Business Plan [PDF]

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Meet Ups An event planning and service providing platform

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Business plan

Technopreneurship Business Plan BSCS-6A & BBA-6A June 04, 2018

1. Author:     

Shakir Ahmed Ayesha Abid Inzmam Akbar Babar Ali Arslan khizar

BCSM-F15-324 BCSM-F15-319 BCSM-F15-225 BBHM-F15-024 BBHM-F15-034

2. Submitted To:  Sir Amaar

Superior University (Lahore)

Business plan

Contents Exclusive summary: .................................................................................................................... 3 

The need: .............................................................................................................................. 3



The solution: ........................................................................................................................ 3

Vision: ......................................................................................................................................... 4 Mission: ....................................................................................................................................... 4 Objectives: ................................................................................................................................... 4 Values: ......................................................................................................................................... 5 Managerial structure:................................................................................................................... 5 INDUSTRY & MARKET ANALYSIS: ..................................................................................... 5 Industry Analysis: ....................................................................................................................... 5 Porter’s five forces model: .......................................................................................................... 5 Rivalry: ........................................................................................................................................ 6 Threats of new entrants: .............................................................................................................. 6 Threats of Substitute Product: ..................................................................................................... 6 Bargaining power of Supplier: .................................................................................................... 6 Bargaining Power of Buyer: ........................................................................................................ 6 Market analysis: .......................................................................................................................... 6 SWOT Analysis: ......................................................................................................................... 6 USPs: ........................................................................................................................................... 7 Know Your Customers: ............................................................................................................... 7 Marketing strategy: ..................................................................................................................... 7 Target market: ............................................................................................................................. 7 Market place: ............................................................................................................................... 7 Customer profile:......................................................................................................................... 7 Marketing Mix/5Ps:..................................................................................................................... 8 Communication process: ............................................................................................................. 9 Opening: ...................................................................................................................................... 9 Financial plan: ........................................................................................................................... 10 List of resources: ....................................................................................................................... 10 Operating expenses: .................................................................................................................. 10

Business plan

Total Start-up Cash Required: ....................................................Error! Bookmark not defined. Startup Financing: ..................................................................................................................... 10 Source of Revenue: ................................................................................................................... 11 Income Statement: ..................................................................................................................... 11 Key assumption: ........................................................................................................................ 11 Balance sheets: .......................................................................................................................... 12 Ratio Analysis: .......................................................................................................................... 12 Break-even Point: ...................................................................................................................... 12 Payback Period: ......................................................................................................................... 13

3. Executive Summary: 

The need:

Pakistan has a very vibrant and rich culture and is very much popular all over the world for its many different festivals and joyous events, especially wedding ceremonies. The main issue that people face is the booking of wedding halls or an appropriate catering service that ruin their level of enjoyment at precious moments.



The solution:

In order to tackle this problem we are going to launch an app with the name of Meet Ups will provide a platform where different designer, and different vendors such as catering, lightening, marriage halls, marquee and makeup artists will be register and people can plan their designs or book halls from there. An interesting feature of this app is that bride and groom and their family members can discuss their plan on a single ID and they can select their desired designs and other things and also give their reviews.

Business plan

Cynics presents Meet Ups

Meet Ups: A wedding application specially designed for vendors providing catering, lighting, marriage halls along with many other event planners, decorators, designers and even make-up artists, photographers meeting their customers all together at a single platform. This application is especially for bride and groom trying to make their wedding the most perfect experience in their life. They can choose a vendor of their own choice, another help they can get for choosing a vender is ratings. Each vendor will be rated according to their work strategies and the efforts they put in making weddings memorable. An interesting feature for a bride and groom both is they can together plan their wedding requirements, decorations and necessities using this application i.e. using an ID for joining to plan an event together. Every bride and groom can rate their vendors depending on their efforts and work. We will also be offering featured plans for weddings and other functions. These featured plans will help the bride and groom understand more about using this application, and they can even modify these featured plans according to their needs or they can choose these special plans right away if they find it suitable enough for their event. Bride and Groom can compare rates of different vendors along with their packages and work strategies for planning an affordable and memorable day of their life. All this will be done through our application Meet Ups.

4. Vision: Offering people the most hassle free, in-expensive and a flawless experience of their life.

5. Mission: “In order to ensure consistent Quality, Meet-ups will be working as a middle man for both vendors and our consumers. Making our customer satisfied will be our first and last priority to make their event an unforgettable and the far most best experience of their life.

6. Objectives: 

To create a service-based platform for brides and grooms where primary goal is to exceed their events expectations.

Business plan

  

Working as a middle-man in between the vendors and couples and generating business out of our service. Gathering all venders and event management companies together on a single platform to remove the hassle and harsh experience couples have while planning their weddings. Making this start-up flourish while helping couples and vendors.

7. Values:    

Excellence Customer Satisfaction Teamwork Trustworthy service.

8. Managerial structure: CEO Shakir

General manager Inzmam

Chief marketing offier Arslan Khizar

CFO

Babar ali

Chief Technologicale officer Ayesha

INDUSTRY & MARKET ANALYSIS: 2. Industry Analysis: 1. Porter’s five forces model: Porter’s five forces model is use to analyze the industry size and business strategies, and to know what’s types of barrier a company have to face while entering in the markets.

Business plan

2. Rivalry: The level of competition would be with many competitors such as Hanif Rajput catering service and shadi box. but this competition can be managed because going in markets with unique services which is not available in markets before.

3. Threats of new entrants: Launching service in new market with its competitors is a big challenge. But this challenge can be minimized by diversification or modification in product or service that help your product or service to boom in existing markets

4. Threats of Substitute Product: Our competitors can provide substitute to our service that can affect our sales and reduce profit

5. Bargaining power of Supplier: A company having good supplier can create a competitive advantage. Supplier delivering products and service at right time at right cost can make huge impact. In our case we are totally dependent on supplier. If he delivers good services that will make good reputation of company in markets.

6. Bargaining Power of Buyer: Brand recognition is likely to be of significant importance to customers and they therefore often look to a reputable company for services. That’s why we have to develop strong brand in order to satisfy our customers.

7. Market analysis: 8. SWOT Analysis: Strength

Weakness

 Pakistan’s first online app of providing  No quality assurance services of wedding and catering.

 Less investment

 



Fraud is possible Companies performance may not up to the mark Lack of awareness The struggle to build brand equity.

Availability of famous event management  companies   Rating system for customer in order to choose best. Opportunity Threats  

Changing consumer habits and new  potential customers  Easier for company to find customers and 

New entrants Other competitions like shadi box etc. Government regulations

Business plan

 

vendors Unique platform Easy to register vendors they need a platform to run their business better. Changing business trends Popularity of online businesses

  

9. Single platform for companies to target their audience Charging low commissions from companies Rating system

 

USPs:

10.

Know Your Customers:

Today customers’ wants advance, easy, attractive and easy ways of ordering a service or product by sitting at their home wants multiple choices our app perfectly match their need

11.

Marketing strategy:

12.

Target market:

Our target market is our vendors and our customer that will use our APP. We are targeting upper class and middle class In Lahore For example in Lahore. Our targeted areas are DHA, Bahria Town, Askari, Lake City and allied class societies as well.

13.

Market place:

We are providing a market place for consumers and businesses. Where consumers post their demands and also businesses post their businesses. We will provide a bridge between them by creating some intelligent filters in our app. According to the need and budget of any consumers of area we will provide those required businesses quality wise, performance wise, rating wise, budget wise to the consumers of that area in the form of notifications or show as a suggestion to customers through our app.

14.

Customer profile:

Geographic Zone North East Region South, East, West, North People Families

Business plan

City Lahore Climate Humid Climate Density Urban and ruler Area All over Lahore Demographic Age Applicable in every age group Family size Any Gender Male, Female Occupation Upper class & middle class Race Asian Education Literate & illiterate Psychographic Lifestyle Believes, luxurious Social class middle and upper class Behavioral Occasions Special User Status First-Time user Usage rate Medium Loyalty Status Optimistic Attitude toward product Positive, negative

15. Product

Marketing Mix/5Ps:  

Online Catering service Provide Market place where different designer, different vendors makeup artists

Business plan

and photographers will be register and people can plan their designs or book halls from there vendor of its own choice easily For Catering purpose 50 per head And for parties get together 12.6 %  Targeting upper class areas of Lahore  Especially johar town, DHA, Askri, wapda town, model town, and the areas where middle and upper-class people are living and those areas where population is massive.

Price Place

Promotion



People

Company will follow the following tools of promotional mix.  Banner  Radio  Events  Personal selling  Awareness programs  Public relations  Internet  Event planner  families of upper and middle class  event lovers

16.

Communication process:

17.

Opening:

As we are going to introduce our application that will provide all services of weddings to the customers. As we are going to introduce online platform of wedding service so we will need digital media. We will use following social media platforms:     

Facebook Twitter Instagram YouTube Channel Websites

Business plan

18.

Financial plan: i. List of resources:

Description

No of Units

Cost Per Unit

Total Amount

Computer Internet Electricity(meter) Advance office rent Office furniture AC UPS Water dispenser Decoration App Developing cost Marketing cost Printer Miscellaneous Total

2 1 1 3month

12500 5,000 8,000 10000

1 1 1

40000 20000 10000

25,000 5000 8,000 30000 15000 40000 20000 10000 5000 10000 10000 5000 10000 193000

19.

1 10000 5000 10000 -

1 -

Operating expenses:

Particularly

Monthly

1 Year

Employee (Salaries) Internet Electricity Marketing Miscellaneous Telephone Office rent Total

15,000 5,000 5,000 10,000 8000 2000 10000 55000

180000 60000 60000 120000 96000 24000 120000 660000

20.

Startup Financing:

Sr. No

Description

Amount (Rs.)

1

Amount required for Resources

193000

2

3 months Operating Expenses (55000*3)

165000

3

Total startup cost

358000

Business plan

21.

Source of Revenue:

Our source of revenue is commission based (For Example on every order 15% to 20 % or per head 50 Rs)

22.

Income Statement:

Operating Income=Revenue -Operating Expense Projected Income Statement for 5 Years Description

Year 1 (Rs.) 1057500

Year 2 (Rs.) 1374750

Year 3 (Rs.) 1787175

Year4 (Rs.) 2323328

Year5 (Rs.) 3020326

Operating Expenses

(660000)

(726000)

(798600)

(878460)

(966306)

Operating Income

397500

648750

988575

1444868

2054020

Less: Tax (15%)

(59625)

(97312.5)

(148286.25) (216730.2)

(308103)

Net Income After Tax

337875

551437.5

840288.75

1228137.8

1745917

Less: Dividend

168938

275719

420144

614069

872958

Revenue Less: Operating Cost and Expenses

Key assumption:  Growth Rate: We conduct survey from different venders and they say this business can growth 50%/years just because people know your quality of services and they create good word of mouth for other and other people book the catering service form your APP. And we decide we prepare our proforma income statement with the Growth rate of 30%.  Operating Expenses: We increase operating expenses with the rate of 10%.

 Dividend: 50% of net income after tax is equally divided to the partners.

Business plan

23. Assets Computer Internet Electricity(meter) Advance office rent Office furniture AC UPS Water dispenser Decoration App Developing cost Marketing cost Printer Miscellanies Cash Total Assets Equity & liabilities Equity Liabilities Total Equity & liabilities

24. Sr. No. 1 2 3

Balance sheets: Year 0

Year 1

Year 2

Year 3

Year 4

Year 5

25,000 5000 8,000 30000

25,000 5000 8,000 30000

25,000 5000 8,000 30000

25,000 5000 8,000 30000

25,000 5000 8,000 30000

25,000 5000 8,000 30000

15000 40000 25000 10000 5000 10000

15000 40000 25000 10000 5000 10000

15000 40000 25000 10000 5000 10000

15000 40000 25000 10000 5000 10000

15000 40000 25000 10000 5000 10000

15000 40000 25000 10000 5000 10000

5000 5000 10000 165000 358,000

5000 5000 10000 333938 526938

5000 5000 10000 609656 802656

5000 5000 10000 1029801 1222801

5000 5000 10000 1643869 1836869

5000 5000 10000 2516828 2709828

358,000 526938 0 0 358,000 526938

802656 0 802656

1222801 0 1222801

1836869 0 1836869

2709828 0 2709828

Ratio Analysis:

Description

Year 1

Year 2

Year 3

Year 4

Year 5

Gross Profit Margin Net Profit Margin Return on Equity

37.6%

47.2%

55.3%

62.2%

68.0%

32.0%

40.1%

47.0%

52.9%

57.8%

64.1%

68.7%

68.7%

66.9%

64.4%

25.

Break-even Point:

Our business is services business so we charge Rs. 50/head

Business plan Break-Even Point= 13200 heads We must have 13200 heads in a year. And our estimated heads in orders in a year is 18550.

26.

Payback Period:

Years Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Simple Payback Period: 2 years

Cash flows (358000) 337875 551437.5 840288.7 1228137.8 1745917

Balance (358000) (20125) 531312.5