Company- CapturedAbove (Aerial Drone Media)
Business Plan
- Mission Statement: To be the most efficient media production company by flight, while ensuring our customers are satisfied with our work. We promise to go above and beyond your expectations to capture beautiful scenery.
Business Environment
- What industry will you be competing in? Aerial Media Production
- How does the industry look like in the global environment? Our industry is centered around drones, a new product of technology with an exceptional price point. As a result, the market is not super competitive because of drones being relatively new. Although the equipment is expensive, the return on investment greatly outweighs any risks for experienced professionals like our media team.
- What economic forces influence the supply and demand of opportunities in your industry? CapturedAbove is highly susceptible to the real estate market which can influence the demand of our services. This segment makes up for nearly 35% of our work, when factoring in commercial and residential properties. To continue, nearly 40% of our clients are small businesses and venues. As a result, their success is subject to the state of the American economy.
Entrepreneurship
and Strategy
- As the CEO of the startup Company Me, what challenges do you envision "promoting" and "selling" Product Me? Some challenges I have when envisioning promoting and selling is getting enough employees and equipment. It will be hard to market aerial footage without employees going out and getting media when its needed. I hope to sell our media directly to industries in order to increase our demand.
- What potential strategies would you consider, starting out, as an "entrepreneur?" Consider Company Me as a Startup!: I would focus on making smart choices when it comes to marketing because its important to stay within my budget. I will learn to take risks and always attempt to bring something to the table. Taking risks will lead to discovery of new things. I will make sure that I offer a leadership and management program to my employees. This will give them proper training for our company
Marketing
- As the CMO of Company Me, How would you promote Product me? I would try to get my images and videos out to market, I would offer discounts to get more customers involved. I would create social media accounts to promote my company, showing off our aerial footage and posting opportunities options for our customers.
- Who are your potential customers? Real estate agents, business owners, farmers, and anyone or company who needs images or video work done. We are focused on outdoor imaging, as it is not safe for drones to fly indoors.
- What would be your marketing mix and Four Ps? My marketing mix would be to start a hands on learning seminar on our company. Where the customers would learn about price, product, promotion and place. I would promote customers to come out and try the equipment to get them more involved with what our company is focused on.
- How would you design and develop Product Me as an innovative offering that would attract potential customers? I would offer Aerial Drone footage because it is an innovative field. I will create opportunities for individual business owners and big companies to become more successful in their profession.
- How would you apply digital marketing skills to promote Product Me? (e.g., How would you Search Engine Optimize your LinkedIn profile?) I will use LinkedIn to promote my company, I would connect with anyone who is in the same field, as well as our potential customers. Our website will be the first thing to come up when you search CapturedAbove, and we will have website design experts working on the site and social media accounts to keep them updated.
Accounting and Finance
As the CFO of Company Me, create a simple hypothetical balance sheet when you get your first job.
Balance Sheet:
Assets:
Current Assets:
Cash 32,800
Accounts Receivable 300
Prepaid Rent 1,000
Inventory 39,8000
Total Assets:
Long Term Assets:
Leasehold improvements 100,000
Accumulated Improvements (2,000) 98,000
Total Long Term Assets 98,000
Total Assets 171,900
Liabilities:
Current Liabilities:
Accounts payable 49,000
Accrued Expenses 450
Unearned Revenue 1,000
Total Current Liabilities 50,450
Long-term Liabilities 99,500
Total Liabilities 149,000
Owner’s Equity:
Retained Earnings 11,950
Common Stock 10,000
Total Owner’s Equity 21,950
Total Liabilities and Owner’s Equity 171,900
- How do you plan to manage your own investments? Our team has established a plan surrounding the basic accounting principles to ensure the return of capital on our initial investments of incorporation while achieving profitable cash flow.
- How would you create a financial plan for Company Me?: I will discover where my money needs to go in order to stay within the budget. I will set my financial goals and ask myself what I want to put my investments towards. I will make sure to keep an eye on my credit lines and keep a great credit score. I will prepare the company for things that come up with the insurance. I will also begin to build my portfolio on things that will need to be purchased and keep it up to date in my financial plan.
Information Systems and
Operations
- As the CIO of Company Me, what information systems tools and analytics would you consider using to optimize your productivity and operational efficiency?: I will choose SAP for my company, a German based software corporation that makes enterprise solutions to manage businesses' operations and their customer relations. This in turn will allow my company to rapidly analyze our performance data while identifying significant costs savings and find potential ideas to generate revenue.
I am confident with my business plan for CapturedAbove and I know that with referral to this plan, we will be successful.
Citation:
- Collins, K. (2012).Exploring business. Irvington, NY: Flat World Knowledge.
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