LSC UoS: Business Plan in Entrepreneurship and Business Development

This report details a business plan for 'Washiron,' an entrepreneurial venture offering portable washing and ironing machines. It includes a comprehensive industry analysis using Porter's Five Forces, a market analysis employing STP (Segmentation, Targeting, and Positioning), and an organizational analysis utilizing SWOT. The plan assesses financial feasibility, incorporates a value chain analysis, and outlines a business model canvas. Potential risks are identified along with mitigation strategies. The core offering, 'Washiron,' aims to provide convenient and affordable laundry solutions to households and travelers through online and offline channels, emphasizing customer satisfaction and competitive differentiation in a dynamic market.

Entrepreneurship and Business
Development

Table of Contents
Introduction......................................................................................................................................2
Main Body.......................................................................................................................................3
New Business Concept...........................................................................................................3
Market Analysis......................................................................................................................4
Organization Analysis............................................................................................................6
Financial Feasibility...............................................................................................................7
Value Chain Analysis.............................................................................................................8
Business Model Canvas..........................................................................................................9
Potential Risk and Mitigation Plan.......................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

Introduction
Entrepreneurship can be defined as the process of developing and managing a business
organization with a motive to generate profit to achieve success in the competitive world. The
major aim of entrepreneurship is all about transforming the world by providing solutions to big
problems with a brand new initiative. An entrepreneurship business is running by an individual
who is considered as the creator and has to bear most of the risks of the organization. For the
present report, the new business concept which has been taken into consideration is 'Washiron'
which will be providing portable washing and iron machine along with optional folding service
as its features. The detailed study of the business plan of 'Washiron' is explained below with
complete industrial, market, organizational and financial feasibility analysis. Along with this, the
value chain model and business model canvas are also explained in consideration with the
potential risks associated with the business plan.
Main Body
New Business Concept
'Washiron' is a entrepreneurship firm which is providing a portable washing and ironing
machine which is having the key features such as washing, drying, ironing along with optional
folding service which completely works on battery. This product is having a unique feature that
it can iron as well as fold the cloths and can be carried to anywhere which becomes its unique
selling proposition (Huang‐Saad, Morton and Libarkin, 2018) . Washiron will be ensuring clean
washing of cloths as well as neat ironing and folding to meet the demand of its customer base.
The target market of Washiron is majorly households of all classes as well as the travellers. As
this is a portable product, it can be used for travel purpose as well. It is available through online
as well as offline stores. The offline store is located at 12, Uxbridge Rd, London while on the
other hand it is also available on online platforms such as Amazon and Flipkart. Washiron is
dedicated to provide high customer satisfaction by providing such a product which makes the
working easy anytime and anywhere at an affordable price among the competitors. In order to

beat the competition, Washiron is offering commitment to provide professional, prompt and
convenient services.
Industry Analysis
It is an important market assessment tool which help businesses to study and understand
the competitiveness existing in the marketplace. Industrial analysis majorly focusses on the
position of the company in the competitive market in relation to the other participants (Rossano-
Riveroand Wakkee, 2019). This type of analysis helps a business to understand the key
differences between the company's and its competitors’ products in order to use it to the full
advantage. For the purpose of current report, 'Porter's Five Force Model' is used to analyse the
accurate impression of the industry with the help of five forces mentioned below: Bargaining power of suppliers: All the companies in the technological sector purchase
their raw materials from many suppliers. Suppliers who are having a dominant position in
the market can easily decrease the profit margins of Washiron which will directly affect
its profitability. The company will have to face high bargaining power of suppliers
therefore; it is advisable to have great negotiation skills to save the profit margins as well
as build effective supply chain with multiple suppliers. Bargaining power of buyers: Buyers tend to have high demanding attributes. They focus
on buying best offerings at a minimum cost. Therefore, in relation to Washiron the prices
have been kept affordable with many features resulting into medium bargaining power of
the customers. Although, buyers may put a pressure in future in long run but for the
current phase the bargaining power will remain medium. Threats of new entrants: Innovation is something which can be brought by anyone in the
marketplace. It puts a pressure on Washiron to remain competitive in the market. It
should use low pricing strategy to protect its competitive advantage by creating barriers
for its competitors (Marniati and Witcjaksono, 2020). Therefore, the threat of new
entrants is high and it can be dealt by building economies of scale in order to lower down
the cost per unit. Threat of substitute products: When a new product comes into market meeting the
similar customer needs in some other way creates a threat to the company. In case of

Washiron, there is a high threat of substitute products because with technological
advancements and fierce competition the threat of substitution exists.
 Existing rivalry among the competitors: If there is intense rivalry among the existing
competitors then prices have to be kept at lower levels which will affect the profitability
of the company directly. Washiron is existing in a very highly competitive industry and
hence there is high level existing rivalry among the competitors. Therefore, Washiron
should maintain and build sustainable differentiation in order to compete better.
Market Analysis
Market analysis can be defined as a process of getting important information regarding
the competitors, ongoing market trends and many more. This is considered as one of the most
vital component which helps a business organization in getting essential information and
decision making process (Satar and John, 2019) It also helps bin setting up benchmarks that will
be used to measure the progress of the company towards the organizational goals. In context to
Washiron, the marketing objectives aims at focus on that segment of the market which seeks for
affordable and portable washing machines. For the purpose of analysing the market, STP
analysis is used and applied in order to understand how Washiron's segmentation, targeting and
positioning has been done. Segmentation: It can be defined as the process of dividing the target market into different
parts and segments that generates revenue to attain the objective of profitability. It helps
in defining and understanding the needs and demands of target audience in order to
design the marketing plan more effectively. In context to Washiron, the segmentation has
been done the basis of 'psychographic segmentation'. This kind of segmentation is
majorly based on the lifestyle and preferences. Its aim relies on how people think and
what are their preferences towards a product or service. Here, groups are formed
according to psychological traits that influence the habits of consumption which are
derived from customer lifestyle and preferences. Therefore, the segmentation of
Washiron is done in accordance with the lifestyle and personality traits of those people
who want to work with convenience. Targeting: It is considered as an important marketing strategy that involves breaking a
large market into smaller one in order to concentrate on a specific market. This strategy
makes it clear for the company that instead of targeting a whole market it is better to

target a specific and defined group to maintain the efficiency. Washiron has targeted its
market on the basis of the product that they are providing to its target consumers (Bislimi,
2020). It is targeting particularly that segment which is having is preference towards
convenience that to at a low cost. So, their target audience are those who want
convenience product at a best price.
 Positioning: It is considered as an important aspect of marketing. Market positioning is
the ability of the business to influence the perception of the target consumers. This
basically helps in creating an image or identity of the brand in order to achieve superior
margins. It is a very important tool because for an effective strategic planning is highly
required for a business organization. It basically aims at building an essence of
differentiation as compared to other products in the market. In context to Washiron,
positioning has been done on the basis of convenience as well as technology through
which the target segment was appealed with several benefits (Alkire, and et. al., 2020).
With the tagline 'let's make life simpler' it targeted the consumers with an objective of
making life simpler. The positioning strategy of Washiron are kept futuristic. As it is
targeted towards a large segment of upper as well as middle class they have kept the
product affordable and easy to use. They have differentiated their product by way of
technology and convenience.
Organization Analysis
It is an important type of analysis which includes the process of evaluation of an
organization's growth, operations, work environment and workforce. Organizational analysis is
considered as beneficial for an organization because it helps in identifying the weaker sections
and choosing different approaches for the purpose of eliminating those weaknesses. This analysis
majorly focusses on the internal weaknesses and threats along with external threats and
opportunities which helps in determining the success of the organization. For the purpose of
analysing the organization of Washiron, SWOT analysis has been taken into consideration. This
analysis tool is popularly used by many organizations with a purpose of evaluating performance
and also it helps in designing as well as establishing goals. Therefore, the SWOT analysis of
Washiron is explained below:
Strengths

 New product: Washiron's product is brand new in the market with unique features which
provide it a competitive advantage over its existing competitors.
 Efficient research & development: The company has majorly focussed on the efficient
research and development and constantly focussing on it to bring something new in the
near future as well.
 Skilled manpower: Washiron is having skilled manpower to perform the tasks efficiently
with effective abilities (Anderson, Eshima and Hornsby, 2019). They are highly trained
and professional who are dedicated towards achieving the organization's goals. Online selling: the brand is focussing on the online sales as well to capture a huge market
with the help of digital platforms.
Weaknesses
 High revenue with low margins: Washiron has kept the price of its portable washing and
ironing machines which have the capacity for bringing heavy revenues to the business but
on the other hand this will reduce the profit margins of the company.
 Market Access: It is a real struggle for a business to understand the market without
having a customer base. So, it is hard for Washiron to acquire new customers.
 Risk: The risk of failure for a start-up is quite common. So, it may happen Washiron's
strategic vision may get blur if it works under such type of risk. Stress: working is star ups are fun but it also comes up with huge stress. Low
compensation with many responsibilities and long hours puts a pressure on the workforce
and creates a sense of stress.
Opportunities
 Changing lifestyle: Rising incomes of individuals who are looking for convenience in
their day to day tasks will create an opportunity for Washiron to offer its product to its
target segment.
 Market expansion: Washiron can expand its market by penetrating their products more
which will ultimately accelerate growth.
 E-commerce sales: With e-commerce, the company have the opportunity to tap the
global markets specifically in developing nations.

 Increase the depth of product portfolio: With attaining growth over a period of time,
Washiron can come up with new products and bring technological advancements in the
day to day appliances.
Threats
 Threat from existing competitors: With constantly developing markets, the existing
players in the market may come up with same or better technologically advanced product
which will directly pose a threat on Washiron.
 Increasing cost of raw material: As the cost of raw material is rising, it will ultimately
shrink the profit margins of business resulting into decline in the profitability.
Financial Feasibility
It is a tool which is majorly used by a lot of companies for the purpose of determining the
viability of a project or a start-up. This is basically used to keep a check in the potential returns
that a company can earn on the investments and mitigating all the risks thereof (Ebrahimi and et.
al., 2019). The financial feasibility analysis is used for the purpose of analysing that how a
business proposal can work on long term basis with keep on assessing the risks which may come
on the path of success of the company. Financial feasibility analysis will help Washiron in
determining the level of economic viability and plan the financial activities business carefully.
Washiron's finance managers can can identify the start-up costs, projection of profitability levels
as well as the return on investments. Therefore, it is the degree to which a strategy or a project is
financially possible to achieve success in near future.
Value Chain Analysis
It is a business framework that elaborates the full spectrum of activities needed to create a
product or service. Implementing this business model help companies in identifying factors that
can impact the profits negativity. In context to Washiron, management use this framework in
order to reduce the overall price of product by eliminating unnecessary cost in general business
function. Primary activities: It consists of five activities that impact product or service's physical
creation. The following activities are given below: Inbound operation: It focuses on procurement, warehousing and inventory management
of all raw material before processing. In context to Washiron, these operations are carried

out at 12, Uxbridge Rd, London with raw materials being procured from selected vendors
to reduce overall operations cost. Operations: It is the process of converting raw materials into a finished product. In
context to Washiron, the product is assembled at various workstations and put through
multiple quality checks in order to ensure consistency of the product. Outbound logistics: It is the process of distributing finished product to customers. In
context to Washiron, the customers can either purchase the product online or through the
outlet at 12, Uxbridge Rd, London. Marketing and sales: It involves development of marketing strategies to attract potential
customers (Robb, Rahn and Buffardi, 2020). In context to Washiron, its management
focus on promoting their products and services through digital marketing such as social
media in order to attract gain larger customer base with least cost. Service: These activities provide customer service and product support to the customers.
In context to Washiron, the management pays emphasise on providing quality services.
This includes demonstrating the working and after sales service of the product. Secondary activities: These activities provide crucial support to primary activities. The
following activities are given below: Procurement: It is concerned with how companies acquire their raw martial. In context
to Washiron, the raw materials are obtained from niche suppliers in order to keep cost
low and gain a competitive advantage against the competitors. Human resource management: It includes activities such as hiring, training and
maintaining an organizational culture. In context to Washiron, its management focuses on
hiring fresh graduates to minimize hiring cost and promote innovative work environment.
 Technological development: This is used in research and development of product. In
context to Washiron, the product is developed through extensive research combined with
automated technological in order to reduce the overall price of the product.
Business Model Canvas
It is a strategic tool which is used by a lot of business organization for the purpose of
planning business innovation model which can address the needs of all your customer’s
segments (Robert, Frey and Sisodia, 2021).

Key Partners:
1. Detergent
Sellers
2.Delivery
company
Key Activities:
1. Research &
Development
2. Selling portable
washing, ironing
and folding
machines
Value
Proposition:
Providing high
level
convenience to
the consumers
with a product
which is having
many features
such as
automatic
ironing and
folding.
Customer
Relationship
:
With the help
of
professional
services and
digital
platforms like
facebook.
Customer Segments:
College students
Office going people
Travellers etc
Key Resources:
Innovative
technicians
2. Physical Space
Channels
The best way
to reach
customers is
through the
use of social
media.
Cost Structure:
-Includes amount of investment
·Production Cost
·Marketing Cost
·Staff Salary Expenses
Revenue Streams:
- Revenue from the percentage of order recieved
- Tie ups with other complementary products
brands like detergent sellers.
Potential Risk and Mitigation Plan
Potential risk can be defined as an unpleasant occurrence which may happen and may
result into heavy losses while on the other hand the mitigation plan is something that helps
on outlining the process of identifying and executing an action plan that will help in
reducing or eliminating the business losses (Wahyudi, 2021). Risk mitigation planning is

used by Washiron in order to develop different strategies which can help in enhancing the
opportunities as well as reducing the threats which may result into losses resulting into a
business failure.
Risk Mitigation plan Pre action score (Out of
10, where 10 is high risk
and 1 is low)
Post action score
(Out of 10,
where 10 is high
risk and 1 is low)
Technical errors
due to electricity
loss
The use of battery has been
preferred to avoid the risk
of technical glitches due to
loss of electricity supply.
8 5
Imbalances in the
processes
Every function performed
in the machine is having its
own section or space to
avoid overlapping of
processes
5 1
Competitors
threat
The product is having a
bunch of features at an
affordable cost which will
help to exist in the
competitive market.
9 7
Conclusion
As a conclusion,
Shoutout

Entertainment is a
business
establishment that
always wants
to make it in the
audio system service.
Our business can
compete well with
other similar
business as well.
Moreover, Shoutout
Entertainment has