Business Plan | Flexi Desk
Added on 2020-02-05
31 Pages6657 Words187 Views
BUSINESS PLAN(Shareable open office, FlexiDesk)
Table of ContentsExecutive summary......................................................................................................................3Business details............................................................................................................................3Industry and market analysis........................................................................................................5Customers and Value Preposition..............................................................................................15Marketing strategy.....................................................................................................................16Operations plan..........................................................................................................................17Management team and company structure.................................................................................18Resources...................................................................................................................................19Financing....................................................................................................................................21Financial projections..................................................................................................................21Risk and strategic options..........................................................................................................23Key milestones...........................................................................................................................24REFERENCES..............................................................................................................................25APPENDICES...............................................................................................................................28Appendix :1. Questionnaire.......................................................................................................28Appendix: 2. Cash flow statement.............................................................................................29Appendix: 3. Loan amortization schedule.................................................................................30Appendix: 3. Profit and loss account.........................................................................................30
Executive summaryPlanning an effective and highly-realistic business plan is critical for achieving long-termentrepreneurial success and sustainable progress. It is regarded as the process of setting targets,objectives and mapping out necessary plans and policies to accomplish the goals successfully. Itlaid down the strategy and path of business growth to ensure stability and continuality of theenterprise. The current business plan, “FlexiDesk” is about setting a shareable smart open officeat the central location of London, Bloomsbury. It will be established in sole proprietorshipstructure whose quality standards services, competitive prices, well-furnishing arrangementswith adequate space and amenities will satisfy its target consumer, businesses, professionals,freelancers and start-ups. It will be built with modern technology and promotion will be madethrough online advertisement, TV and newspaper ads, print media and word of mouth publicity. Business detailsShareable office space is a concept that allows corporations to share or rent theiravailable space or workstation to smaller companies who are looking for occupying a flexibleworkspace. Shareable office space is well-furnished and well-equipped workstations that areavailable for establishing branch office or new start-up also called business centers. The conceptenables entrepreneurs to occupy office at lower cost in comparison to their own premises ortraditional offices at rents (Duffy, Cave and Worthington, 2016). In UK, the demand ofinnovative, flexible and shareable office spaces are increasing rapidly because there are numberof entities who cannot afford the cost of full office premises. It provide the opportunity for thepotential entrepreneurs to establish their own shareable redundant office space where enoughspace will be provided to many entities who are keen to acquire flexible workstation (Waters-Lynch and Potts, 2017). The designed proposed business plan is about setting a new shareable office space named“FlexiDesk” which will provide flexible, innovative and well-furnished office workstations tovarious entities. Renter will be provided with the desk, phone, furniture, cubs and otherequipments i.e. copier, fax machine, receptionist and others for the business purpose. Under thisconcept, renter will execute their work based on sharing concept where they will commonlyshare conference room, kitchen and other services. It will be established at the central location of
London, Bloomsbury so as to attract maximum number of entrepreneurs who are looking forsmart open offices.
Aims and objectivesTo provide well-equipped, innovative, hi-tech openand flexible co-working office spacesto the clients To ensure adequate furniture and fixture arrangements i.e. desk, chair, cubicls, phone andother facilities for the business and professional purposeTo provide basic amenities to the renters i.e. access to high-speed internet, conference,board room, mail service, receptionist, health centre etc. To serve exceptional quality facilities like full serviced office to the businesses andprofessionals at competitive rental charges Industry and market analysisAccording to the recent European Survey, in London, office occupiers are looking forchoosing their office at the best location considering three main criteria collaboration betweenclients and staff, expected cost and flexibility. It gains interest of the entrepreneurs in corporatesector to create flexible, smart and shared offices space in order to boost their productivity &
efficiency. In the country, with the technological advancement, innovation and remote workarrangements, office space requirement of the entities are changing which directly impacts thecorporate demand in London office market (London Office Market Trend, 2017). People aredemanding office stations with open space and high-tech. SWOT analysis It is an internal analysis tool that helps potential entrepreneur to identify their internalbusiness strength which will assist them in taking benefits from the existed market opportunities.However, on the other side, weaknesses might turn out in possible threats. StrengthExceptional quality, hi-tech smartofficesWell-furnished with chair, desk,cubicls, lockable storage and securityaccessCompetitive charges for all Stunning business location Free of cost services i.e. breakfast,fitness centre, gymCollaborative and friendly co-workerteamWeaknessesRisk of default in payment due toabsence of any deposits High cost for building latest technologyintegrated smart and flexible office High cost of marketing and promotion OpportunityGrowing demand of flexible offices inthe London office market Geographical expansion by openingmore shared smart office stations atother locations of London and overseas(Morrison and Macky, 2017)ThreatsStiff competition from Rentadesk, ClubWorkspace, Share Desk, BE offices,Virtual Office Group and others High rate of inflation in the country Changes in regulations and standardprovisions Porter’s value chain model
This model consists of a set of activities that an organization performs or executes todeliver valuable and exceptional quality of products and services to the users. It is a usefulstrategic model that encourage “FlexiDesk” to change the inputs & outputs in such a manner thatwill offer increased value to the final users than its original cost (Simatupang, Piboonrungroj andWilliams, 2017). Figure 1 Porter's value chain model(Source: Amara, Halilem and Traoré, 2016)Primary activities: These activities are directly related to the goods and services offered by thebusiness enterprises and comprises below listed elements:Inbound logistic: FlexiDesk will create contracts and agreements with the suppliers forfurniture and fixture setting, constructors and equipments vendors to build hi-tech smart openoffices. Thus, it will maintain effective relationship with the supplier and meet theircommitments timely to create value (Armstrong and et.al., 2014). Operation: It will maintain proper arrangements of fast and reliable Wi-Fi, bookingfacilities, training room, board meeting and conference rooms, telephone answering, kitchen,health centre and well-furnished office premises to satisfy clients. Outbound logistic: In this, client can book required office space either via online or byvisiting office physically. In order to satisfy their need, they will be provided with the great
quality of office facilities like that of full serviced office at the competitive charges without anyadvance (Das and Chowdhury, 2012). Comfortable furniture in office area, meeting room,conference, professional reception, stunning location, equipment’s and other facilities provide aunique business experience to the clients and reduce distraction from working at home. Marketing and sales: Online advertisement, newspaper and TV-ads, print media andword of mouth publicity will be used for the purpose of marketing and promotional offerings toboost sales (Hastings and Domegan, 2013). Service: Kitchen, health centre, Wi-Fi, filtered water, equipment’s, coffee and snacks,attractive discounts and other services also will be offered to all the businessmen, professionalsand new entrepreneurs (Amara, Halilem and Traoré, 2016). Support activities: Such activities are essential to support primary functions, enumeratedunderneath:Procurement: FlexiDesk will find out various suppliers for furniture, equipment’s andother resources negotiate with them for bargaining and choose the supplier with standard qualityservice at affordable rates (Caplan, Dutta and Lawson, 2016).HR management: Proposed business entity will hire competent, talented and experienceteam of people for delivering great quality services to the clients (Zhang, 2017). Moreover,training sessions will be organized and they will be motivated and rewarded for the bestperformance for valuing their efforts. Technological development: In designing FlexiDesk, latest and modern technologiesand equipment’s i.e. copier, fax machine, automatic telephone answering, Wi-Fi, air-conditionedoffices and others will be used to build a hi-tech integrated, digitalized and innovative office(Koc and Bozdag, 2017).Infrastructure development:In this, IT, financial management, compliance with thelegality aspects and proper accounting will be undertaken to support infrastructure development. Analysis of market surveyTheme: 1 Majority of the surveyed people are well aware with the concept of shred offices
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