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The proposal has been developed with a response to an emerging market need of providing a service that the current market players would find quite helpful, as well as the entrepreneurs who have been planning to enter the market with a wide variety of product offering to cater to the current market consumers. The market conditions are always dynamic and have a capacity of more suppliers and retailers to enter a market so diverse, but when a bright future is hurdled by a small step, the dream experiences no justice.
With this service offering, we plan to set a mark in the assistance of a business before it has even originated and making our service a stepping stone for those entrepreneurs who are brimming with ideas. The current plan is to establish a business which will be offering services to on-going concerns for the development of a business plan to gather possible finance to aid their business and for the regular entrepreneurs to start a new business with everything accounted for. The ideology that will be followed in this proposal is to make this service highly marketable and to completely depict the true potential this company might have, when it is established to be one of the primary business aiding companies. The population being targeted in this proposal is that of Ann Arbor, Michigan, United States. A city with rich history and a high potential for business development, the city is home to University of Michigan which assures a steady supply of entrepreneurs in the locale. The report consists all aspects necessary for giving this proposal due consideration.
Introduction
Novelty Business solutions is the chosen name of the business which will be introduced in the market with a unique selling proposition for the services and the products that it has to offer to the local market. It will be primarily a company aimed to assist entrepreneurs and ongoing business owners to establish a good presentation based on a highly specialized document normally termed by professionals as a ‘Business Plan’. The market is always looking forward to expand and accommodate new businesses and business people so that a fair supply and demand can be regulated among the consumers and the products and services they consume to maintain a healthy lifestyle. With a team of market analysts and expert presentation skills, the company is planning to aid these small scale and large scale owners to create and provide services to these owners so that they can gather all the resources they need to initiate a productive business in the proposed market.
The company Novelty Business Solutions is a going to be partnership firm initially consisting of two partners whom can later on increased to a maximum of four. With a flat organizational structure, it will aim at providing a high level of services and maintaining a quality that will render the marketing for its services. With the expenses being managed and new revenue streams being idealized, the company hopes to establish a larger market in the next ten years to cover at least the whole eastern hub of the Country so that the services can be used by all large, medium and small scale businesses in the country. Projecting a dream come true approach, it is planning o sell its services to people of all ages and entrepreneurs of all kinds so that they can actually pursue and eventually make their dream come true.
Services will include designing and documenting proper market analysis reports for new business men and already established one so that they can create a charming and attractive presentation for the purpose of acquiring funds from investors and creating a high degree of business proposal with actual facts that will be used constructively. Normally people hesitate at this stage thinking their abilities are inadequate but believing in their abilities is all they need which can give them motivation easily considering they have a hard-earned data that can be used to create a powerful impression on the listener.
Market analysis
Before the commencement of a business, it is imperative that the market is put under an extensive research so that the pros and cons of a business are estimated before making substantial investment. If the market has a need, the same can be probed and can attract a large number of clients which are properly segmented in order to further understand their needs and the specific of the business they want to enter (Poon, 2000). For this, the necessity of a team of highly specialized business writers are needed which will be performing the market analysis and then eventually the research will result in a highly effective business plan or proposal which the client requires. Apart from the product, the business itself needs to be analyzed considering the market situation.
The 2010 census shows that the city of Ann Arbor holds a population of 0.1 million (MI State Govt., 2010). And the current statistics show that a total of around 40 thousand students are currently studying in the University of Michigan which is a big pool of talent in various faculties (Mercer, 2007). At the same time, business environment of the state is pretty stable and the state government has also established a pool of talent for the community. If a random percentage is taken, say 5% of the people are looking to enter a business or possibly try to gather enough resources to expand or gather investors then the odds are that at a time; there will be a total sum of 5000 people who will be looking to establish a business, although this percentage is very less but it’s a depiction of a potentially untapped market.
Market Need
At a time, the market of Ann Arbor will have a lot of people who will be looking forward to writer establish a business or to create an impressive report to gather investors to expand their businesses. For these tasks, the entrepreneurs are either too busy or they think it’s a bit too complicated information to be handled. At the same time, some of the small scale businesses don’t even have a properly designed business plan which means they will they will be referring to nothing in case of a contingency and they have no specific guideline they can follow. Although the prevalent strategies might have kept them alive in the market but the detailed review of the business is needed to instigate progressive behavior in the organization (Cooper, 2002). The market need was identified through conducting interviews of a total of 200 samples that included recent graduates and currently self-employed businessmen and as the samples were selected as per the segmentation that will be followed later on. The results were:
- 63% of the business graduates thought of entering into a business. 63 respondents out of 100.
- 18% knew how to generate a proper business plan. 18 out of 100.
Then it was found:
- 47% of the business people were planning to expand. 43 out of 100.
- 8% knew how to generate an investor’s proposal. 8 out of 100.
Normally these tasks are left over to the employees and banks but the truth is that the limited view of the document compiler creates hurdles and they might not be able to state which part of the business is a good choice to exploit.
Operations and Management plan
A joint partnership will be formed to limit personal liability of the owners at Novelty Business Solutions. As soon as the partnership is formed, its first holding will be Novelty Business Solutions, which will be branched out into other ventures with a proper growth plan, for example Business Consultancy. However, there will be one managing partner who will be heading the business processes and will be filing in the revenues and the proceedings for the investors, if any. A set percentage of the investment will be distributed amongst the partners on the pre-decided intervals.
The other partner will also head the business as deemed necessary and will be taking care of some subsidiary processes to make sure the operations run smooth and obstacle-free. As the business grows, the partners will head out in identifying further markets where such services are needed and with a considerable portfolio, the services cane expanded. The diversified growth plan might include business consultancy but the major service will be the generation and the compilation of data for the relative clients in order to create their business plan.
The primary location for the start-up of the business has been decided to be the city of Ann Arbor in Michigan, United States. Michigan is home to various industries and the city of Detroit is largely known for its automobile industry. Instead of Detroit, the choice was Ann Arbor because it is home to University of Michigan and can create large amount of clientele based on their education and enthusiasm to start a business. As the business grows, there will be different branches that will opened in different locations and the management structure will be revised from two partners to possibly a maximum of four if needed, aimed at a 10 year plan to cover the eastern zone which is normally called the economic hub.
References
Cooper, A. C. (2002). Strategic management: New ventures and small business. Long Range Planning , 14 (5), 39-45.
Mercer, G. I. (2007). The Global Citizenship MBA orientation Program: Action learning at the University of Michigan Business School. Journal of Business Ethics, 15 (1), 111-120.
MI State Govt. (2010). Population of Michigan Cities, Villages, Townships, and Remainders of Townships. Web.
Poon, S. (2000). Business environment and internet commerce benefit — A small business perspective. European Journal of Information Systems , 9 (2), 72-81.
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