Enter Business/Brand NameStart-Up Business plan
Enter Business/Brand NameStart-Up Business plan
New venture team: Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Unit: BMO2005 Innovation and Entrepreneurship
Submission Date: 18/12/2023
Table of Contents
TOC o "1-3" h z u Key details PAGEREF _Toc158115980 h 3Registration details PAGEREF _Toc158115981 h 3Key contact details PAGEREF _Toc158115982 h 3The start-up PAGEREF _Toc158115983 h 4Plan summary PAGEREF _Toc158115984 h 4Our why PAGEREF _Toc158115985 h 5Our vision PAGEREF _Toc158115986 h 5Our mission PAGEREF _Toc158115987 h 5Operations PAGEREF _Toc158115988 h 5Products and services PAGEREF _Toc158115989 h 5Scope of products/services PAGEREF _Toc158115990 h 5Production PAGEREF _Toc158115991 h 6Digital technology PAGEREF _Toc158115992 h 6Key people PAGEREF _Toc158115993 h 7The industry and market PAGEREF _Toc158115994 h 8Industry PAGEREF _Toc158115995 h 8The competition PAGEREF _Toc158115996 h 8Pricing strategy PAGEREF _Toc158115997 h 8Distribution strategy PAGEREF _Toc158115998 h 8Promotion strategy PAGEREF _Toc158115999 h 9Traction PAGEREF _Toc158116000 h 9SWOT analysis PAGEREF _Toc158116001 h 10Risk assessment PAGEREF _Toc158116002 h 11Laws you will need to comply with PAGEREF _Toc158116003 h 11The business model PAGEREF _Toc158116004 h 12Customer segments PAGEREF _Toc158116005 h 12Customer relationships PAGEREF _Toc158116006 h 12Channels PAGEREF _Toc158116007 h 12Key activities PAGEREF _Toc158116008 h 12Key resources PAGEREF _Toc158116009 h 13Cost structure PAGEREF _Toc158116010 h 13Revenue streams PAGEREF _Toc158116011 h 13Goals and actions PAGEREF _Toc158116012 h 14Growth plan PAGEREF _Toc158116013 h 14Goals for next year PAGEREF _Toc158116014 h 14Goals for the next 3 years PAGEREF _Toc158116015 h 15The finances PAGEREF _Toc158116016 h 16Start-up costs PAGEREF _Toc158116017 h 16Sources of funding PAGEREF _Toc158116018 h 16Start-up funding PAGEREF _Toc158116019 h 16The Ask PAGEREF _Toc158116020 h 16Revenue projection PAGEREF _Toc158116021 h 17References PAGEREF _Toc158116022 h 18
Key detailsRegistration details[Find out about business registrations and choosing a business structure.]
Business name
Registered or proposed name.
Enter Business name
Date registered
Select date
State registered in VictoriaBusiness structure Select structureListed Directors & ownership % Australian business number (ABN) Australian company number (ACN)If a company. Key contact detailsName Position Mobile Email Address
The start-up
Plan summary[Complete this section last so you can summarise information from the rest of your plan.]
Our business
[The problem your business is solving or the gap you intend to fulfill through the products or services you sell] Our target market[Who are the customers and consumers in point form]
Our value proposition[What is the benefit(s) offered by your solution? How your solution addresses the gap / problem?]
Our unique proposition
[What is the uniqueness about your solution compared to what is offered in the market?] Innovation
[What is the innovation that your solution is based on?] Our why[Consider why you are commencing this startup. Why are you personally invested in this startup?]
Our vision[Consider what you want your startup to accomplish in the long term. What are your ultimate goals? Be passionate, powerful and inspiring.]
Our mission
[Consider the purpose of your startup and define what it does for your customers. What do you do, how do you do it and why do you do it?]
OperationsProducts and services[Identify your product(s)/services(s) that you intend to offer. This can be just one product/service.]
Product/service Description Unit price (incl. GST)
$ FORMTEXT $ FORMTEXT $ FORMTEXT
Scope of products/services
Production[How will your startup produce and/offer the solution to the market? If manufacturing is involved, is it sourced? If it is a service, will it be a more online or in person interaction?]
Digital technology[What types of technology will you use in the startup? This will depend on your business model and product/service.]
Equipment
[What equipment will you need? And how will you source these?]
Key peopleOur staff
[How many staff are currently working in the startup, including the founders?]
Team structure
[How will your start-up be structured and organised, including the founders?]
Sources of advice and support[Sources of advice and support for your business could include a business mentor, your accountant, or even an industry association. Who are the external people or organisations that provide support to your start-up]
Support type Name Skills and experience
[Example: Accountant.]
Key partnerships
[Who are the identified key people that will support your startup activities?]
The industry and marketIndustry
[Which industry will you operate in? Describe the industry is it an emerging or mature industry?]
The competition[The top 3 businesses we are competing against, what they do well and not so well. What you will do differently to succeed in the market.]
Competitor name [Example: ABC] Strengths
[Example: Low product prices.]
Weaknesses
[Example: Low quality product, unsustainable production.]
What well do differently
[Example: We only sell high quality, sustainably produced beans.]
Pricing strategy[How you set prices for our products/services?]
Distribution strategy[How will you organise customers to receive your offering, product or service?]
Promotion strategy[How will you communicate your value and about your products/services to customers?]
Traction
[What support or interest has been gained for product/service among potential customers?]
SWOT analysis[Our business strengths, weaknesses, opportunities, and threats. List several in key areas.]
Strengths
Whats good about our business. Weaknesses
Whats not so good about our business. Opportunities
External factors we could take advantage of. Threats
External factors that could cause problems for us. [How will you address each weakness and threat?]
Risk assessment[Learn about types of risk that could affect your business and how to assess and manage risks to your business. Risks that could impact our startup and what you will do to protect it.]
Risk/impact description Likelihood What well do to reduce this risk
[Example: Pandemic causes closure of our retail outlet.]
Select level
[Example: Strengthen online sales/e-commerce.]
Select level
Select level
Select level
Select level
Laws you will need to comply with[List the laws that impact on your startup including laws specific to your industry.]
[Examples: fair trading/consumer laws, employment laws, state licences]
The business model
Customer segments
[Provide customer profiles of target market]
Customer relationships[Provide how you will create and build relationships with the different customer profiles]
Channels[Provide the various channels you will create, promote and capture value for the different customer profiles]
Key activities
[Provide the key activities of your start-up in order to create and capture value for the different customer profiles]
Key resources[Provide the key resources that your start-up needs in order to create and capture value for the different customer profiles]
Cost structure
[Provide the cost structure for your new idea and start-up such as set-up costs, fixed costs, variable costs]
Revenue streams[Identify the revenue streams from your new idea for start-up. This will be expanded under the finances section]
Goals and actions[Try to make your goals SMART, for example a non-Subway goal could be Finalise 2 agreements with sustainable suppliers by in 6 months time. A goal is SMART, if you can break it down into actions that are:
Specific Establish sustainability criteria for suppliers.
Measurable Evaluate 10 potential suppliers in the first 3 months.
Achievable Prepare 6 proposals for potential suppliers over 4 weeks.
Relevant Prioritise suppliers who align with our sustainability values.
Time-bound Finalise agreements with 2 suppliers in 6 months time.]
Growth plan
[How do you plan to grow the sales and business? What are the planned strategies for the future?]
Goals for next year[Enter a goal]
[Enter a goal]
[Enter a goal]
Actions to achieve goalDue date
Select date
Select date
Select date
Whos responsible Goals for the next 3 years[Enter a goal]
[Enter a goal]
[Enter a goal]
Actions to achieve goalDue date
Select date
Select date
Select date
Whos responsible
The financesStart-up costs
How much money we need and what its for.
Sources of fundingDescribe sources and amounts of funding that your startup has received or will receive. Include your own investment in your startup.
[Example: We have received a $X loan from Business Bank. There is also $X of self-investment.]
Start-up funding
How we plan our start-up funding and growth
Pre-seed stage Seed stage Series
Product Team size Growth rate Monthly revenue Net profit/loss Start-up valuation Equity sold The AskHow much investment are you seeking from investors?
[Example: Over the last financial year we have had a positive cash flow of $X, out net profit was $X and our assets are worth $X.]
Revenue projection
Our forecast cash flow for the first year.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Monthly cash balance $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT
Closing balance $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT
References
Enter Business/Brand NameStart-Up Business plan
New venture team: Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Student Name, Student Number
Unit: BMO2005 Innovation and Entrepreneurship
Submission Date: 18/12/2023
Table of Contents
TOC o "1-3" h z u Key details PAGEREF _Toc158115980 h 3Registration details PAGEREF _Toc158115981 h 3Key contact details PAGEREF _Toc158115982 h 3The start-up PAGEREF _Toc158115983 h 4Plan summary PAGEREF _Toc158115984 h 4Our why PAGEREF _Toc158115985 h 5Our vision PAGEREF _Toc158115986 h 5Our mission PAGEREF _Toc158115987 h 5Operations PAGEREF _Toc158115988 h 5Products and services PAGEREF _Toc158115989 h 5Scope of products/services PAGEREF _Toc158115990 h 5Production PAGEREF _Toc158115991 h 6Digital technology PAGEREF _Toc158115992 h 6Key people PAGEREF _Toc158115993 h 7The industry and market PAGEREF _Toc158115994 h 8Industry PAGEREF _Toc158115995 h 8The competition PAGEREF _Toc158115996 h 8Pricing strategy PAGEREF _Toc158115997 h 8Distribution strategy PAGEREF _Toc158115998 h 8Promotion strategy PAGEREF _Toc158115999 h 9Traction PAGEREF _Toc158116000 h 9SWOT analysis PAGEREF _Toc158116001 h 10Risk assessment PAGEREF _Toc158116002 h 11Laws you will need to comply with PAGEREF _Toc158116003 h 11The business model PAGEREF _Toc158116004 h 12Customer segments PAGEREF _Toc158116005 h 12Customer relationships PAGEREF _Toc158116006 h 12Channels PAGEREF _Toc158116007 h 12Key activities PAGEREF _Toc158116008 h 12Key resources PAGEREF _Toc158116009 h 13Cost structure PAGEREF _Toc158116010 h 13Revenue streams PAGEREF _Toc158116011 h 13Goals and actions PAGEREF _Toc158116012 h 14Growth plan PAGEREF _Toc158116013 h 14Goals for next year PAGEREF _Toc158116014 h 14Goals for the next 3 years PAGEREF _Toc158116015 h 15The finances PAGEREF _Toc158116016 h 16Start-up costs PAGEREF _Toc158116017 h 16Sources of funding PAGEREF _Toc158116018 h 16Start-up funding PAGEREF _Toc158116019 h 16The Ask PAGEREF _Toc158116020 h 16Revenue projection PAGEREF _Toc158116021 h 17References PAGEREF _Toc158116022 h 18
Key detailsRegistration details[Find out about business registrations and choosing a business structure.]
Business name
Registered or proposed name.
Enter Business name
Date registered
Select date
State registered in VictoriaBusiness structure Select structureListed Directors & ownership % Australian business number (ABN) Australian company number (ACN)If a company. Key contact detailsName Position Mobile Email Address
The start-up
Plan summary[Complete this section last so you can summarise information from the rest of your plan.]
Our business
[The problem your business is solving or the gap you intend to fulfill through the products or services you sell] Our target market[Who are the customers and consumers in point form]
Our value proposition[What is the benefit(s) offered by your solution? How your solution addresses the gap / problem?]
Our unique proposition
[What is the uniqueness about your solution compared to what is offered in the market?] Innovation
[What is the innovation that your solution is based on?] Our why[Consider why you are commencing this startup. Why are you personally invested in this startup?]
Our vision[Consider what you want your startup to accomplish in the long term. What are your ultimate goals? Be passionate, powerful and inspiring.]
Our mission
[Consider the purpose of your startup and define what it does for your customers. What do you do, how do you do it and why do you do it?]
OperationsProducts and services[Identify your product(s)/services(s) that you intend to offer. This can be just one product/service.]
Product/service Description Unit price (incl. GST)
$ FORMTEXT $ FORMTEXT $ FORMTEXT
Scope of products/services
Production[How will your startup produce and/offer the solution to the market? If manufacturing is involved, is it sourced? If it is a service, will it be a more online or in person interaction?]
Digital technology[What types of technology will you use in the startup? This will depend on your business model and product/service.]
Equipment
[What equipment will you need? And how will you source these?]
Key peopleOur staff
[How many staff are currently working in the startup, including the founders?]
Team structure
[How will your start-up be structured and organised, including the founders?]
Sources of advice and support[Sources of advice and support for your business could include a business mentor, your accountant, or even an industry association. Who are the external people or organisations that provide support to your start-up]
Support type Name Skills and experience
[Example: Accountant.]
Key partnerships
[Who are the identified key people that will support your startup activities?]
The industry and marketIndustry
[Which industry will you operate in? Describe the industry is it an emerging or mature industry?]
The competition[The top 3 businesses we are competing against, what they do well and not so well. What you will do differently to succeed in the market.]
Competitor name [Example: ABC] Strengths
[Example: Low product prices.]
Weaknesses
[Example: Low quality product, unsustainable production.]
What well do differently
[Example: We only sell high quality, sustainably produced beans.]
Pricing strategy[How you set prices for our products/services?]
Distribution strategy[How will you organise customers to receive your offering, product or service?]
Promotion strategy[How will you communicate your value and about your products/services to customers?]
Traction
[What support or interest has been gained for product/service among potential customers?]
SWOT analysis[Our business strengths, weaknesses, opportunities, and threats. List several in key areas.]
Strengths
Whats good about our business. Weaknesses
Whats not so good about our business. Opportunities
External factors we could take advantage of. Threats
External factors that could cause problems for us. [How will you address each weakness and threat?]
Risk assessment[Learn about types of risk that could affect your business and how to assess and manage risks to your business. Risks that could impact our startup and what you will do to protect it.]
Risk/impact description Likelihood What well do to reduce this risk
[Example: Pandemic causes closure of our retail outlet.]
Select level
[Example: Strengthen online sales/e-commerce.]
Select level
Select level
Select level
Select level
Laws you will need to comply with[List the laws that impact on your startup including laws specific to your industry.]
[Examples: fair trading/consumer laws, employment laws, state licences]
The business model
Customer segments
[Provide customer profiles of target market]
Customer relationships[Provide how you will create and build relationships with the different customer profiles]
Channels[Provide the various channels you will create, promote and capture value for the different customer profiles]
Key activities
[Provide the key activities of your start-up in order to create and capture value for the different customer profiles]
Key resources[Provide the key resources that your start-up needs in order to create and capture value for the different customer profiles]
Cost structure
[Provide the cost structure for your new idea and start-up such as set-up costs, fixed costs, variable costs]
Revenue streams[Identify the revenue streams from your new idea for start-up. This will be expanded under the finances section]
Goals and actions[Try to make your goals SMART, for example a non-Subway goal could be Finalise 2 agreements with sustainable suppliers by in 6 months time. A goal is SMART, if you can break it down into actions that are:
Specific Establish sustainability criteria for suppliers.
Measurable Evaluate 10 potential suppliers in the first 3 months.
Achievable Prepare 6 proposals for potential suppliers over 4 weeks.
Relevant Prioritise suppliers who align with our sustainability values.
Time-bound Finalise agreements with 2 suppliers in 6 months time.]
Growth plan
[How do you plan to grow the sales and business? What are the planned strategies for the future?]
Goals for next year[Enter a goal]
[Enter a goal]
[Enter a goal]
Actions to achieve goalDue date
Select date
Select date
Select date
Whos responsible Goals for the next 3 years[Enter a goal]
[Enter a goal]
[Enter a goal]
Actions to achieve goalDue date
Select date
Select date
Select date
Whos responsible
The financesStart-up costs
How much money we need and what its for.
Sources of fundingDescribe sources and amounts of funding that your startup has received or will receive. Include your own investment in your startup.
[Example: We have received a $X loan from Business Bank. There is also $X of self-investment.]
Start-up funding
How we plan our start-up funding and growth
Pre-seed stage Seed stage Series
Product Team size Growth rate Monthly revenue Net profit/loss Start-up valuation Equity sold The AskHow much investment are you seeking from investors?
[Example: Over the last financial year we have had a positive cash flow of $X, out net profit was $X and our assets are worth $X.]
Revenue projection
Our forecast cash flow for the first year.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Monthly cash balance $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT
Closing balance $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT $ FORMTEXT
References
`mpGroup Number : 1
SCAMPER BOARD
S C A M P E R
Substitute:
Having a website instead of an app
Combine:
Having a website and an application Adapt: Modify: Put to another use: Eliminate:
Some unimportant functions existing in traditional travel applications are eliminated to reflect the characteristics of simple and efficient products Reverse:
Result:
Using a website for our service
Result:
Both are made available and there are two forms of using our product Result: Result: Result: Result:
Weather
Sightseeing
cash/currency exchange
Ruling these options out, allowed more focus on the more important and useful aspects required when one is travelling. Result:
N/A
Notes:
1. Each column does not have to be attempted and filled;
2. Write answers in point form only;
3. Remain within this page.
THE IDEA EXPLANATION
Name of your new idea
Travel-ez A quick, easy and catchy name to grab the audience's attention
Persuasive framing of the problem or opportunity Throughout the world, hundreds of millions of people travel (statista, 2024). This creates a unique problem that we seek to solve, where travellers financially spend far more than locals for the same goods & services. Due to this, we have identified a market where we can narrow the gap between the two, by offering multiple services aimed to improve the experience for travellers, such as highlighting the cheapest places to find the goods and services a given traveller is looking for. We believe that this idea can [potentially save millions of dollars annually across the world for every type of travel. To an extent this idea can also encompass more than just travels to include locals to a given area, as they may find new spots to optimise both their time and spending.
Describe the product / service The product that is going to be offered to consumers will be a travel app, the idea is that it centralises an array of different travel services into one app, streamlining the experience for travellers in foreign countries as well as domestic travellers.
It will be a one stop shop for any traveller, conveniently providing information on locations all across the globe to be the ultimate on the go planner for any trip.
Describe the essential elements of your idea (i.e. what and how it works)
(maximum 100 words)
The app will contain all the several services aimed to solve the key problems faced by travellers in locations they are not familiar with. Such as price comparisons for goods and services, an option to find and book the cheapest and most affordable flights, or where and how to avoid common scams. As well as a translator app for your desired and preferred country.
Target Audience (primary & secondary market)
Our targeted audience are tourists / anyone travelling domestically or internationally.
What industry are you competing in? Who will be your main competitors (minimum 3)?
We are competing in the travel industry, our main competitors are google translate, trip advisor and traveller assist.
What differentiates your idea from competitors and is compelling to your target market? Our idea is an all in one app. Unlike any other travel app whose main focus would be to book and find flights, our app not only does that but more an example of this is trip advisor (A williams 2024), who only have flights and a few other minor features. We offer a whole range of features, to ensure convenience to the customer as well as resulting in an overall effortless travel experience. This allows customers to access all travel information they may require from the convenience of one app, rather than jumping from website to website. Our app is personalised to every user, therefore catering to every user's specific needs. The customisation improves user experience as it suggests and recommends suitable information needed for every individual.This differentiates our idea from competitors since there is no app like ours yet to exist, therefore making us the first in the business.
How is this idea an innovation? The idea is innovative as it approaches multiple problems in 1 app, this is what would separate our idea from that of the competition. It enables consumers to interact with one portail that can then refer them to the different services they seek.
Evidence of research (Support your responses above with in-text citations and include references of URLs, Reports, Readings here) Statista Research Department and 6, M. (2024) International Tourist Arrivals Worldwide 1950-2023, Statista. Available at: https://www.statista.com/statistics/209334/total-number-of-international-tourist-arrivals/
Tripadviso & A. williams: Over a billion reviews & contributions for hotels, attractions, restaurants, and more. Available at: https://www.tripadvisor.com.au/
Fill in the below based on the above work and supported by research, where relevant
*Do not go beyond a total of 3 pages when filling this assignment template.
