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Developing a business plan is crucial for new ventures since it helps in developing the goals, strategies, and the mission of the firms. A business plan should be detailed to ensure that all aspects of the new venture are discussed. The following discussion analyzes the proposed services business plan in Dubai.
Services Description and Customers Demand
The plan involves starting a consulting firm that offers business consulting services for people who travel to Dubai for businesses. Dubai is one of the main exporters of finished products in the world due to its cheap services that reduces the cost of goods. Business people travel to Dubai in the hope of getting better business deals than in other countries. The goal of the consulting firm is to offer advice and guidance to the business travellers on ways of getting better business deals, ways of accessing funds to purchase their products, and the legal restrictions in the country.
There is a high demand for these services due to the high number of business travellers in the country. In addition, few firms have invested in this niche market, hence the competition is low (Grigoroudis 2010). Most of the firms in Dubai offer services to tourists who are in the country for adventure tourism. Government statistics on the level of business travellers coming into the country show that the numbers are increasing gradually, which means that the firm’s services demand will continue to grow as the business develops. When starting a venture, it is crucial to determine if the target market will increase in the future (Anderson 2002).
The new venture will provide visa application services for free. These services will only be available to loyal customers who wish to extend their visa period or reapply for new ones. Unique services in business ensure that a firm has a competitive edge by differentiating its services (Anderson 2002). This will enable the venture to attract new customers and encourage customer loyalty, which will be beneficial for the firm. The unique services will be tailored according to the customers’ needs in the market by ensuring that they create utility. The first clients will be charged for the services, but at a competitive price compared to other established firms in the area.
The aim of a new venture should be to increase its target market by capturing the needs of competitors’ clients that are yet to be met by the established firms. Established firms affect the growth of new ventures since they have an existing market and have experience in the field, which makes the customers favour them over new ventures (Grigoroudis 2010). Unique services are aimed at capturing the attention of the target market by providing services that they did not have before the venture.
The business intends to increase its customer portfolio by developing a customer profile that will enable a better understanding of the target market. Developing customers’ demographic is essential in determining their spending habits and people who travel in the country for business (Anderson 2002). The strategy is to classify business customers based on the following variables; age, country of origin, economic status, industry, and the number of years in the international business.
The plan will focus on the young entrepreneurs who wish to understand Dubai business, business travellers from Asia and Africa, and those in the in the electronics industry. In addition, the approach will target those with under five years experience in Dubai business and are in middle-class income. This will enable the development of a marketing design that will capture their needs.
The plan is to employ six workers; four of the employees will be on a full-time basis while two will be part-time. In addition, the firm will provide unpaid internship to four business graduates in Dubai. The founder of the firm will be the CEO of the company while the four permanent employees will lead the marketing, customer relations, legal, and business departments. The two part-time employees will work in all the departments based on their job requirements and their skills in the department. The interns will also work in all the departments to ensure that they acquire all the skills needed in the services business. All the full-time employees will be paid $500 monthly while the part-time workers will be paid $350 monthly.
The venture will recruit the employees through advertising on job sites where it will indicate the job requirements and the expected skills and level of experience. It is crucial for a business to acquire employees who have the skills and knowledge to perform the duties of the firm (Fina 2009). This will enable the company to achieve its set goals and ensure that it grows. Their salary will increase based on the organizational growth and their performance in the workplace. This strategy is aimed at ensuring that the firm retain top-talent workers and reduce employee turnover.
Company’s Logo, Brand Name, and Slogan
The proposed brand name is “International Business Expatriates.” The brand name provides the clients with information on the intent of the firm’s services (Anderson 2002). The company slogan is “Let us worry about your business in Dubai as you enjoy the returns”. The following diagram shows the company’s Logo.
Anderson, K, 2002, Customer Relationship Management, McGraw-Hill, New York.
Fina, M, 2009, Perspectives On Managing Employees, Course Technology, Boston.
Grigoroudis, E, 2010, Customer Satisfaction Evaluation: Methods For Measuring And Implementing Service Quality, Springer, New York.