Introduction: Reason/Rationale
Living in today’s fast-paced urban environment is exciting yet challenging due to the time constraints and the numerous responsibilities that one must meet (Adler & Gordon 2013). When getting priorities straight, one may notice that a lot of issues are left unattended. Therefore, people need a person that would take care of some of their duties, and a personal concierge is a perfect solution for the identified problem.
Description of Business
The firm will be named as “Personal Concierge.” Although it might seem uninventive, it sums up the services in a nutshell. The organization will be located in the business area of the city. Increasing customer satisfaction rates and promoting Corporate Social Responsibility will be the primary goals of Personal Concierge. Thus, the firm will propel to the top of the market within a relatively short amount of time (Carroll 2015).
Product & Services
Arranging the schedule, managing personal and business correspondence, handling the paperwork, running errands, etc., make the top of the list of tasks that a personal concierge will be happy to do for their employer. However, the range of responsibilities with which one may trust a personal concierge is not restricted to the list above. A personal concierge may also engage in more complicated activities, such as the arrangement of the essential processes in which the employer engages in the workplace.
Market Analysis
The market for a personal concierge is, in fact, blooming. According to the latest information, the industry is very young yet very promising as far as the opportunities for professional growth are concerned. The 2015 data indicates that the total market revenue made $297,000,000 in 2015 and that the current growth rates reach 4.2%, with 2,646 people being employed, and 705 businesses registered (Ibis World 2015). Therefore, there is a range of chances that a company entering the target environment can pursue.
Sales & Revenue
It is expected that the organization will reach the mark of $400,000 in revenue in the next six months.
Financials (5 Years): Pro-Forma Income Statement & Balance Sheets
It is expected that the organization will be able to reach the net income of $3,527,878 (see Appendix A). The following annual increase in revenues will be achieved by deploying the principles of sustainable resource use in the workplace environment (Johnson et al. 2014). Reducing costs will become a possibility with the adoption of sustainability principles (Buddress 2013) (see Appendix B).
Organization (5 Years)
It is expected that the company will be managed with the help of a transformative leadership strategy. Furthermore, the company will be based on the principles of the Six Sigma framework as the tool for a consistent increase in service quality (Yadav & Sukhvant 2016). Therefore, it is expected that the company will be geared toward investing in the professional development of the staff in the next five years.
Exit Plan
There is always a threat that the entrepreneurship will not survive in the global economic environment. Therefore, an exit plan should be suggested. It is recommended that a merger and an acquisition should be introduced as the tool for addressing a crisis in the target market. For instance, the IT industry can be viewed as a possible area of expansion. Offering concierge services to the companies operating in the area of IT, one will be able to attract new customers and target new types of audiences, thus, expanding further and, possibly, becoming even more popular.
Reference List
Adler, H, & Gordon, S 2013, ‘An analysis of the changing roles of hotel concierges’, Journal of Tourism and Hospitality Management, vol. 1, no. 2, pp. 53-66.
Buddress, L 2013, ‘Managing supply chain sustainability and risk: keys to success’, Strategic Management, vol. 18, no. 2, pp. 3-16.
Carroll, A B 2015, ‘Corporate social responsibility: the centerpiece of competing and complementary frameworks’, Organizational Dynamics, vol. 44, no. 1, pp. 87-96.
Ibis World 2015, Business concierge services in the US: market research report. Web.
Johnson, M, Viere, T, Schaltegger, S, & Halberstadt, J 2014, ‘Application of software and web-based tools for sustainability management in small and medium-sized enterprises’, in Proceedings of the 28th EnviroInfo 2014 Conference, EnviroInfo, Oldenburg, Germany, pp. 1-7..
Yadav, A, & Sukhvant. V K 2016, ‘Quality improvement by using Six Sigma DMAIC in an industry’, International Journal of Current Engineering and Technology, vol. 1, no. 6, pp. 41-46.
Appendices
Appendix A
Appendix B: Balance Sheet
