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How do you plan to enter the market How do you intend to attract customers How and why will this work The vision statement briefly outlines your future plan for the business. It should state clearly what your overall goals for the business are.What are your short & long term goals What activities will you undertake to meet them.
Briefly outline how much profit you intend on making in a particular timeframe. How much money will you need up-front Where will you obtain these funds What portion will you be seeking from other sources How much of your own money are you contributing towards the business.
The name of business that is proposed in India will be Motorbike restoration and customization and the business will be carried out through being a sole trader. In the business Motorbike restoration and customization are starting a new bike modification company in which it will be modifying bikes. The customer will come to it and ask it about these are the things that he needs in his bike like it may be modification in engine, design modification or any other modification. In starting of the business, it will be just doing designing and assembly part in our company and manufacturing part will be outsourced.
Later on as our business expands, then the manufacturing will be done in our company. The company will be modifying them. It can be selling some of the parts are starting the business in India. Business location of the new company will be in Delhi, India. The business was initially commenced on November, 2015 in Australia. Business owner of the company is Mike Nikelson sold his bikes business for opening a custom bike business focused on modifying bikes in India (Barton, 2016). The owner has an experience of 5 years in running a bikes shop business within Australia. The products and services offered by Motorbike restoration and customization Company are described under:
Target Market
Motorbike restoration and customization have selected a business location in the primary close off grounds in a business territory including the college Bookstore, a private book shop, bank, bistros, cafés and mainstream watering gaps is perfect. The company gets consistent, day by day visual introduction. Students and staff will throng the walkway outside the company’s entryway and it can receive the rewards. The company’s closest rival is right around a mile away. For the student consumer who is in a rush to reach college, Motorbike restoration and customization is the quick answer for their necessities (Burlingham, 2016).
After that initially stopping ticket, Motorbike restoration and customization Company is the principal bikes shop that is observed by any prospective consumer. Motorbike restoration and customization Company is strategically placed when a biker gets a punctured tire while transportation. Moreover, the company’s marketing strategy looks to streamline its leverage of prime area. Motorbike restoration and customization Company needs college population to consider it to remain their bikes shop, even its name indicates, Motorbike restoration and customization. The company’s marketing strategy needs them to ensure it to be an aspect of every day encounter and a shop they can focus on for brisk repair and support benefit.
Vision of Motorbike restoration and customization ike Company is to delight target clients through innovative services according to client prerequisite.
Business objectives set by Motorbike restoration and customization Company is explained under:
INITIAL INVESTMENT:- | |
Particulars | Amount ? |
Business Registration Charges | ? 80 |
Domain Name & Logo Registration Charges | ? 60.00 |
License for Operation | ? 2,100.00 |
Solicitor's Fees | ? 5,000.00 |
Security Deposit for Rented Premises | ? 27,000.00 |
Outsourcing Cost | ? 50,000.00 |
Equipment | ? 35,000.00 |
Furniture & Fixtures | ? 60,000.00 |
Office Equipment | ? 35,000.00 |
Purchase of Supplies | ? 8,000.00 |
Security Deposit for Electricity | ? 2,000.00 |
Telecommunication | ? 900.00 |
Software Installation | ? 250.00 |
Advertisement & Promotion | ? 6,000.00 |
Stationery Items | ? 1,000.00 |
Other Misc. Expenses | ? 300.00 |
The products and services offered by Motorbike restoration and customization Company are described under:
The name of the business that is proposed in India will be Motorbike restoration and customization and the business will be carried out through being a sole trader. The Australian Business Number for the new company will be 12345678912. Business location of the new company will be in Delhi, India. The business was initially commenced on November, 2015 in Australia. Business owner of the company is Mike Nikelson sold his bikes business for opening a custom bike business focused on modifying bikes in India (England, 2015). The company is registered for goods and services tax on 5th March, 2017. The licenses and permits that is acquired by Motorbike restoration and customization Company to operate business in India includes fire department permit, sign permit, health department permits and country permits along with state licenses.
Motorbike restoration and customization Company will initiate its business in Delhi, India, a noteworthy city on the east/west Interstate. Delhi is additionally home to the principle university grounds. Outside diversion is exceptionally prevalent in the range; there are bike inviting nation streets prompting parks and lakes, and a broad exhibit of mountain biking trails for adventurous people. Situated in main close off grounds, Motorbike restoration and customization is in a head area to be the real provider of broad range of modifications in a motorbike ranging from basic modifications such as paint, alloys and headlamps to more complex and detailed modification that includes but not limited to modifying the engine specifications and aerodynamic aspects of the vehicle, embellishments, and repair administrations to college students and staff (Cichosz, 2013).
The commitment of these individuals will be as per the following:
The owner has an experience of 5 years in running a bikes shop business within Australia. The present Chief Executive Officer, Hub Freewheeler, is purchasing University Cycle Works, and will deal with the business. Center has a B.S. degree in Economics and a M.A. in Comparative Literature. His enthusiasm however has dependably been cycling. He initially worked at his nearby bicycle shop when he was in school. Following quite a long while attempting to discover appropriate work in his degree field, Hub surrendered pursuing the fabrication of these fields and chose to work with something considerable, and came back to his energetic pleasure in bikes.
Members | Allocated work |
Sachin gautam | Developing concept and idea Getting up all the necessary information about the business What products to be offered |
Baljeetkaur | Key challenges faced How to compete in the market. How to gain competitive advantage over rivalry companies |
Ramandeepchahal | SWOT analysis of the company Minimizing the weaknesses and threats |
Snehdeepkaur | All the necessary flowcharts GANTT chart |
The products and services offered by Motorbike restoration and customization Company are described under:
Services those will be offered by Motorbike restoration and customization are explained under:
These are certain insurance types that Motorbike restoration and customization Business must have to have a sustainable business. These are explained under:
Motorbike restoration and customization can help ensure your organization by recognizing those risks and finding a way to moderate them. Motorbike restoration and customization Company will take a look at five business risks and how one can help keep the company in a strategic position. In case of fire and other unexpected occasions management of risks can constrain powerless organizations to make great profits.
The legal considerations of Motorbike restoration and customization Company includes to ensure that the new business in India will select the right business structure, consider several obligations such as new business licenses and maintaining intellectual property documents such as its trademark, copyright along with the unique procedures it will follow in manufacturing of bikes
The owner will likewise ensure that the operation design will likewise incorporate setting up a strategy articulation that will mean to guarantee the correct conduct of the workers. This announcement will incorporate tuning in to the requirements of the clients going to the store to furnish them with greatest fulfillment.
The costs brought about for everyday activities and incomes earned will be recorded with respect to the accountant. The working hours of the salon will begin from 8:00 a.m. in the morning until 8:00 p.m. at night. The representatives should land at the middle 30 minutes before the opening of the store. This would give them some an opportunity to plan themselves and take briefings to convey most extreme value to the consumers
Sustainability advantage alludes to a business picking up preference over an adversary industry which helps in acquiring more benefits. Conducting a SWOT investigation can enable to break down a business methodology and can assist in selecting a particular technique to attain a sustainability advantage.
In India, in spite of the fact that there is part of organizations or sort of organizations however the most ideal approach to increase sustainability advantage over competitor organizations can offer lower cost goods. As the company knows that it can bring down the cost of any item, the quality dependably gets influenced however in our business quality will be the need which will assume an imperative part in the foundation of a brand. Development can be a factor for the business to increase sustainability advantage over contenders as abnormal state of inventiveness will be found in the business.
The target market segment for Motorbike restoration and customization has been gathered from carrying out questionnaire survey. From the survey it is gathered that for University, bikes usage is high among the college students. Considering the same the college staff, nearby business workers, and, alongside each other bike shop around the local area, the more noteworthy Delhi populace and are taken into account (Piramuthu & Zhou, 2016).
It was gathered from the survey that the local market is affected by absence of parking. Bike transportation is deemed prudent and in addition effective in the college neighborhood. Some portion of market is cost obliged and other aspect is snared on most recent prevailing fashion, frame style, number of riggings, or depicted picture. For whatever length of time that new students arrive every year at the State University at Delhi, Motorbike restoration and customization market fragment development is guaranteed (Turner & Assistant Director, 2014).
Sales target of Motorbike restoration and customization Company is explained below:
PESTEL Analysis
The majority of Motorbike restoration and customization Company’s market development is customary registration of students from State University in Delhi. While general market numbers are different based on augmentations, typically fewer than 10%, the market has profit of around 22-26% yearly (Nakamura & Abe, 2014). In a more drawn out time period the number of students along with college workers develops and recoils with monetary changes and with population socioeconomics. For following three years Motorbike restoration and customization anticipate a moderate however unfaltering development within general college population and continue to develop Delhi as an attractive place to live.
Motorbike restoration and customization Company’s Target market has a few needs which it endeavors to meet:
Trends in the bike modification and restoration business typically keep going for a period. Some of them was:
The college students are Motorbike restoration and customization Company’s major target consumers. There is a huge market for motorbike modification in India as there are a great deal of bike aficionados. In the wake of doing some underlying exploration, New Delhi would be the ideal place for the start up as it has promptly accessible extra parts, shabby work, high populace and sufficient rivalry.
College workers are another prime target market.
Strengths Efficient bike restoration and customization Effective internal combustion engine producer One of the most efficient bike restoration and customization Efficient research and development Technologically advanced bikes Product portfolio | Weaknesses High prices and costs Requires products for a range of consumers
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Opportunities Increasing number of restoration and customization facilities Expansion within the developing nations Electric along with alternative fuel bikes customization Expansion of product ranges | Threats Increasing competition in India Increasing fuel prices in India Increasing transportation as well as other costs |
Putting aside the rebate retail chains, Motorbike restoration and customization has the following direct competitors:
The advertising strategy of "Economy value bike restoration and customization" Motorbike restoration and customization is centered on attaining gigantic buyer portion through utilizing best special and promoting instruments. It was assembled that informal exchange will fill in as the best publicizing strategy for this business (Jones & Penaluna, 2013). The buyers will likewise be requested referrals and reward the customers alongside reduced and free administrations in view of the quantity of shoppers the business picks up. A few limited time rebates on the bike restoration and customization services.
Special projects of the business will likewise incorporate presenting a lottery through which fortunate victors going by Motorbike restoration and customization will pick up a free trek or get-away (Lowry, Furth & Hadden-Loh, 2016).Vision of Motorbike restoration and customization Company is to delight target clients through innovative services according to client prerequisite.
Motorbike restoration and customization Company’s main mission is to be consumer focused, which characterizes company’s purpose in order to fulfill clients' needs. It focuses on offering greater adaptability to the organization to tap into new product segment without the need to change its statement of purpose (Jafari et al., 2015). In any case, Alone Bike Company’s main goal is a poor specialized apparatus and gives little data to organization's partners of what is the Motorbike restoration and customization Company’s 'explanation behind being' in the business.
Business objectives set by Motorbike restoration and customization Company are explained under:
Certain major objectives have been set for attaining increased profits for Motorbike restoration and customization Company at the end of each financial year and these are explained under:
The initial earnings will be gathered from the recently going by people and later on, it will issue enrollment cards to create loyal clients or increased revenue margin (Gabler et al., 2017).
INITIAL INVESTMENT:- | |
Particulars | Amount ? |
Business Registration Charges | ? 80 |
Domain Name & Logo Registration Charges | ? 60.00 |
License for Operation | ? 2,100.00 |
Solicitor's Fees | ? 5,000.00 |
Security Deposit for Rented Premises | ? 27,000.00 |
Outsourcing Cost | ? 50,000.00 |
Equipment | ? 35,000.00 |
Furniture & Fixtures | ? 60,000.00 |
Office Equipment | ? 35,000.00 |
Purchase of Supplies | ? 8,000.00 |
Security Deposit for Electricity | ? 2,000.00 |
Telecommunication | ? 900.00 |
Software Installation | ? 250.00 |
Advertisement & Promotion | ? 6,000.00 |
Stationery Items | ? 1,000.00 |
Other Misc. Expenses | ? 300.00 |
PROJECTED BALANCE SHEET for 3 years:- | |||
| 1st Year | 2nd Year | 3rd Year |
Particulars | Amount ? | Amount ? | Amount ? |
Cash in Hand | ? 214,849.63 | ? 444,862.14 | ? 603,436.47 |
Closing Stock of Suplies | ? 524.61 | ? 406.69 | ? 446.26 |
Security Deposit for Premises | ? 27,000.00 | ? 27,000.00 | ? 27,000.00 |
Total Current Assets | ? 242,374.24 | ? 472,268.83 | ? 630,882.73 |
Less : Accumulated Depreciation | ? 26,250.00 | ? 10,279.72 | -? 6,250.00 |
Less : Accumulated Depreciation | ? 51,000.00 | ? 47,947.20 | ? 33,000.00 |
Less : Accumulated Depreciation | ? 33,250.00 | ? 31,500.00 | ? 29,750.00 |
Total Non-Current Assets | ? 110,500.00 | ? 89,726.92 | ? 56,500.00 |
TOTAL ASSETS | ? 352,874.24 | ? 561,995.76 | ? 687,382.73 |
Accounts Payable | ? 874.35 | ? 1,016.74 | ? 1,115.64 |
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