Preliminary Business Plan Essay - 1394 Words

Preliminary Business Plan Company Description Background: The Idea came from Taylor Crank, on the basis that what parent wants to wonder on a daily basis whether their kid is going to make it home walking or riding the bus? This is where a tracking device would come in handy. A device that would attach to your child (i.e. watch, necklace, headband, etc.) and track them if by some chance they didn’t make it home – or – if they were simply out of sight. By the click of a button, with this device attached to their home phone, would connect with the police. Legal Structure: We would form our business as a LLC, because of the many advantages it would have for our company. The First being personal liability protection for its owners, making†¦show more content†¦Innovation would be another competitive risk if a competitor where to innovate on our idea to make it better this would cause a big problem to our company. To counter this we would have to have feedback from our customers and do some market research to stay ahead of the curve. To offer the best product available for a reasonable price we would need to constantly brainstorm and find new way to make our product better. †¢ Execution risk: Because our team has not launched a business before we may overlook some crucial details that could result in major problems. As a company we could be so focused on getting our company up and running that we completely lose sight of the company’s strategy and trajectory. To overcome this risk we need to seek out counsel on how to lessen our risk, and to not have one person not have all the influence in the decision making process. †¢ Customer demand risk: It is possible that our forecast for our child tracker might not meet the actual consumer demand, which can lead to unnecessary costs for the company. We also may forecast lower demand and the customer demand being to high would result in lost sales. 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