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Business Plan

Business Plan Student A See The Future (STF) 1 Harbourfront Walk, 16 Orchard Road , Changi

Student A

See The Future (STF)

1 Harbourfront Walk,

16 Orchard Road, Changi Airport Singapore

Singapore, 11 14 ST +65 12 7348 Fax: 65 049639 daniel.marrinan@student.gess.sg

Table of Contents

I.

Executive Summary

3

II.

General Company Description

4

III.

Products and Services

6

IV.

Market analysis

7

V.

Strategy and Implementation

8

VI.

Company and Management

9

VII.

Financial Plan

11

VIII.

Appendices

12

Executive Summary

See The Future (STF) is a company that produces glasses which adjust to your eyesight. With this product we try to make people’s lives easier. Our goal, as mentioned in the Company Description is to have a healthy, well organized and successful company that is a leader in its product type and contains of loyal and highly educated employees. Having a combination in making the world a better place and making profit at the same time is like a dream come true to us. The product will be custom made with the desires of the customers in mind. For our target market we are focusing on people from 18 years and above. This is a big market and can benefit us in many different ways (see Market Analysis for more information). Our company is unique to others as there are no real competitors and we are the first organization in the world who produces these adjustable eyeglasses. Unlike normal eyeglasses, our product can fit people’s eyesight throughout their whole life, which means it outplays normal eyeglasses. This places us in a blue ocean and therefore we as a company, can make profit. We have strong strategies to make our company successful. The marketing plan, sales plan, logistics and the key metrics help us with this. Our company consists of 21 employees who have different functions in order to contribute to our company. Me, Daniël Marrinan am the CEO. In the next three years we make on average 600,000 SGD a year. Within these years we will be able to pay our debts and normal company costs.

As CEO of STF, I think that my company will be a great success. I am ready to help the world and make a successful career.

II. General Company Description

Our business is selling adjustable eyeglasses. Our company will custom make and eventually sell our product to customers. This is the only business in the world that does this type of glasses, which makes us original and it means that we are in a blue ocean. At the moment, many people use glasses. People who use glasses, need to replace them on average every 2-3 years because their eyesight changes over time. Therefore, we as a company, try to solve this by coming up with a brand new idea: to make glasses which adjust to your eyesight. Our product will be made out of strong materials, so that is has a high durability, and will consist of well-developed technology. The people who use glasses won’t need to buy new ones every 2-3 years if they buy our product, which will last for a throughout their whole lives and therefore they will eventually save money. What our company makes us strong, is that we have a win-win situation. The consumers will eventually save money and we, as the first and only company who produces these adjustable glasses, will be in a blue ocean and make lots of profit.

Our mission statement is: Finding the right idea to improve the lifestyle of people and at the same time make profit. We use “See The Future” as our motto and our company name to represent us.

We as a company have set several goals. Our main goal is to have a healthy, well organized and successful company that is a leader in the product area of glasses and has loyal and highly educated employees. This will help us to becoming a successful company in which we improve people’s lifestyles and make lots of profit. Next to that, our objectives which will lead us to achieve our goals will be: having a high amount of customers and therefore become a well known company. Have a specific target market to whom we sell our product. Make our customers satisfied as for our employees. The main objective is collaboration and having good bonds with our customers and employees.

What’s important to me as the CEO of See The Future, is to make money out of doing something good for the world and at the same time enjoy my work.

We will market our product to people from the age of 18 years and above.

The global eyewear market was valued at 102.66 billion USD in 2015. Factors such as the growing population, a growth in the number of people with optical deficiencies, an increasing awareness of the importance of eye check-ups as well as a rise in purchasing power, is expected to spur the industry on even more in the future. With a growth industry we can make lots of money. Our company will be ready to take advantage of this, after we got enough money to start up the company. If we got that money, we can join and eventually control the industry, because of our new unique product which outplays all the other eyeglass producers. We as a company will be lying in a blue ocean, the customers will come to us and we make profit.

The most important strength of our company, is that we are placed in a blue ocean, which means that we don’t have real competitors. Therefore, we are a unique organization

who put a brand new product to the world. Our product out plays the other eyeglasses, which are made by other companies, because it contains of all the requirements needed for normal eyeglasses and has even more benefits. This makes it more attractive for customers to buy our product and therefore we will make the most money. Also an important strength of our company is the collaboration between employees and customers. As CEO STF, during my life I have worked for many companies, such as apple, Tesla Motors and SpaceX and have worked with famous business people such as Elon Musk and Steve Jobs. Elon Musk and me both have something in common. We want to make the world better and we both look to the future. I have lots of experience. I will apply my experience and skills which I have developed throughout my career to this new company to in order to make it successful.

III. Products and Services

Our product is eyeglasses which can adjust to your eyesight. It consists of two bases: the frame and the lenses. The frame of the adjustable glasses will be made out of plastic and metal. Plastic will ensure comfort and metal will ensure stability and firmness. We chose these materials after having put out a survey (see appendix 5). The lenses will be made of normal glass. The technology behind the adjustable eyeglasses is as followed; two heaters are placed inside the frame which connect to both lenses. When you want to start the process, the glass will do a 5 seconds test in order to recognize that person’s eyesight. If the test is a success it will automatically succeed. A protector is required which can be easily fit onto the glasses. After that is done, the heaters will generate heat. The heat will conduct through copper wire which is in contact with both lenses. The lenses will start melting. After 10 seconds of heating the lenses, they will be able to change shape using two small stands/grippers. By using data from the test at the beginning of the process, the grippers will automatically adjust the shape of the lenses in such a way, that they will fit your eyesight. After having shaped the lens with the correct measurements, the grippers will hold that particular shape for 5 seconds so that it can cool down. When that time has passed, the grippers will let go of the lens and go back inside the frame. Now the lenses are hard and have adjusted their shape to that person’s eyesight. The glasses will stay like that until another person uses it or if that person’s eyesight has again changed. By using this high developed technology, we are able to help all the people which have optical deficiencies. The product will be available in all colours to satisfy all customers. This decision has been made after having analyzed the survey (see appendix 4). We will be able to manufacture any shape of glasses. We produce our products with the client’s desires in mind. This way the client can specify what he/she wants for frame, shape of glasses, design and colour. So basically we will custom make the glasses.

We have many competitive advantages. The main reason is because our product is unique and no other company manufactures them. Our product has a high level of quality as it will last throughout your whole life as it consists of high technology. Our product has more benefits than any other normal eyeglass. With our product, people don’t need to buy new glasses every 2-3 years because their eyesight changes. The average glass costs $196 USD. If people need to pay that amount every so what years, it will add up to a high cost. Our product, unlike normal eyeglasses, has got the solution for this. The glasses will adjust to your eyesight and will last your whole life. This way people will save money. This is what our product makes strong and better than other products.

The average price of our product will be about $600 USD. This is because high quality material is used with high technology.

IV. Market analysis

We are focusing on people from 18 years and to have as target market. We don’t sell our products under the age of 18 as we think that the first years of childhood the eyes should develop themselves without digital glasses. For children under the age of 18 years we recommend to use normal eyeglasses as they are less expensive so, children won’t understand how to use the product and we believe that continuously looking through a digital screen will have negatives effects on the eyes when they are in development. Unlike children, the eyes of adults are fully developed and therefore won’t be done harm when exposed to our product. We also chose this target market because children normally have good functioning eyes and therefore won’t need many eyeglasses. The eyes of adults on the other hand, worsens when they get older. This means that adults would need more glasses than children. As you can see, we chose a big target market which we can make advantage of and eventually make money.

From our survey we have gathered al lot of information. The majority of the random asked people said that having eyeglasses which adjust to your eyesight is a good idea (see appendix 2). This gives us confidence and a good idea of what the people think of our product. We now also know what types of design people expect our product to have. This way we can make as many people satisfied as possible. The answers to the given question were variated as there were many different opinions. Because of this we decided to custom make our adjustable eyeglasses so that we fulfill the customer’s desires. The responses to what colour should be available was also very variate. This was also a reason to custom make our product. Although the colours blue, white and especially black show higher preferences. This means that we will have a slightly higher storage captivity for these three colours than the other colours. We also found out what people want the material of the product to be. From this graph we concluded that we will make our products out of types of plastic and metal based on the customer’s preference. Plastic is mostly chosen for the design and the metal functions as a strong firm base. Because of this we will recommend our customers to use both materials in order to have a cool design with a frim base.

The customers will give their requirements when buying our product. It will then be custom made. We will deliver our products by delivery, or pick up. Within two weeks the customers can simply pick up their glasses at one of our shops located in Singapore. The other way to reach our customers is delivery. The customer can after discussing with one of our employees their desires, the customer can simply ask us to deliver it. They only have to give us their address, postal code, e-mail address, and phone number. We will deliver our products with two of our vans. The average delivery time is a 12 to 14 days. People can also find information about us and of course contact us.

V. Strategy and Implementation

Marketing Plan

To make my product and my company more known we need a marketing plan. We are going to approach are marketing in four different ways. One is advertising our product and company on television, posters, let celebrities use the glasses and overall in social media. We will make advertisements and put them on the television when the popular TV shows movies and important football matches. 5000 Posters will be copied with our Company brand, website and product on it. They will be placed in the busiest locations of Singapore, for example Chinatown, Little India, Marina Bay, Sentosa and Orchard Road. Elon Musk will be free willing to wear our glasses because he is an old friend of mine and he thinks it’s a great product. Further we will advertise our product on Instagram, Facebook, YouTube, Snapchat, 9Gag and Twitter in order to get more people interested in our product. The good thing about using social media for marketing, is that it can easily be spread further, which means more people will know us.

Sales plan

We will rent three locations in key areas such as Orchard Road, Changi Airport and Vivocity, which will be our shops. They will be controlled out of the headquarters which is located at Marina Bay. The first two weeks we open, we will offer free evaluation and testing of your eyes. This will also be advertised and is part of our marketing plan.

We will also set up our own website and through this people will be able to order online after having specified their requirements for the glasses. This will be delivered within two weeks of their order. We will also offer a one-year warranty and if required people can take out a three-year warranty which they will pay for.

We will also give a voucher offering 10% off the retail price of a pair of glasses for a friend.

Logistics

We will have a logistic centre within the shop that will manage the parts required for the glasses to be made. In order to keep cost to a minimum we will monitor the run rate of the number of glasses we sell and work with the supplier to provide us the parts “Just in time”. This will save us money.

Key metrics

The metrics to check if our business is on track are; Sales revenue, the volume of glasses

sold, the number of people enquiring after the glasses and most importantly our profit.

VI. Company and Management

Our company has a strong and strict organization (see appendix 1). Me, as CEO of the company, will lead the business. We have five Vice-Presidents. They are key members of our company and are very important now, and in the future for the company. They are specifically based on their experience in their careers. Our Vice-Presidents will focus on different factors Such as: finance, marketing, sales, human resources and logistics manager. The CEO and Vice-Presidents will lead the company from the headquarters. Another group of our employees are our shop assistants. They will look after our shops which are located in Vivo City, Orchard Road and Changi Airport. The shop assistants will lead the shops, make sure everything is going smoothly in the selling process, makes sure the other employees do their work correctly, will have meetings with customers inform the CEO and Vice-presidents for important information, make sure the shop stays in top shape, keeps a report of how many customers come each day and how many of our products get sold. Then there are the people who work in the shops as cashiers and production engineers. The cashier will simply help the customers when needed, puts the orders in the computer and when products are physically getting picked up by the customers, the customers can pay cash at the Cashiers. The Engineers on the other hand have their private space in the back of the shop where they manufacture our custom make products. Last we have three deliverers who will deliver our products to our customers each using a van.

Our company is brand new and that’s why it will be founded on the March 2017. Me, Daniël Marrinan am the owner of the company.

Our company is registered and situated in Singapore. We chose this Singapore specifically as it is the Economic and most developed country in Asia. It is good to be in a multicultural country where easy trade can be done between companies.

Backgrounds of our Vice-presidents

Peter Johnson is our Vice-President of Finance. He deals with the financial part of our business. He controls and keeps an eye on the payments and incomes being made in our company. He will also have a clear view of our money. Johnson makes sure nothing will go wrong with the financial part of the business. He has had a great career, as he has worked for BMW and Apple. With both companies he began low and after many years of working he ended up in one of the highest rankings possible at both the companies. At his interview when he wanted to work for us, we decided that he could be a good Vice-President as shown from his experience and loyalty to the company.

Michael Winston is the Vice-President of marketing, as shown in the organization table above. He does the promoting and advertising for our product. He makes sure the people will get to know our company and product. This is his first job and he is really excited. We gave him a high ranking in our company, because he has had a high education and finished all his masters at university. He is very confident in what he is doing and me as a CEO think that we could use someone like that.

Elliott Bickerton is the Vice-President of Sales. He is in charge of our customers and the revenue we generate. He has worked for Nike for 22 full years. He became SVP of Sales, Marketing and Finance. Elliott Bickerton knows how a company becomes and stays successful. He has lots of experience and is of good use for a backup in the Finance and

Marketing area. He stopped working at Nike because he wanted to do something new. He wanted to live in a new city and instead of working for a company that has already been running for years, he wanted to help and start up a new company. That’s why he moved to Singapore and will be working with us.

William Jackson is the Vice-President of human resources. He will do the administration of our organization’s human resource function. He is skilled at determining and directing the companies staffing goas and strategies. This will help make our business productive and profitable. He has done this function at many different companies such as Sony, DELL and Hewlett Packard. He still enjoys his function and does a good job.

In my previous working years at Alphabet I worked with Jonathan Meppels. We were both normal employees and nothing really special. We were, and still are, good friends and I know that he takes his job serious and has good experience. The main reason why he is the Logistics manager is because he has done this function before when he worked at Pearl in which he did a great job and because I trust him. As the logistics manager he will organize the storage and distribution of our product. He will ensure that the right products are delivered to the right location on time and at the correct cost.

VII. Financial Plan

Assumptions of our projections

From our tables we can conclude, that from our product, in the first year we will make 2,121,750 SGD, the second year 2,333,925 SGD and in the third year 2,567,318 SGD. With this money we can take care of the total additional fixed assets which are 373,175 SGD in the first year, 201,500 SGD in the second year and that same amount in the third year. Total salaries and related expenses will cost 813,720 SGD in the first year, 974,826 SGD in the second year and 1,267,272 SGD in the third year. We will also need to take care of the total operating expenses, which are 167,935 SGD 2018, 204,408 SGD in 2019 and 236,183 SGD in 2020. With the money we make out of our product, we will be able to pay these two factors.

Me, Daniël Marrinan, CEO of STF will put 100,000 SGD and we loan 343,975 SGD of outside investors. With this money we are fully funded and balanced.

When we look at the Cash Flow Forecast in years 1-3 we can see all the cash outflows and cash inflows. The total cash outflows we will make in the first year is 2,672,250 SGD. That same year our company makes 2,271,649 SGD of inflows. Therefore, our net cash flow in the first year will be 400,601 SGD, which is a good start for our business. For the next year we will have 2,506,313 SGD in cash outflows and 3,495,975 SGD as total cash inflows. This gives us a net cash flow of 989,662 SGD. In 2020 our total cash outflow will be 3,135,229 SGD and total cash inflow 3,845,573. In this year we will have a net cash flow of 710,343 SGD. With all profit we make, we can expand our company and then eventually make more money than that we already do.

STF makes profit and is able to repay everything that is needed. We can see a bright future in our company and are confident in the company and the product.

(See appendices 7-16 for more detailed information).

Appendix 1

Appendices

CEO: Daniël Marrinan Vice- Vice- Vice- Vice- Logistics Presidents President President President Manager: of finance: of
CEO:
Daniël Marrinan
Vice-
Vice-
Vice-
Vice-
Logistics
Presidents
President
President
President
Manager:
of finance:
of
Sales:
of Human
Jonathan
Peter
marketing:
Elliott
Resources:
Meppels
Johnson
Michael
Bickerton
William
Winston
Jackson
Shop 1
Shop 2
Shop 3
Assistant:
Assistant:
Assistant:
Tommy
Anthony
Leonard
Felder
Henderson
Fanté
Cashier
Shop 1:
Production
Engineers shop 1:
Cashier
Cashier
Shop 2:
Production
Engineers shop 2:
Shop 3:
Production
Engineers shop 3:
Felicia
Allison
Felix Kakaire &
David Ferguson
Alexander
Caldwell
Carrick Hardy &
Tony Scott
Melissa
Riley
Nigel Oliver &
George Howard
     
 

Deliverer

 

Deliverer

 

Deliverer

 

Shop 1:

Shop 2:

Shop 3:

Bruce

Olivia

Adam

Byron

Harper

Warren

12

Appendix 2

Appendix 2 13

Appendix 3

Appendix 3 14
Appendix 3 14
Appendix 3 14

Appendix 4

Appendix 4 15
Appendix 4 15

Appendix 5

Appendix 5 16
Appendix 5 16

Appendix 6

Appendix 6 17
Appendix 6 17

Appendix 7

Appendix 7 Appendix 8 18

Appendix 8

Appendix 7 Appendix 8 18

18

Appendix 9

Appendix 9 Appendix 10 19

Appendix 10

Appendix 9 Appendix 10 19

Appendix 11

Appendix 11 20

20

Appendix 12

Appendix 12 Appendix 13 21

Appendix 13

Appendix 12 Appendix 13 21

21

Appendix 14

Appendix 14 Appendix 15 22

Appendix 15

Appendix 14 Appendix 15 22

22

Appendix 16

Appendix 16 23

23

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