Table of Contents
Company Description
Happy Faces Academy aims to prepare children to excel in their academic and personal life. We value the young leaders for tomorrow and prepare them for their roles by providing the right curriculum. The organization will offer first class childcare services to the people at Plainfield NJ area. The main activities offered by the organization will include after-school tutoring, advanced technology program, and activities such as dance, art, and craft lessons, gymnastics, and theater in one facility. Happy Faces Academy is a privately held organization run by Beverly Banks as the executive manager. She has served in other similar position in the past five years and is expected to give the best experience to the community and the children. A campus director, industry consultant, and VP of the educational practices will support her with the other daily operations. All the individuals have extensive experience in childcare.
Mission
Happy Faces Academy will offer comprehensive care services for kids between 4 months and three years and 1st through 5th grade. The institution dedicates its resources and effort towards ensuring top rated childcare services for children in this age groups. It has a strong commitment to diversity and accessibility with the dedication to take the leadership role in childcare services.
Vision
To become the best organization in childcare service in the Plainfield area while promoting community services and cultural diversity.
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Key Success Factors
Quality services that the high-qualified staff will provide.
Effective marketing strategies by reducing the use of traditional daycare services and investing in new strategies to meet the current needs.
Excellent reputation through maintaining a high-end reputation for excellence in caregiving, community involvement, and education.
Business Model
Happy Faces Academy will be operating in the childcare business sector. It will be a start-up business with the hope of expanding in the future. Upon its start, the business will offer four main services in the Plainfield area. The main services will involve full-time child daycare. In this case, the organization will be taking care of kids from their parents through t the day. In the next service is the part-time after school care. Parents who will not have made it home when their children are from school will benefit from this service. After school tutoring will also be offered. When the children get to the facility, they can be offered part-time tutoring to strengthen their academic abilities. Drop-in care services will be provided. Parents and guardians will have the opportunity to drop their children for short periods when they get to other activities.
The services offered will be new with the use of new technology new profits and get into the new market. Happy Faces Academy had not been operating in the sector before, and this opportunity will make it offer these services for the first time in the area.
Competition
The childcare sector is generally saturated, and it takes an organization with the right strategies to be successful. Despite the saturation, there are increased demands in the sector and Happy Faces Academy is created to fill in the supply gap. In the area, other organizations that are offering similar services and Happy Faces Academy is getting into the market with a different strategy. Three other childcare service facilities are listed in the area, but there is none in the immediate community. Happy Faces Academy differentiates itself from the other local competitors by offering an alternative to the approaches that were used in the traditional childcare.
Market Segmentation
Happy Faces Academy offers important in the current dual-income and fast-paced world. Current families are becoming dependent on two types of income, and this has increased the demand. Happy Faces Academy has mainly focused on meeting the local needs of the community for childcare services within an 8-mile radius. The services will also be available for children who might not be from the areas. The market is highly segmented, and through the four main services, Happy Faces Academy will capture more needs of the community.
Target Market Strategy
Happy Faces Academy mainly targets couples with children who work full-time. This is the group who need the care, as they do not have enough time to look after their children. The programs will be made flexible to accommodate both their children and their needs. The main strategies that will be used to market the institution include direct-mail campaigns, referral marketing, and personal sell during community days. Through the marketing strategies, the organization projects that a high number of students will be recruited in the facility.
Market Needs and Trends
In the United States, inflation continues to rise, and most American families are resolving to supplemental and dual incomes. The trend has increased the demand for quality childcare services. The trend is not likely to change in the future. Based on the population growth rate in the Plainfield area, the need is expected to rise. The institutions that are already in place to provide the childcare services are not in a position of keeping up with the increased demands. In some of these facilities, space is limited, and the quality of the care provided is questionable.
Service Plan
The estimated start-up costs needed for Happy Faces Academy will be $40,000. The costs will be financed by loans from the bank and the personal cash from the owner. The working capital will also be obtained from the lenders. It is estimated that Happy Faces Academy will need $65,000 three-year loan to use as the working capital as it waits to use the profit back into the operations. The long-term goals of the organization will be self-financed. The startup capital will be used in different areas of the organization. With a higher percentage being applied in land and furnishing of the facility.
SWOT Analysis of the Business Plan
Strengths
- The number of single parents and working parents are in, and there are high demands of the day care services.
- The organization will be exposed to different funding. The business may experience local and state funding to help improve the welfare of the community.
- Provide a creative aspect for the owner.
Weaknesses
- The high start-up costs may be a weakness in the process.
- The complication in the licensing of the facility since most of the procedures will be complicated and time-consuming. The estimated timeline could not be achieved due to the complicated processes.
- The daily costs of running the businesses may be high before the first profit is earned.
Opportunities
- There is potential growth in both the population and the future structure of the facility.
- The costs of the employees could be subsidized for those that work in the facility and use the services.
- The provision of childcare services for the low-income families from the region may make the facility benefit from the government programs. The full payments could be obtained from the government.
Threats
- Competition is high in the daycare services in the regions, it will need the right strategy, and quality services top say in the market. Some organizations are offering in-house care posing high competition.
- Lawsuits for alleged abuses and neglect are another threat that is likely to be experienced in the organization.
- The other danger is the high rate of employee turnover. The organization may have trouble in finding the right staff for their activities as the number of children increase.
- The other danger is the high rate of employee turnover. The organization may have trouble in finding the right staff for their activities as the number of children increase.
Sales Forecast
It is forecasted that for the first five months of operation Happy Faces Academy would have assumed the conservative enrollment. It is predicted that at this point, the organization may have resumed operations and the enrolment rates would have started to become high. It is expected that the initial enrollments will be less than in the anticipated future levels.
It is estimated that there will be an increase in the sales of approximately 32% until the schools open. Even though the increase seems to be large considering the industry standards, it remains a good estimation based on the sales strategies and the initial enrollment. Going into the first and the second year, it is expected that the business will have been known. The business is expected to be opened on 1st January 2019. It will begin with an enrollment of 60.
