If starting a business, collect your personal bank statements from the last six months and prepare a list of all starting costs such as equipment, inventory and fixture purchases; costs of leasing and build-out; as well as legal costs such as registering the business with the state.
Write a pro forma statement. Hire an accountant to write a pro forma statement, which is a projection of future expenses and earnings and are typically attached to a business plan when applying for a commercial loan. Create a business resume. If the business does not yet exist, write a personal resume or hire a resume writer. Draft a business plan. A business plan is generally about 15 pages and begins with an executive summary--a set of bullet points that show earnings projections and a summary of start-up costs.
The business plan details how the company will operate, the products and services it will offer, operating hours, management structure, number of employees, wages and benefit costs, operating costs such as lease, insurance, licenses and permits and explains how the business will market itself.
There are certain businesses to which Groupon initially did not offer its services, including shooting ranges and strip clubs;  however, shooting ranges have been featured on Groupon. Unlike classified advertising , the merchant does not pay any upfront cost to participate: Groupon employs a large number of copywriters  who draft descriptions for the deals featured by email and on the website.
There are potential problems with the business model. Groupon encourages new customers to try local businesses. When the company reported in the second quarter of that its revenues had declined along with customer growth and the amount of money existing customers spent on the site, Slate tech journalist Farhad Manjoo said Agrawal had been vindicated. In , it was reported that local merchants found it difficult to get Groupon interested in agreeing to a particular deal.
According to the Wall Street Journal , seven of every eight possible deals suggested by merchants were dismissed by Groupon. It allows users to browse and buy deals on their phones and redeem them using the screen as a coupon. Groupon is now also a part of several Daily Deal Aggregators , which helps them expand their target audience, gain traffic and increase sales and revenue.
This way, users would be able to buy and share deals from Groupon on their profiles. Groupon Goods, launched in September , which focuses on discounted merchandise; Groupon Getaways,  which offers vacation packages and travel deals; and GrouponLive,  where consumers can find discounts on ticketed events—concerts, sporting events, theater, etc.
About Family Vacations recommends Groupon Getaways as an essential travel dealfinding site. Groupon has also emerged as a check on price increases for certain essential commodities in many countries. On July 16, , Groupon announced its acquisition of food-delivery service OrderUp.
Groupon breaks into new markets by identifying successful local businesses, first by sending in advance a number of employees to research the local market; when it finds a business with outstanding reviews, salespeople approach it and explain the model, and use social marketing sites such as Facebook to further promote the idea. Groupon and an Australian company, Scoopon.
After a year of struggling in the established market, Goapeng subsequently merged with Futuan. Groupon New Zealand launched on 10 May Groupon entered the Indian market through the acquisition of local company SoSasta in Jan Groupon India is now known as Nearbuy and has a new website and mobile app .
Worldwide, there are over sites similar to Groupon, including over in the United States. In April , Facebook began testing a social-buying program. In October , Adlibrium announced Adlibrium Dailies, the first free daily deal service for merchants which, according to estimates, reaches nearly 4 million consumers via email and mobile combined.
The growth of Groupon buying also created an increase of "deal comparison websites" such as Amazon Local. Amazon announced it was closing down Amazon Local in November As of December , Chinese startup unicorn Meituan is the largest player in the daily deals space.
As Groupon looks to expand beyond daily deals to become a marketplace for local commerce, the company comes into competition with many large players. Groupon Goods competes with Amazon. Facebook is testing "Local Market", a buying and selling community powered by Facebook groups, that also indirectly competes with Groupon. In October , Yahoo! There are also competitors of Groupon, who are working on similar business models from other countries. In Pakistan there is Savyour discount platform and in India there is a couponzguru.
In Australia there is Scoopon and so on, this kind of business is growing day by day. In , Groupon developed an application, Groupon Now, aimed at smartphone and tablet users.
The application consists of two buttons: Groupon have the Groupon Promise to ensure that customers are satisfied with their purchase and if customers are disappointed with their purchase, Groupon will try to work things out with the customers or give them a refund. Groupon MerchantOS is a suite of products and tools for merchants running with Groupon.
Rewards is a loyalty program for merchants to reward customers for repeat visits with a Reward of their choosing. Unlike "buy 9 and get the 10th free" punchcards, a consumer earns Rewards by using any major credit card saved in their Groupon account when they visit their favorite local merchants. When a customer spends an amount pre-determined by the merchant, the customer unlocks a Reward to use on a future visit. Groupon Scheduler Groupon Scheduler is an online booking tool for merchants, allowing their consumers to seamlessly book appointments for services at the time of purchasing their Groupon deal.
This tool is targeted at merchants running deals where appointments are required, for example in the health and beauty industry or for classes and activities. Groupon Payments The newest addition to the suite of merchant-facing products is Groupon Payments, which was launched in September Groupon Payments offers merchants an infrastructure for accepting credit card payments at a low cost. Groupon aired a controversial Super Bowl XLV advertisement in which actor Timothy Hutton begins by making a plea for the people of Tibet before delivering the punch line: The commercial angered consumers who described the ad with adjectives including "tasteless," "tacky," "vulgar" and "detestable".
In March , Eli R. Johnson filed a lawsuit in federal court against Groupon, based on a claim that the company issues "gift certificates" that are not allowed under the Credit Card Accountability Responsibility and Disclosure Act. The act prohibits retailers from setting expiration dates less than 5 years after a card is purchased.
On August 10, , Groupon updated its IPO filing, after facing scrutiny from regulators and analysts over its use of a non-standard accounting metric called Adjusted Consolidated Segment Operating Income. In March , the Massachusetts Alcoholic Beverages Control Commission notified Groupon that it was in violation of state law that prohibits discounting of alcoholic beverages. Groupon notified Massachusetts subscribers of a temporary suspension in the use of its discount vouchers for alcohol at participating restaurants.
During there were reported breaches of British advertising regulations to the Advertising Standards Authority. The OFT concluded in March that Groupon was in "widespread breaches" of UK consumer laws  and were ordered to "clean up their practices" within three months including ensuring its website was accurate, realistic, claims related to any beauty or health products offered were substantiated and that refund and cancellation policies were in accordance with current regulations.
The agency filed the lawsuit after a series of faults in the delivery and conditions of products and services sold to consumers. Both decided to raise a collective mediation for a series of questions that the entity dependent on the Ministry of Economy for the services of the virtual platform. In spite of the negotiations, the negotiations did not arrive at good port.
And a few days after Christmas, Sernac filed a class action lawsuit against Groupon. According to the agency, Groupon breached the conditions offered and contracted with consumers, in particular, due to non-compliance with deadlines offered and committed for the delivery of products or services. It even accuses it of not delivering the items purchased by consumers, with the consequent unilateral cancellation of purchases or having offered products and services without stock available.
But from the moment the details of the project were unveiled, it has exposed sensitive divisions in the South Side community along both racial and class lines. Some residents have expressed worry that the sprawling new development will lead to gentrification and displacement. On Thursday, much of that tension came to a head at the meeting. In the City Council chambers, nearly every seat was filled, and the balcony area was crowded too.
Nearly people signed up to speak. But five hours before the meeting started, in the chilly, darkness of morning, opponents and supporters of the center staged dueling rallies outside City Hall.
Carrying signs and banners, they stood across the street from each other yelling chants. Then, once the meeting started, several residents were removed by security after they disrupted the proceedings.
Details of the plan were presented by Assistant Commissioner Patrick Murphey. He said the contractors hired to build the center are made up of mainly African-American-owned firms. The foundation has also committed to providing training and career centers so that it can create a pipeline for residents to get permanent, well-paying jobs.
He also offered boxes containing more than 3, postcards from residents listing their reasons for supporting the center.
The center is envisioned as a acre campus made up of three buildings: There will be an underground garage and athletic center and an outdoor plaza and winding landscape. Still, there are more steps to take — a workforce has to be trained and hired, and formal agreements between the foundation and city have to be drafted and finalized.
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Jun 27, · A business plan is an important tool for managing and growing your business. A well-designed plan lays out a vision of growth and the steps needed to get there. A plan is also an essential.
A business plan scholarship presented by Fit Small Business for higher education students with disabilities. Scholarship is based on original essay. 1. Gather all financial information. Before writing a business plan, you must have all pertinent information organized. Collect all financial statements, including profit .
Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Subscribe now. This business plan is for a public relations firm offering both traditional and non-traditional public relations services. It features highly developed goals, strategies for networking, a detailed discussion of the competition in the area, and comments from experts in the field.