Business Plan Summary for iDeas Consultancy in Singapore's Booming Education Market

In this business plan we will discuss about freelancing and below are the summaries point:- iDeas Consultancy should enter the technologically advanced market of Singapore The company will provide consultation to the education sector for modern teaching methods Singapore's education industry has potential for growth and has over 1200 privately owned organizations

Running head: MANAGEMENT
Business of freelancing
Name of the Student
Name of the University
Author Note

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Business plan summary:
It can be summarized from the discussion of the business plan of iDeas Consultancy that the
firm should enter the market of Singapore. The country of Singapore is technologically highly
advanced and has emerged as one of the most important commercial hubs in Asia. The country
owing to its progressive nature in home to companies from diverse industries which seek highly
talented human resources. It is evident from the study that there is a need of consultancy services
which would enable schools to achieve high level of advancements in their teaching methods. The
consultancy would train the schools to operate using modern technology which would eventually
transform the entire education industry as a whole. The summary of the capital requirements shows
that iDea would require an initial budget of $ 395000 to start the business and meet all the expenses.
The profit and loss estimation shows that the firm would initially earn a net profit of around $
310000 considering its high initial expenses. Thus, it can be concluded that the firm needs to form
strategies to boost its revenue generation and reduce its expenses to earn high net profit margin.
About your business:
iDeas Consultancy will be providing consultation to the education sector so that it can take
up the latest technologies that are available that will help in increasing the level of productivity and
increase the efficiency level of the schools as well. The company will be offering various devices
that are technologically advanced to the educators so that the experience in teaching can be
increased to a great extent. The company will be trying to empower the schools with the products
that will help in solving their problems in a better manner. This will be done in a professional
manner so that the educational institutes can benefit from it as well (Ng 2013).
About your market
The education industry in the Singaporean market has a potential growth, as it helps in
nurturing and developing the talents of the people from a young age. In the year 2002, the initiative
taken by the Economic Development Board to launch the Global Schoolhouse helped the country to

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transform the Singaporean market in to a hub of education. The market in the current state has more
than 1200 education organizations that are owned privately, which helps in providing the highest
quality of education comprising of different subjects to the people (Sidgu, Ho and Yeoh 2014).
Since the market is booming in the country, it will help the company in establishing their
business at ease with a low level of initial investment. Apart from the educational services of the
country, there has been a rise in the vocational training courses along with courses that will allow
the people of the country to develop their skills. The company needs to find an area that has been
approved by the Urban Redevelopment Authority (URA) so that the educational activities can be
carried out in an efficient manner. The staffs that will be hired by the company needs to have proper
knowledge regarding the type of activities that the company will be carrying out so that it can help
in increasing their level of productivity as well (Garrett 2015).
The market has lots of potential since it is on the verge of developing with respect to the
educational services. The company will be able to get all the necessary licenses that will allow them
in establishing the business in a proper manner. Since they will be focusing mainly on providing
consultation and the latest technologies to the education sector, the company needs to stay updated
with all the necessary devices that are available in the market. The market is highly competitive in
nature, as most of the educational service providers want to increase their level of profits as well
(Altbach 2013).
About your future
The future of the education sector in the Singapore market is that there are plenty of
opportunities that will help the company to grow. Almost about 73 percent of the parents in
Singapore are planning the education of the child, which will help in developing their talents from a
young age. It is also of the fact that the parents think that the level of education that is being
imparted are of high quality due to the establishment of the international standards of schooling
methods. This has allowed the population of the country to improve its standard of living due to the
knowledge that are being imparted to them at a young age (Lo 2014).

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The government has also encouraged the increase in the learning methods without the
boundaries of walls. They are encouraging the citizens to get in to a life-long process of learning so
that it can help them in achieving the vision of Smart Nation. This can only be achieved by
developing the skills of the people in a better manner for the future as well (Lee 2014). The similar
companies that were established earlier had clients mostly from universities and schools whose
main requirement was to provide the solutions of the assignments. After the initiative taken up the
government, the market has changed completely and the range of clients include enterprises as well
who wants to increase their level of skills through the modules in which they have specialization
(Knight 2014).
The main strength of iDeas consultancy is that it has a better knowledge of the industry in
which they are operating that will allow them in tapping the available resources to the maximum so
that the business can flourish in the market. The company also needs to maintain a good
relationship with the suppliers so that the latest technologies can be made available to them
whenever it is launched in the market. This will allow the company in gaining a competitive
advantage over the similar companies that are present in the market (Daquila 2013).
The company needs to develop the products and services in a better manner so that it can
attract more number of clients in the future. This can only be done with the help of the latest
technologies that will allow them in gaining a competitive advantage in the market. The company
will also be trying to expand its market in the other sectors as well by providing better ideas to
office and homes, which will allow them in diversifying their business as well. The diversification
will also them in increasing their client base so that the level of profits can be increased by catering
to different clients (Chan 2013).
About your finances
The assumptions taken while doing the financial data of the company is that the increase in
the revenue of the company will be 2 percent every year due to the rise in the cost of the raw
materials. The rate of inflation has also been taken at 2 percent increase every year due to the effect

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of globalization. The rate of interest for the amount taken from the bank will be 0.5% and the loan
amount of $350,000 will be taken from HSBC Bank.
The estimated summary of capital is given below:
Summary Statement
Sources of Capital
Owners' and Other Investments
$
100,000
Bank Loans 350,000
Other Loans -
Total Source of Funds
$
450,000
Startup Expenses
Bldgs / Real Estate
$
120,000
Leasehold Improvements 25,000
Capital Equipment 210,000
Location / Admin Expenses 15,000
Opening Inventory -
Advertising / Promo Expenses 25,000
Other Expenses -
Total Startup Expenses
$
395,000
The estimated Profit and Loss projection for the 1st year:
Year 1
Revenue
Gross revenue $845,000
Cost of goods sold $295,750
Gross margin $549,250
Other revenue [source] $0
Interest income $0
Total revenue $549,250
Operating expenses
Sales and marketing $25,000
Payroll and payroll taxes $0
Depreciation $73,000
Maintenance, repair, and overhaul $0
Total operating expenses $98,000

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Operating income $451,250
Interest expense on long-term debt $12,594
Operating income before other items $438,656
Loss (gain) on sale of assets $0
Other unusual expenses (income) $0
Earnings before taxes $438,656
Taxes on income 30% $131,597
Net income (loss) $307,059
Cumulative income $307,059
The balance sheet for the 1st year:
Assets Initial balance Year 1
Cash and short-term investments $55,000 $233,773
Accounts receivable $0 $0
Total inventory $253,500.00 $258,570.00
Prepaid expenses 0 0
Deferred income tax 0 0
Other current assets 0 0
Total current assets $308,500 $492,343
Buildings $120,000 $120,000
Land 0 0
Capital improvements
$
35,000 35,000
Machinery and equipment
$
210,000 210,000
Less: Accumulated depreciation expense 0 73,000
Net property/equipment $365,000 $292,000
Goodwill $0 $0
Deferred income tax 0 0
Long-term investments 0 0
Deposits 0 0
Other long-term assets 0 0
Total assets $673,500 $784,343
Liabilities Initial balance Year 1
Accounts payable $0 $0
Accrued expenses 0 0
Notes payable/short-term debt 0 0
Capital leases 0 0
Other current liabilities 223,500 366,962
Total current liabilities $223,500 $366,962
Long-term debt from loan payment calculator
350,00
0 $285,381
Other long-term debt $0 $0

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Total debt $573,500 $652,343
Other liabilities 32,000
Total liabilities $573,500 $684,343
Equit
y Initial balance Year 1
Owner's equity (common)
$
100,000 $100,000
Paid-in capital 0 0
Preferred equity 0 0
Retained earnings 0 0
Total equity $100,000 $100,000
Total liabilities and equity $673,500 $784,343

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Reference List
Altbach, P.G., 2013. The Asian higher education century?. In The international imperative in higher
education (pp. 143-147). SensePublishers, Rotterdam.
Chan, S.J., 2013. Internationalising higher education sectors: explaining the approaches in four
Asian countries. Journal of Higher Education Policy and Management, 35(3), pp.316-329.
Daquila, T.C., 2013. Internationalizing higher education in Singapore: Government policies and the
NUS experience. Journal of Studies in International Education, 17(5), pp.629-647.
Garrett, R., 2015. The rise and fall of transnational higher education in Singapore. International
Higher Education, (39).
Knight, J., 2014. International education hubs. the Netherlands: Springer.
Lee, J.T., 2014. Education hubs and talent development: Policymaking and implementation
challenges. Higher Education, 68(6), pp.807-823.
Lo, W.Y.W., 2014. Think global, think local: The changing landscape of higher education and the
role of quality assurance in Singapore. Policy and Society, 33(3), pp.263-273.
Ng, P.T., 2013. The global war for talent: Responses and challenges in the Singapore higher
education system. Journal of Higher Education Policy and Management, 35(3), pp.280-292.
Sidhu, R., Ho, K.C. and Yeoh, B.S., 2014. Singapore: Building a knowledge and education hub. In
International education hubs (pp. 121-143). Springer, Dordrecht.