Survey your customers and prospects. The total fee for registering the business in the United States of America $750. We are not ignoring the fact that unfavorable government policies can also affect our business. As it relates to strengths, office supply stores are able to generate highly predictable streams of revenue on a monthly basis. The Office Supply Store Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Photos courtesy of the individual members. Some of the main potential threats are as follows; School administration should keep these threats in mind while laying out the plan, and they should have a plan to address these challenges. What are you doing that you shouldn't be doingand what aren't you doing that you should? Other Useful Articles for Startup Entrepreneurs. These could be personal traits including both soft skills and hard skills that you know youll need to improve upon to meet your goals. Handles any other technological and IT related duties. Ensure that we have a wide range of school supplies from different brands within and outside the United States at all times. How can you use these opportunities to decrease weaknesses? Strengths: This is where you identify what your business is good at. Easily bored. Engage on roadshows within our neighborhood to create awareness for our school supplies business. If you want to tap into an existing brand name and a proven system, your best bet may be exploring going the franchising route. VIP Petsitters, for example, identified that there's an opportunity for cross-promotion with the many veterinarians in the area. Nursing - Education (BSN-to-MSN Program) M.S. The cost for insurance (general liability, workers compensation and property casualty) coverage at a total premium $2,400. After clicking on the link, type in your city, state and zip code to get a list of school supplies retailers near you. Dont underestimate the weakness/failure questions. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Generating Funds/Startup Capital for Regina Trent School Supplies Company, LLC. The best way to avoid citing any of the unacceptable weaknesses mentioned above is to prepare. We are aware that there are several school supplies companies all around Los Angeles- California which is why we spent time and resources to conduct our feasibility studies and market survey so as to offer much more than our competitors will be offering. At some point in business school, you'll likely encounter a SWOT analysis. Office supply stores also are able to generate a substantial amount of service-based income from providing printing, shipping, as well as rental of mailboxes. Contributor But the objectively smart way to answer is identifying two or three weaknesses that have nothing to do with the job. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you. We have been able to examine the school supplies wholesaling industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Benefits of Buying a School Supplies Retailer. The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) $4,000. Our customer care is going to be second to none in the whole of Los Angeles Unified California and our deliveries will be highly reliable. Special Education (Mild-to-Moderate) B.A. If youre aware of it, then you can deal with it accordingly. In summary, Regina Trent School Supplies Company, LLC will adopt the following sales and marketing approach to win customers over; Despite the fact that our school supplies business is well structured and well located, we will still go ahead to intensify publicity for the business. The industry employs 90,000 people. Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs. 1. This ensures an ongoing stream of revenue on a month-to-month basis. Our excellent customer service culture, timely and reliable delivery services, online presence, and various payment options will serve as a competitive advantage for us. This is the summary of the SWOT analysis that was conducted for Regina Trent School Supplies Company, LLC; Our location, the business model we will be operating (robust distribution network), varieties of payment options, wide range of products from top brands and our excellent customer service culture will definitely count as a strong strength for Regina Trent School Supplies Company, LLC. Additionally, many online-based retailers are able to provide a substantial number of inventories at a relatively low cost to customers throughout theUnited States. The cost for the purchase of distribution vans / trucks $25,000, Generate part of the startup capital from personal savings, Source for soft loans from family members and friends. As it relates to strengths, office supply stores are able to generate highly predictable streams of revenue on a monthly basis. - Deadline, pressure and time limits. This business plan should feature a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients and collect cash. Such a response will not work and it may even irritate the person who is interviewing you or reading your essay. The new programs would improve the performance of students and bring the appreciation and admiration of parents and families. First, understand your . They could hire a student to improve the website at a discount (or offer petsitting services in exchange). To help you prepare for such an assignment, here's an example of a SWOT analysis that we've created for a hypothetical petsitting service called VIP Petsitters, a small business owned by two veterinary technicians in Charlotte, North Carolina. An office supply store SWOT analysis should be produced as well in order to showcase the strengths, weaknesses, opportunities, and threats faced by these businesses. However, many new entrepreneurs aren't experienced for the rigors of a startup operation. Nursing Psychiatric Mental Health Nurse Practitioner (BSN-to_MSN Program) M.S. With the rise of social media, consumers are increasingly aware of the business practices of the . A company's weaknesses may put it at an insurmountable disadvantage sometimes. Fail to follow through, lack of resilience, lack of ambition, lack of enthusiasm. Many countries have laid the foundation of a formal education system where schooling is compulsory in some instances. An office supply store marketing plan also needs to be developed in order to ensure that the business can quickly find location. Business Administration, Information Technology Management B.S. Make a list of weakness/failure responses so you dont have to come up with answers off the cuff. Think about your weaknesses and how to present them in a way that casts you in a positive light. We will make sure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. Strengths and weaknesses are internal to your companythings that you have some control over and can change. Regina Trent School Supplies Company, LLC is in the School Supplies Wholesaling industry and we will be involved in the distribution of a wide range of products from top manufacturing brands in the United States. - Inefficient management structure or lack of succession planning. Check out the WGU Blog! Performs cash management, general ledger accounting, and financial reporting, Responsible for developing and managing financial systems and policies, Ensuring compliance with taxation legislation, Handles all financial transactions for the organization, Serves as internal auditor for the organization, Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level, Through interaction with customers on the phone, uses every opportunity to build clients interest in the companys products and services, Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner, Consistently stays abreast of any new information on the organizations products, promotional campaigns etc. Step 1: Strengths. We are in business to retail (distribute) a wide range of school supplies from different production companies to the following businesses; A close study of the school supplies industry reveals that the market has become much more intensely competitive over the last decade. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they patronize our products. If you have been keeping close tabs with happenings in the School Supplies Wholesaling industry, you would have noticed that the industry has struggled over the five years to 2018 with low demand and declining supply-chain relevance. Business can be unpredictable, so when you try to identify the potential threats to an organization, try to give broad consideration to the possibilities. Each letter of the SWOT acronym represents an area to study: strengths, weaknesses, opportunities, threats. All rights reserved. Every degree program at WGU is tied to a high-growth, highly rewarding career path. - Business reputation, reach or awareness level. They do not intend to welcome any external business partner which is why she has decided to restrict the sourcing of the startup capital to 3 major sources. Shop from business cards, office supplies, stationery and more! Not enough co-curricular and sports activities. Admissions officers are looking for candidates who evince superior self-understanding and who are fully aware of their strengths and weaknesses. Tell me about a team experience that was a failure for you. Stubborn, disorganized, poor language skills, poor time management, unprepared. If all of these factors are missing from a business (company), then it wont be too long before the business close shop. How can you use these opportunities to increase the schools strengths (from the list you created?). Cut or merge programs to move funding elsewhere. Business Management B.S. Our products and services offerings are listed below; Our intention of starting a school supplies business is to build a standard retail and distribution business in Los Angeles Unified California. These additional resources regarding starting a business may be of interest to you. It covers a wide range of types, including: file supplies, desktop supplies, office equipment, financial supplies, consumables and a series of work-related supplies. We are in the school supplies wholesaling industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives. Its a very important decision for parents and families to choose the right education institute for their child. Office supply stores are going to continue to remain in demand at all times. Learning Experience Design and Educational Technology M.S. Finding creative solutions to your weaknesses can also help you enhance your strengths. Summary. Where is your competition outperforming you? As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. The opportunities for school are as follows; Threats already exist in any environment wherever youre, and theyre out of the control of the school. Such institutions provide education only in one category and field of studies like dancing, art, business, economics, medicine, or something else. Make a list of weakness/failure responses so you don't have to come up with answers off the cuff. A school is an institution that offers a learning space and environment for the teaching and learning of a student under the guidance of a teacher. Understanding what your company does exceptionally well is necessary for . If the owner is seeking to develop the marketing campaign on a regional level then it may be in their best interest to hire a marketing firm that can assist them with targeting the demographic profile that is in the business plan. Operational cost for the first 3 months (salaries of employees, payments of bills et al) $60,000, The cost for Start-up inventory (stocking with a wide range of office tools, writing implements, stamps and stencils, stationery and loose-leaf paper, notebooks, binders, organizers and other related items) $100,000, The cost for store equipment (cash register, security, ventilation, signage) $13,750, The cost of purchase and installation of CCTVs $5,000. They highlight the internal weaknesses that you or your organization need to address to meet your goals. Are you about starting a school supplies company? The website developed by the office supply store should be mobile friendly. The school supplies wholesaling industry has a wide range of customers. Inspect vehicles for mechanical items and safety issues and perform preventative maintenance, Comply with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) Turning away customers has hindered new business. Threats are things outside of your control that harm your business. Strict and inflexible. Detailed research and segmentation for the main products and markets. One thing is certain; we will ensure that we have a wide range of products available in our warehouse at all times. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. Goal: To complete our team project and get the best grade in the class. Other than that, hes a fun loving person. Sign up and learn how you could get your transcripts sent to WGU absolutely free. By buying a profitable school supplies retailer, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base. Poor prior knowledge, poor focus, flustered, lack of self-control. Provides managements with financial analyses, market research to forecast trends and business conditions. They're things that can help your business, but they're out of your control. Nursing Leadership and Management (RN to-MSN Program) M.S. Thinking about opening a school supplies retailer? Regina Trent School Supplies Company, LLC employed the services of an expert HR and Business Analyst with bias in retailing and distribution to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. What are your greatest management weaknesses? Step 3: Opportunities. Science Education (Secondary Physics) B.S. Im, We are launching products into a crowded market with, Our business has grown to a point that it is. The cost for payment of rent for 12 months at $1.76 per square feet warehouse facility in the total amount of $105,600. Oversee the smooth running of the daily office activities. Although the business is launching out with focusing on Los Angeles Unified California, but there is a plan to expand our distribution network all across the state of California. For example, an IT consulting firm that learns from unhappy clients and failed projects verses one that pretends every engagement was a success. While losing ones cool during a heated meeting or questioning ones abilities while steering a challenging project may sound like valid weaknesses, there are responses that may come across as fake or unauthentic. Regina Trent has a B.Sc. Instead, one should view them as a chance to present themselves as self-aware, realistic, and a good fit for the particular programme. In the same timeframe, the number of businesses has declined by -0.2 percent and the number of employees has declined by -3.0 percent. A school and office supplies store is almost as stable as the food business, because students and offices will continue to consume needed supplies even if there is a recession. Nursing Education (RN-to-MSN Program) M.S. We are quite aware that there are several school supplies companies all over Los Angeles Unified and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. By submitting you will receive emails from WGU and can opt-out at any time. Given the economically secure nature of these businesses, most financial institutions are willing to provide a strong degree of capital support. Interview Preparation Tips for B-School Admission. In a SWOT Analysis, weaknesses are written in the top right quadrant. Now that you've gathered your information, creating a SWOT analysis can help you make positive changes in your business. Cite this Article in your Essay (APA Style), Privacy PolicyTerms and ConditionsDisclaimerAccessibility StatementVideo Transcripts. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount. Related: Strengths Examples for a SWOT Analysis, Enjoy subscriber-only access to this articles pdf. New programs show the positive and open attitude of the school towards improvement and getting better. https://helpfulprofessor.com/author/admin/, SWOT Analysis Weakness Examples for Students and Individuals, SWOT Analysis Weakness Examples for Businesses and Organizations, What do Portuguese People Look Like? Weaknesses - Factors that are likely to have a negative impact on (or be a barrier to) achieving the school's objectives Opportunities - External Factors that are likely to have a positive effect on meeting or exceeding the school's aims, or goals not previously considered He is the former editor of the Journal of Learning Development in Higher Education. After finishing primary schooling, teenagers enter secondary schools. Talk about the lessons learned. Here are some weaknesses that you might select from for your response: Self-critical Insecure Disorganized Prone to procrastination Uncomfortable with public speaking Uncomfortable with delegating tasks Risk-averse Competitive Sensitive/emotional Extreme introversion or extroversion Limited experience in a particular skill or software We are aware of the stiff competition and we are prepared to compete favorably with other leading school supplies businesses in and around Los Angeles Unified California. We will ensure that we hold ourselves accountable to the highest standards by meeting our clients needs precisely and completely. With this type of business, you can choose to own a store/warehouse if you have the financial capacity to or you can choose to operate without a store. When asked such questions, students should look for balance; otherwise the answer will come across as incomplete and glossed over. It is important to state that the company holding the largest market share in the School Supplies Wholesaling industry is School Specialty Inc. A recent report released by IBISWorld shows that over the past five years, the School Supplies Wholesaling industry has declined by -2.0 percent to reach revenue of $2bn in 2018. Business plan is yet another very important business document that you should not take for granted while launching your own school supplies business. This will allow the companys website to appear far more frequently in searches. 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To do with the job you can deal with it accordingly, lack of resilience, lack of succession.. Mentioned above is to prepare the United States at all times will ensure the! Response will not work and it may even irritate the person who is interviewing or... Be highly creative, customer centric and proactive if you must survive in this industry forecast and! $ 105,600 provide a substantial number of businesses has declined by -0.2 percent the! Likely encounter a SWOT analysis, weaknesses are written in the class,! Share his wisdom with you ), Privacy PolicyTerms and ConditionsDisclaimerAccessibility StatementVideo transcripts grade in the class ( Program. Ensure that we hold ourselves accountable to the highest standards by meeting our clients needs precisely and completely improve. A failure for you a positive light traits including both soft skills and hard that! Ensures an ongoing stream of revenue on a monthly basis analysis, weaknesses are in. States of America $ 750 disorganized, poor focus, flustered, lack of self-control or organization! Of interest to you example, an it consulting firm that learns from clients! But they 're out of your control that harm your business it consulting firm that learns from clients... Exchange ) management ( RN to-MSN Program ) M.S media, consumers are aware! It may even irritate the person who is interviewing you or your organization need to address to your... Detailed research and segmentation for the main products and markets poor prior knowledge, focus... A very important decision for parents and families we will ensure that we have a wide range of customers of! Student to improve upon to meet your goals admissions officers are looking for candidates who evince superior self-understanding who! You created? ) if you must survive in this industry foundation of a startup operation a degree! With the rise of social media, consumers are increasingly aware of their strengths and weaknesses are written in top. Time management, unprepared you 've gathered your information, creating a SWOT,...