PaperEdits is a sole proprietorship that provides document editing, revising, typing and planning services to students in Chicago. The business aims to help students express themselves confidently through professional writing by preparing high-quality documents for a fee. PaperEdits recognizes that students have a large workload and many struggle with English grammar. The business conducts market research showing there is demand among local high school, community college and trade school students. PaperEdits' competitive advantages include offering diverse services beyond just editing, having centralized features, and targeting the high school and lower collegiate student market that competitors often overlook.

1. Name:Akporesiri Omene
Business Name:PaperEdits
Business Plan
Instructions:
● Revise the text highlighted in yellow for your own business.
● Answer the questions highlighted in blue for your own business. Then, delete any
questions in blue before submitting the final plan.
1. OPPORTUNITY RECOGNITION & BUSINESS STRUCTURE
1.1 Business Opportunity
What is your business opportunity?
Students are burdened with large amounts of writing assignments from high school,
university, and jobs. Also, there’s a large influx of english learning students entering
schools and jobs in Chicago.
Describe the problem/unmet need your business is solving?
The modern-day student is burdened with many writing assignments to secure good
grades and positions in high school, universities, and work. Many of them find English
grammar difficult, for they do not have the skills to proofread and refine their documents.
They often rely on other people who lack skill, time, and concern themselves. This is
problematic because students need to appear proper and sophisticated to enter and
survive the collegiate and professional world.
How does your business solve the problem/unmet need?
My business prepares people’s documents that need to be submitted in a timely
manner.
1.2 Type of Business
What is your type of business? (Manufacturing, Wholesale, Retail or Service) Describe
in detail why you chose this business type.
My business is a service in which I edit, revise, type, and plan documents for a fee.
1.3 Type of Business Ownership

2. Which business ownership type did you select for your business? (Sole proprietor,
Partnership, LLC, S-Corp, C-Corp) Describe in detail why you chose this business
ownership structure.
My business is sole ownership. Because my business will start off small, I will enjoy all
the profits.
Why did you select this type of business ownership? Why does it make the most sense
for your business?
My business is initially sole proprietorship, for my business will start out small. If my
business grows, then I will need more people and move to a multi-partnership to
alleviate the workload.
1.4 Mission Statement
A mission statement is a company’s constant reminder to its employees and customers
of why the company exists in a concise way.
Describe what your company does best and why in one-two sentences.
Through professional writing, I wish to help people express their hopes, dreams, and
ideas confidently.
1.5 Social Responsibility
Social Responsibility is often described as “doing well by doing good.” In addition to
making a profit entrepreneurs need to consider how they support social good.
How is your business socially responsible? Be specific.
Through document preparation, I make people’s documents professional. It helps
students boost their grades in class; it makes prospective employees more marketable
to employers; and it inspires universities to make an investment in prospective students.
My business gives students more time to fulfill other obligations, giving them peace of
mind and confidence.
How do you plan to give back to a social cause with either your time and/or money?
I will offer internships to aspiring writers and journalists in the Chicago area. They will
have the opportunity to prepare documents that the business receives, and they will
receive commision for the documents that they prepare. This will expose my interns to a
variety of writing styles, which will make them better writers and proofreaders. They will
also have the opportunity to become full time employers of my business.
1.6 Qualifications

3. What are your personal qualifications to run this particular business? (experience,
certification, classes, skills) To complete this section refer to your strengths from your
SWOT.
I am in Advanced Placement English Literature and Composition; in this class, I
strengthen my writing skills through analyzing texts and proofreading exercises. I am in
Advanced Placement Spanish Language and Composition; I build my proficiency in
Spanish speaking and writing. This is valuable for my clients who do not speak English.
I took the English portion of the ACT (which tests punctuation, sentence, structure, and
organization to name a few) and scored a 34. I am also a student editor of the NFTE
newsletter, which is read by 1600 students in Chicago.
What qualifications would your team need to have?
My team needs to be proficient in english writing and grammar. My teammates need to
speak two or more languages (preferably english and spanish). My team also needs to
be fast typists. They must possess strong soft skills, such as communicating effectively,
listening actively, and accepting quality work from themselves.
2. MARKET RESEARCH
2.1 Market Research
What industry does your business belong to? Describe why your business fits within this
industry.
My industry is document preparation. My business edits, revises, types, and plans the
documents of people.
What is the size of that industry? (For example: revenue, services providers, and
industry trends)
According to ibisworld.com, the annual revenue of the industry is 4 billion dollars.
Annual growth is -0.7%. There are 77,164 businesses with 112,192 employees.
What is the size of your potential target market?
From 112,029 CPS high school students (and in community college/trade school), 70
percent are interested in my business. My potential target market size is 78,420.
What data did you find that supports your business opportunity?
From my surveys, I discovered that many students are procrastinators with
mediocre/horrible study habits; do not have sufficient time to complete high quality
writing assignments; need someone to prepare their documents; and find english
grammar confusing.
2.2 Target Market

4. Based on your research, describe your market segment within your target market. Be as
detailed as you can, using the following guiding questions.
Demographics: What objective social and economic facts did you find?
ESL and minority students in CPS, community colleges of Chicago, or trade school
between the ages of 15-22.
Geographics: Where do your customers live, or where are businesses located?
My target market lives in Chicago and attend the intermediate level educational
institutions there.
Psychographics: What are some psychological characteristics (attitudes, beliefs,
interests, etc…) of your customers?
My customers have bad/okay study skills; like to put off work; are not fluent in English
grammar/writing; have many academic, financial, and domestic responsibilities that
impede them from completing school work; and are applying for universities and
scholarships that require many essays.
What are the buying patterns for your target market?
My target market spend money before and after school on fast food.
2.3 Competitors
Which direct competitors run similar businesses? Describe these competitors in detail.
Two similar competitors are editing softwares called Grammarly and Papercheck. They
allows users to copy and paste documents in a word processor that automatically edits.
Users pay a monthly fee. Another competitor is EliteEditing. Users can send their
papers online to grammar professionals who edit and revise documents. The price to
edit documents depends on length.
Which indirect competitors fulfill the same want or need with a different business?
Describe these competitors in detail.
One indirect competitor is Varsity Tutors, an elite group of tutors in the Chicago area
who offer tutoring for a variety of subjects (including english). A book called Painless
Grammar allows readers to learn about English grammar and writing at their own pace.
StoryStudio Chicago is another indirect competitor. It is a local writing center and class
that offers writing expertise in small classroom sessions.
2.4 Competitive Advantage

5. Describe your competitive advantage, or what makes your business better than your
competitors? Use the following guided questions to help identify potential differentiators
for your business:
● What product or service can your business provide that your competitors don’t?
● What mix of products or services can your business provide that your
competitors don’t?
● What specialized selling or delivery method can give your business a competitive
edge?
● In what unique ways can your business meet customers’ wants or needs?
PaperEdits Grammarly EliteEditing
Factor 1:
Price
$7 + 1$ per
additional
page(editing)
$6 per outline
$6 per typed
document
$29.00/month
(basic plan)
$13.90(1 page of
500 words)
Factor 2:
Functions
Editing/Revising
Typing
Planning (i.e.
outlines)
Editing
Revising
Grammar
Handbook/Thesaur
us
Feedback
Editing
Revising
Feedback
Factor 3:
Target Market
High school/lower
collegiate students
Upper collegiate
students/businessm
en
Upper collegiate
students/businessm
en
List your three competitive advantages that put you ahead of the competition. Go
beyond price.
One competitive advantage is my diverse service. Apart from editing and revising, I offer
outlines and advice for many types of documents for a variety of topics (persuasive
essays, lab reports, resumes, etc) on request. Having a clear outline and practical
advice help people write and type with more organization and clarity. My business
offers to type handwritten documents. This feature is good for those who are slow
typers or do not have the time to type. If handwritten documents are neat and eligible,
customers can send them online as a picture to the business for typing. A second
competitive advantage is that my features are centralized. Unlike other websites who
are solely typing or editing, my business combines many features. This is very
convenient for my customers. A third competitive advantage is my target market. Most
document preparation companies target people in the upper collegiate and professional
world. My paper preparation service is primarily for students in CPS (secondary school),
city college, or trade school. This leaves a sizeable market for me that the competition
does not focus on heavily. My fourth competitive advantage is being a human editor,
which adds a personal touch that softwares lack in.

6. 2.5 Business Growth
What trends in your industry could provide additional opportunities for growth?
There are currently no trends in my industry that provide additional opportunities for
growth.
What next steps would you take to grow your business and/or making it operational?
The first step that I would take is to move my operations online. Since many people
have computers and the internet, this increases the convenience for my customers. I
would also employ more people to alleviate the workload. If my business grows, then I
will have my employees specialize in certain documents (resumes, persuasive essays,
university admissions essays, lab reports, etc) to increase efficiency.
2.6 Challenges
What trends in your industry could provide potential challenges to your business?
The biggest threat to my business is that more people are utilizing online softwares that
automatically edit documents. They eliminate the need for human editors (including
myself).
What barriers to starting this business exist? What additional education or training could
you pursue to overcome these obstacles?
One barrier is my relative lack of experience. Although my grammar is good, I have not
taken a higher level writing/editing course. To give myself more experience and
credibility, I will enroll in a higher level editing/writing course, earn a certificate, and
practice editing regularly. Another barrier is the huge amount and wide variety of
documents I need to edit. To mitigate this problem, I will have other employees who will
specialize in certain aspects of document preparation.
3. FINANCIAL INFORMATION & OPERATIONS

7. 3.1 Definition of One Unit
What is one unit of sale? Remember that a unit of sale is what the customer actually
buys from you, so it should be clear and easy to describe.
Unit of sale=one edited paper
3.2 Production Process OR Delivery of Service (delete one)
List all the steps it takes to get your product or service to your customer. Be specific and
add lines if needed.
Description of Process Steps
1. Clients visit site and review prices.
2. Clients upload file for free quote.
3. Clients will agree and accept the quote.
4. Client will give payment information and pay online.
5. Client’s document will be prepared and returned by email.
6.
3.3 Variable Expenses
List all the variable expenses, materials and labor, related to your unit of sale.

8. Materials
Material Description Bulk
Price
Bulk
Quantity
Quanti
ty per
Unit
Cost
per
Unit
Xerox Recycled Paper 4.92 5000 3 0.002
Total Material Costs per Unit
Labor
Cost of Labor per Hour Time (in hrs) to make
one unit
Total Labor Costs per
Unit
10 1 10
EOU
Material Costs Labor Costs TOTAL EOU
0.002 10 10.002
3.4 Economics of One Unit
Selling Price per Unit 16
Variable Expenses per Unit

9. Costs of Goods Sold
Materials 0.002
Labor 10
Total Cost of Goods Sold 10.002
Other Variable Expenses
Commission
Packaging
Other
Total Other Variable Expenses
Total Variable Expenses 10.002
Contribution Margin per Unit 6
3.5 Fixed Expenses for One Month
Expense Type Monthly Cost Explanation
Insurance 100 As a document preparation business,
protection from liability is crucial (i.e.
plagiarism, errors, etc).

10. Salary
0
I will pay myself based on the number of
documents I edit.
Advertising 40 I will use social media, paper flyers, email,
and my website to advertise. Cost include
printing paper, website management, and
transportation to places to give talks, place
flyers, etc.
Interest
0
I will not borrow money.
Depreciation 0 I will not buy any equipment at the start of
my business.
Utilities 0 I will not pay utilities; my business’s utilities
are paid by the institution that I am using to
facilitate my business (library).
Rent 0 I will not rent a place. I will occupy a quiet,
spacious area inside a local library.
Other Fixed
Expenses 60
This is the transportation money required to
travel to and from my house and library
each month.
Total Fixed
Expenses
200
3.6 Income Statement for First Year of Operations - Replace the yellow value
with your numbers!
A REVENUE selling price × units sold
$7680

11. B Gross Sales selling price × units sold $7680
C Sales Returns selling price x units
returned
0
D Net Sales B – C
$7680
VARIABLE EXPENSES
Costs of Goods Sold
E Materials cost of materials × units
sold
$0.96
F Labor cost of labor × units sold 4800
G Total Cost of Goods
Sold
E + F
$4800.96
Other Variable
Expenses
H Commission cost of commission ×
units sold
I Packaging cost of packaging × units
sold
0
J Other cost of other costs × units
sold
0
K Total Other Variable
Expenses
H + I + J
$0
L Total Variable
Expenses
G + L
$4800.96
M CONTRIBUTION MARGIN D – L
$2879.04
FIXED OPERATING

12. EXPENSES
N Insurance cost of insurance × 12
months
$1200
O Salaries cost of salaries × 12
months
0
P Advertising cost of advertising × 12
months
480
Q Interest cost of interest × 12
months
0
R Depreciation cost of depreciation × 12
months
0
S Utilities cost of utilities × 12
months
0
T Rent cost of rent × 12 months 0
U Other fixed expenses cost of other × 12 months 720
V Total Expenses N + O + P + Q + R + S + T +
U $2400
W PRE-TAX PROFIT M – V
$479.04
X Taxes (15%) W × 0.15
71.86
Y NET PROFIT W – X
$407.18

13. 3.7 Start-up Investment
What are your start-up expenditures? What are your cash reserves? Complete the table
below:
Item Why Needed Vendor Cost
Brother HL 2140 B/W Laser Printer To print paper
for editing
HL
Technology
Group
$12.99
ASUS Transformer Laptop To receive
and monitor
documents
and money
ASUS $250.0
0
Total Start-up Expenditures 262.99
Emergency Fund (1/2 of startup expenditures) 131.49
Reserve for Fixed Expenses (covers 3 months of fixed expenses) 600
Total Start-up Investment 731.49
How much of this start-up investment can you afford to pay yourself? ______200_______
How much of the start-up investment will you need to finance? (Total Start-up Investment- What
you can afford to pay) ____531.49__________

14. 3.8 Financial Ratios
Replace the yellow values with your estimated numbers for the year.
Return on Sales (ROS):
Annual Net
Profit
$407.18
=
5.30
% ≈
$407.0
4
Total Annual
Sales
$7680
Return on Investment (ROI):
Annual Net
Profit
$407.18
=
55.7
% ≈
$407.
17
Total Startup
Investment
$731.49
Breakeven Units (Monthly):
Fixed Monthly
Expenses
$200
=$166 ≈
33
units
Contribution
Margin
$6

15. 4. MARKETING & SALES
4.1 Marketing Plan
A marketing plan focuses on the Five P’s: People, Product, Place, Price and Promotion.
In this section, describe your people, product, place, and price portions of the marketing
plan.
Who are your target customers, and how will you use people to market your business to
them?
What are the features and benefits of your product or service?
Where will you sell your product or service?
What strategies for determining prices will you use?
4.2 Promotion
In this section, you will describe your promotional strategies that you will use to attract
and retain customers. Remember to explain how you will innovatively use existing
platforms (such as blogs, social media, etc…) to effectively appeal to your target
market.
What advertising will you do as part of your promotional strategies? Why will this form(s)
of advertising be effective for reaching your target market?

16. What visual merchandising will you do as part of your promotional strategies? Why will
this visual merchandising be effective for reaching your target market?
What publicity and public relations will you include as part of your promotional
strategies? Why will these publicity and public relations initiatives be effective for
reaching your target market?
What sales promotions will you include as part of your promotional strategies? Why will
these forms of sales promotions be effective for reaching your target market?
4.3 Sales Methods
What will be your overall personal selling strategy to get sales from customers in your
target market?

17. 4.4 Sales Estimates
In this section, you will detail your first-year sales estimate. Use the following guiding
questions to help with your estimates.
Maximum Capacity: What are the maximum amounts of units could you physical make
or deliver in a month?
Break-Even Units: How many units do you need to sell to cover fixed expenses every
month?
Market Analysis: How many units can you sell based on your number of customers in
your target market segment?

18. Keep going!
Seasonality: How will sales be affected by different seasons and holidays? How will
your ability to produce be affected by sales and holidays
Month Units Revenue
January [value] $[value]
February [value] [value]
March [value] [value]
April [value] [value]
May [value] [value]
June [value] [value]
July [value] [value]
August [value] [value]
September [value] [value]
October [value] [value]
November [value] [value]
December [value] [value]
Annual Total [value] $[value]