SUBJECT- Final Business Plan Objective On successful completion of this assignment, students should be able to prepare a presentation of their business plans appropriate for presentations to investo

SUBJECT- Final Business Plan Objective On successful completion of this assignment, students should be able to prepare a presentation of their business plans appropriate for presentations to investo
Running Head: BUSINESS IDEA 0 Business Idea Gurleen Kaur 2019081614 Yorkville University BUSI 4046/4053- Final business plan Professor Nathan Arney Wednesday, October 19, 2022 Part 1: Business Ideas Introduction Establishing and growing of business is important for the individuals involved. The ability of the business to be able to survive into the future relies on the ability of the company to overcome competition. When the business can develop and grow then the likelihood of getting out of the market is minimized (Rauch & Rijskik, 2013). Starting a business is important for the company as well as the owners of the business. When the business can grow they are most likely to expand to new regions (Davidson et al., 2010). There are different business ideas that I have which I will look at and rank the one which I will be able to start since it’s the high-ranking one. Business idea For my business, I have three main business ideas that are restaurant business, sports clothing, and travel website. Three of these ideas are unique and profitable. But out of these, I have chosen only one for a final business plan. So, My business idea that I am desiring to develop is a travel website that assists people in knowing where they can affordably go as well as enjoy. There are internal and external factors that could affect this business idea. Internally there is some nation that has got strict rules concerning health, safety as well as security for protecting tourists, there is a challenge with accessibility, lacking some products ad services, the challenge in accessing quality goods and services, the value of the money plus the marketing campaigns which will affect the popularity of the website. Externally the website will be impacted by the exchange rate, competition from other websites, restrictions in traveling, emerging new markets, and weather where tourists will not be assured of good weather where they are heading to. For all people who are looking for something exciting and rememberable, I have a really good platform, that is ‘travel with us, this is a website for this travel worldwide. Our website will give an affordable and comfortable chance to people who want to travel but don’t have much knowledge and experience. This website will give them a wonderful experience, as we will provide guides for the people who really need them. By this even we our generating employment for people who want to travel and work, so this platform would be very beneficial for those employees. Last but not least, as every business needs to be profitable, so for that we take different charges from every customer, so, first of all, there are some registration charges for people who want to travel with us and need guidance for their trip like how much it expenses them, which location would be affordable and enjoyable for them as per there budget and so on. It would be free guidance for people who register with us for a year. Then depending upon the location and number of people etc. we will charge the trip charges. All the information is on the website, we are here whenever they need us. Our tagline is ‘YOU NEED US, THE WORLD NEEDS YOU’. References Davidsson, P., Achtenhagen, L., & Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneurship, 6(2), 69-166. http://dx.doi.org/10.1561/0300000029 Rauch, A. & Rijskik, S.A. (2013). The effects of general and specific human capital on long-term growth and failure of newly founded businesses. Entrepreneurship Theory and Practice (3), 923-941
SUBJECT- Final Business Plan Objective On successful completion of this assignment, students should be able to prepare a presentation of their business plans appropriate for presentations to investo
Running Head: PART 1 REPORT SUBMISSION 0 Part 1 Report Submission Gurleen Kaur 2019081614 BUSI 4046/4053 – Final Business Plan Professor Nathan Arney Sunday, December 4, 2022 Part 1: Business Ideas Introduction Establishing and growing of business is important for the individuals involved. The ability of the business to be able to survive into the future relies on the ability of the company to overcome competition. When the business can develop and grow then the likelihood of getting out of the market is minimized (Rauch & Rijskik, 2013). Starting a business is important for the company as well as the owners of the business. When the business can grow they are most likely to expand to new regions (Davidson et al., 2010). There are different business ideas that I have which I will look at and rank the one which I will be able to start since it’s the high-ranking one. Business idea For my business, I have three main business ideas that are restaurant business, sports clothing, and travel website. Three of these ideas are unique and profitable. But out of these, I have chosen only one for a final business plan. So, my business idea that I am desiring to develop is a travel website that assists people in knowing where they can affordably go as well as enjoy. There are internal and external factors that could affect this business idea. Internally there is some nation that has got strict rules concerning health, safety as well as security for protecting tourists, there is a challenge with accessibility, lacking some products and services, the challenge in accessing quality goods and services, the value of the money plus the marketing campaigns which will affect the popularity of the website. Externally the website will be impacted by the exchange rate, competition from other websites, restrictions in traveling, emerging new markets, and weather where tourists will not be assured of good weather where they are heading to. For all people who are looking for something exciting and rememberable, I have a really good platform, that is ‘travel with us, this is a website for this travel worldwide. Our website will give an affordable and comfortable chance to people who want to travel but don’t have much knowledge and experience. This website will give them a wonderful experience, as we will provide guides for the people who really need them. By this even we our generating employment for people who want to travel and work, so this platform would be very beneficial for those employees. Last but not least, as every business needs to be profitable, so for that we take different charges from every customer, so, first of all, there are some registration charges for people who want to travel with us and need guidance for their trip like how much it expenses them, which location would be affordable and enjoyable for them as per there budget and so on. It would be free guidance for people who register with us for a year. Then depending upon the location and number of people etc. we will charge the trip charges. All the information is on the website, we are here whenever they need us. Our tagline is ‘YOU NEED US, THE WORLD NEEDS YOU’. You can find our website www.travelwithus.com Part 2: CONCEPT STATEMENT Product/ Service description In coming up with the travel website there are different features that I will ensure exist in this product to make it easier for the visitors to navigate and search for what they want. In the development of this product customer satisfaction is key to the success of the product and to have a competitive advantage over our competitors the following features are involved in this product. The product has got straightforward filters that will make it easy for getting the destination results updated in real-time. The other feature the product will have is a predictive search which will provide the results based on the names of the hotels, city among others. The product will also have huge beautiful images for attracting customers to the website and keeping them hooked upon it. We will also have a customer review part where the travelers can provide feedback on their experience with the website and the areas they want to be improved upon. There is a favorite list in the product that will assist in remembering the fancy search you took The other features that will be involved in the product will be the simple idiot-proof calendars, clear prices, integration of google maps, and simple checkout. Target market In coming up with the travel website the main groups that we will be targeting will be business travelers, Family, Students, foreigners, etc. they are going to be the main focus of our business, it is easy for them to travel wherever they want. Benefits or value of a travel website The website will be acting as the meeting for reaching the customers with important information. Customers can also consult the website in areas they want to know more about and identify information concerning different places they want to visit before planning for a visit. This website will be important in planning their journeys and identifying the best locations they can visit. The other benefits of the website include: Being able to add multiple tour details on the website. The destination details can be uploaded using HD images. Any notice can be shared on the website. The testimonies about the experience can be shared on the website. On the website, there is a search option. There is an option for a virtual tour. Management team To ensure success in the development and running of the website there will be the following team members in place. A lead designer will be responsible for the roles of design. A lead developer will be responsible for setting standards concerning what should be written. An assistant developer will be working under the lead developer. Web manager is the last point before the corporate roles. A content producer will be charged with writing articles. A senior editor will be responsible for overseeing the editing work. Social media plus public relations coordinator who is responsible for how the company interacts with customers. The marking coordinator will be responsible for the marketing of the website. How our website is different from others? As we have researched so many travel websites, but no one is targeting small areas or groups of people who want to travel if I talk about students, it has a small group, but more the students who participate in subjects like traveling, photography, environmental studies, our site is best for them. we will offer them the best locations as per their preference and so on. This is how we are different from other sites. Part 3: FIRST SCREEN Part I: Strength of the Business Idea Extent to which the idea: Strong Takes advantage of an environmental trend Solves a problem Addresses an unfilled gap in the marketplace 2. Timeliness of entry to the market – Moderately timely 3. Extent to which the idea “adds value” for its buyer or end user – High 4. Extent to which the customer is satisfied by competing products that are already available- Very satisfied 5. Degree to which the idea requires customers to change their basic practices or behaviors- Small to no change required Part 2: industry related issues Number of competitors – Many Stage of the industry life cycle- Growth phase Growth rate of the industry- Moderate Importance of industry’s products and/or services to customers- Must have Industry operating margins- Moderate Part 3: Target market and customer-related issues Identification of the target market for the proposed new venture- Identified Ability to create “barriers to entry” for potential competitors- May or may not be able to create Purchasing power of customers- Moderate Ease of making customers aware of the new product or service- High Growth potential of target market- High Part 4: Founders’ related issues Founder’s or founders’ experience in the industry- Moderate experience Founder’s or founders’ skills as they relate to the proposed new venture’s product or service- moderate skills Extent of the founder’s or founders’ professional and social networks in the relevant industry- Extensive Extent to which the proposed new venture meets the founder’s or founders’ personal goals and aspirations- Strong Likelihood that a team can be put together to launch and grow the new venture- moderately likely Part 5: Financial issues Initial capital investment- Low Number of revenue drivers (ways in which the company makes money)- One Time to break even- Less than one year Financial performance of similar businesses- moderate Ability to fund initial product (or service) development and/or initial start-up expenses from personal funds or via bootstrapping- Low Overall Potential Part I: Strength of the Business Idea- High Potential Part 2: industry related issues – moderate Part 3: Target market and customer-related issues – Moderate Part 4: Founders’ related issues – High potential Part 5: Financial issues- low potential Overall assessment- Moderate Summary- I intend to start my business of travel website without possible investors to support the placement. However, with the expertise and knowledge about the market and the application of technology. I believe that the potential for success if the business idea is moderate. By doing this first screen I can able to understand what actually is needed for my company to start without investors in the beginning. Part4: DATA COLLECTION PLAN Business Model, which is a Firm’s Plan for how it Competes in the Market Travel businesses are an increasingly popular market for entrepreneurs and existing business owners alike. With the rise of online booking platforms and the ever-growing demand for travel services, this sector has an abundance of business opportunities (Geissdoerfer, Vladimirova, & Evans, 2018). A successful travel business must have a comprehensive and well-thought-out business model to maximize profits and customer satisfaction. Competitor Data Collection Plan The Competitor Data Collection Plan is an essential component of any business plan. It is a strategy used to identify the major competitors in the market and the strategies they are using to gain market share (Samir, 2019). This plan aims to provide the business with the necessary information to remain competitive in the market. A competitor data collection plan aims to identify and analyze the major competitors in a given market. This plan will focus on the travel business and identify the industry’s key players, their current and potential market shares, and the strategies they are using to gain market share. The data collected from this plan will inform the company’s strategies and tactics for gaining market share. Part 1 Major Competitors Expedia Orbitz Hotels.com Priceline Competitive Analysis Worksheet Competitor Expedia: Product/Service Offering: Expedia offers a wide range of travel-related services, including hotel bookings, airline tickets, vacation packages, car rentals, and more. Target Market: Expedia’s target market is travelers of all types, from business travelers to vacationers. Pricing: Expedia offers competitive pricing, often offering discounts and promotions. Marketing Strategy: Expedia’s marketing strategy is focused on digital channels, including social media, search engine marketing, display advertising, and email campaigns (Butuner, 2019). Strengths: Expedia is one of the most well-known and established travel companies, with a strong brand and a wide range of services. Weaknesses: Expedia’s user interface can be difficult to use, and its customer service is often lacking. Competitor Orbitz: Product/Service Offering: Orbitz offers a wide range of travel-related services, including hotel bookings, airline tickets, vacation packages, car rentals, and more. Target Market: Orbitz’s target market is travelers of all types, from business travelers to vacationers. Pricing: Orbitz offers competitive pricing, often offering discounts and promotions. Marketing Strategy: Orbitz’s marketing strategy is focused on digital channels, including social media, search engine marketing, display advertising, and email campaigns. Strengths: Orbitz is well-known for its user-friendly interface and excellent customer service. Weaknesses: Orbitz does not have as large of a selection of services as some of its competitors. Competitor Hotels.com: Product/Service Offering: Hotels.com specializes in hotel bookings, offering a wide range of accommodations from budget hotels to luxury resorts. Target Market: Hotels.com’s target market is leisure travelers looking for hotel accommodations. Pricing: Hotels.com offers competitive prices, often offering discounts and promotions. Marketing Strategy: Hotels.com’s marketing strategy is focused on digital channels, including search engine marketing, display advertising, and email campaigns. Strengths: Hotels.com is well-known for its user-friendly interface and excellent customer service. Weaknesses: Hotels.com does not offer as many services as its competitors, such as airline tickets or vacation packages. Competitor Priceline: Product/Service Offering: Priceline offers a wide range of travel-related services, including hotel bookings, airline tickets, vacation packages, car rentals, and more. Target Market: Priceline’s target market is travelers of all types, from business travelers to vacationers. Pricing: Priceline offers competitive pricing, often offering discounts and promotions. Marketing Strategy: Priceline’s marketing strategy is focused on digital channels, including search engine marketing, display advertising, and email campaigns. Strengths: Priceline is well-known for its user-friendly interface and excellent customer service. Weaknesses: Priceline does not have as large of a selection of services as some of its competitors. Part 2 Market and Industry Analysis Conclusion This market and industry analysis conclude that our travel business has an enormous opportunity to impact the industry. Our target market is travelers of all types, from business travelers to vacationers, and our offering includes hotel bookings, airline tickets, vacation packages, car rentals, and more. We have a competitive advantage as we provide a user-friendly interface, excellent customer service, and competitive pricing with discounts and promotions. We also offer a wider range of services than some of our competitors, which makes us more attractive to customers (Baek, Mohanty, & Glambosky, 2020). With the data gathered from our competitor analysis, we are confident that our travel business can successfully compete in the market. Part 3 Why have you chosen the particular entry point to start your venture? We chose this particular entry point to start our venture as a company because our travel business has a big opportunity to impact the industry. Our offering of hotel bookings, airline tickets, vacation packages, car rentals, and more, combined with our user-friendly interface and excellent customer service, will help my company compete successfully in the industry. What is a compelling need for your product/service? There is a compelling need for our product and services as a company because we offer a wide range of travel-related services that are tailored to the needs of travelers of all types. Our goal is to provide customers with an easy and convenient way to book their travel plans. Our user-friendly interface and excellent customer service will set us apart from the competition. Is a real problem being solved? Yes, we are solving a real problem by giving travelers a convenient and hassle-free way to book their travel plans. Our goal is to make booking travel plans easier and more efficient while also providing a wide range of options to meet the needs of travelers of all types. What indicates you will be able to compete successfully in the industry? The data gathered from our competitor analysis indicates that we can compete successfully in the industry. Our user-friendly interface, excellent customer service, competitive pricing, and wide range of services will help us stand out. Our digital marketing strategy will also help us connect with our target market and build brand awareness. References Davidsson, P., Achtenhagen, L., & Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneurship, 6(2), 69-166. http://dx.doi.org/10.1561/0300000029 Rauch, A. & Rijskik, S.A. (2013). The effects of general and specific human capital on long-term growth and failure of newly founded businesses. Entrepreneurship Theory and Practice (3), 923-941 Davidsson, P., Achtenhagen, L., & Naldi, L. (2010). Small firm growth. Foundations and Trends in Entrepreneurship, 6(2), 69-166. http://dx.doi.org/10.1561/0300000029 Rauch, A. & Rijskik, S.A. (2013). The effects of general and specific human capital on long-term growth and failure of newly founded businesses. Entrepreneurship Theory and Practice (3), 923-941 Baek, S., Mohanty, S. K., & Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance research letters, 37, 101748. Butuner, H. (2019). A practical approach to determining the competitive advantages of a business. American Journal of Operations Management and Information Systems, 4(2), 63-70. Geissdoerfer, M., Vladimirova, D., & Evans, S. (2018). Sustainable business model innovation: A review. Journal of cleaner production, 198, 401-416. Samir, M., Sharafeddine, S., Assi, C. M., Nguyen, T. M., & Ghrayeb, A. (2019). UAV trajectory planning for data collection from time-constrained IoT devices. IEEE Transactions on Wireless Communications, 19(1), 34-46.
SUBJECT- Final Business Plan Objective On successful completion of this assignment, students should be able to prepare a presentation of their business plans appropriate for presentations to investo
Running Head: PART 2 REPORT SUBMISSION 0 Part 2 Report Submission Gurleen Kaur 2019081614 BUSI 4046/4053 – Final Business Plan Professor Nathan Arney Sunday, December 4, 2022 Legal & Organizational Structure THE LEGAL STRUCTURE FOR THE ORGANIZATION: The travel website is usually an important business plan whereby it is essential to follow different global and regional policies for the business to thrive. Based on my business plan, the website will operate under a global perspective where travelers globally are likely to visit the website, search for different destinations, and be able to make the booking of both traveling means and accommodations in different destinations and restaurants. Based on this idea, online fraud policies are crucial to ensure that all customers’ private information is secured. Additionally, the organization will be incorporated to ensure that all corporate policies based on the traveling website are followed effectively. LEGAL FORM OF BUSINESS A legal form is an important aspect that every business must have to achieve its main obligations successfully. Based on this aspect, promoting the business idea is the first legal form to ensure that it complies with the global legality formation in the website business. To achieve this, an attorney will be involved in the business idea and the legality of different policies and regulations under the business act regulations. Different policies govern online business websites, and following all of the regulations is an essential aspect every organization must follow to avoid government policy obligations and ensure that customers’ data is kept secure. THE ORGANIZATIONAL STRUCTURE Having due most effective business structure helps the organization in the achievement of the organization objectives. There are different factors that an organization must follow to ensure that they have the most effective business structure for the organization towards making different decisions and resolving challenges that are faced within the organization. For the organization to achieve this decision, a hierarchical decision-making process is the most effective business structure that the organization will utilize. Under this structure, the decisions will be made under management rants from the junior employees to the organization’s CEO (Chiou, 2011). This structure will help make new and changing different policies within the organization to ensure that the organization’s culture is maintained toward the achievement of the organization’s objectives. IDENTIFICATION OF STRUCTURE Under the hierarchical business structure, different employees will be based on the regions for marketing purposes. Under this strategy, different leaders will manage the organization under numerous ranks and responsibilities. Organization CEO- responsible for managing overall organization operations and making final decisions toward achieving the organization’s objectives. Assistant CEO- responsible for supporting the organization’s CEO in making decisions and managing employees. Regional managers- responsible for managing different regional operations and reporting market challenges and possible solutions to the CEO. Website marketers- responsible for marketing the organization. Website designers and developers- responsible for maintaining the website and designing new features for the organization. Office management team- managing the office and maintaining it. PROCESS AND TECHNOLOGY OF PRODUCT OR SERVICE To achieve the organization’s objectives, it is the role of the organization to utilize the most effective process and correct technology. Based on the business idea, integrating different website designers is the process that will ensure that different innovations are involved in the business. When different designers are involved, innovation and professionalism are highly involved in improving the website and making it easily accessible and understandable by the users. On the other hand, utilizing JavaScript, cobra coding language, and other new security available technology are the types of technology we will utilize for the website (Jeong, 2012). Under this technology, the website will be professional and achieve its major objectives. WORK STRUCTURE There are different website designers and business management individuals who will be involved in designing the website and its management. Based on the idea, each professional will be responsible in their field of professionalism to ensure that the website achieves its major objectives. There will be professionals who will be managing the designer’s teams. In contrast, others will be responsible for different website features like database, website coding, and secure coding to ensure that the website is secure against wrong intruders and that the customer’s data is kept secure. Additionally, customer relationship management will be the most effective process to ensure a good relationship between the organization and its customers (Mohd-Any, 2015). Collaborative CRM is usually the strategy the organization will use to build a good relationship between the organization’s management, employees, and customers toward achieving the organization’s objective. THE LINES OF AUTHORITY AND RESPONSIBILITIES As stated in the previous question, the organization chart on authority and responsibilities is as stated. Organization CEO- responsible for managing overall organization operations and making final decisions toward achieving the organization’s objectives. Assistant CEO- responsible for supporting the organization’s CEO in making decisions and managing employees. Regional managers- responsible for managing different regional operations and reporting market challenges and possible solutions to the CEO. Website marketers- responsible for marketing the organization. Website designers and developers- responsible for maintaining the website and designing new features for the organization. Office management team- managing the office and maintaining it. Market Research & Marketing Plan MARKET RESEARCH In the case of a travel website, we expect the website to be accessed by individuals from anywhere globally. We expect to have close to one million visitors to our site globally. In the current world, people are willing to visit sites globally, making the tourism sector continue growing. The website targets middle-income and high-income individuals willing to travel to different destinations globally. We are also considering young people of different sexes accessing our website daily. Out of the one million individuals accessing the site, we expect to get 10% of the individuals who are 100,000 that will be using our online services for their trips globally every month. Currently, the target market is growing, and most people want to make bookings and reservations from the comfort of their homes, so our website will be able to provide these services. BARRIERS TO ENTRY One of the barriers which our company is facing is high startup costs. Coming up with a travel website is, at times, expensive since you have to cater for the advertisement fees, pay the web designer and hire experts to run your website. In the website’s marketing, we expect to incur high costs since we are new in the market, we have to advertise more to be known by the users. The issue of high costs will be solved by welcoming investors on board who can provide funding for the website. The owners will also use their savings to invest in the website. THREATS AND OPPORTUNITIES Threats The first threat is the change in government regulations. Since some countries have strict laws concerning websites, this will limit our breakthrough into the market, affecting our penetration. Advancements in technology could threaten the company since it will be costly for the company to manage. Competition is the other threat since we have got companies which are well established and we have to compete with them. Opportunities Going mobile. Leaving no room for ambiguity. Making the site search smart as well as simple. PRODUCT/SERVICE FEATURES AND BENEFITS Consumers who have an appropriate need for the services can access the website. Upon opening the attractive pages that have color graphics as well as easier to use plus interactive format, the user will be able to see three categories which include: Areas to visit Reservations Other services. This will make it easier for the clients to view where they are interested in visiting and make their booking by comparing prices. TARGET CUSTOMERS The customers we are targeting with our services are individuals with families between the ages of 20 to 70 years. Both males and females will be able to get benefits through our website. More so, we will target colleges and schools willing to visit different areas globally and locally. The average income for our target customers is $1000. KEY COMPETITORS Our competitors in the market are well-established brands like booking.com and Expedia plus trip.com (Statista, 2022). The companies offer online booking services, reservations, plus flights. As strong brands in markets, we will have to provide discounts to our customers to attract them to our services. POSITIONING/NICHE Our company will provide a comparison of different places to visit where the customers will be able to compare the amount they can spend for the visit. We will provide pictures to our customers where they can see different features in a place before they can make their booking for travel. PROMOTIONAL BUDGET At the start of the website, we expect to invest $50,000, catering to advertising expenses and promotion to make it known globally. On an ongoing basis, we will be investing $5,000 every month for advertisements across different platforms. PRICING For the users who register to use our services, we will charge them a fee of $160 annually for membership, and for every booking they make, we will be charging 5 of the total amount. References Chiou, W. C., Lin, C. C., & Perng, C. (2011). A strategic website evaluation of online travel agencies. Tourism Management, 32(6), 1463-1473. Jeong, C., Holland, S., Jun, S. H., & Gibson, H. (2012). Enhancing destination image through travel website information. International journal of tourism research, 14(1), 16-27. Mohd-Any, A. A., Winklhofer, H., & Ennew, C. (2015). Measuring users’ value experience on a travel website (e-value) what value is cocreated by the user? Journal of Travel Research, 54(4), 496-510. Statista Research Department, (2022). Market cap of leading online travel companies worldwide in 2021, https://www.statista.com/statistics/1039616/leading-online-travel-companies-by-market