MeganCookWeek3AssignmentCourse Project Business Plan Part II

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Charter College, Anchorage *

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4920

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Business

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Feb 20, 2024

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docx

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Megan Cook Week 3 7/23/2023 Business Plan Part II Marketing Analysis and Plan Market Scope The target market for the childcare services (18 months to 6 years of age) that we provide are families in the area of all demographics. We intend to provide care for families of all types. There are no guidelines that qualify you for our program other than if we have availability in enrollment. The primary target for service is the early morning and evening hours. 7AM to 6PM. This gives parents a chance to receive top tier care for their children and still be able to attend their work hours. For parents on a tight schedule, we are also able to provide care for them as they run errands and get things done throughout the day. Competition This current area of development does not have an early education option for children in the 25-mile radius. The competition is small ran daycare that can only currently enroll 35 children at a time. There are a few established childcare providers in the market in a neighboring city 35 miles away. These major organizations are KinderCare and Primrose. SWOT Analysis Strengths -Top tier above standard care -Passion for childcare -Only early education facility in 25 miles -learning rich environment -flexible communication -resources for teachers and families Weakness -salary restrictions -low retention rate of the standard teacher -safety concerns of children -new and unestablished childcare facility Opportunities -creating longstanding relationships with families and facilitators in the area -receiving high honors in TSR -extending our business to other facilities -creating future leaders -financial stability and expansion Threats -safety of children -understaffing -employee burnout -legal issue -insurance issues -proper licensing and training for all employees

Pricing We will have four different classrooms available depending on the age and developmental level of the child. Room Weekly Monthly Toddler (18 months) 180 720 Two 160 640 Threes 160 640 PreK (4,5,6) 160 640 Advertising We will take advantage of the overflow in enrollment that the other daycares have in the area. We plan on taking advantage of social media and will promote our facility on different platforms of social media, emphasizing our mission statement and core beliefs. We will be calling schools in the area and asking them to recommend us to the families that they serve. Financial Analysis Budgets and Forecast The increased number of working parents has contributed to the 9.31% growth rate of childcare facilities that is expected from 2021 to 2028. The market size of childcare services is valued at 167.48 billion dollars in 2020 and is projected to reach an outstanding 340.97 billion dollars by the year 2028. The estimated total of funds needed to start a childcare facility is 50,000 dollars. We intend to enroll 65 students each providing a 100-dollar enrollment fee. This will provide us with 6,500 dollars of income to help with the start up cost. After a month of full enrollment and the enrollment fees the project monthly budget and forecast is pictures below. Projected Monthly Budget Building Maintenance 3,000 Labor Cost Owner- 3,000 4 Teachers at 15hr/40 hours a week- 9,600 4 Teachers Aids at 10hr/30hours a week- 4,800 Facility Expenses 1,000 Supplies 4,000 Total Cost 25,400 PROJECTED FIRST MONTH FORECAST ENROLLMENT FEES OF 65 CHILDREN 6,500 MONTHLY INCOME OF CHILDREN ENROLLED 10 toddlers = 7,200 55 other= 35,200

TOTAL 48,900 Financial Schedule Since there are set schedule payment time that are conveniently set up in our application that is provided to parents when the enroll, cashflow is not happening on a daily basis. Weekly reports will report accounts receivable and payable. Weekly reports will also show payroll to each employee and any insurance expenses. Monthly reports will be ran and analyzed as it is correlates to our financial strategy.

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Resources Child Day Care Services Market Size, Opportunities, Trends & Forecast (verifiedmarketresearch.com)

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