ScholarshipAssist is a small business catering to students searching for scholarships. They do this through an extensive database of scholarships that they use ,to provide individualized counselling to scholarship seekers. According to their scholarship consulting business plan, ScholarshipAssist has identified over 200,00 potential customers divided into two market segments: those who are likely to qualify for scholarships and those whose eligibility is not determined but would benefit from receiving a scholarship. By year three of the scholarship consulting sample business plan, ScholarshipAssist estimates sales in excess of $232K. Profitability will be ensured by successfully matching 60 percent of their clients with scholarships. Success of the business plan is based in large part on the leadership and experience of owner Steve Tracker.
ScholarshipAssist assists college-bound students with their search for scholarship money. ScholarshipAssist is able to increase the award amount for students that have a scholarship or can increase the likelihood of a scholarship award for those on the border line of receiving one. ScholarshipAssist maintains an extensive database of available scholarships and offers each client individualized consulting.
Keys to Success ScholarshipAssist has identified three keys to success which it believes will be instrumental to the health of the organization. The first is the need to offer significant value to the customers. The second is to maintain a 60% success rate for securing scholarships or increasing the amount of the scholarship. The third key is to adhere to strict financial controls.
The Market ScholarshipAssist has segmented its market into two distinct segments. The first group is sure thing applicants, the market segment that is very likely to receive scholarships. This segment is growing at 10% per year and has 93,000 potential customers. The second group is questionables whose needs will be met by significantly increasing their likelihood of receiving a scholarship through ScholarshipAssist's guidance. This group has an annual growth rate of 11% with 112,000 potential people.
Management ScholarshipAssist is being lead by industry veteran Steve Tracker. Steve's educational credentials include a graduate degree in business from Babson College. He has worked in the financial aid department at Babson college, Fannie Mae, and Pew Charitable Trust Foundation. Having a well seasoned manager will help ensure success for ScholarshipAssist.
ScholarshipAssist has conservatively forecasted sales of $172,589 for year two, rising to $232,508 by year three. Profitability will increase over the next three years. Through a combination of an innovative business plan in a growing market space and a seasoned manager, ScholarshipAssist will quickly increase market penetration in a very exciting market space.
The mission of ScholarshipAssist is to help thousands of college students realize their dream of attending college by helping them find scholarships. ScholarshipAssist will aim to maintain 100% customer satisfaction for all clients.
Become known as THE resource for scholarship assistance.
Reach profitability by the end of year one.
Generate yearly sales of $200,000 within three years.
1.3 Keys to Success
Offer significant value to clients by having a comprehensive database of scholarships and useful application information.
Help at least 60% of the clients secure significant scholarships.
Maintain strict financial controls.
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