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YA.SI.GA.MO.MA.GE Company: Business Plan
Executive Summary
The proposed business is named YA.SI.GA.MO.MA.GE, a name that shows the strong bonds between family members. Following the passion for decoration, the company will be established to offer interior decoration services. Although the sole proprietor has the knowledge and motivation required to start off, they need capital, which can be generated through crowdfunding, support by friends and family, and bank loans. At the point of business exit, several methods are outlined to guide managements actions.
Introduction
In the past centuries, people were less concerned by the internal appearance of their homes. However, the digital era has introduced several elements that have shifted individuals perspectives of a good lifestyle. Today, people are more concerned of the ways through which they can attain a luxurious living. With many people working from home, the number of hours spent in the hours has increased. Therefore, there is a need to decorate the interior of homes, making them conducive and pleasing.
Problem Statement
The problem statement highlights the current situation that creates a gap and need for interior decoration services. First, decorating a home is a tedious task that requires a lot of time and patience. As human activities become more digitized, people have less time for their home decorations. Although some companies have been established for decorations, they have mainly focused on major public events. Therefore, this interior decoration company should be started to create the comfortable environment people require and enable them to achieve the lifestyle they need.
Company Profile
The profile gives an overview of the company, allowing stakeholders to identify key aspects and make connections. The company name is YA.SI.GA.MO.MA.GE, which represents the foundation on which it is built-family connection. The companys mission is to offer excellent interior decoration services and its vision is to be recognized as a leader in state-of-the-art interior decorations. It is founded on two basic values: integrity and commitment that will sustain the company and ensure ethical conduct.
Goals
The company has set specific goals through which it will achieve the main purpose of offering interior decoration services. Since the company is founded on a passion for service, it will aim to meet customer expectations by creating value. This means that customers will be given value for their money. Consequently, comfort will be assured and a luxurious life will be attained. More importantly, creating a conducive environment at home will increase the productivity of those working from home.
Business Model
The business model entails the companys strategy of operation that translates to profits. In this case, the company is focused on supplying the material required for interior decoration and offering the accompanying services. In essence, this model can be described as B2C because the services are given directly to consumers without the involvement of brokers and other middlemen (Nosratabadi et al., 2019). Since pricing is a crucial part of the business model, the company will vary its prices depending on the specific customer preferences.
Target Market
The target market describes the classes of people for whom the services are intended. In this case, the target can be divided into primary and secondary targets. This company will mainly focus on homeowners, that is, people living in their own quarters as opposed to tenants. This is mainly because the homeowners are more likely to decorate their homes due to the probability of spending many years in the same house. The secondary targets are business owners who may want to make their premises more appealing.
Positioning
In regard to value creation, the companys positioning determines how the company aims to give customers value for their money by meeting the targeted needs. In this sense, the positioning statement conveys the message of the brands value in relation to the needs (Melovi et al., 2020). This company is viable as it solves customers lifestyle needs by allowing them to design their interiors as they desire at affordable costs. It is founded on convenience and it offers mobile services
Competition
In an open market, competition is vital for business success and quality service delivery. The proposed company will join a free market in which any individual can start and operate a company in the same line of business. At the moment, there is negligible competition in the interior decoration sector. However, the competition may grow as new entrants join the market following the successful operation of the proposed business. The company will support ethical operations for healthy competition.
Funding
In addition to passion and strategy, a company must have sufficient startup capital to implement the business ideas. Essentially, no company can start without funds to purchase required materials, hire workers, and deliver the products and services (Ballesteros-Ruiz & Cardenas-del Castillo, 2019). In the proposed startup, three main funding sources will be used: crowdfunding, friends and family, and bank loans. It will mainly depend on crowdfunding due to ease of access. Although family and friends may contribute generously, bank loans will be used for capital-intensive processes.
Business Forecast
A business forecast is crucial for process evaluation because it helps companies to assess their progress and tailor their operations for profitability. The forecast shows business expectations in given time periods (Bortolini et al, 2018). The management may hope to see changes in the business size, profitability, and competitiveness. For the proposed project, productivity is expected to grow by 30% in three years and have an additional 5 branches. It is also forecasted to have more than 100 employees after two years.
Exit Strategy
Although a company may make huge profits for many years, it may be forced to exit the market at some point. In the proposed business case, the business may be resolved through mergers and acquisitions (Chirico et al., 2020). This method allows a business to recover its assets and continue existing in another company. The company may also be sold to a friend, which is the best option because this company is opened on the basis of passion and family connections.
Business Plan Validation
Before starting off the business, it would be vital to carry out a market evaluation to determine the probability of succeeding in the real market. There are many ways through which product validation can be undertaken. First, dialogues will be held between the business managers and potential customers to gather their views and suggestions (Bortolini et al, 2018). In addition, social media surveys will help to determine whether the company has an online presence. Lastly, test sales will imitate real markets and estimate market presence.
Conclusion
In conclusion, the business plan presented herein has shown the various aspects of the business. The company has been defined starting from its name and the connection between the entrepreneur and the company. The proposed venture is a sole proprietorship operating as a B2C model whereby interior decoration services will be offered directly to customers. In essence, the company will gather funds from crowdfunding, family and friends, and bank loans. The capital will be used to purchase the required materials and employ workers. The company is expected to grow at significantly high levels, achieving a 30% increase in productivity after three years.
References
Ballesteros-Ruiz, M., & Cardenas-del Castillo, F. (2019). Startup Capital. Innovation And Entrepreneurship: A New Mindset For Emerging Markets, 199-230. Web.
Bortolini, R., Nogueira Cortimiglia, M., Danilevicz, A., & Ghezzi, A. (2018). Lean Startup: a comprehensive historical review. Management Decision, 59(8), 1765-1783. Web.
Chirico, F., Gómez-Mejia, L. R., Hellerstedt, K., Withers, M., & Nordqvist, M. (2020). To Merge, Sell, or Liquidate? Socioemotional Wealth, Family Control, and the Choice of Business Exit. Journal of Management, 46(8), 13421379. Web.
Melovi, B., Jocovi, M., Dabi, M., Vuli, T., & Dudic, B. (2020). The impact of digital transformation and digital marketing on the brand promotion, positioning and electronic business in Montenegro. Technology In Society, 63, 101425. Web.
Nosratabadi, S., Mosavi, A., Shamshirband, S., Kazimieras Zavadskas, E., Rakotonirainy, A., & Chau, K. (2019). Sustainable Business Models: A Review. Sustainability, 11(6), 1663. Web.
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