Laundry Dream King Services will operate a laundry company. Laundry Dream King Services will include laundry, cleaning, drying, and ironing services in addition to residential pickup and delivery. Laundry Dream King Services will pick a convenient location to make client service easier. Laundry Dream King Services will not need a retail location due to the pickup and delivery services. Similarly, Laundry Dream King Services’ target market is every home and hostel student. The STP analysis will apply to all demographic groups. Laundry Dream King Services will collect money at each delivery or by monthly credit card billing and send the bill to each contracted client at the end of each month. Customers may find this service acceptable and want to test it, undoubtedly capturing their interest. The primary objective of the Laundry Dream King Services company is to provide superior client service. As a result, if they are happy with the service provided by Laundry Dream King Services, they are likely to become repeat clients. Consequently, consumers will develop a sense of loyalty and suggest other potential customers by consistently offering high-quality Laundry Dream King Services.
Vision, Mission, Goals, and Objectives of Laundry Dream King Services
Vision
The vision of Laundry Dream King Services is to expand the laundry industry countrywide, deliver high-quality services to all British citizens, and meet every household’s requirement.
Mission
Laundry Dream King Services’ mission is to give the British people affordable laundry services. The primary objective is to maintain a high quality and service and a positive connection with its consumers.
Goals and Objectives
Laundry Dream King Services aims to increase market share by consistently offering high-quality service to customers. The objective of Laundry Dream King Services is to provide high-quality services at an affordable price. Finally, Laundry Dream King Services’ principles include being truthful to consumers, inventive in our service delivery, and honoring the customer’s demands and promises.
Relationship between Innovation and Entrepreneurship
Entrepreneurship, entrepreneurship advancement, and entrepreneurship promotion have been prominent in the UK during the previous decade. Despite the economic downturn, the British public remains keen to start enterprises and develop company ideas (Liu et al., 2020). As part of its financial and monetary policies, the government has launched a political campaign promoting entrepreneurship. Universities of Applied Sciences provide entrepreneurship degrees with various innovative specialization possibilities (Carayannis, 2020). Entrepreneurship interest may be cultivated via education and one’s living environment. The paper will concentrate on the critical aspects of starting a company in the United Kingdom. This report explores new technological innovation, and the findings cannot be extrapolated to other sectors. Several business models will be examined, and one will be chosen to serve as the foundation for the company strategy.
Launching of the Business
The foundation and introduction of the firm will begin with the business concept, which is to deliver high-quality, fast, affordable, and efficient laundry services to all London’s busy British people. The business concept addresses what, to whom, and how. It discusses the characteristics of a product, the target markets, and the competitive environment in which the product operates (Robinson, 2021). After developing a sound business strategy, it is necessary to gather finance for the venture and choose a corporate structure (Lounsbury et al., 2020). Sole traders, general or limited partnerships, limited liability companies (public or private), and cooperatives are conceivable business structures. The company structure used by Laundry Dream King Services is the sole proprietorship. After acquiring the required finances and resources, the entrepreneur should determine if the trademark or product needs a patent and review the accounting to prevent tax penalties and complications (Robinson, 2021). Finally, the entrepreneur should take care of all business insurances and establish the bookkeeping for the firm. Insurance is essential to consider; insurance may help mitigate some hazards (Robinson, 2021). The only kind of insurance required of an entrepreneur is pension insurance. There is, for example, insurance that will cover damages incurred because of a business interruption.
Competitive and STP Analysis
Scope and Demand
The global extent and demand for laundry services are excellent, with a healthy profit margin. There are relatively few firms on the planet that have this characteristic. For example, relatively few exist in Europe and other wealthy nations; thus, it would be advantageous for working people in London, United Kingdom, to relieve their load (Jalas & Numminen, 2022). Additionally, it will benefit students who live in hostels and do not have time to wash their items. People outsource their laundry services because of the increased number of working parents, changing lifestyles, and hectic schedules. Due to the proximity of houses, it is difficult for them to wash their winter clothing. The potential for expansion of this company is very high because of the high demand for laundry services from working staff and students living in hostels and other commercial establishments such as hotels, cafes, institutions, and other establishments that need laundry services daily (Paul, J., 2020). Moreover, although there are no such direct rivals who might hurt the business’s development, some significant competitors, such as house cleaners and other conventional laundry services, similarly, vertical integration will recruit personnel who will pick up the clothes to be washed and deliver washed and ironed clothing directly to customers’ houses.
Company Operations
Company operations outline a company’s products and services, intellectual property, location, legal structure, management and personnel, accounting and legal issues, insurances, and security. A company’s operations cover the strategies and actions that the company will take on (Han & Kang, 2020). Production should be based on the design and the business idea. Insurances are essential to protect the company and its property and products (Han & Kang, 2020). The laundry Dream, King Services business, is related to laundry services; the key processes are based upon the management of clothes tagging, sorting, washing, drying, dry cleaning, steam pressing, and packing.
These operations are collection services, which entails picking clothing from residences by pickup vans. Tagging is the process of labeling clothing with a unique number that allows them to be readily recognized as belonging to which consumer. Sorting occurs after tagging the garments, which entails grouping the garments by number. The firm’s primary focus is on washing and drying equipment, then steam pressing them before packaging.
Market Analysis and Planning
Market analysis and planning involve determining the market’s competitive landscape, the level of competition, the market’s size, the customers, new entrants, and sales strategies.
Market Size
The market will consist of approximately a million individuals living in the London metropolitan region.
Target Market
Every home in London, the majority of which are working-class, is our target market. They are often exhausted after work and have little time to conduct chores, so they hire services. Apart from this, the target market will be students living in hostels. In the future, we will expand to include other businesses such as hotels, restaurants, banquet halls, and hospitalsâthe market segmentation will focus on full- and part-time employed customers who would value our service’s convenience.
Competition
In London, competition for dry cleaning/laundry services is not intense. Most of them do not provide pickup and drop-off services. Convenient Door-to-Door Dry Cleaning is the only rival that offers door-to-door service. They provide dry cleaning and shoe repair services. Laundry Dream King Services is developing a new company with a unique concept and additional services for consumers. Laundry Dream King Services aims to establish an app ordering service to combat competition. With the option to order and obtain laundry services through an application, Laundry Dream King Services will gain consumers from the traditional drop-off rivals by increasing their peace of mind and saving them time.
Frameworks and Concepts
The Supply Chain System
Laundry Dream King Services will use a fully integrated supply chain management system. A value chain is a collection of operations that we will conduct to provide our consumers with the most valuable laundry services possible (Hugos, 2018). Laundry Dream King Services’ value chain network will attract prospective consumers and ensure their purchases. It will involve ordering online either through the Laundry Dream King Services website or Laundry Dream King Services (LDKS) application. When we receive their orders, we will arrange to collect their clothing. After washing and ironing their garments, we will deliver them to their home.
Online Ordering
Laundry Dream King Services intends to establish a website and an LDKS application that will provide comprehensive information about the firm and assist customers in placing orders. Similarly, other networks such as Facebook and Instagram will assist in receiving orders. Facebook and Instagram will also help with consumer support. Additionally, they may provide feedback on the services and lodge complaints about any service that was not performed effectively or to their satisfaction (Hu & Chen, 2018). Finally, buyers may purchase over the phone or through text messaging.
Receiving
Laundry Dream King Services will have a comprehensive transportation network to collect and return garments from client locations. This mode of transport will offer a free service for picking up and dropping off clothing throughout London. This new developing washing service will benefit homes overburdened with work schedules and hesitant to trust house cleaners with their valuable clothing. Additionally, it will provide value to the clients that use our services.
Operations
These business operations include collecting services such as picking up clothes from customers’ homes using pickup trucks to transport them to a laundry warehouse. The tagging technique involves identifying garments with a unique number, which enables them to quickly identify as belonging to a particular customer. Sorting takes place after the clothing has been tagged, and it consists of arranging the garments according to their number. The company’s primary emphasis is on washing and drying equipment, followed by steam pressing the products before packing.
Delivery
The last operating model of Laundry Dream King Service is to deliver clean, ironed garments to the clients at their location. As previously stated, the pick-up and drop-off services are entirely free. We guarantee that our clients will be wholly delighted with our services and that they will gladly place their orders again and over again. Laundry Dream King Service laundry’s success is built on the satisfaction and loyalty of our clients.
Business and Marketing Strategies
The growth and development of any small business rely upon the profits from the services. Thus, a good sale strategy is compulsory to survive today’s contest (Quintas, 2020). Laundry Dream King Services will use 4p’s to grow and develop business and marketing strategies.
Product
The mission of Laundry Dream King Services is to provide its customers with a valuable long-term laundry service. Today, individuals are becoming more conscientious about their appearance, and they want to be more visible due to their clean and shining attire. Services provided by Laundry Dream King Services will be devoted, and we will maintain a high level of quality to retain consumers. Laundry Dream King Services will pick up and deliver all the clothing and wash dry, steam press, and fold them.
Price
Any business’s primary consideration is price. As a result, a reasonable price is a significant advantage for Laundry Dream King Services. Our service would be the quickest and most exemplary service available at an affordable rate, with Laundry Dream King Services serving customers directly at their door. The service will be priced on a per-machine-load basis. Similarly, bags weighing less than 6 kg constitute one load, those considering less than 12 kg include two sacks, and so on. A mixed-color suitcase weighing less than 6 kg that must be separated into two separate machines will be charged as two loads. Finally, items weighing less than 6 kg that is too large to fit in a 6 kg machine will be charged as two loads! There will be no charge for pick-up or delivery. However, each type of clothing has its own set of tasks and services. A single service will cost ÂŁ15.00 plus the cost of pick-up and delivery.
Promotion
A promotion directly impacts the overall performance of a company or institution. Promotion is the approach that Laundry Dream King Service will use to raise awareness of our products and establish their reputation in the market. The marketing will include the distribution of pamphlets and the use of social media to advertise the Laundry Dream King Services.
Quantitative and Qualitative Planning
Financial Plan
A financial plan outlines the money and investments required for the startup of a firm. Investment calculations calculate the quantities necessary for equipment and machinery. An essential component of the financial plan is a profitability estimate, which details the company’s goal profit and fixed expenses (McKeever, 2018). In addition, a cash flow calculation might be included in the financial plan. The firm must be solvent, implying that it must have sufficient money to cover all due payments. The preferable kind of financing is income financing, followed by personal capital and loans (McKeever, 2018). Pricing is about balancing costs, demand, and rivals’ pricing. Occasionally, the market may set the price, or the price is derived by subtracting the expenses from the total and adding a profit margin.
Analysis Technique
Delphi Technique
Delphi Technique is a sort of risk brainstorming. The critical distinction between this and conventional risk brainstorming is that the Delphi Technique utilizes expert opinion to discover, analyze, and assess risks individually and anonymously (Gaber, 2020). Each expert examines the dangers of the other experts, and a risk register is created by continual evaluation and agreement among the experts.
Probability/Consequence Matrix
The Probability/Consequence Matrix has become the de facto approach for determining the severity of risks in qualitative risk analysis. While risk matrices vary in size, they all effectively accomplish the same thing: Calculate the total seriousness of threat by multiplying the chance of the risk occurring by the effect of the risk, if it does happen. By rating risk probability versus risk consequence, one may assess not just the risk’s overall severity but also the risk’s primary driver, whether probability or consequence (Gaber, 2020). Therefore, this information is valuable in identifying appropriate risk mitigation strategies based on the risk’s significant drivers.
Decision Tree Analysis
It is most often used to assist in choosing the optimal course of action when there is ambiguity about the outcome of potential occurrences or planned plans. This is accomplished by beginning with the original suggested choice and mapping the many routes and consequences that arise from events resulting from the initial proposed decision (Gaber, 2020). The best course of action may be chosen based on a mix of the most desired outcomes, related events, and the likelihood of success once all paths and products have been identified and their relative probabilities have been analyzed.
Risk Management
The risks associated with a company’s selected strategy are intertwined. The most significant risk faced by enterprises is an economic risk: the danger of losing the funds and resources invested in the firm (de AraĂșjo Lima et al., 2020). Accidents involving the company’s property or systems might also be considered risks, and they can be covered by insurance. Failure in business may be caused by a variety of factors, such as force majeure or poor decision-making on the part of the organization (de AraĂșjo Lima et al., 2020). A firm may also be exposed to property hazards, which relate to the possibility that the organization’s resources will be harmed or destroyed. In terms of security concerns, they may be separated into two categories: internal and external elements of danger and criminal activity (de AraĂșjo Lima et al., 2020). Transportation and payment traffic are the two most susceptible aspects of the business’s operations. Companies are concerned by social risks. Changes in tax regulations and a deteriorating labor market are sources of danger that are almost impossible to predict in advance. Risks may be reduced by considering the various risk situations and teaching the employees to be aware of the threat. Multiple aspects of the building’s architecture and decoration may be tailored to reduce risk (de AraĂșjo Lima et al., 2020). Fire safety, information flow, and staff well-being are all potential concerns. When it comes to providing a high level of client satisfaction, it is sometimes preferable to outsource certain aspects of the organization.
Common Mistakes First Time Entrepreneurs Make
In today’s business environment, successful entrepreneurs begin at an early age. Silicon Valley, for instance, is teeming with entrepreneurs trying to build the next worldwide sensation (Russell, 2019). As a consequence, entrepreneurs are establishing enterprises at a younger age than ever recorded before. While this may be beneficial, it has also resulted in several unneeded failures. In other instances, the timing of the concept was off. However, in many situations, business failures are more strongly tied to founder errors (Stephens et al., 2019). The following are frequent errors that every entrepreneur should avoid while beginning a new business:
Failure to Plan
When an entrepreneur sets out to create a firm without first developing a concept, he or she will make the first fatal error. The concept must come first, followed by the resolve to turn it into a company (Baiwa et al., 2017). Pursuing a company only for the sake of establishing a reputation as a startup founder is often a certain path to failure (Baiwa et al., 2017). As a result, it is critical to plan ahead of time before launching a business to avoid unnecessary risk.
Impatience
Establishing a successful company takes time, and there will almost certainly be times when failure seems imminent. Entrepreneurs that succeed have the fortitude to persevere through extended periods of stagnation and finally achieve success (Joseph et al., 2021). Successful company owners understand that it may take multiple failures before a product adjustment enables them to reach their target audience and achieve success.
Ignoring Market Risks
Ignoring or underestimating potential risks is by far the most common factor for business failure. Most entrepreneurs spend a lot of time and energy developing their businesses, but they spend very little time and energy making sure their businesses make money (Wiklund et al., 2018). Similarly, beginner entrepreneurs spend a lot of money developing a product or technology in pursuit of a solution, but being mistaken about the market, not the product, is what kills the firm (Venkataraman, 2019). A more prudent strategy would be to spend time speaking with prospective clients to ascertain their requirements and evaluate the concept to prevent risk during launch.
Financial Management
Finance is the foundation of every firm. The business objective can only be accomplished with the assistance of competent financial management (MihajloviÄ et al., 2020). At any point in time, we may overlook the critical nature of money. This section will assess the start-up costs associated with running the firm. Additionally, we will forecast the balance sheet, income statement, and cash flow statement. The initial starting cost of the Laundry Dream King Services business will be 2,000,000 pounds.
Project Financing
Project Cost Estimation
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