Electro: E-Business Plan for Electric Home Appliances Start-up

This report outlines an e-business plan for Electro, a startup company specializing in electric home appliances with AI features. It includes an executive summary, business details, location analysis (United Kingdom), and market analysis using PESTEL factors. The product description covers various electric home appliances, followed by a competitive analysis. The report details an operations plan, risk and contingency plans, sales and marketing strategies, and finance and funding plans. The document also explores the impact of the COVID-19 situation on the business, emphasizing the importance of online shopping and e-commerce platforms. The report concludes with references to support the analysis and recommendations for the business's future.

Entrepreneurship .

EXECUTIVE SUMMARY
The below report discusses about a new start-up organization in relation with an e-
business platform. There are various factors which are associated with online business and create
an impact on them like political factors, economic factors and so on. At the same point of time
while starting a new business different elements are been required like bank loan, usage of latest
technology, strong website and so on. The report discusses about different sources of finance,
start-up costs which are been involved and whole competitive analysis in comparison with other
businesses.

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Business Details......................................................................................................................1
Location..................................................................................................................................2
Market Analysis......................................................................................................................2
Product Description................................................................................................................3
Competitive Analysis.............................................................................................................3
Operations Plan......................................................................................................................4
Risk and Contingency plans...................................................................................................5
Sales and marketing strategy..................................................................................................6
Finance and funding plans......................................................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is defined about the ability of an individual to contribute their creative Minds
and innovative ideas to generate a unique business that dealing with different uncertainty. They
are the ones who are not a profit minded but they are focus on the change vision of the economic
and world through their objectives to gaining more business outcomes vision competitive
advantages (Neel, 2020). To build a new business with the new innovation idea which would be
different from other business perspective for example Amazon, Tesla Apple and many more
companies has set their benchmark. To paying entrepreneur business where individual person
they have a focus vision on which they have to work upon it by make some different change in
the Worlds economic growth bus stop the animal or new ideas in the Marketplace by replacing
the old one at the initial stage of starting a new business of proper business that require along
with resources like capital land labour and much more.
By that which background where the entrepreneurs came from on which the financial
position as well as the different strategies achieve all the targets. In this following report it
consists about the new business plan by taking a better strategic plans to execute unique business
consider a new business strategy to focus on niche market. The new entrepreneurs company is
considered for better business plan is Electro which day is to provide electric home appliances
equipment’s with advanced artificial intelligence features in it (Koundouri and et.al., 2021).
Entrepreneurship is having a vision to bring a new digitalization change to the world where
people would get easily adapt new to artificial intelligence resources to increase their standard of
living effectively.
MAIN BODY
Business Details
In the situation of covid-19 there is a new startup organisation has been established which
is dealing of electronic appliances to provide customer in which company generates more
electric specification in artificial intelligence featured (Ericksen, 2020). It is based on
Electronical industry along with Retail Industry also where company called electro is dealing
with electric based home appliances on which customer can increase their standard of living by
using digital tiles and electric equipments such as microwave, laptops, other electric appliances.
With the respect of starting new business organisation got implemented in which people can
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easily do online shopping also. Electric company also create their online website in which they
promote their electric appliances product in social media platform and e-commerce sites to
attract customer to offer them discount base for product and services.
Location
The location for electro company is situated in United Kingdom in which the choosing of
UK region is because there is wide scope of artificial intelligence Technology resources which
should be convenient for company as well as for customer also. As it is belongs to Electronic
industry which they provide convenient electric based product and services like Microwave and
other home appliances product. Electro usually target share market in specific United Kingdom
is small as well as medium to just stablish deventure targeting small and medium group of
household effectively.
Market Analysis
For proper market analysis is required analyse the external environment to use Pestel analysis
measuring challenges and opportunities from external factors regarding electro company
 Political factor: on the beginning of business platform electro company can approach a
business source as there is various political issues that come up in between. As there are
many competitors were dealing with eCommerce business so that it create difficult
situation for electric company.
 Economical factor: create an impact on online business because these factor are directly
to business but there are some uncertainty called inflation session and economic crisis
which can dissolve the growth of company (Lubawa, 2021). The facts about how
business would operate and make all decisions it is a part of start-up organisation by
making proper marketing and product strategy should be set up to build level of
entrepreneurship at the similar point of time as to gain competitive advantage
 Social factor: according to the Spectre it only focus on Trends which are currently in the
market as a new startup organisation is also that much priority to focus on latest and like
artificial intelligence resources and digital marketing where company can target their
product and services on the basis on their websites
 Technological factor: As the Electro company looking towards worlds each individual
efforts to do online shopping as it is considered a very easy source where customer are
very reliable to focus on a convenient product and services to order in form of home
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delivery. E-Commerce provided different Technologies sources on which customer can
order that product from electro company online platform.
 Environment factor: As per the e business that there are various areas which need to be
taken care while establishing of new startup business called electro company that deals
with Home Appliances of electrical based. The level of sustainability of this company
depends on how they are actively contribute towards society development and their
products are must friendly towards environment safety.
 Legal factor: within a business platform there are various areas on which organisation
need to follow they are applicable laws and the level of compliances because it creates an
impact at the time of facing financial losses. For example as an covid-19 situation legal
factors would have to recover the loss as well as to provide a guidance for operating the
business and ethical rules and regulations.
Product Description
There are many pieces which is eCommerce platform provide to all their customers it
provide different types of electric home appliances and much more (Hanák and Grežo, 2020).
There are certain services also which are provided by startup company like deal with electric
related with home appliances product. The parrot can be considered as a microwave laptop
electric speakers home theatre etc.
Competitive Analysis
Criteria Electro Company (New
business)
Supermarkets
Type of establishment E-business platform( Online
business)
Self-service shop
Location Website Fixed location
Products TV, Electric Speaker,
Microven, Laptops etc.
TV, Electric Speaker,
Microven, Laptops etc.
Price Based on quality of all the
Electric base product
(Marques, 2020).
Based on image
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Target persons Every kind of targeted people On the bass of income basis
for people.
Efficiency Home delivery Self-service
Operations Plan
Operational plan can be describe as the strategic document which is significant for outlining
all plans and process related to day to day business practices. It is essential for respective
company that is Electro organisation to create and develop proper operational plan in order to
enhance business practices as well as accomplishing desired goals (Cadena and et.al., 2020).
Operational plan consist of different activities form different departments such as human
resources, marketing, finance as well as other which is needed to perform in order to accomplish
goals and objectives. An operation plan is a very conscientious plan that unmistakably
characterizes how a group or division adds to arriving at organization objectives. It diagrams the
every day assignments needed for maintaining a business. At the point when appropriately made,
a working plan ensures every administrator and every representative know their particular
commitments, just as how they ought to execute them inside a characterized timetable. Outlining
the everyday assignments that guarantee a make way to your business and operational objectives
is crucial for progress. The fundamental goal of a clear cut operational plan guarantees every
administrator and representative knows their particular duties, just as how they ought to execute
them inside an unequivocal course of events. An operational plan assists you with recognizing
regions that are not producing sufficient income or are causing misfortunes, and afterward helps
you with detailing the fundamental changes. This archive likewise assumes an essential part in
keeping every single key partner, the executives, and board individuals in total agreement. It is
significant for business to create a proper operational plan which includes each and every details
to carry out different task of business.
Operational plan for respective company that is Electro organisation includes creating a
proper strategic plan. Manager of Electro organisation needs to develop effective and significant
strategies which are necessary for developing products and services of Electro organisation as
well as meeting with the needs of customers (Xu, 2020) (Matović, 2020). strategic plan needs to
focus on essential goals of respective company. The main motive of this organisation is to
enhance profits of business by increasing sales of products or services as well as meeting with
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the requirements of customers. Once the goals and objective is set by organisation it is crucial to
consider leading indicators. This will help manager of Electro organisation to show efforts that is
required to execute operations practices. Key performance indicators is significant for providing
direction to day to day operational practices as well as accomplishing desired objectives (Hanák
and Grežo, 2020). In operation management plan of respective company that is Electro
organisation, communication play very important role. It is important that manager is conveying
message and ideas to other in effective manner with the motive of improving overall
performance of business. Through effective communication practices manager of respective
organisation will be able to correctly direct employees towards organisational goals.
Risk and Contingency plans
There are different types of risk factors that could lead to have negative impact on business
plan. It is crucial for owner or manager of respective company that is Electro organisation to
determine various kinds of risk factor as well as develop a proper contingency plan in order to
successfully and effective deal with different issues. By analysing and determine risk, Electro
company will be able to develop a proper plan that assist in overcoming with risk and its impact.
This is consider as one of the essential part of business that will help in enhancing overall
performance and productivity of business (Cristancho Triana and et.al 2021). A contingency
plan is executed when the threat presents itself. The inspiration driving the plan is to diminish the
mischief of the peril when it occurs. Without the plan set up, the full impact of the risk could
essentially impact the endeavor. The contingency plan is the last line of guard against the peril.
For an endeavor overseer, it is more brilliant to have the contingency arranged for execution than
to have to encourage one as the threat is causing critical harm. The contingency is another
instrument in the diverse reserve of gadgets that an endeavor chief passes on to help project
accomplishment. In view of the condition when a contingency ought to be executed, contingency
planning is a need in the current assignment the board world. The contingency plan is a proactive
procedure, not quite the same as an emergency the board plan, which is to a greater degree a
response to something that occurred. A contingency plan is set up to represent those problematic
occasions, so you're ready if and when they show up. Risk and contingency plan in respect to
Electro organisation is mention below –
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 Identification and prioritizing resources – This is the first step of risk and contingency
plan. In this manager of respective company needs to identify and priorities different
resources which is needs to carry out business task. Electro organisation will require raw
material to create products, human resources and financial resources.
 Determining key risks – The key risk that has been determined are lack of financial
resources to conduct business practices. This is key risk which will lead to have major
negative impact on business and its practices.
 Drafting contingency plan – In this stage manager needs to draft a contingency plan
which assist in solving risk and issues of business (Tello Cadena and et.al., 2020). It is
important for manager to analyse and evaluate different sources of funds and financial
resources.
 Share plan – At this stage of contingency plan respective company needs to share plan
with senior person in order make required changes. It is very important that manager is
sharing plan with senior person.
 Revisit the plan – This is the last stage of contingency plan and in this respective
company is focusing on making required changes. Revisit plan will includes different
needed changes to the organisation.
Sales and marketing strategy
In a business plan, sales and marketing strategy is one of the crucial component which will
lead to have direct impact on overall performance of business. it is essential for respective
company that is Electro to develop a proper sales and marketing strategies which will lead to
enhance overall performance of business as well as accomplishing desired goals (Givan,
Indrawan and Siagian, 2020). Electro company is dealing in retail sector and it is providing
electric and human appliances products to customers. There are different types of sales and
marketing strategies which will assist respective company to attract more and more customers
towards business as well as increasing revenues of business. Sales and marketing strategy can be
describe as plan of business to promote products or services of company in market area. Electro
organisation is considering social media marketing as a sales and marketing strategy. This is very
effective and significant strategy for attracting large number of customers.
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 Social media marketing – This is consider as one of the most effective marketing strategy
as it will assist Electro organisation to influence large number of customers towards
business. Social media marketing is a type of web marketing that includes making and
sharing substance on social media networks to accomplish your marketing and marking
objectives. There are different tools and approaches that could be consider by respective
company such as Facebook, Twitter, Instagram and many other. Social media marketing
consolidates practices like posting text and picture updates, chronicles, and other
substance that drives swarm responsibility, similarly as paid social media advancing
(Marques, 2020). Social media marketing is the use of social media stages to connect
with your group to manufacture your picture, increase arrangements, and drive site
traffic. This incorporates dispersing fantastic substance on your social media profiles,
focusing on and associating with your disciples, analyzing your results, and running
social media commercials. This type of sales and marketing strategy is beneficial for
organisation as it will lead to attract more and more customers towards business as well
as increase overall sales. Social media marketing is cost effective strategy and respective
company will be able to communicate with different customers.
Finance and funding plans
Financial and funding plan play significant role in order to successfully and effectively
conducting business plan practices. Financial plan can be describe as the document which
includes current financial situation of company along with the long term monetary goals
(Lämmle, 2020). It is important for Electro company to determine a proper financial and funding
plan with the motive of analysing different financial needs of business. Financial and funding
plan for respective company, Electro organisation is mention below which is required for
operating business practices.
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Finance and funding plan of Electro business plan
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