IDENTITY
Who are you: how are you organized legally, when and where? Are you fully licensed and insured? Do you have a logo or website?
I’m an owner of a business, a legal U.S. resident, and 18 years or older. I am one of the following: Asian-Indian, Asian-Pacific, Black, Latino, Native American or Alaska Native, Arab or Middle Eastern, Native Hawaiian or Pacific Islander, LGBTQ+, or as a person with a disability. And my business is less than 5 years old, I have no more than 10 employees, and my annual revenue is less than $5,000.
Answer: Currently the business is a solely run by myself and with the assistance of my Husband. We are in Aldie, VA. We are not licensed or insured. We are in the process of developing a Logo and website.
PROBLEM WORTH SOLVING
What is your unique value and competitive advantage that will drive customers to your product or services?
Answer: My products are unique, my location is within the DC, MD and VA for delivery and pickup. Customers need my products because I offer low/minimum order requirement and flexible pricing. I offer excellent customer service and offer additional services such as a party planning and coordinator. OUR SOLUTION
What are your Strengths, Weaknesses, Opportunities and Threats?
Answer: My strengths includes, my package deal I offer, and I can help customers transform any venue with my LED furniture rentals. My LED furniture is good for use in both indoors and outdoors. My products can be used throughout the year without any limitations. My weakness includes not having a storage facility to store my products, a VAN to deliver the items to and from for my customers, insurance for damaged items, not having a logo on our products, accounting and payroll services, not having enough products to support larger events and finally legal.
TARGET MARKET
Answer: My target are weddings, birthdays, corporate events, bachelor and bachelorette party, big productions shows, concerts, prom, festivals, country clubs, banquet halls, homes, pool parties, and Kids Party. From my research, there’s a need for LED glow for events within the D.C metro area. These LED furniture can be used for any party. THE COMPETITION
How will you be different from the competition, such as your pricing, service or product?
Answer: I will be different by offering low/minimum order requirement and flexible pricing. I will also offer additional services such as planning and coordinating of events. I may offer free delivery/pickup with mileage limitations. As my company grow, I will offer additional rental services, such as kids chairs and tables, lighting equipment and other party furniture’s.
Have you researched the competition, e.g. pretended to be a customer or consumer.
Answer: Yes, I have done a couple of research online and I found a couple of companies within the District that offers the same services. I’m yet to contact them to pretend to be either a customer or consumer.
SALES CHANNELS
Answer: I will rent via website, and through social media platforms such as Facebook, twitter, Instagram, yelp and google. My rental process will first start with a rental agreement, contract, a deposit MARKETING ACTIVITIES
Answer: Currently using Facebook and Instagram and my word of mouth through friends and family.
SOURCES OF REVENUE
What do you need to start and for the next six months? What is the source of your startup expenses-family, friends, self, bank loan, partner contributions, outside investors, etc.
Answer: To startup, I purchased my products by using my credit card. USES OF REVENUE
Be realistic and research the basis for your estimates, e.g. startup costs such as organization expenses, licensing, insurance, legal and accounting, and all operating expenses for the next six months.
Answer: After further research, my estimate for my startup will cost approximately $15k.
MILESTONES
What revenue do you need to recover all your startup costs?
Answer: I will need approximately $20K to recover all my startup cost.
What is your breakeven point, i.e. the point at which all your fixed and variable operating costs are equal to your revenue?
Answer: My breakeven point is when I’m able to recoup all the money I used to purchase the products.
TEAM AND KEY ROLES
Who are your employees or partners, what is their background and how are they suited to the roles assigned to them by education, training or experience? What will be the compensation of each critical employee?
Answer: I currently don’t have any employees working for my startup. PARTNERS AND RESOURCES
Do you need a partner? If you need money can you borrow it, and if you need expertise can you hire that person? Is your partner Compatible, Competent and Committed? Do you have an Operating Agreement which establishes the relationship in writing?
Answer: Currently I don’t a partner or any additional resources for my startup.
NOTES
Some of my competitors are:
Glow Event Rentals https://gloweventrentals.com/
LED Glow Party Rentals https://www.ledglowpartyrentals.com/
Ars Events https://www.arseventsusa.com/led-furniture-rental