Business Plan Project I personally think one of the best ways to start a busines
ID: 332596 • Letter: B
Question
Business Plan Project
I personally think one of the best ways to start a business is through an online business. With the use and expansion of online shopping I think it would be one of the best routes to go. Going through big companies like Ebay, Etsy, or Amazon is a boost. For example, by being an amazon seller, it helps to start a business in the sense that it gives you a good customer base to build a brand.
On basis of the product it can either be trending or it can be a product that is a niche product that is specifically looked for. The problem I am having is trying to think of a “product”.
By doing an online business although it is still a lot of work, I think it provides flexibility and can be beneficial. As for type of business this is it is an LLC (Limited Liability Corporation) which comes with its benefits such as, tax flexibility and limited liability in relation to the company.
Below are some websites I found of products along with some of the business trends. I think this can help with us along the line to find the an group to target, retail price, and help to see the success of the business.
I would honestly be okay with any product whether it be for a guy or girl, since I am the only girl it is okay if we go for a guy product. The only thing though would be that I think the product should be something below $50 dollars. I will go online and look for products and see my past history purchases.
I am so sorry for not finding a product… ? I am very bad at making these decisions, but once we have it I can easily do the rest without a problem and do my part.
https://services.amazon.com/amazon-business.html
https://blog.getpayever.com/what-to-sell-online-in-2018-the-best-products-trending-now-b2d4cfd32fce
https://greatperformersacademy.com/entrepreneurs/top-25-most-trending-products-to-sell-online-in-2018
https://www.oberlo.com/blog/trending-products
https://www.metrilo.com/blog/ecommerce-trends-niche-products
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Business Plan: Part 1 Due 4/12
1.1 (Page 3)
Cover sheet: Business name, street address, phone number, names of owners, date the plan is issued
1.2
Background info: general nature of business, retailing, manufacturing, product or service provided, what's unique, why you believe that business will be successful.
1.3
Summary statement of business financial needs (if any)
1.4
Statement of confidentiality to keep important info away from potential competitors.
1.5
# of skilled and nonskilled jobs the business will create, and indicate how purchases of supplies and other materials can help local businesses.
1.6
Describe how providing needed goods or services will improve the community and its standards of living.
1.7
State how company can develop new technical, management, or leadership skills; offer attractive wages; and provide other types of individual growth.
2.1: What is the legal form on your business?
The legal form of ClassComm is: LLC (Limited Liability Corporation).
Why ClassComm should be a LLC?
1. An LLC allows you to define who the “members” are in your company, and you can assign what percentage each member owns.
2. Taxation is another reason why developers should consider forming an LLC. Without an LLC, the developer is required to pay expensive self-employment taxes. One main advantage of a limited liability company rests in how the IRS treats the business under tax rules. Usually, an LLC is taxed as a partnership or a sole proprietorship, which means that the LLC pays no federal income taxes. The profits and losses are passed through to the members. Each member reports his or her share of profit or loss on his or her personal tax return.
3. Most importantly, your personal assets won’t be at risk if the LLC incurs debt or is sued.
4. As a new app developer once the app is ready to be registered, for example on the App Store, Apple will give the option to enroll as an organization. From a marketing standpoint, being an official organization in the App Store may make you more credible to potential buyers. The only visible difference when registering as a business or LLC when developing apps is how your name appears in the App Store. Apple states:
“ If you enroll as a Company, your legal company name will be displayed as the ‘seller name’ in the App Store and you will have the ability to add additional members to your development team.”
2.2 What license or permits will you need, if any?
The following license/Permits are needed:
LLC and Business license fees - The average is around $1,000 depending on the state.
Software licenses - $1,000 to $2,000 per person.
end-user license agreement- once developed
Google Play License- $25 one time fee
Apple Store License- $99 yearly fee
2.3 Is you business a new independent business, a takeover, an expansion, or a franchise?
ClassComm is a new independent business, for it is a new idea with new programming.
2.4 If you are dealing with an existing business, how did your company get to the point where it is today?
We are a new business so we are in the building stages as a company and our product.
2.5 What does your business do, and how does it satisfy customers’ needs?
Class Comm provides an app to consumers that allows students to communicate with various groups in different ways in an efficient way.
2.6 How did you choose and develop the products or services to be sold, and how are they different from those currently on the market?
Our product will be released on the apple and android market platforms. This allows the majority of consumers to easily access the service through their phones. Class Comm differs from other services like Groupme or group messages by starting from the class and joining in. Apps like groupme start with a person and people are added into the group by others. Class Comm has all classes at the University listed and you can join rather than be invited. Also there will be different levels of groups to choose from. Examples could include; All University, Specific College, Specific Major, Specific Subject, and for the most detailed groups you can join your section of a particular class.
2.7 What industry do you operate in, and what are the industry wide trends?
Our product will be operating in the Social Networking industry. Trends for this industry include; The use of advertisements on their platform in order to gain a profit, connection between social media platforms in order to elevate the users experience, and streamlined use of AI to make the platform more user friendly.
2.8 Who are the major competitors in your industry?
Our main competitor will be Groupme. This social media app is a good app but also has a strong foothold in the college community, which is our main target group.
2.9 Have any business recently entered or exited? Why did they leave?
There have not been any business to enter or exit the market in the recent past.
2.10 . why will your business be profitable, and what are your growth opportunities ?
Yes my business can be successful and can grow into a big chain business on its own due to the following reasons:
1) Fast decision making :- As I would be the single head to take decisions,it would be faster and easier as my aims and goals are concise and clear to me.
2) Competition:- The only option in this competitive market with homogeneous products is reducing price by cutting cost. This will be done by making optimum utilization of resources and reduction of waste.
3) X-factor:- To make a business successful, the most important thing is the X-factor,which makes it more attractive than the competitors.
4) Technology:- All the latest technologies to reduce cost and increase efficiency will be used for making services and products better. Constant upgrading is the key to being on top.
5)Customer Service:- The easier way to earn higher and constant profit is to keep existing customers happy,and always keeping in touch and taking feedbacks from them. It is more cheaper and more reliable than getting new customers.
2.11. Does any part of your business involve e-business?
Yes, Electronic-business (E-business) is used in the app business in the following way:-
1) it websites for e-business in selection and booking of rooms,and the services required by the customer.
2) Added requests and custom services
3) Customer Relationship Management is done by taking regular feedbacks and complaints through it.
4) Security of the financial data is done through various spam jamming and anti-virus and anti-hacking software.
5) Payments for products and services are also made through e-business, which makes it comfortable and faster for customers.
****** ***********can you answer these questions with add resource ? i want connect the answer for these question with previous answer in above(read carefully above).
please if you do not know the answer ,don't just try. because these questions for my presentation.
(the topic for business Foundation MGMT)
subject(Building a business plan)
*********** answer these question related in the above 3.11, 3.12:
3.11) How will you control quality,inventory, and production ? How will you measure your progress?
3.12) Is there sufficient quantity of adequately skilled people in the local labor force to meet your nedds?
Explanation / Answer
ECommerce is one of the most important that forms available connecting sellers with buyers across the globe. Be it an Amazon, Flipkart or Alibaba, they have helped many local businesses sell globally.
One of the products which can be considered for sale on the eCommerce platforms is chamomile tea.
It is a niche product to sell and e-commerce will help deliver the teati remote areas as well where it might not be easily available otherwise.
Chamomile tea has several herbal benefits like boosting immunity, reducing stress, treating cold and helping sleep to name a few. The tea has a strong story to be sold for its intended consumers.
An LLC is a good entity to form to start up the business due to the legality and taxation involved.
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