Foundations of Business Plan Australia Discussion 2022

Running head: FOUNDATIONS OF BUSINESS
Business Plan
Name of the Student:
Name of the University:
Author’s Note:

BUSINESS PLAN1
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Addressing Key Problems...........................................................................................................2
Features and Benefits...................................................................................................................3
Demographic Trend, Patterns of Change and Lifestyle Stage.....................................................4
Barriers to Entry..........................................................................................................................4
Technology Involved...................................................................................................................4
Profit Margins..............................................................................................................................5
Opinion Leaders...........................................................................................................................6
Distributors, Competitors, Retailers............................................................................................6
Demographics of the Target Market............................................................................................6
Potential Customers.....................................................................................................................7
Approaching Customers..............................................................................................................7
Competitors..................................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

BUSINESS PLAN2
Introduction
The Mobile Payment Technology is changing the retail rules, involving the usage and
development of the digital technology in the era of online payment and transfers. Evolution of
digital payment services has allowed the companies to move a further step ahead from Physical
Currency Exchange to Online Digital Payment. The proposed start-up plan will be an Online
Digital Payment Application that will be helping in easy transfer of money from one party to
another via digital scanning and direct payment and via secured pin service. (Muchmore, 2018).
The App will be operating with its Trading name Soon Pay operating in the Australian region
that will be aiming to help out customers in online digital transfer of money and using various
other services like Financial Investments. Net Banking and various other financial services
which will ease the way in online payment transactions and other method of payments and
transactions that are done.
Discussion
Addressing Key Problems
The key problems that will be addressed by the start up company primarily would be that
the Mobile App will be directly linked to the Customers Bank Account where instant payment
can be made to other party without adding money to the wallet. A secured five-digit pin will be
required for initiating the transaction and the money to be paid. The same amount will
automatically be debited from the bank account of customers (Mozo.com.au 2019). The
proposed plan is on a comparative basis different from other online payment application and net

BUSINESS PLAN3
banking features as direct transfer of money with ease and security will be the key highlight.
There will be no payment charges that the Soon Pay Company will be charging for the payment.
Payment Process Flowchart
(Source: Developer's Center – CyberSource 2019)