Business Plan: Innovative Idea

Business Plan: Innovative Idea

Question

Business Plan: Innovative Idea

Answer Solution

PROPOSAL TO ANGEL INVESTORS;

The process, procedure, services, and products that are novel to the world and designed to meet a variety of individual requirements are all examples of innovation.

Innovation becomes even more significant in the business world when it results in the establishment of a distinct identity for the company in contrast to that of its rivals.

Flexible prices that fit everyone’s budget.

Part 1: Digital advancement:
Concerning digital innovation:
An electronic database and online selling and purchasing platform for buyers and sellers of secondhand and used goods is the digital innovation on which the business plan will be based.

Customers will be able to easily sell their unused goods, such as mobile phones, televisions, other electronic equipment, automobiles, and other household items, through this innovation’s online service.

Additionally, this database assists buyers in acquiring used and secondhand equipment at reasonable prices.

According to Woessner (2011), the innovative service that has been proposed will thus be helpful in providing a specific platform for the meeting of sellers and buyers of used goods.
The customer must register on the e-database in order to take advantage of this innovative digital service.

After this, he can either advertise his used products for resale on the internet or sell them directly to the business at negotiated prices.

The buyer, if he or she is interested in purchasing the product, can also purchase it from the business or get in touch with the seller.

This innovative service will save sellers and buyers time and effort when it comes to selling and buying used goods at fair prices.
The digital innovation has solved the following problems for consumers:
Customers will be able to solve their issues with disposing of old automobile, electronic, and household appliances at the prices they prefer thanks to the presented digital innovation, which has the potential to prove to be both useful and efficient.

In this setting, it is common for people to be unable to locate buyers for their used goods, which prevents them from determining their goods’ adequate value.

In a similar vein, customers who are interested in purchasing a product but unable to afford new ones also face similar challenges.

They require used and secondhand goods in good condition at reasonable prices. In this context, there is no particular platform where second-hand product sellers and buyers can meet and fulfill their requirements.

In addition, the presented digital innovation will enable sellers to attract a diverse customer base, enabling them to offer their products at the most competitive prices.

In addition, from the perspective of the buyers, the most pressing issue is the condition and quality of the used product that will be purchased.

Buyers will be able to compare and negotiate on the basis of the commodity’s quality and condition thanks to the innovative digital database, which will allow them to explore a wide range of options for secondhand goods.

In addition, the proposed electronic database will serve as a centralized marketplace for used goods and services. To put it another way, sellers can also sell used goods to the E-database directly, and buyers can also buy goods directly from the e-database.

As a result, the presented digital innovative services may prove to be quite effective and fruitful for both sellers and buyers of secondhand goods, allowing them to save time and effort in determining the appropriate value of used and secondhand goods.
do-my-assignment Competitive research and advantages over rivals:
There is very little competition for the e-database services that have been presented.

There are only a few websites that offer these kinds of services to customers.

Although there are a number of different websites that provide a digital platform for the meeting of sellers and buyers, such as Amazon and Alibaba.com, they only offer services for new products (Plunkett Research Ltd., 2008).

The e-database that is being proposed will not be like these services because consumers can sell or buy used and secondhand goods through these services.

In addition, the e-database will not only serve as a meeting place for sellers and buyers, but it will also act as both sellers and buyers of used goods.

This will save sellers and buyers time and effort searching for the best products.
Market and customer information:
People from the common and middle classes who want to sell their old and used goods will be the primary customers of the proposed E-database services.

In order to persuade people to use the E-database’s services, the middle-class population will be targeted, as these individuals cannot afford highly pricier goods.

The low cost and prices of used products will be proven to be an effective aspect and requirement for both attracting and retaining customers.

Some of the most important and advantageous aspects that are associated with the innovation, which will attract more customers for the innovation, will be the simple availability of the products, the low cost of purchasing them, and the simple handling of the process.
The innovation’s drawbacks and issues:
Even though the innovative service plans that have been proposed have a lot of good things going for them, there are still a few important things that could cause problems.

For instance, the most pressing issue pertaining to innovation is whether or not the innovation will be accepted by the market. The generated business idea is one of the most innovative and novel concepts, but its market success is uncertain.

In addition, in order to commercialize this business idea, it is necessary to obtain a significant amount of financial and technological resources.

Arranging such a significant amount of resources is not an easy task for the new company. In addition, in order to implement this business concept in the most efficient manner, skilled and experienced personnel are required at the outset.

One of the innovation’s fundamental issues is acquiring the trust of customers and recruiting skilled workers.

One of the most important aspects and drawbacks of innovative ideas is the requirement of a highly expensive and responsive server in order to maintain such a large and highly automated database.
The future of your innovation: sample-assignment-help-services-for-students-assignment-help
Because this idea will be useful in examining the industry’s opportunities, the proposed innovation will have a bright future. The planned innovation will be very helpful in resolving a number of problems people have with disposing of old goods. Regarding this, it is anticipated that people will readily adopt this service because it will enable them to retrieve the pure and maximum value from their used goods.

According to Plunkett Research Ltd. (2008), the business will also expand into the sale and purchase of old goods in the future to maximize overall profits to a significant level.

The company will initially only have a presence online, but in the future, it will also have a retail location in the city where customers can shop for and sell the necessary equipment.
Evaluation of the initiatives’ level of success:
The benchmarking method will be used to evaluate the planned initiative’s success.

Using specific measurement criteria, this method will determine whether or not an initiative was successful.

For instance, the evaluation criteria for determining the initiative’s success include the total number of registrations. The success will be measured against a predetermined number of registrations.

According to Stair and Reynolds (2013), the actual number of registrations in the database during particular months will be recorded.

A comparison of the actual and benchmarked number of total registrations within the E-database over a specific time period will be used to assess success and failure.

Part 2: The company’s description According to Andersen et al. (2003), a number of international businesses want to establish an electronic platform through which they can offer services for buying and selling new goods and services.

In the same series, Digi.com is a new company that wants to implement a new electronic platform for buying and selling to local and international customers.

This platform will make it easier for customers to sell their products to the company, and the company will sell the products to buyers at a price set by the sellers.

The business itself will handle all operational tasks.

The following discussion provides the additional company-related description.
Sector of the company:
Through the growth of its portals, the company will engage in the mobile and online selling industries.

According to Plunkett Research Ltd. (2008), there are a number of new businesses operating in this sector that offer customers a wider range of options for purchasing and selling a variety of old goods.

Despite the fact that there is not a lot of fierce competition in this sector because it is a newly established sector in which there are not as many players that could pose a threat to the company’s operations.

Because it provides consumers with novel types of services that they were unable to access prior to the industry’s emergence, this sector has become a center of attraction for global customers.
custome-assignment-help-services The Company’s Main Products and Services:
In order to establish a solid business position on the international market, the company will deal in a wider range of products and services.

Customers will be able to get services for buying and selling from the company.

The company’s services will be very different from those of other businesses that offer old-goods online buying and selling.

This is due to the fact that Digi.com will acquire the products from sellers and sell them to interested customers.

These services will provide customers with a unique and differentiated base because they will make it easier for customers to communicate with a variety of buyers and save them time.
In addition, the company’s services will save money because buyers won’t have to deal with as many sellers because they will contact the company directly and get a wider selection of products from its list (Woessner, 2011).

The company’s services will also take care of the negotiation process. In its services, the company will deal with a wider range of products, including commercial and household goods.

Home furnishings, electronic goods, automobiles (cars, scooters, and bikes), mobile phones, and even real estate products will make up the company’s primary product line.

The company will be able to gain a significant share of the market even during its infancy if it is able to offer a wider range of products and services.
Mission and vision of the company:
When starting out, every new business must first establish its corporate mission and vision to establish a clear path to achieving its business goals and objectives (Mooij, 2009). Digi.com will have its own unique corporate vision and mission in the same series.

Serving the global customers beyond their expectations through easier and convenient transaction modes” will be the company’s corporate mission.

This company’s mission statement will be very eye-catching for the company’s new customers, and it will inspire the company to offer more innovative services to them. “To achieve a differentiated and unique market position in its industry to win long-term competitive advantage through serving customers at the best possible level” will be the company’s vision.

The company will achieve its business goals of providing superior services to rivals in order to gain a competitive advantage in its own sector with the assistance of this vision.

Business Strategy A company’s business strategy is a method for achieving its desired end goals.

The company will use a competitive strategy in the early stages of the business.

The company’s competitive strategy will enable it to provide superior business services to competitors.

According to McGrath (2013), the company’s strategy is to effectively compete with its rivals by implementing its own new, innovative services rather than copying their ideas.

The business will proceed in two primary ways under this business strategy.

In order to establish itself as a market leader in its sector, the business will first offer its products and services at lower prices than the general public. In the long run, the business will be able to benefit from economies of scale thanks to this initiative.

In addition, the business will have a differentiation strategy under which, in order to expand its market share, it will offer services that are distinct from those offered by rivals and are better.

The company will be able to successfully launch its operations if this business strategy is followed up on.
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The company’s corporate structure will take the form of a functional structure.

Because it is suitable for single-service organizations, this model is the best fit for the company.

According to Ireland, Hoskisson, and Hitt (2008), this format is followed in the form of a standard business structure in which various departments organize business operations.

This structure is the most favorable and supportive for longer-term business operations for newly formed organizations.
Principal business procedures:
The creation of an online portal for customers will be the company’s primary business procedure.

Customers will be able to buy and sell directly to the company through this online portal.

The company will interact with buyers and sellers as part of its business procedure.

Customers won’t be allowed to talk to each other. Time and money will be saved through this business procedure.

According to Brocke and Rosemann (2014), the business will directly acquire the products from the sellers, store them, and record the sales. It will display the products’ specifications, features, and prices on its online portal.

Customers who are interested in purchasing any product from the company’s list will contact the company via its website. Buyers and sellers will not have to interact with the company during its business process.

The company’s business procedures will be followed by an interactive online portal.
Relationships with Other Organizations The brand-new business will have several relationships with other organizations.

The investor will be the first outside party with whom the business will interact.

According to Doh and Stumpf (2005), the business will endeavor to obtain significant investment support from this entity in order to flourish and achieve success in the business.

In order to comply with all governmental regulations and operate as a legal entity, the business will also have relationships with the government.
During the initial stages of the business, there may be some risks for the new company.

The threat of competition, inadequate capital, and supportive market base are the company’s primary threats.

The company may face competition from rivals during the initial phase, and even customers who are not familiar with these new services will not be able to support them (Reuvid, 2012).

To address these issues, the business should first conduct thorough market research and employ efficient advertising and promotion strategies to familiarize customers with its offerings. The company will need to inform investors of the need for capital to run the business in order to address the lack of capital.
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Part 3: Infrastructure and requirements for technology Since the business will be conducting its operations electronically, it will require a robust information system base.

The information system base will help the business provide the best possible customer service.

In order for the business to have a good level of integration with the suppliers, facilities for the information system will also be required.

Since interacting with sellers and buyers is the company’s primary functional area of business, it will need to maintain high operational efficiency to enable customers to integrate with the business more quickly and effectively.

With the assistance of an information system, the company is able to acquire customer-related data, process it, and provide employees with relevant information to enable them to serve customers in the desired manner and maintain positive relationships with them.

The company will provide employees with the necessary training to deal with the information system so that they can upload customer data diligently (Yip and Bink, 2007).

Customers will also be able to access information about the business thanks to this.

To have integrated information, the business can also use an Enterprise Resource Planning (ERP) system.
Information Technology Needs:
According to Stair and Reynolds (2013), the company’s information systems will require a transaction processing system (TPS), which will also require well-organized human resources, as well as business procedures and databases to efficiently record information pertaining to business transactions.

Using a business system as the company’s information base, it will be possible to integrate a variety of business activities, including integrating with suppliers, managing inventory, purchasing supplies from sellers, and communicating with customers.

The company is able to maintain its operations with high efficiency by maintaining a database.
An automated customer relationship management tool should be implemented by the business for effective customer relationship management.

This tool places a strong emphasis on customer interaction while also taking into account broader information technology aspects like the internet, computer integration, interactive service offerings, keeping track of customer purchase patterns, and advancements in information and communication technology (IRMA, 2010).
IT infrastructure that is needed:
The company will need to set up an effective IT infrastructure in order to make the implementation of the new information system operationally viable and viable.

This will ensure that the information system base is well developed and supportive.

At the very beginning, there ought to be a cutting-edge and sophisticated telecom infrastructure.

To ensure that all business stakeholders are connected, the telecommunications infrastructure needs to be realistic. Broadband usage should also be widespread and the number of internet service providers should be sufficient (Bidgoli, 2004).

The company’s connectivity with sellers and buyers is enhanced by broadband infrastructure facilities.

In addition, the company’s physical infrastructure needs to be strong enough to carry out e-commerce activities in a regular and effective manner.
sample-assignment-service-provider The business will also need to set up a solid hardware foundation in order to make customers’ basic business transactions simple (Loughlin, 2010).

In order to develop a well-organized and integrated information system that enables the business to save money on operational expenses while also adapting to the shifting requirements of its customers, the IT infrastructure’s hardware and software components must be in good alignment.

In terms of system efficiency, accuracy, and reliability, the developments in the infrastructure ought to be quite transparent and effective.

Part 4:

Key Takeaways and Conclusions Finance:
The following is a list of the new company’s overall projected profit and loss accounts for the next three years:

A company must be able to generate a significant amount of profits and revenues in order for a business proposal to be viable.

This will allow the company to provide investors with sufficient returns.

The aforementioned projected estimated income statement for the next three years can be used for this purpose.
In the beginning, in addition to the existing capital funding, the project will require approximately $100,000, which will be secured from external investors like angel investors.

The project is anticipated to yield returns of approximately 20% in the initial year, 25% in the subsequent years, and approximately 30% annually beginning in the third year.

On the basis of these financial assumptions, it is possible to conclude that investing in the innovative e-database-based new company will result in long-term success and effectiveness for investors.

Due to the high fixed costs and high initial costs of starting a new business, the initial returns won’t be very high.

However, in the long run, this venture will prove to be a very good business investment for investors.
Key Findings and Conclusions:
The business plan that was presented has reflected some of the essential planning and business activities that can be regarded as quite effective and essential for starting a new business with novel business concepts.

An innovative digital business idea that is in line with the current business trends is essential for the new business organization. E-database can be demonstrated to be a successful business concept for this reason.

The presented idea for a business aims to provide a digital platform where used equipment and secondhand commodity sellers and buyers can meet and conduct business transactions.
Because it is novel and novel for people, this idea for a business could prove to be quite successful and competitive in the current business environment. The issue of disposing of used goods that ordinary people face can be effectively addressed with the assistance of this business idea.

However, for the purpose of making the idea more effective and successful, proper and efficient commercialization of the business idea can also be regarded as quite essential.

In this regard, the goal of the business plan is to plan thoroughly and effectively for a variety of activities related to starting a new business in a competitive market.

This means that the first step in new business planning can be to deal with the strong and effective competition in the market.

Because this service is brand-new and cutting-edge, the overall market competition for the planned business venture is not particularly fierce.
The requirements for technical and financial resources must be evaluated following an assessment of the market’s competitive landscape.

As a result, the project’s technical specifications and financial requirements have been deemed significant components of the presented business plan.

It is possible to assume that the planned business venture will prove to be quite successful and effective for investors based on predictions about the future of business.

Angele Investors may benefit from making investments in the proposed business venture as a result of this.