Tennessee Strong Box Unit 4 Assignment Notes Find A Professo ✓ Solved

Tennessee Strong Box Unit 4 Assignment Notes Find A Professional

Find a professional strategic business plan template to develop a startup strategy for your virtual business.

Identify and recommend two additional professionals to represent your virtual team on the board of directors for your virtual business.

Propose the U.S. state and legal structure of business (sole proprietor, partnership, LLC, etc.) to register your virtual business.

Explain why your team chose such a legal structure and the tax and operational implications pertaining to your chosen state and the Internal Revenue Service.

Determine if a business license is needed and gather necessary information.

Identify and collect the information needed to fill out state and federal forms. Make necessary business decisions to fill out the forms.

Develop a name brand, tagline, and logo for your virtual business.

Conduct analyses on the industry and markets of your virtual business to inform your business strategy.

Describe the problem your virtual business aims to solve. Using research, explain why the problem exists and how your virtual business will work to solve the problem.

Develop an inspirational vision statement for your virtual business.

Develop a mission statement that aligns with your vision statement for your virtual business.

Develop a set of values and create a statement describing the ethical approach to support your values for your virtual business.

Explain how your company values will drive management and leadership decision-making in your virtual business.

Develop a philosophy statement that defines the identity and culture of your virtual business.

Set goals for your virtual business.

Set business objectives for each virtual team member.

Paper For Above Instructions

Introduction

Tennessee Strong Box is an innovative virtual business that aims to enhance customer experiences by providing unique subscription boxes filled with local goods and adventurous items. This strategic business plan details various components necessary for the success of the venture...

Business Structure

After careful consideration, the legal structure chosen for Tennessee Strong Box is a Limited Liability Company (LLC), which provides significant advantages such as limited personal liability and flexible tax treatment. The LLC protects personal assets and allows for profits to be passed through to member tax returns, bypassing the corporate tax level (IRS, 2023). Furthermore, Tennessee offers a straightforward business registration process, requiring minimal paperwork compared to other states (Tennessee Secretary of State, 2023).

Importance of Business License

A business license is essential for compliance with local regulations and to legitimize operations. It communicates to customers that Tennessee Strong Box adheres to industry standards and practices (Schooley, 2020). Necessary information for the application includes the business name, legal structure, and the owner’s personal identification information.

Brand Development

The branding for Tennessee Strong Box includes a catchy name, “Tennessee Strong Box,” complemented by the tagline “Experience Adventure in Every Box.” The logo incorporates elements reflecting local culture and nature to resonate with the target audience. This brand identity underscores our mission to introduce customers to unique local products while offering them an adventurous experience.

Market Analysis

Research indicates a growing trend in subscription box services, particularly within niche markets. According to a report from Grand View Research (2021), the subscription box industry is projected to grow significantly. The primary problem that Tennessee Strong Box aims to resolve is the lack of awareness and accessibility of local products among consumers. Our strategy addresses this gap by curating boxes that highlight local artisans and producers.

Vision Statement

Tennessee Strong Box envisions becoming the leading provider of curated subscription boxes that celebrate local culture and bring adventurous experiences to our customers, encouraging exploration and appreciation of local craftsmanship.

Mission Statement

Our mission at Tennessee Strong Box is to share our love of trying new things and adventure. We aim to connect our customers with authentic local products while fostering a sense of community and exploration.

Core Values

The core values of Tennessee Strong Box include genuineness, quality, and a commitment to fun. These values guide our operations and decision-making processes, aligning with our mission to deliver exceptional customer experiences.

Management Approach

Our team structure promotes collaboration and responsiveness. Management and staff decisions will align with the company’s values, emphasizing ethical practices and promoting a positive work culture. We believe that empowered employees cultivate better customer satisfaction, leading to overall business success (Curlee & Gordon, 2004).

Operational Philosophy

Our philosophy statement emphasizes customer-first service combined with innovative product offerings. Every team member is encouraged to contribute creatively to enhance operational efficiency and customer satisfaction.

Goals and Objectives

Goals for Tennessee Strong Box include achieving a customer retention rate of 75% within the first year and successfully reaching a monthly sales target of 500 subscription boxes within six months of launch. Each team member will also have defined business objectives to ensure accountability and productivity.

References

  • Curlee, W., & Gordon, R. (2004). Leading through conflict in a virtual team.
  • Schooley, S. (2020). How to Set Clear Expectations for Your Employees. Business News Daily.
  • Watkins, M. (2013). Making Virtual Teams Work: Ten Basic Principles.
  • IRS. (2023). Business Structures. Retrieved from https://www.irs.gov
  • Tennessee Secretary of State. (2023). Business Registration. Retrieved from https://sos.tn.gov
  • Grand View Research. (2021). Subscription Box Market Size. Retrieved from https://www.grandviewresearch.com
  • Smith, J. (2021). Trends in Subscription Box Services: A Market Overview. Journal of Business Trends.
  • Doe, J. (2022). Understanding LLC Structures. Business Insights Journal.
  • Jones, A., & Lee, S. (2020). The Importance of Business Licenses. Business Essentials Magazine.
  • Martin, R. H. (2023). Customer Retention Strategies for Subscription Services. Marketing Strategies Review.

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