Reflections of Making a Business Plan

Paragraphs of casual self-praise, color-coordinating, and minute alignment later, I have successfully made a professional looking business plan. This exercise was a first for me and I'm happy to say that I think it turned out quite well. I was surprised at the difficulty of writing about my business idea in a manner that would make it appeal to investors and incite excitement for a new venture. It was kind of like finding that fine line between excitedly telling a friend about something awesome while still remaining coherent enough for them to understand. The visual part was definitely the hardest for me. I wanted it to look nice, but also professional. Since my area of expertise is not graphics, I tried to keep it simple and classy by adding color and textual difference. Overall creating my business plan was a positive exercise that pointed out my strengths and weaknesses of presentation.

I will never be a graphic designer

Perhaps the biggest thing I've learned from creating my business plan is the importance of the aesthetic appeal. Up to this point I felt very confident with my written and verbal presentation of my EJ project. I know that I can grab the attention of an audience through words because that's what I've dedicated my time and efforts to thus far.

I always knew that visual presentation was equally important, but I've never really had to sell one of my ideas with visuals. This business plan highlighted my flaws. I spent 30 minutes trying to line up borders and center graphics. As frustrating as it was to spend so much time on what seems like minute details, it's good to know the areas I need to improve.

Thoughts about Gagen's Opinion Piece

Watching the events of the Boston Marathon Bombings unfold during a journalism class last semester was a truly remarkable experience. We were able to process and discuss in an academic setting the aftermath and reporting taking place live on-the-scene. I definitely think it is appropriate for Thomas Gagen to post an opinion piece like this less than a year after the bombings. There is no doubt that a horrendous event occurred that left many families broken, but certain actions should be questioned further. I think Gagen did a good job of delicately stating discrepancies of the April 19 response while also maintaining a somber and professional attitude.

I agree that one of the biggest questions about the response is why so many police officers were needed to find one already injured man. "Surely the Watertown police needed help, but did the presence of so many officers encourage more gunfire than was necessary?" Shutting down Watertown and searching the houses within the perimeter not only infringed on the people's Fourth Amendment rights, but it also raised the state of public panic. Of course there was a cause to be afraid of, The Tsarnaev brothers set off bombs, but instating a lock down over an entire town was quite an anomaly.

Looking at the comments section below the article, some said that the people gladly went along with the lock down and search, indicating that the police did the right thing. Sure there were no reports of protesting the mandatory house stay, but I mean, wouldn't you stay inside if swarms of officers and guns were in your neighborhood? I know I would. To end his questions, Gagen presents a clear and succinct plan of action he thinks should be done. One that includes "an authoritative study, commissioned by the Patrick administration, but independent of state government." I agree that a period of analysis and reflection should be done so the events of the marathon bombings can be explained and applied to future instances.

News in disguise

I was researching the Northern Pass Project for one of my other classes and a Concord Monitor article popped up pretty high in the Google search. The headline reads " Northern Pass Project: Two Views." And I think, great! I found an article that lays out both sides of the argument so I can form my own opinion.

Wrong.

Listed in the byline only as "Gary Long, For the Monitor," I found out at the end of the piece (which only shows one view of the argument, by the way) that Gary is President and COO of PSNH, one of companies that created the Northern Pass Project. Sure, under the headline it says " power plan is good for taxpayers and good for the environment," but isn't it the Monitor's job to interview this man, not let him write his own piece?

Competition for Guan Xi News

Just as it's important to understand the target market, it's important to find out who you'll be fighting with to gain audience attention. Luckily, Guan Xi News is a specialized, niche market website that has little direct competition. However, there are other, if not quite as local, competing sources.

Hippo Free Press

The Hippo is a weekly paper circulated throughout New Hampshire. While is mostly covers southern New Hampshire, it's the state's largest circulation weekly and its second largest circulation paper all together. The Hippo covers general events, restaurants, activities, classes and more and has built a strong and loyal base. The Hippo Free Press is perhaps the biggest competitor to Guan Xi News because overlap could happen in the events and restaurants categories. However, Guan Xi News is specialized and online only and can still stand apart.

The Boston Globe

The Boston Globe is a publication based out-of-state that has larger facilities and funding and can therefore cover more international topics. Our audiences may be similar because Guan Xi News will also feature issues and topics currently happening in Asia. While The Globe may have Guan Xi News beat when it comes to large scale coverage, Guan Xi News is at its core a local service that will connect more directly with New Hampshire residents.


BBC News online

BBC News presents a similar style of competition as the Boston Globe because BBC Asia is a bureau that is on the ground and covering a wide range of news stories within Asia. The BBC can potentially serve as a supplement to the audience of Guan Xi News, not just a source of competition. I'd like to incorporate BBC articles in a discussion forum on Guan Xi News so my audience can get a scope of what's happening overseas and how it could relate back to New Hampshire.

Market Research for Guan Xi News

Before delving into the particulars, it's important to know why this exercise matters. Based on the outside sources I looked at, market research is important because in order to start a successful business, you have to know what you are dealing with. Gathering as much information as early as possible helps you prepare for questions advertisers and investors will most likely throw at you.

Here is a list of 10 elements of market research that pertain to Guan Xi News:

1. How large is the target market?
2. Describe the populations, demographics and income levels of the target market.
3. What tools are needed to provide the service?
4. How will Guan Xi News be promoted to the target market?
5. On what budget will Guan Xi News be promoted?
6. What are the specific services of Guan Xi News?
7. What are the target market's needs?
8. How fast is the market growing?
9. What is the geographic area for the target market?
10. What are the opportunities and threats facing Guan Xi News?
11. How will the opportunities and threats be dealt with?

To start, here is an expansion of 5 of the elements:

How large is the target market?

The target market for Guan Xi News is all of New Hampshire, the total population of which is 1.3 million (as of 2012), according to the US Census Bureau. Of that population, 2.4% identify as Asian. While Guan Xi News is an outlet that will appeal to any NH resident regardless of background, the Asian population is a key group because of specific focus and interest in the content.

Describe the population, demographics and income levels of the target market.

The target market encompasses the entire state, but will most likely be heaviest in the larger cities. This is because of greater numbers of opportunities (events, classes, businesses that reflect Asian cultures) and greater population diversity. These cities are Manchester (109,565 total residents), Nashua (86,494), Concord (42,695), Salem (28,77).
 
The demographics of the target market are more ambiguous. Guan Xi News offers a service in the specific area of Asian studies and cultures and therefore will reach a number of age groups. For example, a  forty-year-old world news connoisseur, a family of four that has traveled to Thailand, teachers and students of Asian studies, a couple that immigrated to New Hampshire from Guangdong, China, or a young professional looking for a festival to engage in over the weekend.
 
Similar to demographic openness, income level does not matter greatly in terms of identifying the target market. There will be no paid subscription to access content because Guan Xi News is a service and source for all. Money for the target market would come into play based on personal interest to attend a festival or visit a shop.

What tools are needed to provide the service of Guan Xi News?

For the foreseeable future, the biggest cost to run Guan Xi News is transportation. The main goal of Guan Xi News is to highlight Asian cultures in New Hampshire. This means traveling to different locations across the state to report. Currently I am the only staff member and will cover my own cost. In the future, interns and staff will hopefully join as a volunteer service. Adding paid staff is an option to be explored once the site is established.

Also needed is a website to display Guan Xi News content. A Wordpress blog offers a neat, clean, organized, and professional outlet that can be personalized and easily updated. This provider is ideal for a start-up because the basic level blog is free. The basic plan include a blog, theme options, and basic customization. In the future, upgrades may become feasible based on site profits. The premium level plan is $99/year and adds a custom domain name, advanced customization options, and 13GB of storage for video, audio and other content. The highest plan is the business level which is $299/year. This option adds 50+ customization options, unlimited storage, complete ad control, and live chat support.

How will Guan Xi News be promoted to the target market? 

In partnership with the official launch of the website, I would like Guan Xi News to host a cultural festival in which NH business, clubs, restaurants, shops, and schools can gather in one location and show their wares to the public. This would serve as a way for Guan Xi News to establish ties with relevant businesses in New Hampshire as well alert the public. Examples of businesses and organizations are:

Confucius Institute at UNH, Durham NH
 Saigon Asian Market, Manchester NH
Vacation Bound Travel Agency, Nashua NH
Academy of Heath and Martial Arts- Taoist Arts Center, Nashua NH

Word-of-mouth will also be heavily utilized for promotion. Reaching out to town halls and radio stations are a couple of examples of useful outlets.

On what budget will Guan Xi News be promoted?

Exploring grant funding from organizations with similar passions to Guan Xi News is a way to involve the community, receive funding, and spread the word. The positives are the immediately tangible benefits of start-up money for travel and the negatives are restrictions and regulations pertaining to advertising and even content. The Association for Asian Studies awards grants to individuals who have profound interest and expression in areas relating to Asian. The grants applicable to Guan Xi News are the China and Inner Asia (CIAC) small grants (of about $2,000) and the Council of Conferences (COC) outreach grants (varied amounts). Finally, the budget for promoting Guan Xi News at the time of start-up with involve personal funding from me.

Journalism and Salaries

With the the spring semester of my senior rapidly approaching, naturally I've been thinking about jobs and money quite a bit. During our class with John Christie, he asked what we thought about earning $26,000 for just under a year. The job is for someone who has worked in the industry for 3 or 4 years. That question got me thinking a bit about my expectations, at least for the beginning of my career.

Now I am fully away that beginning salaries in journalism are not fantastic. And I'm prepared to scrimp with the best of them if it means getting a job I am really passionate about. Interestingly, when John tossed those numbers out there, I thought that sounded low. I've anticipated making somewhere between 20-25 for my first years in the business, but at least from my position now I wouldn't want a job that required almost five years experience not to break 30.

I know this is all talk right now, but I think it's wise to have somewhat of an idea of what I want so that when the offers come rolling in (as I'm sure they will for all of us) I'll have a frame of reference on which to base my decision. 

Reaction to John Christie

I think John may have been my favorite guest this semester. Big statement, I know, because all of our guests have been excellent, but John and Naomi's work with Pine Tree Watchdog is so applicable to our class and also just plain cool. To me, it offers a great example of someone taking experience and passion for journalism and turning it into an entrepreneurial business.

I enjoyed John sharing the numbers with us because it helped me at least build a perspective or base as to how funding for a news source like Pine Tree Watchdog goes. And of course, many of us have to start thinking about salaries and jobs now, so another reminder is always good, and terrifying.

I could tell simply from the way he spoke to us that staying true to Pine Tree Watchdog's vision is top priority. Transparency abounds, from the website where conflicts of interest and donors are clearly laid out, to sticking only to topics that serve the public good of Maine. I'm very glad I got the chance to meet John.

Q's for John Christie

 Here are some of the questions that came to me while exploring Pine Tree Watchdog.

• As publisher, senior reporter, and editor, does the workload ever get too heavy for you? How do you manage and/or delegate? What made you decide to take on all three hats?
• When you open a newspaper or go to a news website, what is the first section you go to? How has that preference influenced Pine Tree Watchdog?
• What is is like working with your spouse?
• What was the public's reaction when you first started Pine Tree Watchdog? Has is changed? What is it like now? 
• How do you differentiate a mission statement from a visions statement?

My vision. My mission.

It turns out that writing succinct vision and mission statements is not easy. I studied Pine Tree Watchdog's statements and tried to use that format to form my own statements. This exercise of summarizing everything about an idea into two separate sentences is very challenging, but also beneficial because it forces me to flesh out my idea and purpose even further. Here is what I came up with:

Vision: Guan Xi News will fulfill the responsibility of a news outlet that is focused specifically on connecting Asian cultures to New Hampshire towns through locally produced reporting and community engagement.

Mission: Guan Xi News will expose and unify residents to the many facets of Asian culture present in New Hampshire through honest and dedicated journalism that is published on multimedia platforms by and for Guan Xi News.

Pine Tree Watchdog

My initial and superficial opinion of Pine Tree Watchdog was positive. The website has a clean and neat layout and a theme color that carries throughout and ties in well with MCPIR's goals and coverage. One of the first things I noticed during my site exploration was that the tabs on the homepage aren't the typical news sections. Instead of local news, business, and arts, Pine Tree Watchdog has ethics, public safety, and environment. To me, this indicated right away that Pine Tree Watchdog isn't a typical news site. It doesn't take long to affirm that Pine Tree Watchdog is serving a need, specifically going "beneath the surface of Maine government."

On the About us page, it's clearly stated that Pine Tree Watchdog's purpose is to fill the gap left from Maine newsroom cuts over the years. Investigative journalism is a dying art that must be resuscitated. Pine Tree Watchdog alerts the reader of this right away. The goals of both the mission  and vision are immediately reflected by the stories on the homepage: Gov.-elect LePage, pharmacuical licensing and drug theft,  and UMS spending.

The About Us page is also very transparent about staff and processes. This allows the site to remain above reproach and keep a good standing in order to continue to serve the public. The ethics and conflicts of interest subpage is pretty unique as well. It tells of the specific involvement of board members, donors, and news staff. My final observation of the About us page was the big nod to support from the Comm School at BU. Overall, Pine Tree Watchdog is completely open with its purpose and support, which to me marks an honest and reliable source of news.

Pitch Practice Review

I enjoyed Monday's pitch practice exercise because it gave me a chance to see the live reaction to my website. Since my audio had issues on my blog, this was a fresh chance for everyone to hear my ideas in a formalized and concrete manner. Overall I think the class appreciated my website venture, but didn't really connect with the actual product because I choose a niche area. That's fine and kind of what I expected. I did get a lot out of the feedback done on each blog. For instance, Ashley gave me some great layout ideas and Katie helped with some pointers from The Art of Pitching. All good things to know and easier to see from an outside perspective.

As a whole I think our class has come up with some really solid ideas. I love Catie's News in Comics and Breanna's See the News. They both offer something tangible yet unique, with a lot of expansion possibilities. Also, I think Heather was very a effective presenter, both engaging and professional. Seeing the first half of the projects fleshed out and live was definitely a good experience.

Part reaction, part rant, about the Forbes piece

Lewis DVorkin's article about today's ad environment was informative. I benefited from learning about the different types of ads, what they do, and what monetary value they have. Also, the fact that DVorkin has both journalistic and business experience makes him a credible source on the topic of ads in journalism.

As the article progressed, DVorkin seems to get more frustrated with journalists' attitudes toward advertising. He pokes fun and takes jabs at reactions, which to me diminished his authority a bit. On the topic of "powerful movements in the ad industry," I have a selection of responses that came to me whilst reading.

First, I have zero problems with sponsored ads on Facebook and Twitter. They aren't news sources and both have the ability to reach a wide demographic with a range of products and services. It makes sense to see sponsored content popping up.

Next, the big kahuna of paid content. I understand that paid content, also known as native advertising, is rising in popularity. I also understand its potential to bring in money. However, it is not news and should be treated differently on news sources. If I were in charge of a news source, I would put heavy restrictions on paid content (amount and design) and charge the hell out of the business behind the ad. To me, paid content has become a necessary evil in the world of journalism.

Finally, DVorkin used the term "brand journalism" which is defined as "knowledgeable marketers who are transparently identified and labeled as such providing expert information and perspective desired by consumers." I'm going to call a BS on titling this a form of journalism. By nature, businesses paying to have positive things about them featured on a news source is not journalism. You want paid content? Fine. You want is to appear on a screen or page like an actual story? Fine. But don't call it journalism because it is not.

In closing, DVorkin is currently not my favorite guy ever. His final paragraph about how new advertising will help the greater good of journalism by making it more relevant and of a higher quality is pompous and peevish. But I must give credit to Mr. DVorkin for inspiring a lively reaction in me. That shows that his angle and delivery did serve me a purpose.

EJ Pitch Review- Round 4

See the News
Pros:

• Slide 2: thoroughly, well-explained, shows potential for growth.
• Slide 6: love the idea of an end-of-year print collector's edition.
• Slide 10: I like that one of your future goals is "changing multimedia in journalism." Dream big!

Cons:

• Slide 3: does the font change or just get bigger?
• Typos! Slide 5: highlights
• Slide 8: Large news sources like the Globe and the Herald aren't competition? They take photos as well.

Overall I though your PP was nicely presented with a simple and clear background that conveys a solid idea.

The News Stand 
Pros:

• Background: love the color blocking.
• Slide 6: great graphics and layout, just make sure you don't cover any text.
• Slide 8: I like the tangible quality of this. It adds variety and mixes up the textual slide patter.
• Slide 10: I don't think I even have to say why this is on the "pro" list.

Cons:

• Title Slide: I think I need some explanation to understand your company name.
• Overall Slides: good info, but way too wordy. Use bullet points and voice the rest during your pitch
• Slide 7: teeny, tiny font.

I enjoyed the color scheme and general content of the PP, but it looked a bit cluttered at times. Also, you end with a solid "next step" slide, but I think getting a bit inspiration could work.

Well Now
Pros:

• Slide titles: your headings really pop.
• Slide 2: I like that you told us what you're all about right away.
• Slide 3: shows the market opening does exist and why it needs to be filled.
• Slide 7: the conferences and workshops sound really cool. Would the field professionals be contributors to Well Now?

Cons:

• Slide 9: as a reader of Self Magazine, I'm not fully convinced that Well Now is different. Can you expand?

I liked your PP very much! It was informative and interesting and most of the questions I had coming in were promptly answered.

Choice News
Pros:

• Slide 2: very enticing introduction to your product.
• Slide 10: citing experts gives you credibility.
• Presentation: very animated in your text; keeps the audience engaged.

Cons:

• Title slide: lovely background, but the words are a bit too small.
• Spacing: careful on the spacing- some slides looked squished and other had too much white blank.
• Typos! Slide 6: 1 one these choices.
• Maybe one too many ! in there. Reserve for the big moments!

It looks like your site would appeal to news junkies, historians, fiction writers, and conspiracy enthusiasts. Nice range! And i really like your idea. I would definitely check this out.

EJ Pitch Review- Round 3

The Gamer's Gazette
Pros:

• Title slide: informative on all the needed levels
• Slide 9: nice collection of staff. Are they paid or volunteer?

Cons

• Background: smartly simple, but perhaps a bit too bland
• Slide 3: all good info, but too much for one slide. List the keys and say the rest during the pitch
•  Typos! Slide 4: if the news story is important enough. Slide 8: The Gamer’s Gazette is the only gaming news outlet.

Some of the wording confused me (annual volume on slide 10), but I'm sure this stems from my lack of knowledge of the video game world.

News in Comics
Pros:

• Background: I find it rather epic-looking.
• Images: love the color is adds!
• Audio: good intonation, clear, engaging.
• Slide 5: the wording is fabulous.
• Closing slide: clever and genuine, I like it.

Cons:

• Title slide: "comicly" is an intentional misspelling?
• Images: can't decide it it's a tad too busy.
• Font: a bit larger might be nice.
• Slide 9: Stick to one color for the text. Cohesive is helpful.
• Slide 10: wahh word heavy! List key sections then voice the rest or separate into two slides.

Overall I think this is a fabulous idea and you presented it very well. I would definitely be interested in seeing News in Comics.

Unblocked Writers
Pros:

• Title slide: nice colors and good graphic.
• Slide 5: realism towards website problems and your openness about them is wise.
• Slide 7: broad audience looks good to potential investors.

Cons:

• Slides 2, 3, 6, 10: looks bare. Try and alter/fill/balance the space better.
• Slide 4: while I think it's important to have a mission statement, I don't think devoting a slide to it is the best option. Try and incorporate the points of your mission statement into the overall pitch.
• Slide 8: too repetitive with text (variety of fields).

Your PP is very clean and simple, which is easy to follow.  It's good that you don't rely on the PP to speak for you and have plenty of material to speak about, but make sure you aren't so sparse on the PP that your audience lacks a visual aid.