Special Project 1 || Special Project 2 || Special Project 3
HORT 431 -- NURSERY PRODUCTION AND MANAGEMENT
SPECIAL PROJECT I: RETAIL NURSERY DEVELOPMENT
Objective: Design and estimate costs for establishing a small retail nursery.
Location: Anywhere in Texas
Size: Less than 2 acres
Type of Plant Material: Combination of woody shrubs and trees, foliage, color, bedding plants, etc. or other market niche-oriented plant materials.
Size of Plant Materials: Any combination of sizes.
Include the Following Information
- 1) Cover Page – include name of nursery
- 2) Executive Summary
- Business Description
- Mission Statement
- Goals
- Plan Summary
- Capital Request
- 3) Business Description
- Business Overview
- Location – Consider land cost (rent), water quantity and water quality; accessibility (location, location, location!), and labor, etc.
- Facilities
- Business History
- Ownership Structure (individual, partnership, subchapter-S corporation, LLC – Limited Liability Company, etc.)
- 4) Operations
- Products (green goods, hard goods)
- Services
- Site organization: (buildings, walkways, display and growing areas, etc. and justify; include a site map of layout; for irrigation systems include type, layout, hardgood merchandise, tools & equipment needed, fertilization, pest control, container mixes – all part of estimate of costs to go with capital request).
- Customer Service
- Inventory Management
- Licenses, Permits & Regulations
- Environmental Issues – if any
- Quality Control
- Implementation Timeline
- 5) Marketing Plan - What is your market, market niche and marketing strategy?
- Market Trends
- Customers
- Strategic Partners – if any
- Pricing
- Promotion
- Target Market
- Competitive Advantage - What is unique about the Services and Products you will provide to coexist with the competition? Who is your competition –strengths, weaknesses?
- 6) Management & Organization
- Management Team
- Advisory Board, Board of Directors – if any
- Personnel Plan
- Professional Services
- 7) Financial Plan
- Financial Position – including assets and available credit/loans, etc.
- Financial Projections - 1, 2 and 3 year financial projections in your projects (cash flow)—which is what would be expected if you were applying for a SBA loan. Provide a projection of future operations for at least three years, or until positive cash flow can be shown. Include earnings, expenses, and reasoning for these estimates. The projections should be in profit & loss format. Explain assumptions used if different from trend or industry standards and support your projected figures with clear, documentable explanations
- Benchmarks
- Capital Request - What are the funds needed, outline use of funds, how do you expect to acquire the capital?
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- The above list of items should be included in your report. There are other items which may be incorporated into your nursery design. Justify and explain your decision and selections.
- You should make a realistic 1, 2, and 3 year projection of your expected expansion, costs, and profits.
- You should have price quotes for projected land costs (lease-buy agreements, etc.) from real estate agents or classified listings.
- Essentially you should have a coherent business plan that could be presented to a banker for an SBA-loan.
- See the SBA Website: http://www.sbaonline.sba.gov/starting_business/
- See the AgPlan Website: https://www.agplan.umn.edu/
- See: http://www.southernbulbs.com/servlet/StoreFront - The Southern Bulb Company; Chris Wiesinger, President, used his Hort 431 business plan to develop his company.
- (2-page preliminary synopsis of project due Thurs., Oct. 20). [Business description, Mission statement, Goals, Ownership structure, Products, Services]
- (Business Plan due Weds, Nov 9). [II-ExecSummary, III-BusDescript., IV-Operations]
- (Business Plan Weds., Nov 16).[VII Finacial]
- (All projects due Monday, December 5, 2011 by 4pm). [Detailed I, II, III,IV,V,VI, VII finished project composed on a word processor with a bound, hardcopy.
- BONUS POINTS (10 pts.) ¾ CREATE a HOME PAGE for YOUR NURSERY
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Scholastic Dishonesty
As commonly defined, plagiarism consists of passing off as one’s own ideas, work, writings, etc., which belong to another. In accordance with this definition, you are committing plagiarism if you copy the work of another person and turn it in as your own, even if you should have the permission of that person. Plagiarism is one of the worst academic sins, for the plagiarist destroys the trust among colleagues without which research cannot be safely communicated. If you have questions regarding plagiarism, please consult the latest issue of the TAMU Student Rules.
LIMITED LIABILITY COMPANY
Included LLC – Limited Liability Company in business plans- protects the owner, and members from liabilities of the business. The business entity is simple, quick and relatively inexpensive to form. The state filing fee for a LLC is $300 and the main documents consist of the Certificate of Formation and Operating Agreement. Individuals can become members and receive an interest in profits by contributing money or services to the company. Employees could gain membership benefits after two years of employment.
http://sbinformation.about.com/cs/ownership1/a/LLC.htm
As a business owner, you will be faced with many important decisions, including what business structure to use in your company formation. While many countries allow the typical structures of sole-proprietorship, partnership, or corporation for business ownership, Americans have the ability to form a limited liability company.
What is a Limited Liability Company?
A limited liability company (LLC):
· is a type of business ownership combining several features of corporation and partnership structures
· is not a corporation or a partnership
· may be called a limited liability corporation, the correct terminology is limited liability company
· owners are called members not partners or shareholders
· number of members are unlimited and may be individuals, corporations, or other LLC's
Advantages of Limited Liability Company
Limited Liability: Owners of a LLC have the liability protection of a corporation.
A LLC exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee.
Flexible Profit Distribution: Limited liability companies can select varying forms of distribution of profits. Unlike a common partnership where the split is 50-50, LLC have much more flexibility.
No Minutes: Corporations are required to keep formal minutes, have meetings, and record resolutions. The LLC business structure requires no corporate minutes or resolutions and is easier to operate.
Flow Through Taxation: All your business losses, profits, and expenses flow through the company to the individual members. You avoid the double taxation of paying corporate tax and individual tax. Generally, this will be a tax advantage, but circumstances can favor a corporate tax structure.
Disadvantages of Limited Liability Company
Limited Life: Corporations can live forever, whereas a LLC is dissolved when a member dies or undergoes bankruptcy.
Going Public: Business owners with plans to take their company public, or issuing employee shares in the future, may be best served by choosing a corporate business structure.
Added Complexity: Running a sole-proprietorship or partnership will have less paperwork and complexity. A LLC may federally be classified as a sole-proprietorship, partnership, or corporation for tax purposes. Classification can be selected or a default may apply.
Setting-up a Limited Liability Company
All 50 states now allow the formation of LLC`s. Forming your own LLC may not be as simple as a sole-proprietorship, however, the process is much less than a corporation. There are two main actions:
1. Articles of Organization: If you plan to set up a limited liability company, you will have to file articles of organization with the Secretary of State and pay the required fees. Articles may be prepared by a lawyer or filed yourself.
2. Operating Agreement: Although it is not required in many states to draft an operating agreement, it is advisable. Much like corporate by-laws or partnership agreements, the operating agreement can help define your company profit sharing, ownership, responsibilities, and ownership changes.
Each state has different rules governing the formation of a limited liability company. For instance, in North Dakota, a foreign LLC is not allowed for banking or farming. Some states will want a publication notice with the local newspaper that a company has been formed. Check with your local state office for further details.
This article should provide you with the basics of limited liability companies and help guide your decision of company business formation. Each state's laws differ as well as each company situation. It is advisable to seek tax and legal counsel to determine the best choice for your individual circumstance
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