 |
Accounting Services | $1,400 | $2,400 | $2,400 |
Other % | 0.00% | 0.00% | 0.00% |
Profit Before Interest and Taxes | $48,474 | $77,396 | $77,396 |
Interest Expense Short-term | ($590) | ($1,461) | ($2,810) |
Interest Expense Long-term | $0 | $0 | $0 |
Taxes Incurred | $12,266 | $19,714 | $20,052 |
Extraordinary Items | $0 | $0 | $0 |
Net Profit | $36,798 | $59,143 | $60,155 |
Net Profit/Sales | 30.05% | 29.54% | 30.05% |
The following cash flow projections show the annual amounts only. Cash flow projections are critical to our success. Reflected in this chart are the only remaining months of 2000. The annual cash flow figures are included here and the more important detailed monthly numbers are included in the appendices.
Net Profit | $36,798 | $59,143 | $60,155 |
Depreciation | $1,696 | $0 | $0 |
Change in Accounts Payable | $128 | $4,103 | ($310) |
Current Borrowing (repayment) | ($7,868) | ($13,488) | ($13,488) |
Increase (decrease) Other Liabilities | $0 | $0 | $0 |
Long-term Borrowing (repayment) | $0 | $0 | $0 |
Capital Input | $0 | $0 | $0 |
Change in Accounts Receivable | $0 | $0 | $0 |
Change in Inventory | $0 | $0 | $0 |
Change in Other Short-term Assets | $0 | $0 | $0 |
Capital Expenditure | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
The balance sheet in the following table shows sufficient growth of net worth, and a sufficiently healthy financial position. The monthly estimates are included in the appendices.
Cash | $45,754 | $95,513 | $141,870 |
Accounts Receivable | $0 | $0 | $0 |
Inventory | $0 | $0 | $0 |
Other Short-term Assets | $0 | $0 | $0 |
Capital Assets | $0 | $0 | $0 |
Accumulated Depreciation | $1,696 | $1,696 | $1,696 |
Accounts Payable | $128 | $4,232 | $3,922 |
Short-term Notes | ($7,868) | ($21,356) | ($34,844) |
Other Short-term Liabilities | $0 | $0 | $0 |
Long-term Liabilities | $0 | $0 | $0 |
Paid in Capital | $7,945 | $7,945 | $7,945 |
Retained Earnings | $7,055 | $43,853 | $102,996 |
Earnings | $36,798 | $59,143 | $60,155 |
Total Capital | $51,798 | $110,941 | $171,095 |
Total Liabilities and Capital | $44,058 | $93,817 | $140,174 |
Net Worth | $51,798 | $110,941 | $171,095 |
The following table shows the projected ratios. We expect to maintain healthy ratios for profitability, risk, and return.
Gross Margin | 100.00% | 100.00% | 100.00% |
Net Profit Margin | 30.05% | 29.54% | 30.05% |
Return on Assets | 83.52% | 63.04% | 42.91% |
Return on Equity | 71.04% | 53.31% | 35.16% |
AR Turnover | 0.00 | 0.00 | 0.00 |
Collection Days | 0 | 0 | 0 |
Inventory Turnover | 0.00 | 0.00 | 0.00 |
Accts Payable Turnover | 208.73 | 12.17 | 12.17 |
Debt to Net Worth | -0.15 | -0.15 | -0.18 |
Short-term Liability to Liability | 0.00 | 0.00 | 0.00 |
Current Ratio | 0.00 | 0.00 | 0.00 |
Quick Ratio | 0.00 | 0.00 | 0.00 |
Net Working Capital | $53,494 | $112,637 | $172,791 |
Interest Coverage | 0.00 | 0.00 | 0.00 |
Assets to Sales | 0.36 | 0.47 | 0.70 |
Debt/Assets | -18% | -18% | -22% |
Current Debt/Total Assets | -18% | -18% | -22% |
Acid Test | 0.00 | 0.00 | 0.00 |
Asset Turnover | 2.78 | 2.13 | 1.43 |
Sales/Net Worth | 2.36 | 1.80 | 1.17 |
Dividend Payout | $0 | $0 | $0 |
This page left intentionally blank to accommodate tabular matter following.
Sales | $20,016 | $14,896 | $14,896 | $24,352 | $33,920 | $8,488 | $5,880 | |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Receptionist/Secretary | $1,280 | $1,280 | $1,600 | $1,280 | $1,600 | $1,280 | $1,600 |
Trainer's Assistant | $1,280 | $1,280 | $1,600 | $1,280 | $1,600 | $1,280 | $1,600 |
Van Driver | $1,280 | $1,280 | $1,600 | $1,280 | $1,600 | $1,280 | $1,600 |
Other | $2,240 | $2,240 | $2,800 | $2,240 | $2,800 | $2,240 | $2,800 |
Short-term Interest Rate % | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Long-term Interest Rate % | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Payment Days Estimator | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
Collection Days Estimator | 45 | 45 | 45 | 45 | 45 | 45 | 45 |
Inventory Turnover Estimator | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
Tax Rate % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% |
Expenses in Cash % | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Sales on Credit % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Personnel Burden % | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% |
$0 | $0 | $0 | $0 | $0 | $122,448 | $200,192 | $200,192 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $9,920 | $16,640 | $16,640 |
$0 | $0 | $0 | $0 | $0 | $9,920 | $16,640 | $16,640 |
$0 | $0 | $0 | $0 | $0 | $9,920 | $16,640 | $16,640 |
$0 | $0 | $0 | $0 | $0 | $17,360 | $29,120 | $29,120 |
10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 |
6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% |
10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% |
Sales | $20,016 | $14,896 | $14,896 | $24,352 | $33,920 | $8,488 | $5,880 |
Direct Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Production Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Gross Margin | $20,016 | $14,896 | $14,896 | $24,352 | $33,920 | $8,488 | $5,880 |
Gross Margin % | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Sales and Marketing Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Advertising/Promotion | $920 | $920 | $1,150 | $920 | $1,150 | $920 | $1,150 |
Travel | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Miscellaneous | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Sales and Marketing % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
General and Administrative Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Payroll Expense | $6,080 | $6,080 | $7,600 | $6,080 | $7,600 | $6,080 | $7,600 |
Payroll Burden | $912 | $912 | $1,140 | $912 | $1,140 | $912 | $1,140 |
Depreciation | $1,696 | $0 | $0 | $0 | $0 | $0 | $0 |
Leased Van | $375 | $375 | $375 | $375 | $375 | $375 | $375 |
Telephone | $50 | $50 | $50 | $50 | $50 | $50 | $50 |
Utilities | $115 | $90 | $410 | $115 | $90 | $410 | $115 |
Insurance | $0 | $475 | $0 | $0 | $475 | $0 | $0 |
Rent | $0 | $700 | $700 | $700 | $700 | $700 | $700 |
General and Administrative % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Other Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Accounting Services | $200 | $200 | $200 | $200 | $200 | $200 | $200 |
Other % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit Before Interest and Taxes | $9,668 | $5,094 | $3,271 | $15,000 | $22,140 | ($1,159) | ($5,450) |
Interest Expense Short-term | ($9) | ($19) | ($28) | ($37) | ($47) | ($56) | ($66) |
Interest Expense Long-term | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Taxes Incurred | $2,419 | $1,278 | $825 | $3,759 | $5,547 | ($276) | ($1,346) |
Extraordinary Items | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Net Profit | $7,258 | $3,835 | $2,474 | $11,278 | $16,640 | ($827) | ($4,038) |
Net Profit/Sales | 36.26% | 25.74% | 16.61% | 46.31% | 49.06% | -9.74% | -68.68% |
$0 | $0 | $0 | $0 | $0 | $122,448 | $200,192 | $200,192 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $122,448 | $200,192 | $200,192 |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $7,130 | $11,960 | $11,960 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $47,120 | $79,040 | $79,040 |
$0 | $0 | $0 | $0 | $0 | $7,068 | $11,856 | $11,856 |
$0 | $0 | $0 | $0 | $0 | $1,696 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $2,625 | $4,500 | $4,500 |
$0 | $0 | $0 | $0 | $0 | $350 | $600 | $600 |
$90 | $0 | $0 | $0 | $0 | $1,435 | $2,140 | $2,140 |
$0 | $0 | $0 | $0 | $0 | $950 | $1,900 | $1,900 |
$0 | $0 | $0 | $0 | $0 | $4,200 | $8,400 | $8,400 |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $1,400 | $2,400 | $2,400 |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
($90) | $0 | $0 | $0 | $0 | $48,474 | $77,396 | $77,396 |
($66) | ($66) | ($66) | ($66) | ($66) | ($590) | ($1,461) | ($2,810) |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
($6) | $16 | $16 | $16 | $16 | $12,266 | $19,714 | $20,052 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
($18) | $49 | $49 | $49 | $49 | $36,798 | $59,143 | $60,155 |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 30.05% | 29.54% | 30.05% |
Net Profit | $7,258 | $3,835 | $2,474 | $11,278 | $16,640 | ($827) | ($4,038) |
Depreciation | $1,696 | $0 | $0 | $0 | $0 | $0 | $0 |
Change in Accounts Payable | $3,541 | ($0) | ($337) | $2,088 | $2,138 | ($5,409) | ($996) |
Current Borrowing (repayment) | ($1,124) | ($1,124) | ($1,124) | ($1,124) | ($1,124) | ($1,124) | ($1,124) |
Increase (decrease) Other Liabilities | $0 $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Borrowing (repayment) | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Capital Input | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Change in Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Change in Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Change in Other Short-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
($18) | $49 | $49 | $49 | $49 | $36,798 | $59,143 | $60,155 |
$0 | $0 | $0 | $0 | $0 | $1,696 | $0 | $0 |
($1,009) | ($16) | $43 | $43 | $43 | $128 | $4,103 | ($310) |
$0 | $0 | $0 | $0 | $0 | ($7,868) | ($13,488) | ($13,488) |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Cash | $26,371 | $29,081 | $30,094 | $42,336 | $59,991 | $52,631 | $46,473 |
Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Short-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Capital Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Accumulated Depreciation | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 |
Accounts Payable | $3,541 | $3,540 | $3,203 | $5,291 | $7,430 | $2,021 | $1,025 |
Short-term Notes | ($1,124) | ($2,248) | ($3,372) | ($4,496) | ($5,620) | ($6,744) | ($7,868) |
Other Short-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Paid in Capital | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 |
Retained Earnings | $7,055 | $7,055 | $7,055 | $7,055 | $7,055 | $7,055 | $7,055 |
Earnings | $7,258 | $11,093 | $13,567 | $24,845 | $41,485 | $40,658 | $36,620 |
$45,445 | $45,479 | $45,571 | $45,662 | $45,754 | $45,754 | $95,513 | $141,870 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$1,696 | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 | $1,696 |
$16 | $0 | $43 | $86 | $128 | $128 | $4,232 | $3,922 |
($7,868) | ($7,868) | ($7,868) | ($7,868) | ($7,868) | ($7,868) | ($21,356) | ($34,844) |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$7,945 | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 | $7,945 |
$7,055 | $7,055 | $7,055 | $7,055 | $7,055 | $7,055 | $43,853 | $102,996 |
$36,601 | $36,651 | $36,700 | $36,749 | $36,798 | $36,798 | $59,143 | $60,155 |
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Texas Economic Development Corporation’s business resources page. https://businessintexas.com/why-texas/small-business-innovation/
The State of Texas’ business resources page. https://gov.texas.gov/business/page/small-business
The Texas Small Business Development Center Network provides complementary and confidential business consulting, and affordable training. https://sbdctexas.org/
SCORE is a volunteer organization where established businesspeople provide mentorships, workshops, events, and consulting for entrepreneurs. A complete listing of offices throughout Texas can be found here. https://www.score.org/contact-us?state=TX
Learn more about Growthink’s business plan consulting services and methodology.
The MoSCoW method is a four-step approach to prioritizing which project requirements provide the best return on investment (ROI). MoSCoW stands for must have, should have, could have and will not have -- the o's make the acronym more pronounceable.
A variety of business disciplines use the MoSCoW method. It enables everyone involved in a project to know what work to complete first and how that work helps increase revenue, decrease operational costs, improve productivity or boost customer satisfaction. On the business side, it can help stakeholders frame discussions about the importance of specific product features when choosing a software vendor. On the IT side, the MoSCoW method plays an important role in Agile project management by helping project teams prioritize story points.
Furthermore, prioritizing requirements enables project teams to understand the amount of effort and resources each project element requires. This knowledge improves the team's time management, makes the project more manageable, increases the likelihood of completion by deadline and optimizes ROI .
The MoSCoW method is also known as MoSCoW analysis , MoSCoW prioritization , MoSCoW technique and MoSCoW rules .
Before implementing the MoSCoW method, businesses must ensure the teams involved in the project and other stakeholders agree on the project objectives and the factors they use for prioritization. They should also establish plans for settling disagreements.
Next, teams should decide what percentage of resources they assign to each category. For example, they could allocate 20% of the resources to the could-have requirements, while giving 40% to must-haves and 30% to should-haves.
Once the teams and stakeholders gather requirements and reach agreements, then the teams can start assigning requirements to each of the following four categories.
This first category includes all the requirements that are necessary for the successful completion of the project. These are non-negotiable elements that provide the minimum usable subset of requirements.
Statements that are true for must-haves include the following:
If there is any way to work around a particular requirement, teams should consider it a should-have or could-have element. Assigning requirements to the should-have and could-have categories does not mean the team won't deliver the element; it just reveals that it is not necessary for completion and, therefore, is not guaranteed.
This second category of requirements is one step below must have. It can prep requirements for future release without impacting the current project. Should-have elements are important to project completion, but they are not necessary. In other words, if the final product doesn't include should-have requirements, then the product still functions. However, if it does include should-have elements, they greatly increase the value of the product. Minor bug fixes, performance improvements and new functionality are all examples of requirements that could fall into this category.
Teams can distinguish a should-have element from a could-have element by assessing the amount of pain caused by leaving the requirement out. This is often measured in terms of the business value or the number of people affected by its absence.
This category includes requirements that have a much smaller impact when left out of the project. As a result, could-have requirements are often the first ones teams deprioritize -- must-have and should-have requirements always take precedence as they impact the product more. An example of a could-have is a desirable but unimportant element.
This final category includes all the requirements the team recognizes as not a priority for the project's time frame. Assigning elements to the will-not-have category helps strengthen the focus on requirements in the other three categories, while also setting realistic expectations for what the final product does not include. Furthermore, this category is beneficial in preventing scope creep -- or the tendency for product or project requirements to increase during development beyond what the team anticipated.
The team can eventually reprioritize some requirements in the will-not-have group and work them into future projects; others are never used. To differentiate between these types of elements, teams can create subcategories within the will-not-have group to identify which requirements they should still implement and which they can ignore.
The Agile project management methodology breaks projects into small sections called iterations. Each iteration focuses on completing specific project elements in work sessions called sprints -- typically lasting two to four weeks. The MoSCoW method is frequently used within Agile project management to determine which elements -- including tasks, requirements, products and user stories -- the team should prioritize and which can be put on hold. These decisions make an Agile project schedule that enables teams to rapidly deploy solutions, more efficiently use resources, increase their flexibility and adaptability to changes, and more quickly detect issues.
The MoSCoW method is easy to use and understand. It can help individuals with prioritization, but it more greatly benefits project teams. Other advantages include the following:
In addition, the MoSCoW method enables users to assign specific percentages of resources to each of the four categories. This action ensures resources are effectively managed ,and it optimizes productivity analysis.
However, there are some drawbacks with the MoSCow method, including the following:
The MoSCoW method has its roots in the dynamic systems development method -- an Agile project delivery framework that aimed to improve rapid application development processes.
Software development expert Dai Clegg created the MoSCoW method while working at Oracle , the multinational computer technology corporation. Clegg initially designed the prioritization technique for timeboxed projects and initiatives within releases.
Editor's note: This article was reformatted in 2023 to improve the reader experience.
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Miscellaneous - $5,000. Going by the report from the market research and feasibility studies conducted, we will need about four hundred and fifty thousand ( 450,000) U.S. dollars to successfully set up a medium scale but standard computer training center business in the United States of America.
Start a computer training business by following these 10 steps: Plan your Computer Training Business. Form your Computer Training Business into a Legal Entity. Register your Computer Training Business for Taxes. Open a Business Bank Account & Credit Card. Set up Accounting for your Computer Training Business.
If you are starting your own, based on your resources and expertise, you can for an online, home-based, or computer training school in a retail location. 3. Create a Business Plan. A business plan is a critical document if you are seriously planning to start a profitable and sustainable computer training center. Write in brief about business ...
Creating a business plan for a training center requires that you have expertise or experience in operating one. Perhaps you have been the operations manager for a successful training center and you're ready to take the leap into starting your own center. Otherwise, you will need a team of colleagues whose collective experiences compel investors ...
Step 1. Analyze the Market and Identify Niche. Before diving into the venture, you must conduct thorough market research to identify the specific niche or focus of your computer institute. While selecting a niche, consider factors such as target audience, location, and the type of courses you plan to offer. Step 2.
COMPUTER TRAINING MINI BUSINESS PLAN. This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in. Computer Training Business Expected Percent Margin: Gross Margin: 60-70%; Net Profit Margin: 20-30%. Earnings Expectations: Daily Earnings: $300 - $800; Weekly Earnings: $2100 - $5,600
A Sample Computer Training Center Business Plan Print 1. Industry Overview. The compute training services industry is made move of centers that offer vocational and technical courses. They also provide seminars in computer programming, which include curriculums for software packages, computerized store systems, computer electronics technology ...
Financing Options for Starting a Computer Training Center Business Starting a computer training center requires a significant amount of capital investment. While some entrepreneurs may have the necessary funds to finance the business themselves, most will need to explore various financing options.
Planning Your Computer Institute. Before launching a successful computer training center business, it is essential to plan and lay a strong foundation. This section will cover the key aspects of planning your computer institute, including setting goals and objectives, defining curriculum and courses, and establishing infrastructure and resources.
A Sample Computer Training Center Business Plan Template - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. Scribd is the world's largest social reading and publishing site.
Let's go through the content of each section in more detail! 1. The executive summary. In your training center's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.
A Sample Computer Training Center Business Plan Template Industry Overview The computer training services industry is made up of centers that offer vocational and technical courses. They also provide courses in computer programming, which include curriculums for software packages, computerized business systems, computer electronics technology and local area network management.
Lastly, you would need a good business plan to be able to launch a successful business and below is a workable computer training center business plant template that will help you to draft yours. A Sample Computer Training Center Business Plan Template 1. Industry Overview The computer training services industry is made up of centers that offer vocational and technical courses.
When YES, here remains a complete sample computer training middle business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a computer training center. We including took it further by analyzing also drafting one sample computer training center marketing plan template ...
Enhanced Occupations Center is a computer training service business located at 1505 N. Fifth Street, Seattle, Washington. This business plan was developed for the purpose of a business loan in the amount of $71,500. Our projected sales for 2000 alone are $122,448 and our projected profits are over $30,000.
The business plan proposes establishing a computer training center called WEBASSIST in Northern Province, Sri Lanka. It will offer courses in web development, graphic design, and other technologies for students, professionals and government/private sector staff. The center aims to provide high-quality, practical education and achieve 75% student placement. It has received certifications from ...
GONDAR,ETHIOPIA 1.Executive summary Dynamic computer training center is a partnership form of project which owned by Kidus Shitaye,Kidus Girma and Yeshiwas Getachew. Unlike other typical computer training center we will provide unique services with highly professional that have a B.Sc. degree personnel in addition to search internet service, basic computer training, and the alike.
Download Business Plan Of Computer Training Centre. Type: PDF. Date: November 2019. Size: 494.2KB. This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA.
The University of Houston strives to provide affordable and accessible education to a diverse student body, including first-generation college students. UH offers over 250 undergraduate and graduate degree programs across a wide range of disciplines, including business, engineering, education, health, law and the arts. About UH. 20 24.
We have written business plans for clients in hundreds of industries. Previous Growthink clients from Texas include restaurant owners, alternative energy companies, internet/software companies, retail businesses, and business services firms. If you are seeking professional help with your business plan, call us at 800-216-3710 or complete one of ...
The Computer Training Center «Specialist» was founded in 1991 by a group of professors of Bauman Technical University. The company is now leading the computer education market in Russia. With its headquarters located in Moscow, «Specialist» enrolls more than 85 000 students annually. Our Сentre offers courses on IT-Management, Networks ...
The MoSCoW method is a four-step approach to prioritizing which project requirements provide the best return on investment (ROI). MoSCoW stands for must have, should have, could have and will not have -- the o's make the acronym more pronounceable. A variety of business disciplines use the MoSCoW method.
Moscow Training Center Training Center Information Contact Information Emerson Automation Solutions 53 Dubininskaya Str., Building 5 Moscow, 115054 Russia