Detailed Business Plan: New Light Solar Panel - UK Market Entry 2024

This business plan outlines the strategy for "New Light," a company focused on solar panel products like gadgets, batteries, and home lighting, targeting the UK market. It includes a SWOT analysis, PESTLE analysis, marketing mix, and STP analysis to assess the micro and macro factors affecting the business. The plan details competitive analysis, budget projections, and income statements, highlighting financial, operational, security, and resource risks along with mitigation strategies. The company aims to use a skimming pricing strategy and digital marketing for promotion, positioning itself to serve both rural and urban areas with a focus on low to middle-income demographics. The plan concludes that a comprehensive business plan is crucial for identifying threats and opportunities.

BUSINESS PLAN
New light (Solar Panel)

Table of contents
• Introduction
• Business strategy
• Determine micro and macro factors
• Marketing-mix
• STP analysis
• Competitive analysis
• Budget
• Cost projection
• Risk and mitigation
• CONCLUSION
• REFERENCES

INTRODUCTION
• Business plan refers to the written document
which are helps to describing all the
activities that are help for achieve goals.
• The present report is based on new business
that is related to solar panel with name New
Light.
• Study will discuss on business plan so that
company can implement the strategy
accordingly.

Business idea
• There are different types of solar products
will be offered by the organisations such
ass gadgets, batteries, recharge, home
lighting etc.
• The demand for the product is high and it
is important to add this wits lucrative
business idea of the year 2022.
• Solar energy is one of the major source
that helps to create for profitable
business.

Determine micro and macro factors
SWOT ANALYSIS
• Strengths-
• The major strength of the New light is unique
product that is help to stand in the competitive
market.
• The financial stability of the organisation is
already good so that it helps to make the product
innovative in the near future.
• The promotion strategy used by company is
innovative wits the help of social media. So that it
helps to increase the reach of the customer.

Weakness-
• The weakness of the organisation
is low profit margin because the
company.
• At the time of initial stage the cost
of product is comparatively high.
• Also, competitors can copy the
idea which affect in order to
decreasing in sales.

Opportunity-
• This is consider as most profitable
business in today's time.
• It can the sell the products offline as
well as offline.
• Also, has the opportunity of
expanding the business so that it
helps to increase the revenue of the
company.

Threat-
• Due to covid-19 people are not interested
to buy the product which are belongs to
start-up.
• It can be typical to survive in the market
where the competitions is high.
• Due to globalisation there are different
types of laws and regulation are need to
follow by the organisation.

PESTLE ANALYSIS
• Political factor- The government has changed the
policy of regarding trade and restriction that will
affect the business in order to spent more amount on
tax policy that directly increases the cost of product.
• Economic factor- Due to pandemic the market is
impacted badly so it can be difficult to survive in the
high competition market. The interests rate is also
high which affect the target market.
• Social factor- The choice of people can be changed
because there are large number of brand ins the
markets. So customer preferences can changed.

Continue…
• Technological factor- The technology changed
due to many reasons so it can been high
investment which is not possible for the New
light. The research and development cost is also
high for solar panel.
• Legal factor- The company will follow
employment act so that it helps to considering
the health and safety of the labour.
• Environment factor- The environment factor
are affected in orders to depend on the sunlight
otherwise the products wills not work in the
rainy season.

Marketing-mix
• Products- The product offered by New
Light are Solar gadgets, batteries,
recharge, home lighting etc.
• Place- There are online and offline both
the place are available
• Price- Skimming strategy used by the
organisation.
• Promotion- Digital marketing strategies
used by company.

STP analysis
• Segmentation- The market segmented for New
light is focus on UK in both rural and urban area
also on the basis of demographic the organisations
will be more focus on low and middle income
category.
• Target- The target market will be UK wholesale
and retail on the basis of online ass well as offline
business.
• Positioning- The position of New lights will be
good in the market and according to the price
positioning it wills be focus on all range of product.