Niche Technology Company Business Plan

Company Summary

The overview of the company in line with this proposed business plan is an essential and vital aspect in the analysis. This context mainly covered in various subsection as depicted in the following discussions.

Niche Technology is an electronic firm which produces and sells the electronic gadgets ranging from household appliance to industrial equipment. Some of key products which the company sells to households include air conditioners, refrigerators, microwaves, security lights and washing machines. On the other hand the company deals in a wide range of both the commercial and industrial production of electronic gadgets such malodor controls, sensors, instrumentation gadgets, fragrance, Televisions, HDD and DVs recorders as well as security cameras and digital alarm signals.  The production of these items is based on the market research, trends as well as the feedback received from the clients. Additionally, the Niche Technology not only deals with the production of the electronic gadgets but also the selling of these products to the clients directly. In fact, the company discourages the use of middlemen in the business but focuses as customers’ oriented company. Thus, the production of all the electronic products is aimed at giving the customers the best products through the use of quality international standards such the IS0 9000 (Ross, & Byrd, 2015).

This company is intended to be set on 27^th June, 2018 as a partnership business venture. This company is intended to deal with the production of electronic products such the home based appliances and sell them either directly to customers or through wholesalers and retailers. The two main key partners in this business include Johansson Muhammad and Clifford Lone. It will be registered as the legal entity as per the stipulations of the partnership regulations and act of Saudi Arabia Country. Johansson Muhammad and Clifford Lone are the key stakeholders and owners of the company with equal shares as per the business plan (Nielsen, Chambers, & Farr, 2015). 

The company will be located in Saudi Arabia, in the city headquarter. It will be situated at the Broadway Office, along the Middlesbrough Street. All the departmental functions and the board meetings will be discharged in this place. The proposed area has a capacity to accommodate all the departments and the offer services proposed imminently.

Hastening good customers’ relationship as well as retention, through the production of quality electronic products

To increase and enhance quality products and satisfactory services to customers

The company is set to be established at an estimate cost of about $500000 which will cover both the operations and the overall purchasing of the production equipments and raw ingredients. Additionally, there is valuation for the insurance of about $5000 and the establishment of the office and refurnishing of the premises at a cost of $8000. Thus, the total expected amount for the establishment of the company is appraised at about $6300. However, the starting capital for the company of about 85% of the total amount will be raised by the key stakeholders (Ross, & Byrd, 2015). That is Johansson Muhammad and Clifford Lone who will raise $535500. The amount will be contributed equally by the two individuals who will give 50% each. Moreover, the rest of about 15% will be generated from the debentures and selling of shares. It is important to note that the amount will be generated using systematic ploughed profit back method as far as the business operations are concerned. Additionally, this money is what will be used to run the business operations for one financial year (Ross, & Byrd, 2015).

Company History

The personnel to be employed in this company to discharge various functions include the head of all the operations and the management of the company. The individual is the top most in line with the ranking and termed as the managing director. The general manager of the company will be the head of production of the electronics which the company is intended to produce. Thus, the general manager department will incorporate the engineering department, quality check and control as well as the production technical personnel.  The other departments will have their duties as outline in the company policy. In instance, the business strategy will conduct the market research and analysis and ensure that the electronic gadgets manufactured are of high standards and meets the customers’ demands and satisfaction.

(Nicholas, & Steyn, 2017). Thus, the structure for the discharge of the company duties and related issues mainly summarized as depicted below

Additionally, the proposed personnel plan for the company mainly summarized as shown below

PERSONNEL PLAN
	2018	2019	2020
Director managing	$100,348	$100,000	$100,000
General  Manager	$130,000	$125,000	$130,000
Finance  Manager	$125,500	$138,400	$138,400
Human Resource Manager	$100000	$105,000	$110,000
Business Strategy and Marketing Manager	$75000	$90,000	$110,000
Technicians	$70000	$82000	$90,000
Operations, Supply Chains and network management	$130000	$160000	$180,000
Other	$75000	$76000	$78000
TOTAL PEOPLE	56	65	100

The evaluation and appraisal on the products and service category mainly studied in various subsections (Kotler, 2015). Some of the crucial sections considered under this category mainly include

The key and vital products as well as services which the company will be dealing with mainly pose as the electronic merchandizes. Some of the key electronic products incorporated and targeted mainly established as per the customers’ requirements. These include kitchen appliances, home entertainments as well as commercial applications.  The kitchen appliances include refrigerators, microwaves and cookers. On the other hand, a home entertainment system which the company deals with is home theatres. Home theatre is a makeable software application which supports and hastens the music playback, photo, and video as well as helps in recording the various videos in line with the house party and related activities. Moreover, the commercial and industrial company applications which Niche Technology proposed to offer include instrumentation controls, pneumatic systems and array techniques (Gumussoy, & Koseoglu, 2016).

This is a core and vital aspect which is considered in the establishment of the Niche Technology in Saudi Arabia. Since, the company is mainly focusing on the production of electronic products and marketing of the products, this firm will incorporate and consider the design techniques as far as the products which they incorporate in Niche Technology Company  site is concerned.

The sourcing of the raw ingredients to be used in the production is not a problem for the Niche Technology Company. In essence, the Niche Technology is objective that they will produce quality products in time which will satisfy the customers’ demands. However, advance booking and scheduling for the product is highly encouraged as this will enhance and and ensure that the customer gets the product they want in time without any delay. Also, the customers are encouraged to give an early booking in case they need specific products with specified product specifications as this will enable the company to produce and deliver product in time.

Over the past decades, most manufacturers have produced electronic gadgets using standards specifications and protocols which have earned less income and accounted for the various low incomes different companies. The low incomes primarily associated with the lack of evaluation of the market segmentations and taking keen note of the customers’ demands and requirements. Although, some of these products have high quality specifications and features, still they earn low income due to lack of customers’ demands and requirements. Thus, this company aims at come up with the best products for the various clients basing on the market segmentation. Thus, with establishment of this business, it is expected that the customers will get more developed appliances in line with electronic gadgets. For instance, the sensors and PLC, CCTV Cameras, Industrial instrumentations and Microprocessors developed will have higher processing speeds which offer better services in the long run. Forrester Research studied and reported that the use of technology have increased electronic application in the United States of America by at least 7% as per the analysis conducted in 2010. In essence, various homes have adopted the technique and thus, there is increased security systems, heat, lights as well as appliances which utilizes the internet tap and online platforms.

Location of Niche Technology Company

According to Mullard (2018) market segmentation and analysis establishes that technological application is a vital aspect and specification which must be incorporated in the analysis. The analysis for the PLC, CCTV Cameras, Industrial instrumentations and Microprocessors in both the pneumatic and home based appliance is a vital and key element which is concerned decisively. Over the past decades, approximately 200 million are using and consuming the electronic gadgets both for the household chores and for the business purpose worldwide.  The consumption rate for the electronic product is imminently growing and the market price is established to be at about 56% annually. Thus, the introduction of the Niche Technology Company will even increase the sales while at the same time increasing production and customer satisfaction in line with the electronic products.

Niche Technology Company will focus mainly on the electronic products as well as marketing of these items and this is aimed at increasing the demand for the products. Moreover, the product system to be adopted in the company aims at enhancing the built image and branding of the firm. This will ensure that there is highest cutting-edge in terms of technology and this will not only increase the demand and profitability margin for the  firm but also for the various product makers. Also, the company will set the prices to conform and align with the various technologies developed. To reach a larger market, the company also focus on developing an advertising platform with decisive image-bolstering and this will ensure that various market segments are served with the trade publications (Grimpe, Sofka, Bhargava, & Chatterjee, 2017).

In the market mix, four key aspects are considered in line with the Niche Technology business plan. The four critical areas considered mainly include the product, the place, promotion as well as price (Hisrich, & Ramadani, 2017). These four elements mainly evaluated as follows

The makeable pricing projection is a fundamental element which is considered in this business plan. In fact, this business plan proposes that the price will be determined in terms of production costs. The pricing for the commodities will be projected at about 40% in line with the overall sales price of the production cost. The pricing aims at putting the company at a top-notch as far as the other competitors are concerned. For instance, the pricing for telecommunication, instrumentation, and industrial equipment are currently expensively and thus, most customers cannot afford. Thus, the company aims at wavering pricing for installation, technical specifications as well as the overall configurations for the systems purchased from the company. In doing so, more customers are targeted to shift and take the lead in this monopoly and thus, increasing the overall sales (Abdul-Hamid et al. 2017, June).

The company is mainly dealing with the electronic appliances, control systems and instrumentation devices. Moreover, the company offers maintenance services to all the products purchased from the company and which have the maintenance warrant.

Product promotion is also another key aspect which the Niche Technology Company considers in the market mix analysis. In fact, a proposal for the year around advertisements is decisively explored and noted. In essence, the advertisement will be conducted throughout the year. Various platforms will be used to market the product and the company portfolio. Some of these platforms include YouTube ads, social media more so the Facebook pages, main stream media such as the television, newspapers and radio as well as different publications like journals, articles and website links.  Moreover, the company sets to conduct an elaborate advertisement for the various services and products. It is set to be conducted imminently without having any exaggerations but via preferably offers and discounts. Furthermore, the firm depicts on giving all the customers operators manual and a warrant of at least 16 months for every product they purchase (Andrews, & Shimp, 2017). 

Mission

Although, the company is situated in Saudi Arabia, this company will sale their products to both the locals and to overseas market.  In fact, the firm is set to run and operate for 24 hours and thus, customers will be able to purchase products from the Niche Technology Company at any moment.  Furthermore, shipping and distribution of products is set to be carried out with a period of less than three working business day (Odediran, 2017).

The Niche Technology target to sale over 400 units and these sales is aimed to be achieved with little input of both the management and the stakeholders. These sales will denote as the first quarterly and demarcated at the end of this 2018. The platform sets to register 1040 sales goal of the company in terms of units at the end of the year (Mullard, 2018). Moreover, the company is set to record an incremental on the sales at the end of the second and this is estimated at about 3000 while that of the third year will be depicted at 9000 units. Although, the market forecast sounds to be unrealistic but it will be achieved based on the company logistics and outlined steps. Thus, these sales will depict a price set at estimated 2.5 times the overall variable costs  and therefore, making the gross profits to be approximately in the first year £1 million and  about £9 million at the end of the third year (Municipality, 2013).

	2018	2019	2020
Electronic sensors	1,040	3,000	10,000
Microprocessor	1,040	3,000	10,000
Household electronic and appliances	1,040	3,000	10,000
Other	38	0	0
Total Unit Sales	3,158	9,000	30,000
Unit Prices	2018	2019	2020
Electronic sensors	$412.00	$412.00	$412.00
Microprocessor	$610.00	$610.00	$610.00
Household electronic and appliances	$457.00	$457.00	$457.00
Other	$1,995.00	$1,995.00	$1,995.00
Sales
Electronic sensors	$428,480	$1,236,000	$4,120,000
Microprocessor	$634,400	$1,830,000	$6,100,000
Household electronic and appliances	$475,280	$1,371,000	$4,570,000
Other	$75,810	$0	$0
Total Sales	$1,613,970	$4,437,000	$14,790,000
Direct Unit Costs
Electronic sensors	$165.85	$165.85	$165.85
Microprocessor	$244.35	$244.35	$244.35
Household electronic and appliances	$183.85	$183.85	$183.85
Other	$630.00	$630.00	$630.00
Direct Cost of Sales
Electronic sensors	$172,484	$497,550	$1,658,500
Microprocessor	$254,124	$733,050	$2,443,500
Household electronic and appliances	$191,204	$551,550	$1,838,500
Other	$23,940	$0	$0
Subtotal Direct Cost of Sales	$641,752	$1,782,150	$5,940,500

The various costs associated with overall company operations mainly summarized as shown in the table below (Masari, Gianfrate, & Zanetti, 2014).

	2018	2019	2020
Advertising	$75,000	$150,000	$250,000
Documentation Printing	$1,200	$1,200	$1,300
Electronic Testing Equipment	$6,000	$7,800	$9,000
Merchant Services	3%	3%	3%
Computer Parts	$6,500	$6,500	$6,500
Professional Fees	$1,150	$1,560	$1,580
Computer Software	$2,400	$2,400	$2,600
Office Supplies	$4,200	$4,200	$4,200
Travel	$200	$200	$200
Miscellaneous	$2,400	$2,400	$2,400
Leased Equipment	none	none	none
Telephone	$3,000	$3,300	$3,500
Utilities	$1,200	$1,400	$1,600
Insurance
Depreciation	$1,000	$1,000	$1,000
Health Care
Contract/Consultants	$26,000	$26,700	$27,600

In essence, there is an imminent projection on the overall gross profit estimated to be earned with the duration of the first three years. In fact, the company believes that it will record a mushroom profit in 2018 and this will grow substantially in the succeeding years. Moreover, the estimated profit and loss analysis for the company depicts that the overall net profit will be high despite spending some money on the advertisement and even using sale persons (Warschauer, & Sciglimpaglia, 2012).

PRO FORMA PROFIT AND LOSS
	2018	2019	2020
Sales	$1,613,970	$4,437,000	$14,790,000
Direct Cost of Sales	$641,752	$1,782,150	$5,940,500
Other	$0	$0	$0
TOTAL COST OF SALES	$641,752	$1,782,150	$5,940,500
Gross Margin	$972,218	$2,654,850	$8,849,500
Gross Margin %	60.24%	59.83%	59.83%
Expenses
Payroll	$155,848	$313,400	$618,400
Sales and Marketing and Other Expenses	$125,793	$249,966	$438,955
Depreciation	$1,000	$1,000	$1,000
Leased Equipment	$2,628	$2,628	$2,628
Healthcare	$10,272	$25,650	$51,360
On-line Services	$1,225	$1,225	$1,225
Telephone	$2,964	$3,500	$4,500
Utilities	$1,200	$1,200	$1,200
Insurance	$1,440	$1,600	$2,000
Rent	$12,000	$18,000	$21,000
Payroll Taxes	$14,026	$28,206	$55,656
Other	$0	$0	$0
Total Operating Expenses	$328,396	$646,375	$1,197,924
Profit Before Interest and Taxes	$643,822	$2,008,475	$7,651,576
EBITDA	$644,822	$2,009,475	$7,652,576
Interest Expense	$7,030	$10,450	$3,700
Taxes Incurred	$277,004	$869,141	$3,326,826
Net Profit	$359,787	$1,128,884	$4,321,050
Net Profit/Sales	22.29%	25.44%	29.22%

Niche Technology Company is expected to record dramatic growth in line with the financial needs and this will be depicted for both the substantial receivables and the inventory. For both the 2019 and 2022, the virtually needs will be supported via the application of the accumulated earnings (Shina, 2012). In fact, the Niche Company will have to rely on the credit as the imminent cash source in the first year and this will continue until the company starts to record the turn over cash in line with the receivables. In essence, the projection for the company poses the need of about $210,000. Thus, the projection for the overall year one shows a stern prime quality for both the customers and the commercial banking credits. Thus, this should be used to establish current asset with minimal inventory reliance in the long run (Duval-Couetil, Reed-Rhoads, & Haghighi, 2012). On the other hand, there are various general assumptions which are considered in line with the cash flow forecast for the company. This is mainly summarized as shown in the table below

General Assumptions
	2018	2019	2020
Plan Month	1	2	3
Current Interest Rate	10.00%	10.00%	10.00%
Long-term Interest Rate	10.00%	10.00%	10.00%
Tax Rate	43.50%	43.50%	43.50%
Other	0	0	0

Vision

The expected cash flow estimation can be summarized and shown in a diagram as depicted below

In this analysis, it is expected that the first sales will be carried out in this 2018 and in the process at least 140units will be sold monthly (Alhabeeb, 2012). Moreover, the second batch will be ready in the mid of next. In essence, the company estimated that the second batch will have a more developed version and smarter systems which will attract more sales (Scheer, 2012). Thus, using the this probability, a break-even analysis is depicted as per the figure below

Based on logistics, the following will be the company’s SWOT analysis;

Niche electronic company will have the ability to sell most of its products, and this will enable the company to access a wider market hence generating a massive amount of profits. Also, it will have a highly visible website which will attract huge traffic of customers in the market. Such a website will allow the company to receive complaints and feedback from the customers and make necessary improvements to their products (Helms, & Nixon, 2010). The other strength is that it will have access to a large pool of skilled and experienced owner operators who will help in the running and management of movement and distribution of the electronic products and this is likely to reduce delays in the supply of a variety of items to the customers. Additionally, Niche electronic company will have very high gross margins, and this will enable it to sufficiently cover for various costs (Awais, & Samin, 2012). Lastly, there are high barriers to entry in the market, and this will be attributed to the monopolistic situation which will be created in the market by the firm and hence will control any prevailing market situation.

The one critical weaknesses of the company will have is that there will be competition in the market which will be created by many competitors already in the market providing similar electronic products and hence will reduce the profits to be generated from sales of the items. The other weakness will be on high transportation costs often which will be involved in the distribution of the product directly to the customers since some of the clients are scattered all over the country (Kim et al.2013). Also, the company will be faced with limited flexibility in pricing, and hence it will not easily alter their prices to maximize profit generation. Another weakness is that the company is likely to be exposed to hackers of their when dealing with the shipping of the product (Brooks et al. 2014).

There are a variety of opportunities which will be created in the company. For instance, Niche Company will have the chance to continue to expand its online sale, and this will be due to the huge competition in the offline selling of electronic products. Further, there will be an opportunity to establish more distribution stores since it has the financial capability and the rising number of customers across the country whose demands for the electronic products have increased in the recent past (Bas, 2013). The other opportunity will be on the development of proprietary products which will be sold using the brand name of the firm, and this will grant the company the power to control the quality of their products and thus ensure the best quality for their electronic products. Apart from the above mentioned opportunities, the company will have the opportunity to acquire some additional capital for expansion and growth, and this will be attributed to the large profits it is likely to generate hence will easily pay for any liability due (Wheelen, & Hunger, 2011).

Business Model

 There is a number of threats which Niche electronic company will be exposed to. Such threats will include, changes in regards to laws and regulations which will impact the company performance negatively. The other threat will be on the increased insurance costs for the firm, and a lot of money will be spent on paying premiums rather than on expansion and growth of the company (Lee, & Walsh, 2011). Another threat will be due to the increased price inputs which will result to upward pricing, and this has affected the amount of profits generated by the company since some of the customers will find it difficult to purchase the electronic items.

The country where Niche electronic company will be situated is stable, and this, therefore, will create an enabling environment for business to thrive. The cost of manufacturing and labor provided to the company will, thus, be lowered allowing the firm to meet a variety of demands of their customers (Khan et al. 2015). However recently there has been certain political upheavals in some of the major operational areas of the company which will have a significant impact on their operations which will lead to economic losses. Also, the company will be faced with certain political pressures mostly in Saudi Arabia because of the unstable political environment, and this is likely to affect the operations of the firm in such regions. The company will, therefore, reorient its strategies.

Recently there has been an economic recession in the country and this greatly affected the level of manufacturing and sales of the company’s products negatively. With such a recession in the economy, the purchasing power of the customers will be affected adversely in most of the developing markets, and this will, therefore, compel the company to seek more customers in the emerging markets (Tanaka, 2013). Additionally, there are numerous economic policies which will make it difficult to penetrate through other foreign markets thus limiting the number of customers it will serve. In conclusion, the macroeconomic environment in which the firm will be operating in will be volatile and uncertain will force it to reorient the strategies it applies in the distribution and manufacturing if its products (Josh et al. 2012).

 The company aims at serving diverse customers all over the country. However, this will be hindered by different values and beliefs of certain communities. Such beliefs and values will have a great impact on the buying patterns on purchasing patterns, the female share of the market and brand loyalty. There will also be pressure mounting on Niche electronic company to continually keep up with the corporate social responsibility with the aim of maintaining the public relegation status (Newton, 2014). Since the company will be operating in an environment where there are a variety of customers with different tastes and preferences, it will have to adjust some of its strategies to penetrate the market easily (Hasan, 2013).Further, with time the company will be operating globally, and hence it will have to adopt a global strategy in the emerging markets.

Personnel

 Technology plays a critical role in the engineering sector hence has to be checked more often. It constantly changes, and Niche electronic company will be expected therefore to utilize the modern technology during the manufacturing of their products (Borowski, 2011). The company will be applying advanced technology to the items manufactured, and this will enable it to gain a competitive edge over its key competitors due to its designing ability of electronic products (Hasan, 2013). The company aims to be one of world’s leading innovative firms and hence it will have the opportunity to harness the power of technology. Niche electronic will, therefore, dominate its rivals and critical competitors in terms of innovation and technology.

 There are a variety of legal laws and regulations which guide the performance of the company. For example, there are heavy penalties for imitation of another company’s products, and hence Niche electronic will produce its brand of electronics to win the public perception and approval of its products (Hasan, 2013). The other legal matters which the company will have to abide by will include those relating to working conditions and labor wages.

 The increased rate of ethical consumers in the world brands of items who prefers to have his or her brands of electronic items to be manufactured in a more socially responsible environment.  Niche electronic company will thus manufacture products to meet up with the standards of an ethical consumer. It will, therefore, create a conducive environment which will not interfere with the performance of various employees by paying them adequate wages (McKay, 2015).

The company is likely to be faced with the threat of new entrants in the market in the near future even though large capital is required for advertising, branding, and creation of product demand. It will, therefore, force the company to institute certain barriers to entry such as economies of scale, well-defined brands, access to inputs, economies of scale and cost advantages (Dobbs, 2014).

The competitive rivalry will is a force which evaluates the intensity of competition in the marketplace. The rivalry competition is likely to be high in the market where Niche electronic company will be operating. Such will be attributed to the already existing electronic companies, and this will affect the amount of cost incurred by the company in promotion and marketing of its products (Vining, 2011). High rivalry competition increases the price and advertising of items which hurts the operations of a business. Some of the products to be manufactured by Niche electronic company is likely to be copied in the near future by other similar firms.

 It looks at the ability of various customers in the market which is likely to impact the quality and pricing of items. The company will, therefore, look into buyers powers by taking into consideration the number of buyers in the market, cost of shift of buyers from one supplier to another and the significance of each of the buyers(Aldehayyat et al.2011). Niche electronic firm will focus on only those powerful buyers to enable them to dictate some of the terms of the business transactions. With such a strategy, the company is likely to enjoy a strong brand recognition.

Products and Services

The force focuses on how the customers are likely to shift from a particular business product to that of a competitor. The company will, therefore, focus on manufacturing of those electronic products which will meet the basic needs of the customers in a different way (Marshall, 2013). This will be attained through analysis of the quality and prices of other companies producing similar items to reorient the prices and quality which will eventually satisfy a variety of needs of the customers to prevent them from switching to other electronic firms. The various aspects of the threat of substitutes which the firm will have to look into will revolve around customer’s inclination to change and switching costs (Marshall, 2013).

It analyses the amount of power a business supplier has and hence can control prices of various items. The company will have wide dozens of suppliers and manufacturers across the country to enable it to have control over the prices of the items it will manufacture to generate a huge profit (Aldehayyat et al. 2011).

There are various codes of practices in line with the business operations and product handles which have to conform to industry standards. Some of the key elements which must conform and have to be considered mainly include

1. The minimal litigation on the consumers’ protection and this stipulates that all the prescribed regulations in line with the consumptions must be subjected to fair pricing.
2. The second code of practice in line with the practice and industrial standards is on the voluntary self-regulations. It stipulates the overall norms of practices which can be adopted by the company. These regulations are often flexible and are likely to change with the prevailing conditions (SafeWork, & WorkCover, 2012).

The intellectual property rights are those rights which guarantee a company an exclusive power to utilize its plans and ideas without worrying about competition for a particular period of time. Such rights include patent, copyrights, trademarks and trade secrets among others (May 2015). Niche electronic company will, therefore, have exclusive property rights which will guarantee it to use its plans and ideas. Such rights will be in relation to the industrial development, intellectual property system, and information technology. All the inventions, artistic works, and designs of the company will be protected to enable them to have full control of the intangible assets. Some of the intellectual property rights will be to protect the designs of the company products such as the integrated circuit. The other element which will be protected by the intellectual property rights is the investment cycle to offer protection on counterfeiters (Bently, & Sherman, 2014).

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