Develop Start-up Business Plan - Report
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Added on 2020-07-22
Develop Start-up Business Plan - Report
Added on 2020-07-22
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1. Description of business idea.............................................................3 2. Current situation..............................................................................43. Mission and Vision...........................................................................54. Aims and Objectives.........................................................................55. Critical success factors.....................................................................6III. Development plans (completed by GRO15403283)..................................7 1. Management team...........................................................................7 2. Operational plan.............................................................................7IV. Market analysis..................................................................................8 1. Competitors analysis (completed by ARV15403187).............................8 2. Unique selling point (completed by ARV15403187)...............................9 3. SWOT analysis (completed by TUD15403455) ...................................104. PESTLE analysis (completed by LUN16423502) ..................................11 5. Porter Five Forces Model (completed by GRO15403283) ......................12V. Marketing plan (completed by LUN16423502)........................................141. Target market................................................................................14 2. Marketing strategy.........................................................................153. Marketing Mix................................................................................17VI. Critical Risks and Problems (completed by GRO154032502)..................18VII. Financial analysis (completed by TUD 15403455).................................191.Proposed fundings.......................................................................192.Financial aspects.........................................................................20VIII. Recommendations (completed by all 4 students) ...............................21IX. References list..................................................................................22X . Appendices......................................................................................24XI. Peers Assessment Forms..................................................................341.Executive summary (completed by all 4 students) The focus of this report is to developastart-up business plan analysisof a newidea in the market, a 2 in 1 product, a walking stick attached to an umbrella. Theproduct name is Stay-Dry, and comes from the fact that the stick keeps you drywhen the umbrella gets wet, and the same time, offer support to hold on it.2
A start-up business plan is a shortentrepreneurship example, which introduce thecapability to create, compose and handle with a business risks, towards any of itschallenges to benefit from it. The core of entrepreneurial is drawn by development,take in the risks, and is an essential piece of an organization ability to pick up in analways showing signs of change centered overall business focus (Bessant & Tidd,2015). The following statementscope is to make the idea known and to find new investors. Itstarts with an overview of the business idea and itsfollowed by the developmentplans, through which the idea is intended to be projected.To be able to offer the productto the customers, are taken are analysedthecompetitors in the sector,it is prepared the marketing plan, along with theadecvate strategies to be apply. Then risks, which may be possible to face,increating the products and its features are taken in consideration.In the final stage afinancial analysis is made for the new product, Stay-Dry. II. Overview of the business idea (completed by ARV15403187)1.Description of business idea It may be said that these days, in UK, the rain is part of the daily routine, and it may be difficult for a specific target of people to handle an umbrella or to walk in the cold rain. Being a student and walking to the university in a rainy day, with a twisted leg, a new idea was born. From the necessity of having an umbrella when it rains, but to not get wet when you close it and in the same time to have a stick to hold on, when you may have a walking problem, a new idea2 in 1 was created, named Stay-Dry. Stay-Dry product innovates the simple umbrella, by adding a stick on it, and creating a new, unique design, to helps the customers to save space and to be easy to carry with them, which can give a better life routine. People with small walking problems and over 55 years, also called the third age, may have need of the Stay-Dry product, from the needs of having a support to hold on and in the same time to open an umbrella when it rains, both in the same product.They may use it as a simple umbrella, by pressing the green button, or just a stick, by pressing the yellow button.3
To be able to hold oh the stick, once is opened, a small handle appears. Pressing the both buttons, the product is opened in the both parts, and can offer also the umbrella and the stick, to be handle with just one hand.In the picture below, it can beseen an image of the product through all 4 phases:The basicallybackgroundwhichsupport the Stay-Dry business idea are the theory of economic growth of Schumpeter and the research made by Backerin organization routines(Drucker, 2011).YearSales value (in 000' GBP)20089860200998232010932920111022920121037220131022120141251420151089220169870Statistical trend or data set presents that annual sales value of umbrella made by UKmanufactures increased significantly from the period of 2010 to 2012. In the year of2012, UK manufacturers sold more umbrellas and exceeded the level 10 millionGBP. However, in 2016, sales decreased from 12514 to 9870 GBP million. The main4
cause behind such decreasing revenue level and unit sold was varying level of therainfall. Hence, in UK, demand for the products like umbrella is growing significantly.Thus, business entity has opportunity to provide customers with innovative umbrellasin terms of design, colour etc and thereby gets the desired level of outcome orvsuccess. 20082009201020112012201320142015201602000400060008000100001200014000Manufacturer sales of umbrellas in the United Kingdomin000'GBP(Source: Manufacturer sales of umbrellas in the United Kingdom (UK) from2008 to 2016 (in 1,000 GBP), 2018)2.Current situationCurrently, when writing this report, the new concept of the product is inprocess of creating the perfect business plan for it, and continuing to obtain the patent, to be able to lunch on the market. A patent is a form of protecting the new product idea that offers the right of the inventor to stop others to use it, without his permission (The National Archives, 2017).Together with the creation of Stay-Dry, the foundation of a new business is made. The company representing this product carries out the name of it, and is a limited private business, with 4 partners. To be able to put the base of the new partnership company, Stay-Dry Ltd., it was necessarily to choose a location for an office. The office is rented for £460 on a 5
month, located at 51 Whitechapel Road, London, E1 1EW, a strategically choose, at only 0,5 miles of the Royal London Hospital3.Mission and Vision The mission statement of a company clearly signifies that they identify varioususers’ needs and requirement and deliver great experience about investigation. Thisis helpful in enhancing area network of an association through which targets getascertain in an effective manner (Blythe,2012). Stay-Dry vision is related to a good planning of the business plantofinishproduct registration, to obtain a patent of the product, and make it worldwide. 4.Aims and ObjectivesThe aims of the new company are to make the Stay-Dry product known in theUK market and to convince investors to put their money in the business. To achievetheses aims is necessary to adopt specific objectives. In the first year, the objectivesare to create and offer the product in the market,and then in three to five years tomake it worldwide.5.Critical success factorsTo create a winning business plan for a new product, which will appear in thechallenging market, few things play an important role to support them in long term context.Deakins & Freel (2012) argue that in business is not all about the idea, even though is the first element which put the base of a business, because the profit comes from more operations, and from success factors as: Finding the right partners and hiring the right people can accomplish andmaintaining the goals of the business, or to increase number of the product sale online,The inspiration, the vision and the decisions of the company belongs to6
leadership, which needs to have the necessary skills to turn the idea into a successful one, Focus on customer needs and requirements rather than price and cost incuron them,A plan is valuable as long is executed well,Timing is another important factor, as if the gap in the market is foundedbefore then competitors, gives the winning advantage, It is needed to create an adecvate business plan according to theproduct, which to contain all the requirements, such as: operational model,competitor’s analysis,marketing plan, and financial analysis (Deakins & Freel, 2012). III. Development plans(completed by GRO15403283)1. Management team It may be said that in any business, entrepreneurial teams are the essentials ininnovating products and services, dealing with the problems and gainig performance(Bessant, & Tidd, 2013). The management team of the Stay-Dry Ltd companyhas four partners named:Giorgiana Cristina Arvinte as CEO, Gelu Grosuas Facility Manager, Andreea Lunguas Marketing Manager and Silviu Tudusciucis the Finance manager. Eachstudentmay have the skills and aptitudes required, as they still learning for their role,so they are new in the business sector. An organisational chart is presented inAppendix 1.7
2.Operational plan To achieve the strategic objectivesproposed for creating the physical product, the team focus is on using the resources effectively and efficiently. Below are presented the key elements of the operational plan (for more details see Appendix 2).LocationItwas required to find the place which is easy to reach and convenient for its customer. However, being a start-up business, there low availability of resources andhence, company is mostly focusing on online stores for which only a small office will be as seen, based in London, UK. Services offered will include online services, free home delivery services, payment through wallet and cash on delivery services along with one-year warranty of product and extra 10% discount on bulk orders.Stock & EquipmentCompany will keep only finished goods which will be imported frommanufacturing unit established in China;Average value of stock presented in the organisation for 3 months period willbe £1300; Stay-Dry can maintain their stock level by keeping the record of every singletransaction to know behaviour of their clients; They can maintain lead time by analysing the pattern of their client’s actions. Legal EnvironmentPolicies related to government rules and regulatory comes under this. Itwas required to take license or permit for special zone of building. After the business plan adecvate is finished, then it remains to obtain the patent.Manufacturer – Supply chainCompany has established manufacturing unit in China as there is low cost of production and high availability of workforce (Blackwell, 2011). Raw material is imported from other countries and then it is processed and assembled in China.8
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