You are starting your own business! You will need to develop a formation plan. I

Question

You are starting your own business! You will need to develop a formation plan. In formulating your plan, respond to the assignment below. You should use the textual materials presented in the chapters and you may also utilize electronic resources in the development of your plan although you will need to identify those resources used in the bibliography to your plan.

Business Plan Assignment –

1 .Type of Business:

2 Name of Business: How will the business be organized? (Sole Proprietorship, General Partnership, etc.) Why did you choose this form? (Note: In responding to this question, identify the strengths and weaknesses of this form of ownership and explain fully why, after consideration of all of those factors, you determined that this form of ownership is the best for your business.)

3. Will you be forming the business with anyone else? If so, identify that person.

4. What “formation documents” will be necessary to form this business?

5. What licenses or permits, if any, will be necessary to form this business and from where will they be obtained?

6. How will the business obtain its initial capitalization? Who will manage the business?

7. What agreements will be needed to organize and begin the operation of the business?

8.What other steps will be necessary for the development/implementation of this business?

9. Resource Bibliography: Identify the resources you consulted and the type of information gained from that source. Prepare a thorough annotated bibliography. If the resource is electronic,

Explanation / Answer

Hi - We can only answer first four parts, please post the other parts separately so that we can answer. Thanks

1 .Type of Business:

Business Category: IT Application Services

Unique Selling Proposition:

My brand will focus on providing new age IT services in the Digital World and is different from run-of-the-mill services provided by the existing IT players. The current players still focus on legacy methods and tools to offer their services to the client, which is no longer required in market. To fill this void, I have launched NewGenIT to focus on new world digital services using agile development methodologies. So, this message is marketable across the world, where there is still very less competition.

2 Name of Business: How will the business be organized? (Sole Proprietorship, General Partnership, etc.) Why did you choose this form? (Note: In responding to this question, identify the strengths and weaknesses of this form of ownership and explain fully why, after consideration of all of those factors, you determined that this form of ownership is the best for your business.)

Brand Name: NewGenIT

Logo: NGIT

Slogan: New Generation IT Services for a Digital World

Global Competition: IT services firms like IBM, Infosys, Accenture, TCS, etc.

Distribution Network: We will leverage only online channels for any sales in North America for a couple of years. Once we develop scale, we will expand in global markets.

Pricing: The charges will be related to outcome-based pricing. If we deliver the outcomes promised at the start of the project, we will get the agreed fees and other service charges.

Promotion: Online and Social Media Channels, SEO (Search Engine Optimization)

Global Marketing Strategy will position the brand as the new services focused company delivering Digital Transformation for the clients. The marketing will focus on showing real clients and the benefits delivered to them through our services. This will create an immediate connect with prospective buyers and clients. The promotion audience will be only Fortune-1000 clients initially.

The business will be a Sole Proprietorship.

Strengths:

Weakness:

No, I will be founding the business alone.

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