Developing a Business Plan: Bhutan's Nanny Agency (Thimphu)

This project presents a comprehensive business plan for Bhutan's Nanny Agency, aiming to address the growing demand for childcare services in Bhutan, particularly for working mothers. The plan details the agency's mission, which focuses on providing a trusted database of nannies, verifying their backgrounds, and offering training to ensure high-quality services. The agency will offer services such as smart search filters, training for nannies, and a strong emphasis on safety and security. The business plan includes a market analysis, a SWOT analysis, and financial projections, including revenue forecasts, balance sheets, and profit and loss accounts. The agency plans to differentiate itself through a focus on privacy, retirement planning for nannies, and a strong network for information sharing. The plan also outlines marketing strategies, including segmentation and positioning, to establish the agency in the market. The business plan covers various aspects of the business, from setup to cash flow, and provides a detailed overview of the proposed business venture.

Business planning
(Bhutan’s nanny agency, Thimphu,
Bhutan)

Executive summary
The location that has been chosen for establishing the business is Bhutan and the
name of the organization will be Bhutan's Nanny. The reason for selecting this location for
business is the high demand of nanny that can support the working mothers and offer quality
services to manage the issues of children. The nanny business is requiring concern over the
needs of the parents and culture that followed by them which helps to offer care to their child.
Bhutan nanny agency has made emphasis on the specific need and requirements of parents
especially for the working mother to provide services of a nanny. Bhutan's nanny agency has
provided filters for clients to perform the smart search to find an appropriate nanny for their
child. Moreover, Bhutan's nanny agency will hire and offer training to girls and women who
are willing to work as a nanny. Apart from that, the management will check and verify the
background of nannies before hiring as well as the clients to create the safety net for both.
To deliver high-quality services, Bhutan's nanny hiring agency will develop an open
platform for client and nannies to share information related to salaries and working hours as
well as leaves structure. According to planning, the management of the company will analyze
the needs of working mothers and set the criteria for the nanny to offer services of child care
as per the expectation of the client. However, the current growth rate of nanny hiring services
is approx. 2.6% and agencies like Thimphu, Au Pair.com and Hire Bhutanese are offering the
services for hiring nanny for full time, live-in and live-out which will create issues for
Bhutan’s nanny. For marketing, the segmentation criteria that will be used by the agency will
be demographic and behavioural and Bhutan's nanny agency will use a differentiated
approach. Additionally, the positioning strategy of the agency will be customer benefit and
pricing. Now, to set up management will look to invest initial capital of $2 million for
developing the infrastructure; arrange the human and technical resources and finish the legal
processes of getting the license and documentation for renting the property.

Table of Contents
1. Introduction............................................................................................................................1
2. Company mission and vision.................................................................................................1
3. Products and services.............................................................................................................2
4. Point of difference..................................................................................................................4
5. Market analysis......................................................................................................................5
6. Business team.........................................................................................................................6
7. Marketing plan.......................................................................................................................8
Marketing approach...............................................................................................................9
8. SWOT analysis of company.................................................................................................10
9. Set-up...................................................................................................................................10
10. Cash flow...........................................................................................................................11
11. Revenue projection.............................................................................................................14
12. Conclusion..........................................................................................................................16
References................................................................................................................................18
Appendix..................................................................................................................................21

List of figures
Figure 1: Company team structure.............................................................................................7
Figure 2: Location of business.................................................................................................11

List of tables
Table 1: Balance sheet.............................................................................................................11
Table 2: Profit and loss account...............................................................................................12
Table 3: Revenue projection....................................................................................................14

1. Introduction
Business planning and application of the proposed plan is a complex process that
requires the analysis and identification of capabilities, opportunities, and standards of the
industry as well as potential threats in the business. The proper understanding and
management of trends and operations can be beneficial for new business planning that
supports to arrange resources and optimum utilization to achieve the goals and objectives
following the ethical and legal approaches. The current business plan will provide
information related to the establishment of the new business venture in Bhutan which will be
a nanny hiring agency. Now, focusing on the business industry and venture, the business plan
will offer critical information related to the business model, industrial analysis of Bhutan
nanny hiring industry and analyze the major competitors to develop the marketing plan to
establish the business more professional manner. Moreover, the business plan will discuss
organizational structure and marketing approach as well as a financial projection to manage
the business for the nanny hiring agency.
The location that has been chosen for establishing the business is Bhutan and the
name of the organization will be Bhutan’s Nanny. The reason for selecting this location and
business is the high demand of nanny that can support the working mothers and offer quality
services to manage the issues of children. In the current scenario, the women are working and
corporate and other business organizations in Bhutan and to manage the child is become
difficult for them. Therefore, our agency will provide verified and trustable nanny who can
help the working mothers from Bhutan to offer care to the child and support in the other
household functions (Wirtz, Pistoia, Ullrich, & Göttel, 2016). The agency will focus on the
requirements of clients and provide the list of the nanny. Moreover, the agency will hire the
nanny and register with the organization as well as offer some training to perform the tasks
professional manner to meet the expectations of clients. The agency will also check the
background of nanny and provide ID that helps in the branding of the new business venture.
It will help girls and women from Bhutan to get employment (Child care services in Bhutan,
2018).
1

2. Company mission and vision
The mission and vision of the organization provides information related to the
approach of the company to perform business and sets the tone of business. The management
will be committed to meet the values and expectations of the clients by following their needs
and implementing the changes in the quality of services as per the standards and norms of the
market. The mission and vision of Bhutan’s nanny hiring agency will be as follows:
Mission:
The mission statement of Bhutan’s nanny will include the following statements:
 We provide full access to the database, to a selection of nanny whom you can trust.
 We assure you that our nannies have been carefully interviewed and tasted.
 We check their background and references and we validate their skills.
 We are offering you a quality base which is up to date and you can rely on.
A vision of the company:
The vision statement of the company will be as follows:
 To help the parents find a trusted nanny, and support the women to build their career
and making it sustainable
 To bring efficiency, trust and easiness for parents
 To increase childcare awareness and encourage the development of child care in
Bhutan.
3. Products and services
The nanny business is requiring concern over the needs of the parents and culture that
followed by them which helps to offer care to their child. Bhutan nanny agency will make
emphasis on the specific need and requirements of parents especially for the working mother
to provide services of the nanny (Ferreira, Loiola, & Gondim, 2017). However, there are no
specific rules and regulations that offered by the national and local government for nanny
hiring agency but Bhutan’s nanny agency will follow some legal services structure to
increase transparency and trust of clients and nannies. The major services and products of
Bhutan’s nanny agency will involve:
Finding the best nanny:
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The agency will hire the best candidate by taking the interview and test for offering
the nanny services to their client. The agency will develop a database of verified nannies in
Bhutan and offer the information to the parents who are looking for the nanny in their area.
The management will share information through email and website that will be helpful for
parents to find the best nanny in Bhutan.
Smart search:
Bhutan’s nanny agency will provide filters for clients to perform the smart search to find an
appropriate nanny for their child. The management will develop a website which will have
filter options such as prices, areas, religion, age and skills (Rosenberg, 2015). This kind of
operations will help to improve the searching of the nanny as per the needs of parents.
Training to nannies:
Bhutan’s nanny agency will hire and offer training to girls and women who are willing to
work as a nanny. The management will provide training to registered candidates related to
communication, child care, safety and first aid activities (Maćkowiak, & Wiederholt, 2015).
The professional training will improve the services standards of nannies and maximize the
satisfaction level of the clients.
Act as an employer:
The agency will focus on needs of clients especially for working mother as the
management will not hire teenage babysitters for this job who is not having the experience to
manage the operations related to child care. The management of Bhutan’s nanny hiring
agency will act as a legal employer for nannies and monitor their performance analyze the
feedback of the clients to take further decisions (Frost & Mills, 2018). Moreover, the agency
will take fair care pledge and provide health insurance, appropriate salaries, leaves and other
benefits to the nannies in Bhutan.
Safety net:
The management of the nanny hiring agency will be high concern over the safety of
nannies and child. The management will check and verify the background of nannies before
hiring as well as the clients to create the safety net for both. In addition to this, the legal
agreement will be there to offer some type of guarantee to parents about the care services and
ethical working of nannies. This kind of services will help to develop trust and maintain a
3

relationship with the clients and encouraging the hiring of nannies in Bhutan (Wald et al.
2016).
4. Point of difference
Bhutan’s nanny hiring agency will try to manage the business with some unique approaches
that will support to create the plan in the market and meet the business objectives. Following
points will help to create the difference in services provision of Bhutan’s nanny hiring
agency:
Network and stay informed:
Bhutan’s nanny hiring agency will develop an open platform for client and nannies to share
information related to salaries and working hours as well as leaves structure. The
management will develop a national network for registering and offering the services of the
nanny in the country. The agency will make a strategic alliance with small firms to provide
information for nannies and demand of the parents for childcare (Whittaker et al., 2016). This
kind of approach will help to maximize the areas of services and develop a big image of the
company that will manage services through digital systems.
Plan for retirement:
The unique service of Bhutan’s nanny hiring agency will involve planning for nannies
to retire from the job. The management will discuss and support the nannies o plan the
retirement and offer referral for the job. This will help to maintain uninterrupted services for
parents. The discussion about future plan related to the delivery of services a nanny will help
the company to plan the operations and provide alternative options for the working mother to
offer childcare. However, the agency will make a contract with the registered nanny for
serving a minimum period of time considering the situation of the client to offer care services
(Cahill, Holt, & Kirwan, 2016). This kind of services provision will increase effectiveness
and improve the trust of clients.
Respect privacy:
In the current scenario, the privacy of families who hires the nannies for child care.
The agency will make concern over these issues and train and strictly bound the nannies to do
not share the private information of their employer. The management will ensure clients that
4

the nanny will keep the internal information confidential as they will sign the agreement
which includes this condition. This will help to build trust with the non-disclosure contract
which will be a unique service feature of Bhutan’s nanny hiring agency.
Not share the details on social media:
The services provision and process will also involve clients as the agency includes the
terms do not share the details of the nanny on social media that could ruin the reputation of
the nanny. Moreover, the nannies will also not post any information about child and family
members on social media (Calheiros, Garrido, Lopes, & Patrício, 2015). This kind of
approach will help to maintain a balance in the personal and professional life of a nanny. This
approach of the agency will create a difference in this particular business process.
Different range:
The agency will try to provide nanny services in a different range in terms of a short
period of time (Day hours and months). The management of the company will analyze the
needs of working mothers and set the criteria for the nanny to offer services of child care as
per the expectation of the client. The services can be for the whole day, fixed hours and live-
in nanny. The range of services will also have concern over salary and wages offered by the
client (Ainsworth, 2018). This kind of structural services will help to improve fair services
and create a different identity of Bhutan’s nanny hiring agency.
5. Market analysis
To establish the new business venture of Bhutan’s nanny hiring agency, it is essential
to understand the market conditions. According to analysis, the demand for nanny services in
urban areas of Bhutan is increasing as women are getting involved in business and corporate
operations. Career development becomes a major priority of educated women and due to this
reason, working mothers are not able to provide proper care to their child. The nanny services
were not much popular in early years of 2000 but after 2006, the demand of nanny services is
increasing as many families are looking for a well-qualified nanny who can support in
babysitting and offer the required care during working hours of their mother. The current
growth rate of nanny hiring services is approx. 2.6% (Market analysis of Bhutan nanny
business, 2018). In addition to this, nearly 40000 girls and women are working as a nanny in
5

a different part of the country. The demand for the professional nanny is growing as a
percentage of working women is increasing in the country.
There are some agencies like Thimphu, Au Pair.com and Hire Bhutanese are offering
the services for hiring the nanny for full time, live-in and live-out. These agencies are
following security standards and using the tracking system for nannies services. The
competition level of nanny services in Bhutan is moderate as there is no much demand for
nanny services across the country. However, parents from urban areas are searching for
trustworthy and affordable care for their child through nanny services agencies those have
good reputation and transparency in the services provision (Job opportunities in Bhutan as
nanny, 2018). According to the analysis, these agencies are serving more than 2 million
people and providing nanny services as per the culture and country origin. For example,
Thimphu has listed more than 1500 nannies from different countries that are available for
offering the care services for the children of working mothers. The wages and salary of an
average nanny in Bhutan are around $300-$500 per month (Full-time). The additional service
like live-in nanny charges varies according to distance and numbers of family members.
Now, it is essential for Bhutan’s nanny hiring services to consider these factors to establish
unique and reliable services in this filed. Moreover, the existing agencies are operating the
business in the high-income group people segment (Leloux-Opmeer, Kuiper, Swaab, &
Scholte, 2016).
6. Business team
To establish the new venture of nanny services in Bhutan, it is essential for Bhutan’s
nanny hiring services to develop a team that could able to deliver quality services for clients.
The management of Bhutan’s nanny agency will follow the hierarchical structure to manage
and distribute the work. This structure will help to maintain better control and support to
define clear goals and objectives for team members. The management will involve the
following members of the business team:
6

Figure 1: Company team structure
Manager:
The responsibility of manager at Bhutan’s nanny hiring agency will be planning and
hiring and building a relationship with the clients. The manager of the agency will develop a
plan to explore new market segments in the country. Moreover, the manager will responsible
for hiring the nanny by interview and tests that conduct as per the norms and standards of
nanny services in the area (Llosada-Gistau, Montserrat, & Casas, 2015).
Verification and registration team:
The agency will establish a verification team that will verify the documents of nannies
and register them for different services category list of the company. The verification policies
will include the id and background of the nannies to offer a certificate of the company.
Moreover, the verification team will sort the application of potential candidates of nannies
that received via email and website (Løvgren, 2016).
Marketing team:
The marketing team plays a critical role in the development of business and creating a
positive image of the organization. The management will hire a marketing team that will
perform operations like advertising, promoting reviews of clients over the website and social
media to influence the decisions of potential customers. Moreover, the marketing team will
7
Director
Verfication
team
Marketing
team Administration HR team Technical team
Manager

maintain a relationship with the customer and make concern over issues of clients for
betterment in the services.
Administration:
The administration team will perform operations related to the documentation of
nannies about their working hours, client name, salaries and leaves. Moreover, the team will
analyze the demand and approach of agency in different areas (Salloum, Kondrat, Johnco, &
Olson, 2015). The administration team will also manage the financial operation of the
agency.
HR team:
The HR team will recruit and offer training to nannies listed with Bhutan’s nanny
services. The HR team will make concern over communication, policies and regulations to
optimize the services quality of the agency and manage the standards of the organization to
meet the satisfaction level of the clients.
Technical team:
The technical team of Bhutan’s nanny will manage the digital functions of the
company by focusing on the online portfolio of the agency. The technical team will respond
to queries of client and keep the information of visitors on the website to offer detail
information related to their concern to convert them as the client of the company (Winsor, &
McLean, 2016). Moreover, the technical team will update the database for nannies according
to categories defined by the management to deliver real-time information to the potential
client through the website.
7. Marketing plan
Marketing plan for Bhutan’s nanny agency will be as follows:
Segmentation:
The segmentation criteria that will be used by the agency will be demographic and
behavioural which will focus on the income of the clients and benefits of their products and
services. By considering this strategy, the management will look to create a place in the urban
8

market and focus on the needs of working mothers related to childcare (Kasemsap, 2016).
This kind of segmentation will help to deliver customized services to clients in Bhutan.
Targeting:
The targeting strategy of Bhutan’s nanny agency will use a differentiated approach.
According to this targeting strategy, the management will seek to provide nanny services as
per the needs and expectations of the customer in Bhutan (Plouffe, Bolander, Cote, &
Hochstein, 2016). The implementation of differentiated targeting strategy the management of
agency will able to develop a strong market image by meeting the needs of customers.
Positioning:
The positioning strategy of the agency will be customer benefit and pricing. These
strategies will help the organization to offer the benefits of nanny services for business class
families and working mothers for managing their childcare (Woodcock, 2017). This kind of
approach will support the organization to influence the decision of potential customers and
generate the leads for future expansion of business operations by establishing a unique
identity.
Marketing approach
To promote the brand and services in Bhutan, the management of agency will
consider social and print media advertising services. The cost of social and print media
promotional activities will be low and help Bhutan’s nanny to create awareness in the
potential areas. As the numbers of the working mother are the country is increasing the
demand for nanny services will also increase. The social media will be a good option to offer
information related to services and hiring process in particular areas (Lacerenza, Marlow,
Tannenbaum, & Salas, 2018). Apart from that, print media like distribution of pamphlets in
posh areas and corporate organizations will help to deliver the information about the services
of Bhutan's nanny to working women. In addition to this, commercial ads in leading
newspapers will also help the agency to create awareness about the full-time, live-in and live-
out nanny services. However, there are many established agencies offering quality services in
this filed. Therefore, creative ads and face-to-face interaction with clients will help to develop
trust and create a place in the market.
9

8. SWOT analysis of company
Strengths:
The major strengths of Bhutan’s nanny agency involve technical capabilities as the
company will perform operations through website and email. The professional training and
privacy contracting terms will also help to engage the clients from potential areas (Herrmann,
& Herrmann-Nehdi, 2015). Moreover, safety and affordable prices of the agency will support
to encourage the business in Bhutan.
Weakness:
The weaknesses of the company are lack of experience in this filed and knowledge
about the specific needs of working mothers for child care. However, the management will
hire experienced nannies but still, issues related to lack of review related to expertise could
influence the business (McDONALD, 2016).
Opportunities:
The demand for nannies services in Bhutan is increasing as numbers of working
women is increasing. The management will offer online services for hiring nannies will help
to expand the business as well as maintain the relationship with the customer to capture
market opportunity. Moreover, the services of nannies focusing on the cultural aspects and
values of clients will increase the business and market share (Fill, & Turnbull, 2016).
Threats:
The major threats for Bhutan’s nanny agency include the high completion,
verification and selection of trustworthy nannies. The breach of policies and lack of
alternative nannies services in an emergency situation can hinder the development process of
the company and affect the business (Chaffey & Smith, 2017). Moreover, the new
immigration policies can also affect the hiring of nannies from different locations who
understand the needs of the international customer.
9. Set-up
The management will set up business in Thimphu which is the capital of Bhutan and
have a high percentage of working women. The management will establish physical setup in
mid of city specifically in the posh residential area. This location will support the
10

organization to target the working women mother and offer services of nannies. In addition to
this, the setup management will look to invest initial capital of $2 million for developing the
infrastructure; arrange the human and technical resources and finish the legal processes of
getting the license and documentation for renting the property (David, David, & David,
2017). The management will try to complete the initial planning and implementation by
November 2019 to start a business.
The agency will maintain the simple infrastructure that will involve a front desk,
administration block, customer waiting lounge and management block. The office will have
integrated communication services using Wi-Fi services (Chang, 2016). Apart from that, to
manage the resources and manage the infrastructure the management will arrange funds from
the financial institutes. The lead time of setup of business will 6 months considering the all
legal and ethical elements of nanny agency.
Figure 2: Location of business
10. Cash flow
Bhutan’s nanny agency will use a computerized accounting system that will help to
manage the financial operation and get the reliable and error-free information related to profit
and loss as well as cash flow of company in upcoming years.
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Table 1: Balance sheet
BALANCE SHEET AS AT 31/03/2020
In $
Particulars Note 31-03-2020 31-03-2019
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital 1 1,00,000 1,00,000
Reserves and surplus 2 40,85,278 20,20,278
41,85,278 21,20,278
Current liabilities
Short-term borrowings 3 2,00,000 3,00,000
Trade payables 4 16,00,000 13,50,000
Other current liabilities 5 3,00,000 2,50,000
Short-term provisions 6 8,85,000 8,65,833
29,85,000 27,65,833
TOTAL 71,70,278 48,86,111
ASSETS
Non-current assets
Fixed assets
Tangible assets 7 46,50,000 35,00,000
Current assets
Inventories 8 13,00,000 7,00,000
Trade receivables 9 - -
Cash and cash equivalents 10 1,05,000 1,50,000
Short-term loans and advances 11 11,15,278 5,36,111
25,20,278 13,86,111
TOTAL 71,70,278 48,86,111
Table 2: Profit and loss account
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31/03/2020
In $
12

Particulars Note 31-03-2020 31-03-2019
Revenue from operations 12 2,00,00,000 1,80,00,000
Other income 13 20,00,000 18,00,000
Closing Inventory 13,00,000 7,00,000
Total Revenue 2,33,00,000 2,05,00,000
Expenses
Purchase of Stock 1,60,00,000 1,35,00,000
Opening Inventory 15 7,00,000 8,00,000
Employee benefits expense 16 25,00,000 22,50,000
Depreciation 17 3,50,000 3,88,889
Other expenses 18 8,00,000 6,75,000
Total expenses 2,03,50,000 1,76,13,889
Profit before Taxes 29,50,000 28,86,111
Tax expense:
Current tax 8,85,000 8,65,833
Profit/(loss) for the period 20,65,000 20,20,278
Earnings per equity share:
Basic 21 20
13

11. Revenue projection
Table 3: Revenue projection
PARTICULA
RS 2019-20 2019-20 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 2020-21 2021-22 2022-23
INCOME
Revenue
from
operations
1,80,00,00
0
2,00,00,00
0
18,77,48
8
19,05,65
0
19,34,23
5
19,63,24
8
19,92,69
7
2,20,61,38
3
2,25,02,61
0
2,31,77,68
9
Other
income 18,00,000 20,00,000 1,73,451 1,74,318 1,75,190 1,76,066 1,76,946 20,66,207 20,86,869 21,07,737
Closing
Inventory 7,00,000 13,00,000
14,07,71
4
14,21,79
1
14,36,00
9
14,50,36
9
14,64,87
3
1,66,52,12
6
1,68,18,64
8
1,69,86,83
4
Total
Income
2,05,00,0
00
2,33,00,0
00
34,58,6
53
35,01,7
59
35,45,4
33
35,89,6
83
36,34,5
16
4,07,79,7
16
4,14,08,1
27
4,22,72,2
60
EXPENDITU
RE
Purchase of
Stock
1,35,00,00
0
1,60,00,00
0
13,60,23
5
13,63,63
5
13,67,04
4
13,70,46
2
13,73,88
8
1,62,62,39
8
1,63,03,05
4
1,63,43,81
2
Opening
Inventory 8,00,000 7,00,000
13,93,77
6
14,07,71
4
14,21,79
1
14,36,00
9
14,50,36
9
1,64,87,25
4
1,66,52,12
6
1,68,18,64
8
Employee
benefits 22,50,000 25,00,000 2,63,910 2,71,828 2,79,983 2,88,382 2,97,034 30,45,373 31,36,734 32,30,836
14

expense
Depreciation 3,88,889 3,50,000 38,750 38,750 38,750 38,750 38,750 4,65,000 4,65,000 4,65,000
Other
expenses 6,75,000 8,00,000 94,745 99,482 1,04,456 1,09,679 1,15,163 10,71,753 11,25,341 11,81,608
Total
Expenditure
1,76,13,8
89
2,03,50,0
00
31,51,4
16
31,81,4
09
32,12,0
24
32,43,2
82
32,75,2
03
3,73,31,7
78
3,76,82,2
56
3,80,39,9
04
Profit For
The Year 28,86,111 29,50,000
3,07,23
7
3,20,35
1
3,33,41
0
3,46,40
2
3,59,31
3 34,47,937 37,25,871 42,32,357
Less: Income
Tax @ 30% 9,52,417 9,73,500 76,809 80,088 83,352 86,600 89,828 8,61,984 9,31,468 10,58,089
Net Profit 19,33,694 19,76,500
2,30,42
8
2,40,26
3
2,50,05
7
2,59,80
1
2,69,48
4 25,85,953 27,94,403 31,74,267
15

12. Conclusion
From the study, it has been carried out that establishment of nanny agency in Bhutan
the management will focus on needs and expectations of the working mother. The business
planning has provided detail information related to the mission and vision of the organization,
major services like online registration, training and development of nannies. Moreover, the
point of difference in services of Bhutan’s nanny will be related to privacy, mutual agreement
between client and nanny as well as consideration of culture and values of client family.
Furthermore, the business plan has provided information for growth and demand of services
of nannies in Bhutan as well as defined the structure of the agency. The management will
able to identify the critical success factors and issues by focusing on the SWOT analysis of
the company and able to make the changes in capital investment considering the financial
projections.
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Child care services in Bhutan, 2018, Retrieved from
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April 2019.
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20

Appendix
Figure 3: Need of agency in nanny's operation
(Source: Products and services of nanny agency, 2019)
21

Figure 4: Marketing planning process for a business
(Source: Marketing planning process, 2019)
22