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20001549402000200660MyTown Feasibility study6900096000MyTown Feasibility study730005673725centerAuthors/2420096000Authors/4761865235140Authors/FoundersCliff HamiltonLei MaoAnthony NgaiMindy SanchezContactmytown425@00Authors/FoundersCliff HamiltonLei MaoAnthony NgaiMindy SanchezContactmytown425@2115185148590MYTOWN00MYTOWNContents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc343725313 \h 3Business Concept PAGEREF _Toc343725314 \h 4Product Description PAGEREF _Toc343725315 \h 5MyTown Features PAGEREF _Toc343725316 \h 5Profile PAGEREF _Toc343725317 \h 5Online Flea Market PAGEREF _Toc343725318 \h 5Coupons PAGEREF _Toc343725319 \h 6Category Bidding PAGEREF _Toc343725320 \h 6Subscriptions PAGEREF _Toc343725321 \h 6Origin MyTown PAGEREF _Toc343725322 \h 6Benefits of MyTown PAGEREF _Toc343725323 \h 7MyTown Liabilities PAGEREF _Toc343725324 \h 7Differentiation from Competition PAGEREF _Toc343725325 \h 7Industry Analysis PAGEREF _Toc343725326 \h 8Impacting Factors: Politics and Economics PAGEREF _Toc343725327 \h 9Industry Barriers to Entry PAGEREF _Toc343725328 \h 10Cost/Pricing: PAGEREF _Toc343725329 \h 10Competitor Analysis PAGEREF _Toc343725330 \h 11Amazon PAGEREF _Toc343725331 \h 11EBay PAGEREF _Toc343725332 \h 12Craigslist PAGEREF _Toc343725333 \h 13Groupon PAGEREF _Toc343725334 \h 14Oodle PAGEREF _Toc343725335 \h 14Market Analysis PAGEREF _Toc343725336 \h 15General Audience PAGEREF _Toc343725337 \h 15Narrowed Audience PAGEREF _Toc343725338 \h 16Flea Markets PAGEREF _Toc343725339 \h 16Local Businesses PAGEREF _Toc343725340 \h 17Conclusion PAGEREF _Toc343725341 \h 19Founding Team PAGEREF _Toc343725342 \h 20Cliff Hamilton Jr. PAGEREF _Toc343725343 \h 21Timeline: PAGEREF _Toc343725344 \h 23Sales Strategy PAGEREF _Toc343725345 \h 24Financial Plan PAGEREF _Toc343725346 \h 26Pricing PAGEREF _Toc343725347 \h 26Estimation of Sales PAGEREF _Toc343725348 \h 26Subscriptions PAGEREF _Toc343725349 \h 26Category Bidding PAGEREF _Toc343725350 \h 27Flea Market PAGEREF _Toc343725351 \h 27Coupons PAGEREF _Toc343725352 \h 27Cost to Produce Product PAGEREF _Toc343725353 \h 27Initial Funding PAGEREF _Toc343725354 \h 28Conclusion PAGEREF _Toc343725355 \h 28Feasibility Decision PAGEREF _Toc343725356 \h 29Timeline to Launch PAGEREF _Toc343725357 \h 31Logo PAGEREF _Toc343725358 \h 31Funding PAGEREF _Toc343725359 \h 31Team Roles PAGEREF _Toc343725360 \h 32Hiring Needs PAGEREF _Toc343725361 \h 32Proprietary Needs PAGEREF _Toc343725362 \h 32Launch Timeline PAGEREF _Toc343725363 \h 33Appendix A: Definitions PAGEREF _Toc343725364 \h 34Appendix B: Founder Resumes PAGEREF _Toc343725365 \h 35Bibliography PAGEREF _Toc343725366 \h 41Executive SummaryMyTown improves on existing sites such as Craigslist that while encourage simplicity of posting classifieds, fail both to perpetuate a friendly online environment and to provide diverse methods of user interaction. In fact, being arguably too simple can be very detrimental: a clutter of information which is difficult for the consumer to sift and navigate through in order to find exactly what they are looking for.MyTown encourages a community feel among its users to optimize the buying and selling experience. To enhance this experience it will offer social networking and gives consumers the option to create a MyTown profile by linking their profiles from other websites such as Facebook. Primary features of the website will include classified postings for every user, the online “Flea Market”, coupon deals and bidding for placement on MyTown’s classified listing space. MyTown will regularly provide consumers with additional features to further enhance their online experience.MyTown has determined that its main competitors consist of Amazon, Craigslist, Groupon – for its online coupon service – eBay and Oodle. Oodle and Craigslist compete with MyTown directly as they primarily offer online classified posting services and control the majority of the online classifieds industry. The MyTown web service will be launched in the New York City area due its large population of approximately 8 million people. The MyTown business strategy will be to narrow its market: vendors and buyers whom frequent flea markets –there will be additional space for expansion with over 60 flea markets in the city – and local businesses.After conducting the necessary research related to the start-up cost for a online classifieds service, MyTown can confidently state that the startup costs will roughly be $25,000. The start-up funding is necessary to cover initial development of the MyTown website including all the testing phases of the service before launch. Servers will also be required for data storage and management and regular maintenance of the website during the first year has also been factored in.The founding team of MyTown online classified service consists of four members all of whom are currently students at The Pennsylvania State University: Cliff Hamilton, Lei Mao, Anthony Ngai, and Mindy Sanchez. Each team member brings a specialized and unique approach to operating MyTown and its related products and services. Cliff Hamilton has been involved in a variety of student organizations and has demonstrated his ability to pose thought provoking questions and encourage alternative ideas. Lei conducts research necessary to support MyTown’s assertions, providing the company with invaluable data to further the business’ studies on consumers and the industry. Anthony Ngai is the originator of the MyTown business concept. Passionate and very vocal about the condition of MyTown he is never hesitant to express concerns and propose new features or ideas. His personal interest and continued studies in technology and information sciences offers MyTown insight into making appropriate technology decisions. Finally, Mindy Sanchez has consistently displayed leadership skills and critical thinking when meetings are conducted among the founding team and has aided in keeping all of the team members focused on the task at hand. Mindy’s past involvement in the in student organizations allows her to effortlessly develop long term goals and strategies for MyTown and to prudently control the budget of the business.Business ConceptFor individuals that prefer to buy and sell commodities within their community, MyTown is a social media outlet that facilitates users to post classifieds.Unlike Craigslist, our website combines user interaction along with a friendly web environment accomplished by providing a profile page where users can contact one another through the website or phone application instead of exchanging personal information.Product DescriptionMyTown FeaturesMyTown is a social online classified website. It allows users to log in with social media sites like Facebook, Twitter, or Google+. This allows users to set up a profile to sell or browse for items within their community. MyTown will have two types of users for businesses and general users, general users and paid subscription users. General users will be limited to the number of postings allowed in a time period and the subscribed users will be able to post as many ads as they wish. Subscribed users will also be offered exclusive coupon deals from our partnering businesses before the general users. Both users will be able to promote their ads for an additional charge. MyTown will also have a feature that allows users to bid on an online flea market. This online flea market will list around 20 vendors every other week and they can upload their inventory so users can browse and bid on those items. For our business users, they can set up a profile for their businesses for free also allowing them to upgrade to premium membership. Premium memberships will allow businesses the ability to promote their business with coupons and other advertisements. Additional features will be added once more research is conducted with local businesses.ProfileMyTown offers a website that is designed to help users buy and sell items within their community. The website is most similar to a classifieds site that incorporates social media features. Users will be given the option to either log in with their Facebook or twitter account. The user is not restricted to logging in with social websites, and can alternatively create a profile within MyTown. These profiles will allow them post items they are trying to sell while providing the buyer with a name and a face of the seller. By integrating social media into the classified section, it provides the users awareness of whom they are dealing with. This feature enables friends to browse at what their friends are selling on MyTown. Users can also communicate with one another to discuss about a product that will only be visible between the two parties. The two parties can participate through a messaging system allowing them to actively communicate with each other. ?Online Flea MarketThe “Flea Market” feature of MyTown replicates the community experience and bargaining associated with an actual bazaar but within our online environment. It will be offered to both premium and non-premium users once a week, on the weekends for 24 hours. An online calendar located on the MyTown website will highlight the date of a flea market event. There is a limit of twenty (20) spaces available, which users can reserve on a first-come, first-serve basis: at a fee for general users, but automatically accessible to premium members for no extra charge. ?Users that successfully reserve a space will benefit from increased marketing of their profiles and any items they have posted for sale. They will also have the option of including photos and/or videos of the items they have posted exclusively for the flea market event. MyTown will research and frequent local flea markets in towns, cities or communities our website operates, which gives us the ability to advertise and promote them on the website.CouponsMyTown will provide businesses with the option of posting coupons to be purchased by both regular users and premium members. The coupons will be posted by restaurants and local businesses. The method MyTown will be using in the pay per download for the business. Essentially, the businesses will pay a fee for every downloaded coupon by a user, with a maximum of 300 downloads. This feature will allow users to try new businesses, while the businesses can develop a larger customer base through this promotion.Category BiddingOne of the features MyTown has is the ability to bid to have an ad which will appear on the top of the search page of a category and sub category. Whenever other users click onto a main category, such as computers, there will be 5 spaces reserved for users who want to ensure his/her items are advertised first. This also applies to subcategories such as MacBook where users can choose to do this. This is primarily for users who want to sell their items quickly and want their items to appear first in searches. The other items in the category would be arranged by most recent or pricing depending on how the user selected their search. SubscriptionsMyTown provides general users a free service of creating and maintaining online profile and viewing online classifieds. In addition, they will have a limited amount of free classified postings on the MyTown website. For premium members, MyTown offers them unlimited posts, and their recent posts may be highlighted. Joining our “Flea Market” event feature is free for our premium members and they are also able to bid for the advertisement space for any of their posted items. For the general business users, it is free for them to create their company online profile, and MyTown will provide them with a month of premium membership service for free. For our premium business users, they can advertise their coupons, bid for the advertisement space and also have access to MyTown’s “Business-Only” flea market on the website.Origin MyTownMyTown was thought of by Anthony the night before the day we pitched our idea to the class. It occurred when a commercial was trying to get people to send in their used cell phones for money. This then became the birth of MyTown. As a college student who resides in New York City; money is a big issue, and living New York City doesn’t help. One way Anthony saves money is by searching for items either used or refurbished. In New York City, there is only one popular and dominant site where he can browse for cheap items within the city limits; and that is Craigslist. He has previously used Craigslist many times to find deals and sell items. However he explained the process in finding and communicating with the seller was much more difficult than other websites. The site was flawed in many ways: unorganized, lack in search ability, up keeping and maintenance didn’t exist, and just overall very hard and inconvenient to use. Taking these flawed designs and features, he came up with an idea of making a site combining social media where users can see who and what people within their community are selling with ease. This idea later expanded into a site where businesses can also make profiles to advertise their businesses with coupons and other promotions. These features became the foundation to what we now call MyTown. Benefits of MyTownMyTown’s service is very unique because it offers customers a variety features. Customers would like the service because it provides them high quality services. MyTown gives users a friendly web environment accomplished through a profile page, which will be linked with Facebook and Twitter. Users can contact one another through the website or phone application instead of exchanging personal information. This will allow buyers and sellers to easily communicate with each other. Everyone could buy and sell products in their community by using MyTown.MyTown LiabilitiesA common weakness for Internet or software based firms is that their product or service can easily be copied and likely improved by either existing companies with the technological and financial resources or new firms entering the market. Internet ideas are rarely patented, such as in the case of MyTown, one of the fundamental explanations for the ubiquity of copycat firms ("Attack of the," 2011). Litigation against a copycat firm is difficult to successfully pursue and finance even for a more experienced firm, especially in foreign countries, which means for a start-up such as MyTown with limited resources pursing a lawsuit against a rival firm could prove to be even more fruitless and possibly damaging for the company.MyTown currently has and may continue to have issues concerning start-up capital as it progresses to the creation, testing and ultimately launching of our website. In our first year, MyTown forecasts spending almost $30,000 overall on creating the actual website, acquiring servers for data storage and securing a domain name. This may initially hinder attempts to deliver a high quality website to potential customers. Privacy and security concerns are another area of concern: MyTown will not require users to submit sensitive information—home address, social security number, etc. — due to privacy concerns, but there is little that can be done to ensure the physical safety of our users if they meet another MyTown user in person for a transaction. Differentiation from CompetitionMyTown is a social media outlet that facilitates users to post classifieds within their community. The product is different from competition because MyTown provides customers different unique features, and these features are different from our competitors. These features included Facebook/Twitter login profile, flea market, coupons, bidding for advertising spots, and the subscriptions for business and individual users. Unlike Craigslist and other competitors, our website combines user interaction along with a friendly web environment accomplished by providing a profile page which will be linked with Facebook and twitter where users can contact one another through the website or phone application instead of exchanging personal information. We also provide individual users and business premium membership service. Moreover, Flea market events and subscriptions service for businesses and individuals are two new features that most of our competitors do not offer. Although some of our competitors have the feature of coupons listing and bidding for advertising spots, they do not have both features together. Industry AnalysisMyTown would fall under the online classified industry with competition coming from online retailing industries such as Amazon and EBay. However, our biggest competitor would be Craigslist. Additionally, MyTown will promote local businesses by allowing the business to post coupons on the site, which would open the competition with websites such as Groupon and LivingSocial. Growth RateResearch conducted by the Pew Research Center in 2009 on adults using online classifieds has more than double from 22% in 2005 to 49% in 2009. The study also found that with the increase of online classifieds, many newspapers classified ads revenue has been plummeted over the past few years. Starting at $17,500 in 2005 and dropping to a little over $9,500 in 2009. This data only proves that web base classifieds are a growing industry that many web users partake in (MacMillian).The growth of online classified ads is also impacted by the age of the users. The largest increase in recent classified users is between the age group of 25-34. The online coupon industry has also increased from $100 million in revenue in June 2010 to $1Billion by June 2011. This staggering growth is caused by the market converting from traditional paper coupons to updated modern technology. Groupon has also made it easy for local deals seekers to find deals on one site. As of today Groupon is valued at roughly $6 billion (Rusli and Letzing). Both of these industries have one related trend, both once very popular in print form. As more newspapers and magazines are converting over to web base these sector are also converting, thus opening a whole new market for future growth. Below is a graph that shows the decline in print advertising revenue and an increasing revenue stream for online advertising. (“Newspaper Association”)Figure 1: Print Advertising versus Online Advertising (Newspaper Association of America)Impacting Factors: Politics and EconomicsThere are numerous factors that can impact the market for MyTown. Two major factors that contribute to this are politics and economics. In terms of economics, MyTown falls under the industry of online classifieds which is related to the retail industry. The primary factor with retail is the strength of the economy, which is true for online classifieds, as well. For politics, MyTown will have many of the issues of online retailing companies such as Amazon. The majority of problems in this field relate to tax policies, which are detailed below.Internet retailing has seen growth in lobbying activities, addressing issues ranging from sales tax, advertising, privacy to piracy and counterfeiting, etc. ?Large internet companies: Google Inc., eBay Inc., Amazon Inc., and Facebook Inc., banded together to form a trade association in the Summer of 2012. The Internet Association will act as a unified voice for major Internet companies and its mission will be to educate lawmakers about the impact of the Internet and related services in their respective districts. (Bartz, 2012) Amazon Inc. reportedly spent $690,000 in the second quarter, an increase of about 25 percent from the second quarter of 2011. ?EBay Inc. spent $400,600 respectively in the second quarter of 2012, an increase of roughly ten percent. ?Other concerns for internet companies in terms of policy include on hiring foreign employees. (Bartz, 2012)Tax policy may also be a concern for the e-commerce industry as it continues to grow: proceeds earned from Craigslist and EBay in some cases can be taxed by the IRS and?Amazon is currently required to collect online sales tax in 35% of U.S. states. A recent survey conducted by Wells Fargo analyst Matt Nemer showed that out of more than 2,600 people about 33% said they would shop less if there were an online sales tax, though he said that consumers tend to “overstate their intentions”. Nemer also found that among 1,000 Texans surveyed in September, 27% shopped regularly on Amazon, down from 30% in June – showing little change in consumer buying habits since Amazon began collecting online sales tax in Texas in July of this year. (Bensinger, 2012)A new law, which came into effect last year, mandates that "taxpayers who annually sell more than $20,000 worth of goods and have more than 200 electronic transactions" will receive a new IRS form, classified as the 1099-K to report their proceeds (Herman, 2010). As of now it is uncertain how laws related to tax policy will ultimately affect the industry, but there is already evidence of decreased online shopping even though the data is isolated to one U.S. state.Regulation of Internet safety and privacy is a prevalent issue in the online classifieds industry, primarily due to Craigslist facilitation of adult or erotic services. ?Letter campaigns including letter campaigns to Craigslist founder, news articles etc. have revealed alleged crimes of sexual assault, rape and prostitution.Industry Barriers to Entry One of the biggest major barriers is getting users to join, use the site and become returning users. In addition, the start-up cost of entering an industry can be costly. Company may need to have large financial resources and capital in order to complete in an industry. Another barrier is that there are many competitors in this industry, and they have gained customer loyalty and brand awareness. With a small number of firms control majority of the market, it may be one potential industry barrier for new firms. On the other hand, advertising can be a major concern because larger companies can afford to spend more on marketing strategy than newer firms with lower capital. It is difficult for new competitors to gain consumer’s attention on their advertisement. It may also be difficult to initially program and design the website for the online classified industry (Hofstrand).Cost/Pricing: After researching costs associated with entering this industry, MyTown determined that the initial costs for start-up in the first year is a total of $36,560 – 81% of which is related to the development of the website as well as the technology support – acquiring servers and web maintenance – that will accompany it.Craigslist has special prices for postings in certain cities. For example, Craigslist charges users $75 for job posting in the San Francisco Bay area, and $25 in all other cities. Craigslist also charges brokered apartment rental listings in New York for $10 per posting. Additionally, Amazon offers a membership service to receive more benefits with Amazon Prime, which costs users $79 per year. Careful review of these pricing strategies allowed MyTown to provide fair pricing for our services. Below is a table outlining the prices related to our various services:ServicePrice for CustomerSubscriptionsGeneral User$15.00Business User$30.00Category Bidding (General User)Main Category$7.00 $15 month Sub Category$5.00Flea MarketPay per spot$10.00Couponby number of sales (max out at 300)$2.00 per downloadFigure 2: MyTown Service PricingCompetitor Analysis AmazonAmazon is one of the largest online retailers, which is what makes it a competitor for MyTown. Amazon sells nearly any type of product and allows user to sell products. These items initially began with books but expanded to electronics, software, clothing, furniture, and nearly anything else that could be sold online. Users can buy and sell products and then have them shipped to their address anywhere from one to fourteen business days depending on the shipping price selected. The primary method, which Amazon creates revenue, is by taking a small percentage of the sale price from every item that is sole through the site. This works extremely well for them because they have development a customer base of around 30 million worldwide. Another way Amazon creates revenue is by charging companies to advertise their products as featured products on the website. Overall, Amazon is a successful company that is a strong competitor for MyTown. In order to develop a business plan and strategy for MyTown, performing a SWOT analysis on Amazon would be beneficial.Amazon SWOT AnalysisStrengthsVariety of productsTransactions made onlineEstablished large customer baseLargest online retailerStrong brand imageAmazon kindleWeaknessesShipping speeds can be variableShipping prices can be high Returning items requires the customer to pay the additional shipping feesSpends approximately half a million per quarter for lobbyingOpportunitiesAcquisitions of other companiesPartnerships with other industryE-book growthThreatsProblems with governments and charging sales taxCharging different price for same itemPartnering with publishers for online booksiPad competition for e-booksCurrency rates changing in other countriesFigure 3: Amazon SWOTEBayBasically, eBay was founded in 1995, and it is an online shopping and auction website for people and business to buy and sell different kinds of products in the United States and internationally. The company's two segments of the business are the eBay Marketplace and Payments. The eBay Marketplaces enable online commerce in different formats such as the auction and the normal platform. The Payments part provides the service for business and individuals to send and receive payments online.EBay SWOT AnalysisStrengthsGreat online auctions serviceMarketplace is big Great business modelExcellent technical platformHigh product quality Famous brand name Strong financial stateGreat Intellectual propertyProduct Variety Secure payment with PayPalWeaknessesFraudulent activities exist Litigations problemSystems breakdowns could disturb the trading activities Shipping problemService only available onlineOpportunitiesInternational growthBranch out into other online servicesNew featuresThreatsCompetitionSpoofing and HackingIllegal activities problemOnline SecurityFigure 4: EBay SWOTCraigslistCraigslist is an international classifieds website. It is enables users from different places to trade and sell for all sorts of items. It features free online classified advertisements with housing, jobs, internships, services, community, gigs, personals categories, and forums on different topics. Craigslist began the service in 1995 as an email distribution list of friends. Craigslist has expanded to more than 570 Craigslist cites in 50 countries and with more than 50 million users in the US alone now. It is also available in many counties.Craigslist SWOT AnalysisStrengthsPeople could search goods and services by communityPeople don’t need to have a Craigslist account for purchasing goods and servicesGood technical platformNo annoying pop-up adsCraigslist does not share people’s customer informationEase of use All postings on Craigslist are freeWeaknessesAllows anonymity by sellersSearching can be difficult because the ads are unstructured.Fraud invested listings and scamsNo transactionsCraigslist has no responsibility OpportunitiesMarket ExpandingNew products and services expansionInternational GrowthThreatsSecurity problem Fraud and scams problemCompetitionLawsuitFigure 5: Craigslist SWOTGrouponGroupon is an online-based marketing service that offers special deals to various cities in the United States. It offers its subscribers daily discount coupons by email, Facebook and Twitter feeds. Groupon works with local businesses to create discounts that are offered to consumers. Now, there are thirty-five million registered Groupon users worldwide.Groupon SWOT AnalysisStrengthsLarge number of Leader in competitionLow expense to keep companyHelps develop local economyDiverse products and servicesWeaknessesDeal-of-Day expires within the day if the coupon is not printedOnly available in larger citiesUsers may not consistently use GrouponOpportunitiesPotential acquisition from a larger companyPartnerships with social networking sitesVariety of businesses ThreatsEconomy slowerMany imitator sitesPotential new competition from larger companiesFigure 6: Groupon SWOTOodle Oodle is a social marketplace where users can easily buy, sell, lend, trade and communicate with people in their local community. Oodle was incorporated in 2004 by Craig Donato in San Mateo, California. The service offers online resources, including classified listings, advertising, email services, and links to third party sites. There are 40 employees, and Oodle’s marketplace has over 14 million unique monthly users. The company has the annual sales of $4.1 million (Kroobe). The Oodle service is available in the United States, Canada and the UK.Oodle SWOT AnalysisStrengthsPosters to include a profile and photo on their listings in order to make online buying and selling more transparent and socialCombine Facebook and other social interfaceGreat classifieds marketplaceLargest classifieds aggregatorWeaknessesLack in market share Lack in fundingFail to attract larger user baseFail to generate more revenueOpportunitiesHave the potential to expand their market globallyAdd more social featuresAcquire listings from other classified sites ThreatsFace larger competitors like CraigslistMost of the companies are owned by venture capitalists, this might guide the company in a different directionFigure 7: Oodle SWOTMarket AnalysisGeneral AudienceThe starting location for MyTown is New York City. According to the New York City Department of City Planning, New York City had a population of 8,244,910 in 2011 and nearly 27,000 people per square mile making it the second largest city and the highest in population density in 2011 (New York City Department of City Planning). Figure 8 breaks down the 2010 city population by borough. The number vast amount of New Yorkers gives MyTown a large customer base to start with. Figure 8: New York City Population 2010 (New York City Department of City Planning)Additionally, New York is known for being one of the premier shopping centers in the world. In an article for Forbes Magazine, New York City was listed as the third largest shopping capital only after Paris and London and was listed with other cities such as Milan and Tokyo. To determine the shopping capitals the article referenced Gold the co-author of the study “How Global Is the Business of Retail?” which mapped the global footprint of 289 of the world’s top retailers in 67 countries (Sherman). Figure 9 details the top 15 shopping capitals by percentage of top retailers in each city. Given that New York City is the top shopping capital city in the U.S. makes it a prime location for starting retail oriented business such as MyTown.centertop00Figure 9: 2009 Shopping Capitals (Sherman)Narrowed AudienceThe overall audience MyTown is the New York City populace, but MyTown needs to narrow this to a specific type of customer to target. The nature of MyTown's business is an interactive classifieds service. When further analyzing this, the type of customer that came to mind is flea market vendors, flea market attendees, and local businesses. The local businesses MyTown would initially seek would be more vintage and antique stores. This would cater to the customer who enjoys searching for older more unique items, which is what the attendees of flea markets look for. The long term goal would be to expand to all types of local businesses to cater to a wider base of customers that would use a classifieds service. MyTown's target audience fits well within the New York City area because the customer MyTown caters to is one that loves shopping for older items that they can easily meet with the buyer to view the item.Flea MarketsThe customer for MyTown is one that wants to be able to find older or used items that they can meet with the buyer to finally make a purchase. What first comes to mind is a classifieds service user to meet this need, but incorporating a more social environment this can be interpreted as a flea market vendors or attendees. Flea markets are places that vendors or individuals can sell their items, which are typically used, rustic, vintage, or of an artistic nature. According to a New York Times article, attending the flea markets such as the Brooklyn is an urban experience that one should not miss out on. (Kugel) The Brooklyn Flea is not the only flea market in the New York City. There are over 60 markets in the area such as Antiques Garage, GreenFlea, and Hell's Kitchen Flea Market. These markets can attract 100+ vendors and over 4,000 to 5,000 attendees in one market (Brooklyn Flea). Figure 10 shows the number of flea markets listed in New York City by borough from flea markets that have registered with .Figure 10: Flea Markets in New York City (tagsellit)In the overall world of flea markets, there are more opportunities in the United States. In the US there are over 1,100 flea markets with 2.25 million vendors that conduct $30 billion in sales with over 150 million customers (). There are a number of opportunities to grow in the future catering to those who love to shop and sell in the old and vintage markets.Local BusinessesIn addition to flea market vendors and attendees, the other major customer is local business in the New York area. Initially, MyTown will focus on some of the flea market vendors that may have their own businesses and local businesses that sell vintage or unique items. Additionally, local restaurants would be sought out. According to the New York City Department of Health and Mental Hygiene there are approximately 24,000 restaurants (New York City Department of Health and Mental Hygiene). Each borough has its own unique restaurant styles. For instance Manhattan has everything from the high-end haute cuisine to hole in the wall places, whereas Brooklyn offers diners and a wide variety of local neighborhood ethnic restaurants. The charts below display the districts in the New York City area by district and detail the approximate number of eating and drinking establishments per congressional district from the National Restaurant Association.Figure 11: New York City Metropolitan Area (National Restaurant Association)-22606033972500Figure 12: Restaurant Establishments by District (National Restaurant Association)Overall, New York City has much to offer in terms of small businesses. Below is a chart from the U.S. Small Business Administration website detailing statistics regarding small business in the New York.Figure 13: New York Small Business Fact (U.S. Small Business Administration)ConclusionIn conclusion, the general audience for MyTown is the New York City area. There are a number of boroughs and neighborhood to target. Additionally, there is a large populace with approximately 8 million to cater to and help MyTown expand in one location. For a business strategy, this is overwhelming, which caused MyTown to narrow its market to the customer the business is best suited for. This was people and vendors that buy and sell older items, which most relates to the flea market audience. This still allows for expansion with over 60 markets in the area in a variety of neighborhoods and nearly 5,000 people regularly attending. Additionally, focusing on local businesses and restaurants is another way to reach a larger audience. It allows the general user to connect more with his/her local businesses and community.Founding TeamMyTown is an organization that is defined as a partnership. MyTown’s objective is to provide an online classifieds service that functions more similarly to a social media site such as Facebook. This is accomplished by providing the users with a profile page where they can post items they want to buy or sell from other members who live within their local town, city, or community. This allows the users to keep their personal information more private by using the messaging service on the website on phone application rather than exchanging or posting their phone number or email, which current online classifieds require. The overall goal for MyTown is to begin in one city and expand to more locations becoming a national company. Upon the success of growing to a nationally recognized company in the United States, the founding team would like to expand globally using the team’s cultural background. Currently, MyTown is still in the forming process. This process includes finalizing website features, determining costs of building and maintaining the website short and long term, and deciding whether to pursue the full development of the company in the next year. The exit strategy for the team will be to sell the company.The founding team of MyTown consists of four members: Cliff Hamilton, Lei Mao, Anthony Ngai, and Mindy Sanchez. Each member contributes a different skillset and background that benefits MyTown. Additionally, the team has a diverse ethnic background that brings different perspectives from a global standpoint. The diversity of the MyTown team in terms of skills and backgrounds creates a strong team, as well as, the commitment of the members. The team meets on a regular basis with at least biweekly meetings. Overall, the team shares responsibility managing different tasks, but participating in all aspects of the company. For instance, one member manages the financials, but all of the members are tasked with finding information that is contained within the financial statement. ?As a result, different opinions and perspectives are discussed at meetings which cause the team to debate and question potential solutions, ideas, or problems, that revolve around making MyTown a successful company.In order to understand the team dynamic from another perspective, the founding members completed a Keirsey Temperament Sorter. In particular, the team used the test from the Keirsey Website, The Keirsey Temperament Sorter?-II (KTS?-II), which poses 70 questions to help determine a person’s character and temperament type (). This test is used to determine personality types based on the Keirsey Temperament Theory, which is broken into four basic categories: artisans, guardians, rationals, and idealists (Image 14). The categories are further broken down into 4 different types within the categories (Image 15). The members of MyTown primarily fell into the guardian type, with one member being a rational. Guardians are known for their management skills and reliability, while rationals are best known for their strategizing and problem solving skills ( provides insight into the group dynamic explaining success in the group’s commitment, as well as, recognizing areas where the group may need improvement such as looking at more unconventional ideas.Figure 14: Keirsey PersonalitiesFigure 15: Keirsey Sub-categoriesCliff Hamilton Jr. Cliff Hamilton is a Management major in the Smeal College of Business at Penn State. His primary roles are managing advertising strategies, developing the industry analysis, and performing research on other tasks. One of the biggest contributions he brings to the group is posing new ideas and questioning established ideas. This strength helps the group to think about ideas in different ways and question if an idea is truly one that would be beneficial for MyTown to pursue. It allows members to pose even more ideas, solutions, and opportunities rather than quickly accepting a situation without thinking about it further. Additionally, Cliff has a talent for negotiating, which is a skill he developed by participating in organizations at Penn State. In particular, he is involved with several organizations. Overall, Cliff’s ability to negotiate, pose ideas, and question ideas makes him a great asset to MyTown.Lei MaoLei Mao is a Management major in the Smeal College of Business at Penn State. Her primary roles include managing the financials and conducting research for other sections. She also has a unique talent that brings a completely different element to the group, which is reading tarot cards. It has now become a tradition in MyTown to periodically do tarot card readings. This has become beneficial to our group giving us a completely different way to look at ideas, view the company as a whole, and even just as a way to calm down the group after an intense meeting. In addition to tarot reading, Lei is a particularly strong researcher focusing on the data or information that is needed avoiding bias as much as possible. The work she provides is thorough and provides numerous ways of looking at the information. Lei’s skills as a researcher have been a strong foundation for evaluating ideas for MyTown. Her exit strategy is to sell the company and go back to China to start her own company.Anthony NgaiAnthony Ngai is an Economics major with a minor in Information Services and Technology at Penn State. His primary roles include marketing and the financial aspect of the company. He developed the original idea behind MyTown. What makes Anthony so beneficial to the team is his passion. He truly wants the company to succeed and urges the team to continue the pursuit of the company. While his original idea and vision of the company has changed, it did not change his passion. Additionally, he keeps up with different technologies and services. This has made him a great asset when looking at potential competitors. He is continuously analyzing their strengths and weaknesses to determine ways that MyTown can improve. Finally, he is vocal, not afraid to express his opinions and ideas. Particularly, this has helped with the development of ideas and starting discussions with the entire group. Anthony has been a driving force in the group providing strong leadership through his passion. His personal exit strategy will be if a company is agreeing with our terms and agreement, including leaving me at least a 5% stake in MyTown.Mindy SanchezMindy Sanchez is an Electrical Engineering major with a minor in Engineering Leadership Development at Penn State. Her primary roles include managing the company and investigating the technology side of the business. She is most recognized for her leadership and organization skills in the group. This has been critical team development and pushing forward with the company. When discussions begin to circle or not reach an end, she refocuses the group to best determine how to move forward and accomplish the task. Furthermore, she has business related experiences as previous corporate relations chair and president in The Society of Hispanic Engineers Penn State Chapter. These roles have given her skills that aid in improving corporate relations, developing long term goals and strategies for an organization, and controlling budgets ranging anywhere from $100 to $50,000, which can all be directly applied to MyTown. ?Mindy’s leadership skills and past experiences have ensured the progression and development of MyTown. Her personal exit strategy is to sell the company.Additional information regarding individual members including his or her particular role, skills, and background can be found below and a copy of each member’s resume is attached in Appendix B.Timeline:Figure 16: TimelineSales StrategyMyTown will deliver service directly to the customer through a website. The company is confident that it can deliver its classified posting and additional services online without the inclusion of intermediaries. The online classified service will be free for users – with limitations – but accumulating subscribers, creating a database of business clients, encouraging general users to purchase additional services will be the responsibility of sales representatives – MyTown founding team members – either in a physical setting or through promotion on the website. Additionally, MyTown intends on hiring the services of a marketing firm to provide support for our selling munication with consumers will rely heavily on social media, but there will be an element of physical interaction with MyTown consumers as well. ?Websites such as Facebook, Twitter, Instagram etc. will allow MyTown to quickly alert users to any updates related to MyTown’s services. Web discussion forums and blogs are also very useful method of engaging consumers: determining their wants, suggestions and concerns will allow MyTown to make the reasonable and/or necessary changes to the web service. Each of these web outlets will give customers the ability to actively contribute to the content appearing on the MyTown website in addition to their classified posts – a common feature among web based companies referred to as UGC or user generated content (Acunzo). Sales representatives have the responsibility of frequenting local flea markets in the cities MyTown operates, MyTown has identified individuals who regularly visit flea markets as a target customer, to introduce and advertise the MyTown to persons in attendance as well as vendors. In order to encourage individuals to use the website MyTown will encourage word of mouth among potential users, the various social media outlets mentioned earlier will help to facilitate this free marketing method. Establishing relationships with local flea markets and business will also contribute to word of mouth advertising. Beta testing for the MyTown website will have involvement of individuals and companies that the founders are familiar with. Guerilla marketing tactics are also a cost effective way of advertising to potential customers through utilizing items such as t-shirts (see picture below). Figure 17: MyTown T-ShirtMyTown will also provide a promotional offer for first time users after the website’s beta testing and launch: six month free trial usage of the website – free use of the flea market service and access to new features. In order to keep in line with the mission of providing a community atmosphere MyTown will also organize and promote weekly contests in the areas we operate in: users of the MyTown webpage will be invited to take part in a flea market scavenger hunt where they must search for items on sale at local flea markets and provide visual evidence (digital photograph or video) that they discovered the item. Winners of the contest will be rewarded with exclusive deals from MyTown’s business users. A third promotional offer will allow users to benefit from free online coupon books, which will be a compiled database of deals or coupons provided by our business MyTown users.In its first year MyTown will incur costs related to marketing through use of conventional media such as flyers and other print media and will also include costs for street hawking, which for MyTown means renting tables at local flea markets and engaging both vendors and buyers. ?These are both variable costs (see tables below). Additional information MyTown will need to create an effective sales strategy will be essential information related to the respective communities: demographics and other peculiarities to the area etc. Marketing MethodMonth(s)Month 1Month 2Month 3Month 4Month 5Month 6Flyers $390.00 $390.00 $390.00 $390.00 $390.00 $390.00 Street hawking $200.00 $200.00 $200.00 $200.00 $200.00 $200.00 Figure 18: Marketing costs incurred during first year *Marketing MethodMonth(s)Month 7Month 8Month 9Month 10Month 11Month 12Flyers $390.00 $390.00 $390.00 $390.00 $390.00 $390.00 Street hawking $200.00 $200.00 $200.00 $200.00 $200.00 $200.00 Figure 19: Marketing costs incurred during first year cont'd**the figures in the table are tentative and may likely vary based on the different sources MyTown intends to useFinancial PlanPricingMany classifieds companies rely on real estate agencies, personal ad, or car dealerships for revenue. This model is not the case for MyTown. MyTown will rely on its customers who consist of general users, flea market vendors and attendees, and local businesses. Overall, MyTown is free to use and join, but there are additional features customers pay to use. Below is a chart that outlines the features and pricing.Figure 20: MyTown Pricing GuideEstimation of SalesSubscriptionsIn the first year, MyTown will have a promotion for 6 months for subscriptions that allow users to access the additional features. After the first year, we expect to have 500 general subscription and 35 business subscription. This estimation is based on the amount of flea market vendors and attendees for 5 flea markets. For instance, the Brooklyn Flea has over 100 vendors and over 4,000 people attend each market (Brooklyn Flea). This user base will be the foundation for building the MyTown.In subsequent years, MyTown predicts a significant increase for subscriptions. The estimation is based on the previous flea market attendees and vendors in the area. This takes into account other markets such as the Green Flea and Hell’s Kitchen Market, which each can have 5,000 in attendance. It also takes into account the general New York populations, which totals over 8 million. Category BiddingThere are two main types of category bidding, main and sub categories. In each of these categories there are 5 spots for each main and sub categories that users can bid on to advertise an item he/she is selling. We estimated that there would be 20 categories to bid on total. We did not include the time frame in our estimation so the assumption is that there would be 5 spots in 20 categories each month. For the subcategory our assumption was that there would be 5 spots with 2 categories. We did not include the number of categories in the estimation because we expect less people to post in sub categories.Flea MarketFor our online flea markets, we will have a total of 20 spots for vendors at $10. This is a low fee compared to a flea market space a typical vendor in Brooklyn would pay which can range anywhere from $100 to $200(Brooklyn Flea). This lower fee is to entice vendors to post their items online. Initially, we would host the online flea markets once a month slowly increasing it to twice a month. MyTown kept this the same through the 5 years because we expect high and low times based on the time of year with actual flea markets occurring. For instance, in New York due to weather constraints there are not many flea markets in the winter. CouponsThe coupon method MyTown chose was to charge businesses $2 maxing out at 300 downloads. The estimation for each month in year one was starting with 2 companies without reaching the download max increasing to 25 total companies reaching the 300 max download. We used this number for each of the 5 years estimating that there may be a month of higher and lower downloads and participating restaurants. MyTown set a maximum number of downloads to keep costs reasonable for restaurants. Additionally, if a coupon does not generate as much interest as expected the local business does not have to pay extra for unused downloads.Cost to Produce ProductThe primary expenses for MyTown are salaries, marketing and initially web development. According to the U.S. Labor Bureau, salaries for accountants, market analysts and programmers typically range from $55,000 to $80,000. The estimates used by MyTown were approximately $60,000 given that many of the staff will be recent graduates with limited work experiences (U.S. Labor Bureau). In the long term the web development cost will not be as high compared to salaries and marketing, but in Year 1 it will be the highest cost. The primary costs associated with this are server space and a domain name. From AT&T, the prices ranged from $159 a month to upwards of $1,500 per month. MyTown estimated costs of server space will be $1,200 per month for the first three years and for the next 2 years it estimates $2,000. Additionally, due to usage this can be considered a variable cost. Below you can find a chart of the expenses. Figure 21: MyTown ExpensesInitial FundingMyTown expects the first year expenses to total 24,560. The primary expenses include setting up the website and marketing. As a result each founding member is expected to contribute 5000 to cover initial costs. This will be done through family contributions or personal loans. Refer to Appendix D for more details regarding expenses.ConclusionMyTown foresees a positive future in starting this business. Based on the year 1, to start the company would cost approximately $25,000. The members of MyTown plan on each investing $5,000 and potentially taking out a loan to get the company off the ground. Based on the first year projections, it is also predicted that MyTown will break even near 6 months. In order to improve projections, MyTown needs more research from the flea market vendors and to begin developing relations to determine further feasibility. Also, based on the charts above MyTown expects low expenses due to the small amount of employees needed and overall operational costs. Additionally, MyTown has a number of ways to generate revenue which helps the company grow. Overall, the projections are promising to proceed with the business. Refer to Appendix C to excel file for more detailed projectionsFeasibility DecisionThe conclusion made by the founding team is that MyTown would be a feasible service for potential customers. In order to take this company from idea to reality, there is still more work to be done and obstacles to overcome. The benefit the company has in its favor is that it is primarily web based. The areas that still need to be developed include further research into local flea markets and adding a member that has a background with web development or computer science. Additional problems that the company faces and are more difficult to overcome are a large competition base and an easily replicable online service. While there are numerous difficulties, many of them can be triumphed in order to start the company.The primary benefit for MyTown is that it is web based company. This makes it easier to get the company off the ground. This would keep expenses lower as there would not be any manufacturing fees or need for office space initially. However, to develop the company would require servers which can range anywhere from $159 a month to upwards of $2,000 a month depending on usage needs (AT&T). Additionally, there is not a need for many employees. These aspects work in the favor of the company and help with the initial development. From the financial statement, MyTown estimated a need of 13 employees. This is broken down in the chart below. Overall, the expenditures of a web based company can be much lower making starting a company feasible.Figure 22: MyTown Employee BreakdownWhile the company is web based, there are still a number of potential problems. The largest being the founding members do not possess the skillset to build the website. This can be accomplished in multiple ways. Ideas that the team is considering are recruiting another team member, learning the skill on our own, and potentially hiring a programmer in the future. Outside of the technical skills, the team needs to research flea markets and begin developing relationships with members of those communities. This is necessary to acquire users on the site and generate a form of revenue. Both of these problems are feasible to tackle.The current unsolved problems are the number of competitors and ability to replicate the site. With the number of established competitors such as Craigslist and Oodle, it can be difficult getting users on the site initially. One of the ways MyTown looked to set itself apart was to appeal to individuals that attend flea markets. It provides another avenue for those vendors to sell, as well as, to attract shoppers that enjoy attending events such as flea markets. The other problem that MyTown faces is that the site could be replicated. Currently, there is not a solution to this problem. To compensate for this MyTown wants to focus on community businesses and vendors to develop?strong relationships.Overall, the founding team of MyTown has deemed the idea of creating a classifieds website feasible. There are obstacles to overcome with a wide range of difficulty, but MyTown is currently working to solve them. The founding members are currently looking to begin website development in spring 2013 and test the success of the site on small scale with beta testing in State College. Timeline to LaunchBefore launching MyTown, the team must gather more information about our potential market. MyTown will initially target both vendors and shoppers of flea markets. MyTown would pitch the idea to attendees of these markets, to see how they respond to our website. MyTown would also conduct a research to estimate what the ideal price would be to charge the premium users and also what features they would like to see on the website. MyTown will conduct research on what the ideal price a business would be willing to pay for our service. Additionally, MyTown would need to research what would be most cost effective way to advertise and market in a city like New York City. ?The final barrier to overcome before writing the business plan is how much funding the team would need to procure. MyTown is scheduled to have a business model written by the end of March, 2013.LogoFigure 23: LogoFundingFunding for MyTown will initially begin between the group members. All members will be asked if they can raise approximately $5000 with a combine total of $25,000. On top of the personal money being invested, MyTown will also apply for local and federal grants for small start-ups. These grants and their requirements can be located on the small business administration website. Many of the grants and loans are available to small startup without second party members interfering with MyTown. The other benefit from obtaining startup business loans are they have lower interest rate compared to other bank or private loans. Lastly if the team fails to raise the require start-up capital the consensus of all members will be to then turn to banks and other private loans, angels, and ultimately venture capitalists. ?(“Search Results”)Team RolesMyTown will have four primary founders. Cliff Hamilton will be in charge of marketing and establishing business relationships. Responsibility ranges from initially going to flea markets to pitch our items to local consumers and vendors. Cliff will also be searching for local businesses, pitching our website and soliciting business users. This role is crucial to our development as a brand, to distinguish MyTown from our competitors. Lei Mao will be in charge of our financials and accounting. Lei has demonstrated strong accounting and financial skills. She will be responsible for monitoring our accounts and the investment of our profits. Anthony Ngai will be in charge of marketing and business relations with Cliff and the financials with Lei. Anthony will work closely with Cliff to promote and pitch our website to both general users and business users. He will also be assisting Lei with the financial aspect of the company. Mindy Sanchez will be in charge of the technological side and programming of the company. Mindy’s primary responsibility will be making sure the website is regularly maintained and secure. Overall every group member has their own responsibilities, which are subject to change if there are shortages in a particular department. ???Potential PartnersMyTown's potential partners are most of the local flea markets and local businesses in the New York area during the first two years. For the local businesses, MyTown's main focus is on the restaurants, small businesses, and local retail stores. After two years, MyTown will consider to expand in different cities and also partner up with the local flea markets and local businesses in those cities. Additionally, in order to make MyTown's website operate well, MyTown needs to partner up with the College of IST and Engineering department of Penn State for using their servers initially. Hiring NeedsFor the hiring needs, MyTown needs to hire a legal retainer and a web developer in the short-term. MyTown needs to have a legal retainer because a lawyer may provide MyTown accurate legal advice, and the suggestions from the lawyer are really helpful. The web developer is also important because MyTown needs a programmer to start up and program the website. As the company grows MyTown may need to hire staffs on marketing and accounting. Proprietary NeedsMyTown is an online website that provides a service. This being stated, MyTown will likely have zero proprietary needs, other than trademarking our company name. If we have unique lines of code for our website, MyTown will potentially file copyrights. MyTown can also file copyrights for the phone application to prevent others from using our design and layout.Launch TimelineAppendix A: DefinitionsBusiness user - refers to a representative that creates an online MyTown profile on behalf of a company, firm or business.Category - the general or broad classification of a particular item posted on the MyTown website, e.g. a Samsung Galaxy S3 would be placed in the ‘Mobile Phone” category.General user - an individual person who creates and maintains an online MyTown profile.MyTown - refers to the company that will provide the service in the form of the MyTown websiteFounding Team - the four individuals responsible for the creation of MyTown.Post or posting - classified that users may place on their personal onlineMyTown profile.Premium user – a user, either business or general, that upgrade to the premium subscription of the MyTown website by paying a monthly fee.Non-premium user – a user, either business or general, that does not pay the monthly required for premium subscription.Sub-category - refers to a more specific classification of a particular item posted on the MyTown website, e.g. a Samsung Galaxy S3 would be placed in the “Samsung” sub-category.Appendix B: Founder Resumes Appendix C: Financial Spread Sheet (5 years)Bibliography"About Us." 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"Search Results for Small Business Loans and Grants | ." Search Results for Small Business Loans and Grants | . , n.d. Web. 18 Dec. 2012. AT&T. "AT&T Cloud Architect." Cloud Architecture & Development-small Business & Developers. AT&T, n.d. Web. 18 Dec. 2012. Brooklyn Flea. "Brooklyn Flea." Brooklyn Flea. Brooklyn Flea, n.d. Web. 19 Dec. 2012. CenturyLink. "Power Your Business Growth with CenturyLink's Advanced Technology and Local Experts." CenturyLink. CenturyLink, n.d. Web. 18 Dec. 2012. National Restaurant Association. "New York Restaurant Industry at a Glance." Research & Insights: State Statistics. National Restaurant Association, 2010. Web. 19 Dec. 2012. New York City Department of City Planning. "Population Facts." Population - New York City Department of City Planning. N.p., n.d. Web. 18 Dec. 2012. Sherman, Lauren. "World's Shopping Capitals." Forbes. Forbes Magazine, 20 July 2009. Web. 18 Dec. 2012. Tag Sell It. "New York Flea Markets Directory." Tag Sell It. 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