Starting to look at the grout business plan after it 2 years in business

Lesson Details:

Video Transcription: With this video I want to start showing you the business plan for the grout cleaning solution the bottle for that company two years out we've gone through the business plan for this company in the planning stages I've shown you the struggles the growth what's in the future and now let's look at the business plan for it a lot of things in the business plan are very similar or the same and we'll skip through that so the executive summary I don't need to spend a lot of time and this I'll bore you if I do because you understand the business the product line you understand now they've got the grout e's main product you can say this is the flagship product they have the brush that they're selling they have a grout sealant that if you put the sealant over the cleaned area it will keep it cleaner longer and the Stoney's is for special tiles that are out of stone and in research and development our pet stain removers so essentially we got like a five product company instead of just the one main product or you know the brush you can count however you like but they've got a lot of products now and the progress you very well aware of the progress I don't need to tell you what the progress is we've been covering that the target market is something that exactly the same as what we've covered in that business plan before this has started that hasn't changed the market size we counted it originally pretty accurately nothing is too different there so we're going to skip over that because the market size for this company now versus the market size for when it started is almost entirely the same it's a little bit bigger on Amazon because this company has expanded the market size on Amazon but compared to the overall size of the market that is a relatively small number.

So it's still $100 100 million dollar market and competition is still relatively the same competition still the same products the same ways people clean grout so that's not very different the marketing plan is worth focusing on because well what are we going to do now you know that they're going to start putting the product in to the brick-and-mortar stores customer support has proven to be much more of a marketing strategy than we even originally thought we knew it was gonna be big in the beginning but that Facebook community has been so beneficial to this company because they have so many happy clients clients who buy again who leave good reviews and Amazon that initial client base that's the superfans super users they recommend this product they've good reviews and guess what when this company launches new products those are gonna be the first people to buy it they're gonna be the first people to review it so they've got this fan group that they're going to be able to use over and over so the customer support has been tremendous as a marketing strategy and this company now has more money to run different kinds of ads and take a little bit of risks and this company can now even outsource the SEO because on their own internal in with in-house skills that they couldn't really do well on Google search that can they can hire for so that might work as well so new strategies are opening up in this company will focus on them moving forward the team you see that in the beginning it was just the founder Jeff white now he's got some of his family members and some more freelancers she's got how helping him with customer support running different kinds of ads on Google or Amazon things like this so he can hire some staff it's still not a big company but just a few extra people really helped a lot to take the workload off and to brainstorm things so that's really good with the SWOT analysis we'll cover that in the next video because we have a new set of strengths and weaknesses and opportunities all that so we'll just talk about in the next video.