pixl public relations...global issues pixl public relations recognizes global issues and concerns....
TRANSCRIPT
PIXL PUBLIC
RELATIONS [Document subtitle]
BUSINESS PLAN
REPORT
JANUARY 2018
Prepared by Tyler Knapp, Kevin Lambe,
Quyen Le, Amanda Spearing, Brittany
Waite and Herman Wong
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EXECUTIVE SUMMARY
Pixl Public Relations is a growing communications agency located in the heart of downtown Toronto, Ont. Our agency specializes in technology and scientific innovation but is versatile in all industries that require media relations and communications. Our in-house media production team makes us well-rounded in all aspects of public relations and communications. Our mission is to “utilize the strengths of our team to deliver effective and strategic communications and media services for exceptional results.”
We specialize in assisting entrepreneurs, small to mid-size businesses and start-up companies achieve their communication goals. Our focus on clients in the technology industry or with a primary interest in scientific innovations will range from students to established entrepreneurs. Additionally, we plan to build Canadian and global relationships through our services and products by securing more multinational clients.
Our agency is dedicated to succeed and provide results for our clients. Our knowledgeable and experienced team in the technology industry offers creative ideas and diverse content to help set our clients apart from their competitors, making our in-house production and digital team one aspect that helps us stand apart from others.
Quyen Le leads Pixl Public Relations as chief executive officer, offering expert experience in communications and media relations. Active in the industry for a decade, Quyen excels in all aspect of public relations including journalism, digital marketing, crisis management and media relations. From corporate to boutique, she has the vision and leadership to ensure her diverse team excels.
Pixl Public Relations has many reasons for growth into the future. Our in-house production team specializes in videography, photography and visual communications to create original content fit for our clients. Secondly, we believe networking with educational institutes and non-profit organizations will not only improve our Corporate Social Responsibility, but insight of the technology and scientific innovation industry. Finally, our diverse team is motivated to exceed expectations to collaboratively provide results and creative content for our clients.
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Table of Contents
Executive Summary………………………………….………………….……….……1 Company Description……………………………….…………..……………………3
Business Name
Address
Description of Business
Form of Business Ownership
Ideal Customer
Business Advantage
Ethical Issues
Social Responsibility
Global Issues
The Business of Managing………………………………………………..………..10
Mission Statement Business Goals
SWOT Analysis
Management Organizational Chart Corporate Culture
Leadership Philosophy
Job Description and Specifications
Training Employees
Compensation
Incentives
Managing Operations and Information……………………………...……..…….15
IT Resources
Customer Service
Cost of Doing Business
Income Statement Floor Plan
Quality Assurance
Managing Marketing……………………………………………………………...….22
Target Market Product Features and Benefits
Product Differentiation
Pricing
Advertising and Marketing Strategies
Promotions
Financial Issues………………………………………………………………...…….26 Start-up costs
Financing
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INTRODUCING THE CONTEMPORARY
BUSINESS WORLD
Business Name Pixl Public Relations
Address Suite 300 Workhaus Bay 350 Bay St Toronto, ON
M5A 1E1
Floor Plan
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Business Description Pixl Public Relations agency is geared towards helping start-up and mid-sized companies that focus on technology and scientific innovation. We offer the opportunity for greater exposure and visibility by means of social media campaigns, event planning, media production and networking as part of our well-rounded team.
Form of Business Ownership Our agency is a corporation under Quyen Le, the chief executive officer, of Pixl Public Relations. The ability to be a corporation allows for continuity and growth of our agency. As well, employees are encouraged to participate in the active shares of the company.
Ideal Clients Our ideal clients are new entrepreneurs, start-up companies and mid-sized tech companies in the Toronto and Kitchener-Waterloo area. We understand the challenges that many small to mid-size businesses may face. Our competitive services and experienced team hope to deliver results on projects a company may request.
Our Advantage Pixl Public Relations is dedicated to providing notable results for our clients. Our passion in technology and the scientific innovation industry gives us a lead on the latest trends and software to ensure the highest quality public relations and communication is successfully achieved.
Ethical Issues We strive to provide an open and judgement-free environment. Ethical issues may arise in any business. Our agency has established guidelines to overcome these situations:
1. Honest communication needs to be professional and respectful for both parties affected. The value of face-to-face conversation is key when overcoming dilemmas.
2. Provide alternatives or ask for second opinions. The chief executive officer will have the final say if both parties cannot find a solution.
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3. Although all employees and clients are required to sign confidentiality contracts, all information and discussions will not be internally and externally broadcasted.
4. Maintain the integrity and respect for the social and organizational environment.
Social Responsibility Making a positive change in the environment is important for the team. We strive to provide opportunities and experiences many youth may not have, such as young women in S.T.E.M programs. Our incentives to participate in charitable events and organizations help identify our social responsibility as a team.
Global Issues Pixl Public Relations recognizes global issues and concerns. We plan to mitigate them by strengthening relationships with our international clients and welcoming new ones. In return, our global business threats will not affect our business with our clients.
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THE BUSINESS OF MANAGING
Vision Statement Pixel Public Relations hopes to be a leading PR firm in Canada, specializing in the technology and scientific innovation industry.
Mission Statement Integrate the strengths of our individual team members to deliver effective and strategic communications and media services for exceptional results.
Business Goals:
Short-term (one to two years): Maintain relationship with our existing clients Expand our team by hiring additional members Collaborate with educational institutes to hire interns and
continue partnerships with them
Long-term (three to six years): To increase our client base which provides regular income to
the agency by 25 per cent To increase our annual revenue by 30 per cent Secure partnerships with other media companies Continue our ongoing participation with charitable organizations
SWOT Analysis
ADVANTAGES: Dedicated and dynamic
team Positive work culture Industry experience Invested interest in
technology and scientific innovation
WEAKNESSES: Start-up costs and cash flow High cost structure Double taxation Regulations Lack of competitive strength
o Has not made a name for itself in the field
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Located downtown Toronto Every employee has the
qualifications and skills needed to perform their jobs
Potential for employees to have more work than our resources allow in our first year
Budget limitations for technical equipment
OPPORTUNITIES: Ability to grow a strong
client base on technical skills and industry experience
Potential for strong brand awareness if successful campaigns are produced
Changing trends in public relations could mean a higher demand for digital services
THREATS: Competition from all other PR
firms Competition from PR firms that
focus strictly on digital content creation
Small start-ups might not have a large enough budget to hire a PR agency
Economic slumps that might not provide enough funds for clients to hire an agency
Management
Pixl Public Relations has three levels of management: the chief executive officer, vice presidents and the associates.
The CEO will oversee the entire operation of the company and both the vice president of operations and vice president of administration will report to them.
The associates, consisting of two account managers and one production manager, will report to both vice presidents. As the company grows the associates will only report to one vice president to be determined at a later date.
Organization Chart
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CEO Quyen
Account Coordinator
(Herman)
Production Manager (Tyler)
Account Coordinator
(Brittany)
Vice President of Admin (Amanda)
Vice President of Operations
(Kevin)
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THE BUSINESS OF MANAGING
Corporate Culture
The corporate culture at Pixl PR is casual, fun and inclusive while still maintaining focus on the job. Our goal is to create an environment where employees look forward to coming to work, enjoy their time and those around them. This idea is important to us as it will help us to maintain a productive team environment. Our employees will be passionate about the work they do, and because of this, they will be able to provide the best service to our clients. By working together in this collaborative environment, both with each other and the client, we will be able to produce a true representation of the company, not just an outsider’s perspective.
Because of the collaborative nature of Pixl, a flexible and comfortable environment will be critical to our success. We want our employees and clients to feel they are able to voice their wants, needs, and concerns. Our open concept workspace will aid in achieving this. Similarly, our employees will be given freedom when it comes to clients. While it is important to meet the deadlines set out by the agency, it is equally as important to ensure the client is happy. If one area of a campaign needs more work, an employee is free to use their judgement to determine if that is where the focus will be placed.
It is our goal at Pixl to create the best possible work and serve the needs of our clients, and it is our hope that the environment we create in the workplace will encourage and support our employees and clients.
Leadership Philosophy
Our leadership philosophy is based on communication within all departments. Employees are encouraged to have open doors in the office space to create dialogue and openness. Weekly meetings will help employees debrief and continue the morale of the company.
Job Descriptions
Job Title Job Description Job Specification
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Chief Executive Officer
The CEO will lead the development and execution of the company’s goals and communicate on behalf of the company to the public and clients. They will oversee and lead the implementation of the company’s goals. As well, they will ensure the company is appropriately staffed and organized for efficiency and monitor expenditures of the company within the annual budget.
Bachelor’s degree or certificate in communications or business administration
Combination of 7-10 years of managerial and financial experience
Strong ability to organize effectively, delegate responsibility, solve problems quickly and communicate clearly
Vice President, Operations
This individual will oversee the day-to-day operations of the company. They will support the growth of the company and contribute to the bottom line. They will focus on strategic planning and goal-setting, then guide the company to achieve those goals. In addition, they will focus on strategic planning and setting goals for the company. They will formulate policy and strategic growth for the future of the company and handle customer engagement.
Bachelor’s degree or certificate in communications or business administration
5-6 years in a leadership role
Effective decision making skills
Strong verbal and communication abilities
Experience with writing business plans
Vice President, Administration
Responsible for areas including finance, payroll, human resources, and the overall organization of
Bachelor’s degree in communications and/or business administration
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internal administration of Pixl. They will lead, guide, and mentor staff in their tasks and functions As well, they will develop strategies to enhance the performance of staff members and schedule and train new employees.
Certificate in human resources management
5-6 years of experience in media relations, communications and financial services
Strong verbal and communication abilities
Experience developing budgets
Experience managing payroll
Account Manager
Responsible for driving client accounts. The account manager is also responsible for the execution of communication strategies and activities for clients, ensure that accounts are well organized and objectives are being followed. They will create strategies to maximize sell through, profit, revenue and market share.
Their goal is to communicate valuable propositions to key accounts and be able to present and close business deals. As well, building and maintaining a valuable client base is a large focus of the position.
Bachelor’s degree or certificate in communications
1-3 years experience
Strong verbal and communication abilities
Strong organization skills
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Production Manager
The production manager is responsible for the creation and approval of all digital media (photos, videos, social media content). They will create videos, photos, and social content for clients and Pixel PR.
Bachelor’s degree or equivalent in film and video studies
2-3 years experience
Experience with digital content creation
Training Employees
The founding members of Pixl PR will adhere to their job descriptions and specifications that were created at company conception, and will perform their duties based on past experience and education.
As the company grows and new positions are added, the vice president of administration will create a formal training program that includes 3 weeks of job shadowing for new hires in a lateral or higher position and a short series of learning modules that include topics such as corporate culture, workplace code of conduct and any mandatory regulatory training (workplace health and safety awareness, WHMIS, etc.).
Compensation
Employees will be given a yearly salary of the following:
CEO: $80,000 Vice President (x2): $60,000 Account Manager (x2): $40,000 Production Manager: $40,000
New hires’ salaries will be considered when Pixl reaches that point as a business.
Incentives
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At Pixl we value the way that our employees are treated. With that being said, we have numerous incentives to boost the office morale of the company. At the very least, our incentives will include:
Two weeks paid vacation with the opportunity for increased vacation time based on the years worked for the company
Paid days off for the employee’s birthday Basic coverage for dental, drugs, health and wellness (value $160
per month, per employee) Puppy play-dates once a month as a stress relief for the employees Annual employee retreat for team-building (optional) Host a quarterly employee appreciation event at the office with prizes
for top performing employees
As the company progresses and grows, more incentives will be included. However, during the two years of operation the company can only offer certain incentives while trying to build a secure platform for itself.
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MANAGING OPERATIONS AND
INFORMATION
IT Resources
IT will be handled in-house by Kevin, Tyler and Herman. Issues that cannot be solved by these individuals will be outsourced to appropriate outlets as necessary.
In terms of IT expenses, we will need the following: The capital expenses to buy and build workstations for employees Cision subscription Adobe Creative Cloud subscription Microsoft Office 365 Business subscription Hootsuite subscription
Customer Service
Maintaining collaborative client and customer relationships is crucial for the success of our company. This involves maintaining high standards of client/customer service and creating professional relationships with specific client contacts. To this end, each employee must agree to our general customer service guidelines when signing their contract. In addition, Pixl PR will have mandatory bi-annual customer service training sessions as a reinforcement of client/customer service best practices. To further develop our strong professional relationships, we will delegate one or two individual employees as a primary contact for each client, depending on the size and scope of the client. By following these guidelines, we will create and maintain strong collaborative relationships, which will foster great results with every client/customer and grow our company image.
Cost of Doing Business
Expense Monthly Fee
Annual Fee
Coworking Space Lease, includes: $2,100.00 $25,200.00
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Utilities Internet Printing/Scanning Coffee/Tea Microbrew Beer Housekeeping
CEO Salary $8,766.00 $80,000.00
Vice President Salary (x2) $10,000.00 $120,000.00
Account Manager Salary (x2) $7,000.00 $84,000.00
Production Manager Salary $3,333.00 $40,000.00
Insurance N/A $3,000.00
Group Plan Health Insurance (x6) $1,989.00 $23,868.00
Banking Fees $100.00 $1,200.00
Accountants Fees N/A $1,000.00
Lawyer Fees N/A $1,200.00
Adobe Creative Cloud Subscription $87.00 $1,044.00
Microsoft Office 365 Business Subscription (x6)
N/A $756.00
Hootsuite Subscription $100.00 $1,200.00
Cision Subscription $475.00 $5,700.00
Office Supplies $100.00 $1,200.00
Computers N/A $2,000.00
Total $32,447 $391,368.00
Balance Sheet
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Assets
Current Assets
Cash in Bank $90,109.00
Cash Value of Inventory $38,000.00
Prepaid Expenses $32,068.00
Total Current Assets $160,177.00
Fixed Assets
Machinery and Equipment $15,756.00
Total Fixed Assets $15,756.00
Total Assets $175,933.00
Liabilities and Net Worth
Current Liabilities
Payroll $29,099.00
Rent $2,100.00
Total Current Liabilities $31,199.00
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Long Term Liabilities
Bank Loans Payable $20,000.00
Total Long-Term Liabilities $20,000.00
Total Liabilities $51,199.00
Owners Equity $124,734.00
Income Statement
JAN FEB MAR APR MAY JUN
Revenue
Category 1 (Regular Clients)
$40,000.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00
Category 2 (Casual Clients)
— $2000.00 — $1000.00 $5500.00 $1000.00
Total Revenue $40,000.00 $42,000.00 $40,000.00 $41,000.00 $45,500.00 $41,000.00
Cost of Goods Sold
Category 1 $36,907.00 $31,951.00 $31,951.00 $32,951.00 $31,951.00 $31,951.00
Total Cost of Goods Sold
$36,907.00 $31,951.00 $31,951.00 $32,951.00 $31,951.00 $31,951.00
Gross Profit $3,093.00 $10,049.00 $8,049.00 $8,049.00 $13,549.00 $9,049.00
Expenses
Salaries $27,000.00 $27,000.00 $27,000.00 $27,000.00 $27,000.00 $27,000.00
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Coworking Space Lease
$2100.00 $2100.00 $2100.00 $2100.00 $2100.00 $2100.00
Insurance $3000.00 — — — — —
Group Plan Health Insurance
$1989.00 $1989.00 $1989.00 $1989.00 $1989.00 $1989.00
Banking Fees $100.00 $100.00 $100.00 $100.00 $100.00 $100.00
Accountants Fees — — — $1000.00 — —
Lawyer Fees $1200.00 — — — — —
Microsoft Office 365 Subscription
$756.00 — — — — —
Adobe Creative Cloud Subscription
$87.00 $87.00 $87.00 $87.00 $87.00 $87.00
Hootsuite Subscription
$100.00 $100.00 $100.00 $100.00 $100.00 $100.00
Cision Membership $475.00 $475.00 $475.00 $475.00 $475.00 $475.00
Office Supplies $100.00 $100.00 $100.00 $100.00 $100.00 $100.00
Total Expenses $36,907.00 $31,951.00 $31,951.00 $32,951.00 $31,951.00 $31,951.00
Taxes (13 % of gross product)
$5,200.00 $5,460.00 $5,200.00 $5,330.00 $5,915.00 $5,330.00
Net Profit -$2,107.00 $4,589.00 $2,849.00 $2,719.00 $7,634.00 $3,719.00
JUL AUG SEP OCT NOV DEC YEARLY
Revenue
Category 1 (Regular Clients)
$40,000.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 $480,000.00
Category 2 (Casual Clients)
— $1000.00 — $4000.00 $1500.00 $2000.00 $18,000.00
Total Revenue $40,000.00 $41,000.00 $40,000.00 $44,000.00 $41,500.00 $42,000.00 $498,000.00
Cost of Goods Sold
Category 1 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $389,368.00
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Total Cost of Goods Sold
$31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $389,368.00
Gross Profit $8,049.00 $9,049.00 $8,049.00 $12,049.00 $9,549.00 $10,049.00 $108,632.00
Expenses
Salaries $27,000.00 $27,000.00 $27,000.00 $27,000.00 $27,000.00 $27,000.00 $324,000.00
Coworking Space Lease
$2100.00 $2100.00 $2100.00 $2100.00 $2100.00 $2100.00 $25,200.00
Insurance — — — — — — $3000.00
Group Plan Health Insurance
$1989.00 $1989.00 $1989.00 $1989.00 $1989.00 $1989.00 $23,868.00
Banking Fees $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1200.00
Accountants Fees
— — — — — — $1000.00
Lawyer Fees — — — — — — $1200.00
Microsoft Office 365 Subscription
— — — — — — $756.00
Adobe Creative Cloud Subscription
$87.00 $87.00 $87.00 $87.00 $87.00 $87.00 $1044.00
Hootsuite Subscription
$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1200.00
Cision Membership
$475.00 $475.00 $475.00 $475.00 $475.00 $475.00 $5700.00
Office Supplies
$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1200.00
Total Expenses
$31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $31,951.00 $389,368.00
Taxes (13% of gross product)
$5,200.00 $5,330.00 $5,200.00 $5,720.00 $5,395.00 $5,460.00 $64,740.00
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Net Profit $2,849.00 $3,719.00 $2,849.00 $6,329.00 $4,154.00 $4,589.00 $43,892.00
Quality Assurance
While we are confident in the abilities of every employee to produce quality products, we understand the need for every item to be looked over by a second set of eyes. As such all written material will be reviewed by Brittany or, if unavailable, Tyler. All visual content (photos, videos, social media) will be reviewed by Tyler or, if unavailable, Herman before being released. In the event that neither our primary or secondary reviewers for either written or visual content are available, there still must be a second set of eyes on every product before it is released or handed over to our clients.
MANAGING MARKETING
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Target Market
Pixl PR will focus on securing start-up business and small to mid-sized companies as clients. Owners will be approximately age 35 and older with an undergraduate degree. They must be able to support the company in the early stages and have an income of at least $45,000.
Due to Pixl also being a new company we believe this is a great way to enter the market. With limited resources, pitching to start-ups and small to mid-sized companies will give us a set of clients that will provide us with returns. Most of these companies would not have the resources to have internal teams that could do what we could. This is where we come in, helping these smaller companies rise to the top.
Product Features and Benefits
As a public relations agency, these are the services that we will be providing to stay at a competitive level. With an in-house production team, our content production services will be one of the benefits our clients will receive. Given the size and resources of Pixl, we will be focusing solely on providing the following services: Public Relations
Communications strategy and planning
Media and blogger relations
Brand and product launches
Editorial planning
Writing (B2B and B2C PR)
Marketing automation programs
Event management (news conferences, launches, parties, experiential)
Corporate & Brand
Corporate communications strategy and brand
Message development
Executive thought leadership
Executive profiling and writing
Speech writing
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Media training
Speech training
Issues management/crisis communications
Internal communications
Stakeholder communications
Corporate Social Responsibility
Content Marketing
Creative strategy and development
Content strategy and development
Video concept, creation and editing
Photography
Infographics
Motion graphics
Print design
Print production
Social Media
Social media strategy
Community management
Influencer identification and engagement
Sponsor content programs
Paid social amplification
Social media monitoring
Measurement and insights
Social media training
Digital Marketing
Web development
Application development
Search engine optimization (SEO)
Search engine marketing (SEM) Event planning
Press conferences
Product launches
Product Differentiation
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We value what start-up companies bring to the table in the world of technology and recognize that they are essential in pushing innovation to the next level. We will work with companies to portray those ideas and developments to the market and help to make them a force to be reckoned with.
Pixl PR has an in-house production team focused on visual and audio content. In an era where visuals and audio can make or break your success, we believe this is what sets us apart from other companies.
Pricing
Pixl PR will bill their services hourly. We believe this is the most effective for both our clients and ourselves to record how much they are spending. By billing hourly, we create flexibility for our clients should their needs change or evolve, as well as transparency throughout the entire process.
We do not believe penetration pricing will suit the needs of our business or our clients. Though it could help us break into the business, it could potentially devalue the work we do, which is not something we want. Instead, we will offer competitive pricing as a standard practice.
Place (Distribution) Issues
As a new agency in a large city with an established public relations sector, the challenge will be to stand out among the many larger agencies in Toronto. This is a hurdle for all new businesses. We will tackle this issue by offering pro bono opportunities, as well as working with a variety of charities and organizations. We hope that this work will help to set us apart from other agencies and provide earned media attention. If nothing else, we hope this will help form a positive conversation about us and help set us apart in conversation.
Advertising (Marketing Strategies)
Pixl PR has limited funding which means we will be unable to spend money on traditional means of advertising our company. We have decided to introduce our name to the target audience in the following ways:
Attending events and using them as networking opportunities. These events will include but are not limited to TECHSPO and oher trade
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fairs. By networking we can nurture existing relationships with clients, as well as spark new ones;
Partner with universities and colleges through our internship program, sponsoring school events and working with students in both the PR and tech industry. This will allow us to find potential future employees clients while they are still in the beginning stages of their careers; and
Once some money has been generated, we will use our in-house production team to create content to advertise our agency and spread the word externally in the technology and scientific innovation field.
Promotions
As a way to entice new clients, we have decided to give a 20 per cent discount on our services in the first two months we work together. Clients would be able to sample our services at this discounted rate and we hope this will allow us to build a relationship and turn them into permanent clients. This promotion will last for six months, as we believe this is enough time to get our business started and still allows us to generate income.
PART 5: FINANCIAL ISSUES
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Start-Up Costs
Expenses Cost
Name Registration Fee $60.00
Incorporation Fee $360.00
Business License $339.00
Web Design $2500.00
Cost of Doing Business (Year One) $391,368.00
Total $394,627.00
Pixl Public Relations considers the cost of doing business in the first year to be a start-up cost. We cannot accurately predict our firm’s income for the first year. Due to this fact, we have prepared to operate for the first year without making a profit. These costs will be financed by contributions of founding employees and a bank loan.
Financing
A portion of our start-up financing will come from contributions made by each of the six founding employees:
CEO $60,000
VP (x2) $40,000
Account Manager (x2) $20,000
Production Manager $20,000
Total $200,000
The remaining finances will be obtained through a bank loan of $200,000. This brings the total financing of Pixl Public Relations to $400,000.