question archive In this section list your funding sources and the amount obtained from each source

In this section list your funding sources and the amount obtained from each source

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  • In this section list your funding sources and the amount obtained from each source. This section must be credible (a bank is not likely to loan you $20 million to start a business). Self-funding is a credible option.
  • This section must be aligned with information in the other sections of your plan and amounts must tie to section 2 of this report in which you explain how you plan to use funding to develop your business.

Sources and Use of Funds Statement for BUS 437 Entrepreneurial Finance Team Project Sources of Funds Source Source 1 Source 2 Source 3 Source 4 Source 5 Total Funds Required Uses of Funds Costs Cost 1 Cost 2 Cost 3 Cost 4 Cost 5 Total Required Funds Amount $ $ $ $ $ $ $$ Item Cost $ $ $ $ $ $ $$ First Choice Children’s Center Crystal Kierum, Chrystal Mcree, Nkao Nou Moua BUS 437 Business Plan Development Professor Sucheta Shah May 3, 2021 First Choice Children’s Center Some of the key parts of a business plan include a thorough analysis of the competition, the strategies to develop and maintain a competitive advantage over that competition, and the human capital and physical resources needed to get the business up and running. This paper will analyze each of these key areas and present a thorough consideration of each of the previously stated business plan sections. Competition Daycare centers in Philadelphia have very competitive rates and are often similar yet unique to their own operating. When reviewing two top competitors, First Choice Children's Center is looking at a few things: positioning in the market, location, ownership, and sales. We are able to see where to market our business and how to differentiate from our competitors. Busy Bee Learning Center is a family-owned business in Philadelphia that offers a homestyle atmosphere in its curriculum. They have individual rooms assigned to specific ages with cameras for parents and guardians to have easy viewing access. They are located in the heart of Philadelphia, giving them a prime location to access all the outdoor activities that the city has to offer. Their business operates from 7:30 am-6 pm, and with a monthly tuition rate of $1,487 for infants, $1,368 for toddler rooms, and pre-kindergarten is $1,220. Another competitor would be Bright Horizons at Philadelphia which focuses on STEM, books, and creative materials. The center sits above the 9th District Police Station and near the Rodin Museum, which makes this a secure and ideal center for parents looking for a safe center. The center works with Gardenworks, which offers the children farming and produce. They have a similar vision as First Choice Children's Center with working with local farmers for produce. Bright Horizons operates from 7:30 am-6 pm. These two competitors are unique to their clients as they both offer care but in different ways with different amenities. First Choice Children's Center not only merges key ideas from both facilities, but we are also the only 24-hour onsite center available to families in the area. Philadelphia is a busy city, and that comes with many different lifestyles that our center values and understands. We stand out against our competitors with our unique structure offering 24hour care, licensed educators and staff, cameras, and low-cost premium food from our farmers. Strategy As a 24-hour daycare provider, our primary strategy will be a differentiation focus. Differentiation focus, in this case, is a focus in daycare for those with non-traditional schedules that takes children as young as six weeks old. Together, both mark a narrow market segment that requires our services (Edspira, 2013). We will market primarily through local ad resources such as billboards and papers as well as online such as targeted Facebook ads and working with local family groups and bloggers. These sources will allow quick and effective market penetration to get the name and availability out into the local community. The other part of our differentiation focus will be the cameras in each classroom that allow parents and caregivers to remotely log in and check on the children in our care. While cameras are relatively widespread in the industry, secure live streaming is less so and will help set parents' and guardians' minds at ease no matter what shift they work. Resources The first choice daycare will be headed by a director who will be the topmost leader, helped by an assistant director at the apex decision point of the childcare center (2021 Winnie, Inc., n.d.). The directors will be in charge of all the daily activities of the facility. Their work will ensure a safe and educational environment for young children and toddlers since the facility will be admitting children from six weeks of age. The children need to be taught and guided while caring to make their days productive and keep them active. Therefore, the directors of the first choice will work to their most capabilities to ensure there is are qualified, stable, and reliable teaching staff for the facility. In addition to hiring the team, they will work with the teaching staff to develop age-appropriate curricula. Finally, they will be in charge of making formal official communications to parents and uphold the reputation of First Choice Children's Center. Our directors should have three years of experience discharging all the above job requirements and have a management degree. The minimum requirements for the teaching staff will be a certificate in teaching or any social work certificate. The secretary will need to have a minimum degree in secretarial and office management (Schulman et al., 2017). There will also be a human resource manager with a degree in Human Resource Management and three years of experience. Other staff for the facility includes; qualified cooks with a certificate in catering (Schulman et al., 2017). A minimum of a high-school degree for maintenance workers and drivers. We will need stationery, desks, chairs, computers, printers, and scanners for our offices, and a petty cash safe for the finance department. Additionally, we will require system software that is compatible with the surveillance cameras and other office systems. The children will need playing equipment, and the teachers will require teaching staff to facilitate the smooth learning of the children. Cleaning equipment and spare parts for common repairs will have to be available to promote efficient working and maintenance services. Conclusion The analysis of the Philadelphia daycare competition, including Busy Bee Learning Center and Bright Horizons at Philadelphia, the use of the differentiation focus strategy for competitive advantage, and the identification of critical positions and physical resources are vital sections of First Choice Children's Center business plan. Thorough development of these sections will poise our daycare for initial and continuing success. References 2021 Winnie, Inc. (n.d.). Best Daycares in Philadelphia, PA. Winnie. Retrieved from Edspira. (2013, July 15). Porter’s generic strategies [Video file]. Retrieved from N.A. (N.D). 5 Best Child Care Centres in Philadelphia. Retrieved from N.A. (2021). Busy Bee Childcare. Retrieved from Schulman, K., & Blank, H. (2017, October). Persistent Gaps: State Child Care Assistance Policies 2017. National Women's Law Center. 1 First Choice Children’s Center Crystal Kierum, Chrystal Mcree, Nkao Nou Moua BUS 437 Business Plan Development Professor Sucheta Shah April 26, 2021 2 First Choice Children’s Center First Choice Children's Center is a daycare facility that offers 24-hour care to surrounding families in Philadelphia, PA. The enrollment age starts from 6 weeks old to pre-kindergarten. It has nine rooms, three nursery rooms, three rooms for ages 2-3 years old and three rooms for 4-5 years old. The facility is open 24/hrs a day, every single day, to cater to all working parents of all schedules and shifts. It is imperative that we cater to all shifts since the rise of childcare is highly needed and understand that no one shift fits all. Therefore, we have trained staff that will oversee night shifts, as well as day shifts. We have cameras installed in all rooms, for parents to check in at any time with a protected password and account, while they are working to see whether their children are sleeping or engaging with others. We also offer farm-to-table meals that could be purchased with a weekly plan. We work with local farmers for the best quality produce and source locally to reduce cost. Our facility's flexibility and quality are highly sought after and are why our facility is every parent's and companies first choice when it comes to caring for their children. Goals and Objectives Our goals are to be the quality leader for around-the-clock childcare for Philadelphia working families and to foster appropriate social and physical interaction between children and their peers. The objectives to meet these goals are a 2:1 ratio of caregivers to infants and toddlers up to three years of age and a 4:1 ratio for preschoolers up to five years of age; we will partner with local farmers and producers to provide healthy dining options at affordable costs for those that wish to purchase a meal plan; daytime activities will be structured to encourage children to be active and playing with other children to foster active and social skills, and cameras will be 3 installed in all public rooms for parents to have peace of mind that their children are in a safe and healthy environment at all hours of the day. Market Size and Market Share In Philadelphia, there are approximately 100,000 children under the age of 5 in need of at least part-time childcare (Porter & Bromer, 2019). According to Schulman and Blank (2017), Pennsylvania provides some child care payment assistance for lower-income families, and those payments can continue for up to 92 days while between jobs for families that were already receiving assistance. Some of these payments can help cover overnight workers by helping cover childcare costs both during the parent’s working hours and also allowing them some time to sleep. Low-income families are also among the most likely to need non-traditional hours for child care (Ford & Lieberman, 2018). Given some overlap in hours and with a maximum of 50 children at any given time, we will be able to help 100-125 children per day. There are approximately 950 daycare centers in Philadelphia, nearly 450 of those accept infants as young as six weeks old and those can be narrowed down to approximately 90 that operate 24 hours a day that would directly compete with our business (2021 Winnie, Inc., n.d.). Assuming that each of those 90 can handle approximately the same load, our business would able to capture approximately 0.09% of the market share (100,000 children/9,000 for overnight centers/125 our max capacity). As parents re-enter the labor market following the current ongoing pandemic, the demand for childcare, in general, will start to rise once more. 4 Conclusions In conclusion, First Choice Children's Center operates as a 24-hour facility to ensure that it caters to all working parents of Philadelphia. The 24-hour operating system at the center has helped to accommodate the different schedules and shifts of these parents. This center enrolls infants from 6 weeks up to pre-kindergarten. The main goal of this center is to offer and ensure quality to its clients. For instance, the center has installed cameras all over to ensure the safety of these children whereby parents can monitor their children at their own convenient time and also provides a healthy meal plan to the children at an affordable cost. Additionally, the center accommodates between 100-125 children in a day. Lastly, approximately 450 out of the total 950 daycare centers in Philadelphia only accept little infants from 6 weeks and roughly 0.09% of these daycare centers operate on a 24-hour system. 5 References 2021 Winnie, Inc. (n.d.). Best Daycares in Philadelphia, PA. Winnie. Retrieved from Ford, A., & Lieberman, A. (2018, June 1). More Americans Work Outside 9-to-5 Hours, When Child Care Options Are Scarce. Slate Magazine. Porter, T., & Bromer, J. (2019, February). Supporting Family Child Care in Philadelphia. Erikson Institute. Schulman, K., & Blank, H. (2017, October). Persistent Gaps: State Child Care Assistance Policies 2017. National Women's Law Center.

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