Business Plan: Residential Independence Project Limited (University)

This business plan outlines the operations and strategies of Residential Independence Project Limited, a company specializing in assisted living accommodations for individuals injured in transport accidents. The plan details the company's current position, which is in a high-growth startup phase with 10,000 customers in Victoria and 200 houses built. It includes short-term and long-term growth plans, focusing on securing investments, increasing market share, and expanding services. The plan covers the company's history, goals, products and services, intellectual property, and business strategies, including tactics like product differentiation and competitive pricing. Market research, including primary and secondary sources, is used to analyze market opportunities and target markets. The financial plan includes startup costs, funding, and forecasts for profit and loss. Additionally, the plan covers the marketing strategy, business ownership structure, compliance, and assets. The SWOT analysis highlights strengths in growth potential and effective management, weaknesses in capital, opportunities in market growth, and threats from competition. The chosen strategy is product differentiation, emphasizing quality and customer interaction as critical success factors. This business plan provides a comprehensive overview of the company's operations, strategies, and financial projections.

Running head: BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Name of the Student
Name of the University
Author Note

1BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Table of Contents
Executive Summary.........................................................................................................................2
Current Position...........................................................................................................................2
Growth plan.................................................................................................................................2
Business Background.......................................................................................................................2
History.........................................................................................................................................2
Goals/Innovation..........................................................................................................................3
-Short term goals......................................................................................................................3
-Long term goals......................................................................................................................3
Products or services.....................................................................................................................3
Intellectual property.....................................................................................................................3
Locations and outlets...................................................................................................................4
Business Strategy.............................................................................................................................4
Tactics..........................................................................................................................................4
Strategic Impact...........................................................................................................................4
E-commerce and technology.......................................................................................................4
Core Values.................................................................................................................................5
Credibility and risk reduction......................................................................................................5
Key team personnel and operations.................................................................................................5
Management structure.................................................................................................................5
Current team................................................................................................................................5
Retention and recruitment policies..............................................................................................6
Mentors and business support......................................................................................................6
Operations....................................................................................................................................6

2BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
SWOT and Critical success factors.................................................................................................6
SWOT..........................................................................................................................................6
Strengths-.................................................................................................................................6
Weaknesses-............................................................................................................................7
Opportunities-..........................................................................................................................7
Threats-....................................................................................................................................7
SWOT summary..........................................................................................................................7
Chosen strategy........................................................................................................................7
Critical success factors............................................................................................................8
Market research...............................................................................................................................8
Primary market research..............................................................................................................8
Secondary market research..........................................................................................................8
Market analysis................................................................................................................................8
Market opportunity......................................................................................................................8
Market structure...........................................................................................................................8
Market size and outlook...............................................................................................................9
Future markets.............................................................................................................................9
-Local.......................................................................................................................................9
-National..................................................................................................................................9
-International............................................................................................................................9
Target market...............................................................................................................................9
-Description.............................................................................................................................9
-Factors influencing purchase habits.....................................................................................10
-Meeting the market requirements.........................................................................................10
Competitor analysis.......................................................................................................................10

3BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
9. Financial plan.............................................................................................................................11
Start-up costs.............................................................................................................................11
Funding......................................................................................................................................12
Break-even date: December 2020............................................................................................12
Profit and loss forecast...............................................................................................................13
First year................................................................................................................................13
Second year............................................................................................................................13
Third year...............................................................................................................................13
Estimated sales.......................................................................................................................13
Estimated costs......................................................................................................................13
Estimated profit/loss..............................................................................................................13
Cash flow forecast.....................................................................................................................13
10. Marketing strategy...................................................................................................................15
Launch budget...........................................................................................................................15
Marketing budget.......................................................................................................................15
11. Business ownership structure..................................................................................................16
Directors....................................................................................................................................16
Other shareholders.....................................................................................................................16
12. Compliance..............................................................................................................................17
Legal and regulatory considerations..........................................................................................17
Sole trader..................................................................................................................................17
Partnership.................................................................................................................................17
Company....................................................................................................................................17
Insurance....................................................................................................................................18
13. Assets.......................................................................................................................................19

4BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Business premises......................................................................................................................19
IT................................................................................................................................................19
Requirements.........................................................................................................................19
Solutions................................................................................................................................19
Equipment..................................................................................................................................20
Requirements.........................................................................................................................20
Solutions................................................................................................................................20
References......................................................................................................................................21

5BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Executive Summary
The following is a business plan for the company Residential Independence Project
Limited.
Current Position
Presently, the organization is in the start-up phase, with a high growth rate. The company
has been operational for only three months. The company is involved in providing assisted
accommodation for living for people who are critically injured in transport accidents. The
company presently has around 10,000 customers in the state of Victoria. The company has
already completed building 200 houses with an overwhelming response from the customers.
There are 45 employees, three offices, and 12 distributors across various parts of Victoria. The
present revenue of the organization is 213 million AUD. The company needs to boost
profitability to cover for all the additional resources that would be required for further growth.
Growth plan
The short term growth plan is to acquire 2 billion in investments for 700 newly acquired
units. Hence, this would, in turn, help the organization to realize profits worth 400 million AUD
in half-year. The organization needs new investors to invest in its present projects. The idea is to
gain enough profits to invest in marketing to gain more customers. Subsequently, more profitable
projects would be undertaken. The organization plans to provide customers with more
customizations that would help them to overcome many of the challenges faced due to their
disabilities. Hence, the organization has great confidence in the growth of the business.
Business Background

6BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
History
The Residential Independence Project Limited is a three months old organization. The
company was founded to provide assisted living solutions to clients who were partially or wholly
disabled due to transport oriented accidents. The company is involved in providing assisted
accommodation for living for people who are critically injured in transport accidents. The
company presently has around 10,000 customers in the state of Victoria. The company was able
to complete 200 houses in its three months long operations. The track record is impressive as it
has been able to garner a customer base of 10,000 and expanded to three offices in Melbourne
within this short period.
Goals/Innovation
-Short term goals
 Gain investments worth 2 billion AUD to complete 700 new units
 Realize a profit of 400 million AUD in half-year
 Realize profits of around 800 million AUD by the year-end.
 Increase the customer base to more than 30,000 by the year-end
 Develop better marketing strategies to tackle the present competitive environment
-Long term goals
 Gain a market share of more than 20 percent in the next three years
 Increase profitability by 100% in the next three years
 Develop better relationships with investment firms and real estate businesses
 Expand to markets all across Australia
 Expand to major international markets
 Create a customer base that is more than 2 million in the next three years
Products or services
The business offers assisted living accommodation services to clients from the transport
accident commission. Most of the clients are patients suffering from brain or spinal cord injuries
received from road accidents. Most of them do not have any mobility or cognition and constantly
require support for independent living (Steele et al., 2019). The company builds houses and
apartments that provide automated facilities to help them lead relatively independent lives. The
clients suffer from serious irreversible injuries and need to live in houses that can help them to

7BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
get their support needs. The company provides them with exactly this type of accommodation
facility with the houses they build.
Intellectual property
One of the most important intellectual property (IP) that needs to be protected is
accommodation construction designs. The design elements are central to the quality requirements
of the business. Other important IPs are the logo and specialized customization aspects that the
organization offers.
Locations and outlets
The company has three offices in Melbourne. The company has offices concentrated in
North Melbourne.
Business Strategy
Tactics
The business tactics are to provide personalized accommodation services to the clients.
The focus would be on quality improvement as per the requirements of the customers. However,
the price range would be kept reasonable. Hence, product differentiation is one of the most
important business tactics that would be used by the organization. However, at the same time, the
pricing strategy would be kept competitive. The most important resources required are real
estate, investment and human capital. To further improve the business, the organization would
need to engage in effective businesses networking.
Strategic Impact
The number of people that get affected by road accidents per year in Victoria alone is
more than 327,000. There is a potential for the creation of a large market that can grow further as
the business expands. However, the market competition is increasing with many housing
companies entering the market for providing assisted living accommodation services (Park et al.,
2019). Many organizations are tying up with healthcare services to improve their market
performance prospects.
E-commerce and technology
E-commerce and technology are both very important aspects connected to the
development of the business. The customers are more than likely to opt for the services online.

8BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Technology is very important in all areas of business development. It is important in
construction, facilitating and marketing functions. The company would need to optimize
technological factors as per the requirement.
Core Values
The core value of the organization is to provide personalized support to all the clients that
opt for the services. The provision of effective services that can help the clients to live
independently is central to the operational philosophy of the organization.
Credibility and risk reduction
The implementation of Key Performance Indicators (KPIs) would help in maintaining
credibility in the organization. The reduction of risks is possible through consideration of
customer feedback. The credibility would be maintained further by maintaining quality
standards.
Key team personnel and operations
Management structure
The structure of the management would be based on the functional structure. There
would be separate departments for each of the important fucntions. The chairman and managing
director would the the head of the operations. Under him there would be the one director each for
the departments of marketing, finance, project and technology, sales and human resources.
Current team
Team members:
1. Name- John Wright
Position- Junior operations manager
Qualifications- Major in Civil engineering
Expertise- Design and construction
Track record- Excellent
2. Name- Andy Gray
Position- Marketing manager

9BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
Qualifications- MBA
Expertise- Marketing and Sales
Track record- Very Good
3. Name- Betty White
Position- Human Resources Manager
Qualifications- MBA
Expertise- Human Resource Development and ERP management
Track record- Very Good
Retention and recruitment policies
The recruitment process would include various levels of interviews depending on the
functional requirements for the job. The organization would utilize effective rewards and
recognitions strategy to retain the staffs that are already recruited. Appraisals would be done on a
half-yearly basis to keep the employees motivated.
Mentors and business support
The support business that the company would greatly rely on is real estate. The company
would need land to build the accommodation facilities for the clients. It is important to consider
the interior design and electric line support teams.
Operations
Operations are an important area for the organization. The support resources required for
this aspect is human resource. Additonally, systems, internet and software are required to
effectively run the operations. Other resource required would be construction materials, vehicles
and other machinery.
SWOT and Critical success factors

10BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
SWOT
Strengths-
The organization has very effective growth potential. This has helped the business garner
10,000 customers in a span of mere three months. The operations and quality management is
very effective.
In order to improve this further, more investmnts and better training facilities would be
incorporated.
Weaknesses-
The company does not have sufficient capital to meet the performance targets in the
upcoming months. There is a significant lack of investors.
To tackle this problem, the organization would need to attract investors by creating a
better portfolio and presenting it to potential investors.
Opportunities-
The market is growing greatly in Victoria and the rest of Australia in the next 6-12
months. The assisted living accommodation service customers are increasing due to the growing
number of road accidents.
The organization would take part in more large scale projects. The recent endeavor to
build 200 new houses would maximize the performance potential. Subsequent, projects would
help to realize the opportunities better.
Threats-
There are some major threats at this point in time. These are excessive competition, threat
of new entrants and the threat of decreased subsidization by the Transport Accident Commission
(TAC).
To reduce the threat the organization would have to improve its quality. There would be
more customizations provided to the customers concerning both the modification of existing
houses and building of new houses.

11BUSINESS PLAN: RESIDENTIAL INDEPENDENCE PROJECT LIMITED
SWOT summary
Chosen strategy
It can be said that the SWOT revealed the growth potential of the organization due to
effective management of operations. However, lack of investments is a significant weakness.
The opportunity that was most importantly found was the tremendous growth potential for the
market. Excessive competition, threat of new entrants and the threat of decreased subsidization
by the Transport Accident Commission (TAC) were found to be major issues. In view of the
same a product differentiation strategy is selected. Quality would be considered to be the most
important factor.
Critical success factors
Quality is the most important success factor. Additionally, customer interaction is a very
important success factor. Both these factors would help to know the customers better and
develop better relationships.
Market research
Primary market research
Primary market research would be done with the help of survey questionnaires that would
be distributed among people who are physically affected due to accidents. The issues faced by
the people and their accommodation preferences would be considered much importantly. Hence,
the survey mode of primary research has been given more preference. The sample size
population would be 50.
Secondary market research
This part of the research would be done by gathering data from various qualitative
sources. The most important documents that would be utilized would be documents for
demographic data, previous market research data, market growth charts and future market
prediction documents. The previous researches would be used to understand the past and present
market structure.
Market analysis