The business will majorly deal with electronic devices. We will be selling the devices from our shop. Electronica enterprise will also be offering repair services to its customers. The business will be in possession of both a website and an online store. The customers are to access information about what we offer and sell through our website and the online store. Customers will also be able to order the devices and services online. It is a business with a difference as it will majorly use the internet to make its sales unlike common electronics businesses.
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We will source most of our funds from personal savings. Friends and relatives have also promised to offer us financial aid. I have four friends qualified in electronic repairs and they have offered to work for low salaries at the beginning of the business. I am good in computer and information technology related skills thus I will be managing the website and online store. Our competitors have little knowledge about carrying out business using the internet thus we will be better positioned.
The business will also be offering after sell services to our customers to attract them. We will be importing the electronic devices at a low cost. All cost incurred to import the devices plus a little profit will be taken into consideration when determining the selling prices. The service charge for repairs will depend on the extent of damage and the components replaced. To begin with services will be offered at low prices and devises sold at low costs that is aimed at attracting customers.
Mission statement and goals
Electronica enterprise is to be the best electronics business in town within a short period of time. We are to achieve a large market share in a short duration using our internet and good repairing skills. Our major goal is to be in a position of earning enough to sustain our lives from the electronic business.
We intend to exploit our ecommerce skills. Our customers will be in a position to order service and the devices online. They will then be delivered to their residential places at a price. This way we will make use of the large internet market that is currently untapped (Pinson, 2004).
There are many electronics shops today all over the world. The demand for electronic components is however not yet met. Repairing services are in high demand yet most of the repairing shops do not offer quality services. There is also a large internet market that has remained untapped for quite a long time.
My information technology skills will see the business benefit from the large internet market, my four qualified friends will offer quality repair services to our customers. This way we will attract a good share of the market and ensure people know about our business. Electronica enterprise will also use the internet to go global by selling its devices to people outside our country (Pinson, 2004).
Business name and location
Electronica enterprise is to be the business name as mentioned before. We are still evaluating on the effects of locating the business in different places thus we do not have an official place to locate our business yet (Turban et al, 2008).
Today there are many electronic shops in our country and all over the world but our business will use promotions, the internet and offer after sell services to attract our customers.
In starting the business we need a capital of about $2500 US dollars. This money will majorly be raised from our savings. Our friends and relatives have also pledged to offer us substantial amounts. We will also take a soft loan of around $1000 to aid in the business. The loan is to be repaid after our first sales to avoid defaulting.
The business requires both information technology skills and electronic repair skills. For the start the business will only have five people operating it. My four friends and I will start the business and if need be we will later seek more personnel.
We are to obtain a license allowing us to operate before commencing the business. We will also register our business name to avoid unnecessary legal expenses.
Management and payment modes
My four friends and I have agreed that I will be carrying out the duties of a manager with their help. I will be assigning them repairing and delivering duties depending on their availability and the kind of work involved. I will also be taking orders from our customers and ensuring their needs are met. The customers will make their payment upon delivery of the goods or receiving services.
Our customers are supposed to pay the money and receive a receipt upon paying. The money will be banked after daily to avoid theft. I am to pay my suppliers at the end of every month while salaries to employee will be paid from profits at the end of every month. The remaining profits will be used to expand our business.
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Financial statements and records
We will be maintaining various journals and accounting records about our business. Financial statements will be prepared at the end of every financial year. Since I have a strong background in accounting I will help in preparing the financial statements and keeping the business records. The records and statements will be of help when carrying out business evaluation and seeking financial aid (Turban et al, 2008).
We are to make use of promotions and advertisements in the media. This way we will reach a great number of customers. Electonica enterprise is to be a business with a difference by doing what other businesses fail to do.
Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business and Securing Your Company’s Future. Chicago, USA: Dearborn Trade.
Turban, E., King, D., and Lang, J. (2008). Introduction to Electronic Commerce. New York, NY: Prentice Hall.