New Business Australia Coursework 2022

Running head: NEW BUSINESS
NEW BUSINESS
Name of the Student:
Name of the University:
Author Note:

NEW BUSINESS1
Introduction of business idea:
This new Australian entrepreneur start up will be focusing on the financial technology
operations. This will consist of payment method in the business segments the pay later
enables the retailers to offer the customers with the facility to buy currently and do the
payment later without any required traditional credit. in addition to this the company will also
not required interest for a front fees and allowed the customers to make any purchase at any
time and pay for them in in equal payment within fortnight there will be no interest charged
for the customers for using this service stuff the failure to make payment can result in late
fee.
Customers in the retail business want to buy things but they may not have money all
the time. In that case this company will be allowing them to buy now and pay letter. This will
help the retail business ensure growth in one hand and customer satisfaction on the other
(Hadi and Abdullah 2018). This idea of paying letter differentiate this business from the other
competitions in the market and the company will be able to take the advantage of larger
customer base within a limited period of time. The cultural context of buying western fashion
and other products has instigated this idea of start up (Sajilan and Tehseen 2015).
Reflection on/application of Design thinking and/or Lean start up:
In order to understand the design of this new start up the group members have utilised
market validation tools in order to determine whether this service is of interest to the given
target market. Firstly we wrote down our service concept which included the customer base
and what problems of these customers will be solved by our design. Next we understood how
our service can be helping the targeted customers and what will be our key features (Saleem
2017). Then we decided to take the start up in the real world but time and resources were

NEW BUSINESS2
scarce. We started with our Network and interview them because we needed to evaluate and
analyse the impact of this service among the larger community.
Key marketing and resource considerations:
This service will be associated with the Retail Industry because the customers will be
able to buy their preferred objects from different online retail stores but they can pay later for
their objects which not every retail company provides. Therefore this can be popular within
the target customers. The industry trend is growing where the online relating business in
recording sharp development and more people are buying different products from the online
retailers.
This company will not be facing harsh competition in the Australian market because
there are very few companies which provide this type of facilities to the customers. The
closest competition will be with Sezzle and Zippay.
The target customers will be the youngsters mainly from 16 to 35 years residing
maonly in Australia. Our main target will be the women customers because the survey
reveals that women buy clothes and other accessories more than the male customers.
In this service these customers can avail fashion, cosmetics, home appliances, kitchen
appliances, industrial appliances and other accessories. There will be segments for men and
kids also which will enable as to expand our business to the every segment of society.
As the company will be serving the customers through financial payment option
which will be enabling them to pay later for whatever object they buy from online retail
stores. Therefore there is no unit price for the service (Staniewski 2016).
The product and service will be distributed to the customers through the agents
associated with the retail company. Whenever the customers will buy an object they will get