Business Plan for Smart Tech Solutions

Document Type:Business Plan

Subject Area:Business

Document 1

According to feasibility studies, there is growth in the level of reliance on the internet, use of the electronic model of business transaction and reliance on the technology, factors makes the venture suitable and viable. Still, the team leader of the firm has got passion and qualification in the technology and computing as well as communication skills. The services will be provided the on-demand basis, with service charges expected to be the main source of revenues. The chosen market space is the online market, targeting individuals, households, organization and institution in the UK before expanding to the international levels. The business will be a partnership, with a team of three individuals who are committed and passionate about the venture. After an intensive market study, it is evident that there is demand from the corporate world mainly in the UK segment is growing. Smart Tech Solutions is hence a viable and committed venture in the market. Objectives Smart Tech Solution focuses on the online provision of consulting services. The venture aims at ensuring customer satisfaction, something which the big firms do not meet. Services will be customized to meet the individual of organizational demands. There will be a provision of high-tech services through the online platform by a team of dedicated individuals. There are three main types of services which will be provided. They include website designing and hosting, application and systems development and consulting services in relation to technology and computer services. Mission and Vision Smart Tech Solutions venture exists with a mission of providing quality online services at affordable charges.

Sign up to view the full document!

The venture aims at utilizing the wide technology opportunities in the UK to serve the untapped market niche. The success of the venture is grounded in intensive research and innovation. The success of the clients is expected to raise a good referral in the market. The key to success will be grounded on listening to the clients, development of approaches which fit the market demand, flexibility and strategic alliance in the market. Ownership and Management The venture will be owned by a team of three individuals. The three partners have got skills and qualifications which make them have an added advantage for the success of the organization. He has skills of the developing system, hence will coming up with accounting software for the venture as well as for the other clients.

Sign up to view the full document!

The three members have got strong networking skills and are able to work for a team. Financials and Projections The main sources of capital for the venture will be personal contributions from the partners which will make up the owners' equity. The venture will be founded on equity and debt. The three members will contribute 60% of the total start-up capital. The choice of the city is chosen because of accessibility and competitive advantages over other places. Still, lack of time for commuting is another factor. The online operations are expected to lead to a growth of 20-25% in the first three months of operations. Services and Charge Descriptions Website designing: entail coming up with a customized web site for the client. The designing will entail coming up with features as per the client needs.

Sign up to view the full document!

There will be two levels of pricing methodology. One of them is bundle pricing strategy, whereby commodities will be priced as the bundle. For instance, software development and consultancy services can be tied to have low pricing as a bundle. The three core services will also depend on the size of the work and the input needed. Pricing will be done on the way to ensure that there is profitability. The launch of the venture will be done in an attractive manner which will attract the high number of clients. Growth in the individual demand is expected to rise is at the highest level, since most of the consulting services target individuals. The website designing and hosting are expected to attract 30-40% of the total market share. Market Segmentation The will use a segmented market in this case.

Sign up to view the full document!

There is a focus on the small choice of niche makes it easier for promotion and growth planning. Use of graphics and demonstration is expected to pass clear information. There will be the offering of samples through software and free consultation to create the good relationship with the prospective clients. Aggressive promotion is aimed at increasing the revenue generation after the launch of the venture. Competition Analysis The venture has got competitive advantages, though there are various challenges and competition that will be faced. There will be competition from the big organization such as Oracle Incorporation in the UK market. There will be training service and benchmark to ensure growth and market growth. Opportunities in the market include growth in the businesses which need the online services. Still, there is reliance on technology, making the business viable.

Sign up to view the full document!

Innovation is a great way of ensuring the success of the venture. The online venture will also capitalize on the social media marketing, therefore reduction on the costs associated with a promotion. A. Spinelli, S. and Tan, Y. New venture creation: Entrepreneurship for the 21st century (Vol. Burr Ridge, IL: Irwin, Page (53-64) Appendix Growth projection in the market for the next five years Financial analysis of the venture and sales forecast.

Sign up to view the full document!

From $10 to earn access

Only on Studyloop

Original template

Downloadable