New venture Business plan
Word count: 3000
The question:
Imagine that you have a business venture idea and you want it to be real. The business idea is introducing a smart T-shirt that monitor blood pressure, heart rate and count calorie for sport activities .your market is the wearable technology market (fitness and sport). The product will be working with a smart-phone application which enables users to read out the information that the small chip in the shirt is producing.
Section One: The Business Venture Vision (only view words in this section)
• A brief description & explanation of what your business will do
• Vision and business goal (turnover/ market coverage). First 12 months & for next 2-3 years?
• What makes the business different from other competitors who are already in the market?
Section Two: Market Segment and Value Proposition
• Define and describe your market (Overview of market/ what is changing/ trends? Statistics )
• Market research to substantiate demand (Secondary )
• Understanding your target customers (who are they /define them by age –region -etc.…)
• Identifying your competitors (competitors analysis: Key competitors in the market sector you are targeting who are doing similar idea to the product that you are introducing (identify their strengths & weaknesses)
• Define your value proposition (core value proposition, USP)
Section Three: Marketing Strategy
• Launching your business (creating an identity, building your brand)
• Developing a communication campaign (Promotion and advertising – product awareness and encouraging customer loyalty)
• Communication channels/media (online and offline)
• Pricing strategy (this should relate to section FOUR)
• Location and distribution strategy (in this section you should state how you are going to reach customer. Please state that we are going to sell the product in big sports retailers such as sport direct and others) …
Section Four: Finance
• Start-up costs- capital items/ consumables/ overheads
• Required start-up capital (how much needed and where does the money come from)
• Outline cash-flow forecast for the first six months of operation: (Your figures will be projections based on realistic sales & expenses.)
• Projected Profit & Loss Statement.
*You must use the same section headings. However you are encouraged to place emphasis on particularly relevant parts of any section. Be original, imaginative, innovative and creative. Begin each section on a new page. The content of each section is your own decision and should show deep analysis and understanding of the Business Planning process . Also consider what you write from the perspective of a potential investor who may be prepared to give financial backing to your venture.
*please include some relevant appendices.
* Please include relevant references, more than 15
*set up the price of the product as taking the account of competitors, also try to reduce costs as much as possible.
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