IoT Business Plan: Product, Ownership Structure, Funding & Compliance

This report details the development of an IoT smart tracker product, focusing on its features, market entry strategy, and organizational structure. It discusses the advantages and disadvantages of an organizational structure for the business, highlighting challenges in offline sales and employee management. The report outlines strategies for raising funds, including approaching large organizations and exploring loan options. It explains the importance of obtaining an Australian Business Number (ABN) and the steps involved in the application process. Furthermore, it identifies the Australian government as a potential source of assistance for overseas manufacturing and predicts the economic state of the Australian market. Finally, it addresses considerations for international business, including shipping, GST laws, and international regulations that may impact the business.

Running head: FOUNDATION OF BUSINESS
FOUNDATION OF BUSINESS
Name of the Student
Name of the University
Author Note

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Describe your IoT product?
With the growing technology, IoT has implemented several technique has improved
he way of living. IoT has found its importance from homes to workplaces, making lives
easier. This becomes very much necessary to launch a product that will help in easy accessing
the product and tracking the devices. Thus, the aim is to develop a product that will help to
easily track someone’s location or the working of the organization. This is very much
necessary to track the activities. This product will give all the details with exact location.
With implementing the tracking device with IoT, the information getting generated will get
stored automatically. The product that has been thought to be manufactured by our
organization is smart tracker. The tracker will help in easy detection. Implementation of IoT
with the tracker will help in tracking the devices and also provides flexibility towards the
devices connected. The key feature provided by these product is to improve assets utilization
(Jensen, Mandeville and Karunaratne 2017). In order to promote the product and improve the
marketing for this product. The product is going to be launched overseas with implementing
websites for these product. This products aim is to facilitate easy tracking and improving the
tracking capability.
Describe the ownership structure you and your partner will choose. Explain your
reasoning for your choice (e.g. partnership or company), outlining the pros and cons.
The aim of the team is to work as an organization. That will facilitate all the
employees and the team members aiming for launching this product. The organization aims at
launching the product overseas. The organization has decided to set a small team that will
promote the product throughout the Australia. These people will sell the product and will
aware the people about the importance and facilities provided by the product (Wortmann and
Flüchter 2015). In addition to this sales, the organization has decided to develop a website
that will help in expanding and promoting the product overseas.
There are several advantages with launching this product these are as follows:
 The organization structure will help to track the activities easily.
 Organizing the activities and diving the responsibilities among the members will be
easier.
 The organization will be able to operate the tasks easily.

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 The structure of the organization will help in easy promotion and will also able to
convince the customers about this product.
Disadvantages
 The main disadvantage is that while selling the product offline it will take a lot of
effort.
 Organization will be under pressure as this is the responsibility of their team to launch
a product that will gain huge profit.
 Managing the employees is the biggest challenge.
Explain the process you will go through to raise money to start the business. Do this on
the assumption that you and your partner both own houses.
Before starting any business it is necessary to raise funds that will help the business to
expand. Every organization needs some basic funds so that they can move with forward with
the plan and launch the product in the market. There are several plans that will help in raising
the funds for starting the business, these are as follows:
In order to raise fund, product details can be shared with large organization or governments.
This will help to raise fund once the government finds it beneficial they will eventually
approve the plan and will be ready to fund the proposed product.
 By approaching for loans one can start their business.
 Friends and family can help by providing funds.
Explain the purpose of obtaining an ABN and the steps you need to go through to get
one.
ABN stands for Australian Business Number. This is necessary for the people who
aims at gaining profit and are planning to start a business or has started the business. Thus,
ABN is an important for the upcoming business plan and for launching the product. In
addition to this, there is a need of registering with the Australian Tax Office by law. With the
help of ABN, ATO can easily track all the activities and trading taking place within the
companies of Australia. This is necessary to have an ABN number (Drucker 2015). ABN
number is 11 digit unique number allocated to the business which has started gaining money.

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The application for applying the ABN will get only processed once the organization
provides information such as tax file number (Bajada 2017). In case the organization does not
have all the information a t present, the issuing will get delayed.
In case the application drafted gets successfully approved than following process will get
generated, this are as follows:
 The organization will receive 11 digit ABN immediately.
 In addition to this, organization can immediately apply for other business
registrations, such as the GST.
 The details of the organization will get registered with the Australian Business
Register. The organization can ask to maintain privacy for certain details they want to
keep secret.
 Within 14 days, the organization will receive a conformation level with the details of
ABR.
Name the government body that you might request assistance from in getting the
overseas manufacture of your product organised and describe how they can help.
The government body associated with the organization that will help in developing
and delivering the product. The Australian government can provide help and support to the
organization. There is always a need to develop a product that will be beneficial for the
people as well as the country, then only government will fund the organization (Al-Fuqaha et
al. 2015). These is very much necessary to develop and describe the features of the product
manufactured. This will attract the customers and government to fund the product.
Predict the economic state of the Australian market you will sell into. For example, if
you will be selling to Australian factories, do you predict that you will be selling to a
manufacturing industry that is expanding and full of opportunities, or selling to a
tightening and shrinking market? Use Australian government statistics on the
Australian economy to help justify your reasoning.
The aim of the organization is to sell the product with in the Australian market and
also overseas. The product will be manufactured to all the companies and factories. This is
very much necessary to understand the demand within the market (Datt and Keating 2018).
Before launching the product, the Australian government needs to understand the statistics.

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This is very much necessary to launch a product that will help in manufacturing the product.
This is very much necessary to understand the requirement and work accordingly.
Consider these factors as they relate to the international arm of your business:
1. How your product will be shipped to overseas customers and the price of that
shipping.
2. How Australian GST laws will affect overseas prices
3. How laws in other countries or international agreements might have a major
impact on your business. This may not be too relevant to your product, but if,
for example, your product is a military one or one that disrupts the environment,
you should discuss the laws that might impinge on your business.
1. The product can be shipped overseas to the customers by ordering products online.
The product can be shipped by delivering boys or by contracting with transport
agencies.
Australia GST includes broad based tax of 10% on most of the goods, services and
other items sold in the Australia. This will affect in the price of shipping the product.
These will affect in shipping the product.
2. Each product will get affected by the Australian GST overseas prices. All total 10%
broad based tax will be applied for every goods and services even if it is going to be
sold overseas.
3. There are several laws in different countries that helps in maintaining the integrity of
the business. With countries the laws will impact the business and will also impact the
sale of the product. As the product will be sold on based on the demand and each
country varies in terms of technical demands. Thus , different laws may impact the
business of the product.

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Reference
Al-Fuqaha, A., Guizani, M., Mohammadi, M., Aledhari, M. and Ayyash, M., 2015. Internet
of things: A survey on enabling technologies, protocols, and applications. IEEE
Communications Surveys & Tutorials, 17(4), pp.2347-2376.
Bajada, C., 2017. Australia's Cash Economy: A Troubling Issue for Policymakers: A
Troubling Issue for Policymakers. Routledge.
Datt, K. and Keating, M., 2018, July. The Commissioner's obligation to make compensating
adjustments for income tax and GST in Australia and New Zealand. In Australian Tax
Forum (Vol. 33, No. 3).
Drucker, P.F., 2015. Internet of Things. European Commission Information Society and
Media.
Jensen, R.C., Mandeville, T.D. and Karunaratne, N.D., 2017. Regional economic planning:
Generation of regional input-output analysis. Routledge.
Tang, C., 2016. Australian GST update—2015. World Journal of VAT/GST Law, 5(1), pp.32-
41.
Wortmann, F. and Flüchter, K., 2015. Internet of things. Business & Information Systems
Engineering, 57(3), pp.221-224.