Thursday, September 17, 2015

Week 2: Reflections on Sales Forecasting

Hi All,

Let me start by saying that I don't quite fit the criteria for the Bootcamp.  I cofounded a company that creates and sells molecular model kits for organic chemistry students.  Part of our sales plan is to have chemistry clubs sell kits to their own school's students.  I applied to the Bootcamp and was accepted so here we go.

I chose this topic first because it is my weakest area.  I definitely prefer quantitative to qualitative.  Part of the course was to read through HP generated discussions.  Several of the posts said that having years of your own data is very valuable to forecasting.  I agree but I am just starting my business so I have no records.  To estimate the number of students that take organic chemistry each year I went to the National Center for Education Statistics,  There is a great deal of information there if you are looking for stats in your own field.

As far as chemistry clubs go, learning about sales forecasting can help them estimate their annual budget from selling kits.  The clubs would only sell the kits twice a year; the first few weeks of Fall and Spring semesters.  The vast majority of the students would have purchased a kit by then so timing is key for the clubs if they are to sell any kits.

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