Week 3 My Business Plan

I found a few business partners are willing to commit into the laundry business, which reduced the long hours as there is 2 more people to manage the business. We have approached SP to rent an room near the stadium for our business use and place to operate our equipments. We have approached SP that we are trying to start up a business in SP for entrepreneur, they offered us a huge discount for the rental a price of $250 as we are students and could not come out with large amount of funds. The Rental In SP Koufu cost $3500.We approached Easy Wash to rent 3 washing machines for a rental fee of 200dollar/month. Yup, I will be contacting those Sports CCA leaders to tell them about our business as they are our target customer as they often need to change off their drenched clothes. Andrew would be handling the social media platform,emails and building the website. Hao Pin would be in charge of contacting the supplier of handling the materials we need. So far, no one has started a laundry business inside the campus, we are the first to do it. If the response is good, we will buy washing machines, rent another room in the campus to further expand the business.Business registration fee and name approval fee is $50+$15=$75

We will need around $500-600dollar each month to pay for everything including material needed.

Lets say, each piece of shirt clothing of laundry cost 5dollar. We would need to wash 100 shirt at least to recover back the original cost.

Third month would be a key to decide the response as gradually the responses will increase. When we made enough money, we would buying washing machines as paying rent every month for the machine is not worth it in the long term. We also provide dry cleaning for the clothings.

We will also come out with package of 5 clothing for 20dollars.

Below is my Business Plan (As Saying Goes You Failed To Plan,You Planned To Fail)

1.      What is the name of your business?

"Your New Mother"

2.      What kind of business is it?

Laundry Service Business

3.      What makes your business the best?

No one in Singapore poly has operated a laundry shop inside SP which targets the sports

 cca people who often drenched their clothes.

4.  Where is your business located-at home, downtown, in a suburban mall?

It is located in Singapore Polytechnic, a room near stadium near SPGG.

5. What kind of customers are attracted to your business? Do you sell a product or service to homemakers, working women and men, children, music lovers, mechanics and so forth?

We target the sports cca people, and probably those who have no time to wash their own clothes at home.

6.How is your business related to your vocational area of study?

Nope it is not indirectly related, however i could apply what i earn from business infomation technology

course module to help my business, example social media marketing, setting up a website,business statistics,

entrepreneurship

7. Do you use any of your skills or interests in your business? Which ones?

Only event management skills, as it helps me to get in contact with those sport CCA leaders who

could recommend their fellow CCA mates to us and liaising issues with vendors and suppliers.

8. Who are your competitors.

Currently in SP, there are no competitors who offer laundry service, so basically all our target audiences

which is SP sports cca students will come to us.

9.How do you provide value for money to the customers?

Price is affordable compared with outside. We are 50cents more expensiver then Just Relax for laundry of

shirt. However, we do provide excellent service such as calling you to inform that your shirt is available for

collection upon finishing. We also provide delivery service in the campus for a charge of $3 if you are not

free to drop by the shop. Promotions details if have, would be posted on website, social media platform that

includes facebook/twitter.

10.  How are you going to promote your business?

Through social media platforms like facebook/twitter,Forums,Emails,Website and personal approaching

towards sport cca leaders to tell them we offer this service and posters on SP.

11.  Where is your business located?

Singapore Polytechnic; 500 Dover Road Singapore 139651

12. How are you going to charge your customer?

$5 for laundry, $5.50 for dry cleaning.

13. What is your startup cost and operational cost?

Startup cost would be $450 to pay for rental. Another $100-200 dollar would be the operational cost to

pay for materials, maintaining of website, phone bill,namecard,invoices,license, promotion materials

4p:
Price:Reasonable
Product/Service: Beneficial service
Promotion: 5 laundry for $20
Place: SP which is easy to locate and convenience to go for sp students.

Action Plan and Date of Completion

1) Think of a business plan completed. 29/04/2013

2)Comparing and determine our service price 29/04/2013

3)Setting up facebook/twitter page 29/04/2013

4)Setting up of a website 7/5/2013

4)Contacting SP, SP's sport CCA leaders,vendors,supplier 13/7/2013

          

Week 2: Brainstorming Madness!

I asked my father, what type of business can i do. He replied, what can be done, is it useful to others? How can my stuff make an impact and fulfil my audience's needs. Is it related to my passion, one of the key to success as it drives you more. Is it even realistic?, a business that requires large amount of funds?
After all i could only do a business with low amount of funds.

Here are my thoughts:

At first, i didn't want to be an entrepreneur because it is not really making money, risk of losing money is too high if you do not survive your first 3 years of business, you should always focus on how your going to deliver your values to the world then you take out of it, which is very time consuming as you are required to plan and find people to assist you in the progress in able to fully take action.

Here are my brainstorming tools to further assist me in which area i should focus on.

Build upon your skills, hobbies or interests:

Interests, Skills, hobbies or experience	Business Idea
Gamer	Coaching,casting,organize competitionwith registration fee,marshal
Event management skills	Organize or hold an event/competition MC,
Making drink	Sell honey,milo etc drinks
Cut ingredients neatly	Nice appealing shapes like jelly to complement with drinks
Cancer patients	Found a social enterprise,blog provide resource    For cancer.     Match patients to doctors service
Volley Ball	Volleyball Blog, Sport Shop Volleyball coach proprietor Sports shop

Copying or improving another successful idea:

Current successful idea	Improved business idea
apple ipad	Tablet with better designs
Twitter	Microblog with
Bubble tea	Jelly with honey drink
connectyou	facebook

Combining two or more existing business ideas in a new way:

Business Idea 1	Business Idea 2	New Business Idea
Cooking	Picnic	Picnic delivery
Drinks maker	Sports carnival	Sports event delivery

Spotting a gap in the market:

Trend	Need	Possible Business Idea
Financial institutions failing and needing bail outs	An alternative or more transparent financial institution	Alternative banking or payment systems
High unemployment rates and people now have time!	Live on shoe-strong budget Spend their time productively	Cheaper essential products Gym, self-improvement courses Import cheap and essential goods from Asia
Increase in divorce and single-parent families	Help to look after children	Baby-sitting service After school care service Home delivery of nutritious food for children

Week 1: Starting Of The Entrepreneur Journey

This is a following new year, a new semester with the module called Entrepreneurship. As I took a step in the classroom, it was filled with unfamiliar type of new faces as last year was a common year module with different type of courses people in my class. I met Ashley,Andrew and rest for the first time.

Instead of sitting with my usual clique, I stood out of my comfort zone and approached them. We talked about something that caught my attention, choosing this module called entrepreneurship. I believe most of the people feel is the most safe choice compared to Hacking and another module marketing intelligence as you are required to be skilled in terms of IT knowledge(Info comm security,networking operating system,database management system module) I explained that I took this module because I like to try new things, approaching new people convincing them to believe in me.

Also being a Boss is so good, own time own target, freedom to do whatever I want that comes with responsibility  with a possibility to earn more then working as a employee. A small low cost business which does not require huge amount of funds is viable for people like us, a challenge from us to meet and solve problem. If I fall, I must learn how to stand up again and not make the same mistake. Being a role model, to lead by example for the employees to follow

The word "Trust" what does it means to you, to me. Once a certain person loses his trust on you, others will starts to question your credentials sooner or later. It is essential for working partners to trust each others. Similarly for me, once I start to lose my trust on a certain person, I would not work with the person again as his reliability is at doubt to me.

This word is a essential into being a successful entrepreneur as you have the mindset to deliver what you say, for example being on time,willing to try new stuff and believing in one another.

Being one of the competitive gamer captain in the dota 2 scene, i tend to have the mindset of trying new stuff,taking risk after understanding the pros and cons of it first and upon facing a problem solve it instead of whining and not taking action. There is a chinese saying from Sun Tzu , The Art Of War. "Know your enemy,Know yourself, Win every battle fought" Being unpredictable allows you to be innovative and stand out from them.
 I believe it is similar in terms of being a entrepreneur,everything involves risk, some people might choose to undergo the safer way to minimize the risk involves. Sometimes, unpredictable absurd stuffs that people think wont work, might work if you target the right audience. As time passes, newer technologies will be invented,products that you think that would never be appealing could have attract a lot of users with the correct marketing, the way how you want your user to use them.

For example, iPad a tablet computer which was released on april 3rd 2010 that stood out compared to other tablet computer with better specification due to good marketing from apple,steve job which seems to influences the consumers to buy it. More then 15million ipad are sold in the year.