See Decription Week 7 Online Part 2

Running Head: BUSINESS PLAN

Millicent Prescott

Entrepreneurship & Innovation

Professor Ellis Godwin

April 23, 2017

Smart phone Repair Company

Smartphone Repair Company is a licensed and typical one stop for smartphone repair and other smart electronics. We are located in a secure and well positioned facility at the central business district in New York. Our services major on smart phone repair services and we are ready to compete with the smartphones repair industry not only in New York but also in other cities across the United States. Our services include: smart phone repairing services, repairing tablets, water damage repair, phone screen repair, battery replacement for all smart phones and smart phone app related services. At Smartphone Repair Company, we put the interests of our clients first and our services will be guided by our values and professional ethics.

Business Vision

We intend to provide our clients with the best smart phone repair and maintenance services by maintaining the quality and the sensitivity of the damaged smart phone by repairing it to be as good as new at customer friendly prices with the aid of our very competent staff we assure you that your smart phones are in safe hands in case of any mistakes we have the self-discipline to admit our mistakes and the courage to change (Cheng, 2010).

Our company’s business values include:

•Integrity: We are open, honest and fair and our company is founded on adhering to our words.

•Quality: We believe in quality products and services our main goal is to maintain the best quality of the smartphone.

•Customer commitment: We strive to focus on the needs of the client by offering them the best services.

•Cost effective: We strive to offer our customers with affordable pocket friendly services that will satisfy their needs.

•Display urgency: We intend to immediately work on the customers need as soon as possible to avoid any delay

•Dependability: You can certainly depend on us to deliver effectively.

•Devotion: Our team is equipped with devoted technicians who offer the best repair services.

•Results: We strive to offer remarkable and impressive results.

Technology has become part of people’s lives in the recent era especially smart phones smart phones which have become part of many people’s lives since there is need to catch up with people and be aware of the current events hence everybody is purchasing one. However smart phones are quite expensive and delicate to handle since some fall down and their screens crack immediately and most people don’t have the cash to immediately purchase a new one and most people have a sentimental value for their smart phones and the thought of buying a new one is depressing hence that is where our smartphone repair services come in where we repair damage smartphones and maintain their quality at the same time. There is a wide market where there is low competition for our services hence this is a great business opportunity to venture in.

Since our business offers electronic services our business model is use of direct sales and advertising since a combination of this two when enable us to get the best results from fast moving desires of our client. Direct sales are the best option since its face-face approach with the customer enables us to develop a stronger relationship with the customer. Direct sales also help us avoid issues like lacking and falling out of market reason being clients can state the kinds of services they need to be done on their smart phones explicitly and hence the business can leverage the client based insights in service development as well as gather technicians to gather preliminary response to the proposed customer services hence this enables the company to build a brand relationship with the client.

Direct sales model also enables high levels of turnover from the sales people. Direct sell model also enables the company to collect customer feedback and this enables us to improve on our services.

Feasibility analysis

•Market trends

The smart phone repair industry has experienced as strong growth in the past few years as the smart phone and tablet usage has increased tremendously. With smartphones being fragile and expensive there is a major revenue boost for the industry. The industry concentration of smart phone repair has remained stable for the past few years. Most smart phone repair services are mostly owned by small independent operators. With the advancement and evolution of technology the smart phone repair services will continue to expand in the near future. Our target market is quite big since we not only target individuals that want our services but also the corporate clients

Despite the fact that there are big smartphone repair investor companies there is enough room to also accommodate small smart phone repair services companies. For our business to be highly competitive in the smart phone repair industry we are not only expected to be reliable and consistent but also be able to meet the clients targets since people cannot hire people who are not ready to meet their targets. We intend to generate our startup capital from our personal savings, from our friends and families but most of it will be from the bank by requesting for a loan.

There are road blocks to starting a smart phone repair service the obstacles include; it might take a while before our company services gains acceptance in the market from the big cell phone repairing companies in the already highly competitive and saturated smart phone repair industry. Another setback is that we do not have enough money that we need to boost and expend our business. Like any other business one of the major threats our company is likely is economic downturn. Another road block to our business might be the arrival of another smart phone repair services company setting up their business close to our offices and adopting the same business model as ours.

Future financial condition for our company.

The smart phone repair industry has experienced tremendous growth over the past few years as the smart phone and tablet usage has increased. The demand for expensive but fragile smart phones has given the smart phone repair industry a boost since 2010. The revenue to this industry has risen at an annual rate of 3.0% to 3.6 billion and an increased revenue growth of 5.0% in 2016.

The world is evolving in terms of technology. Many smart phone and electronic companies are booming up hence increasing the smartphone market as this industry is expanding so is our repair services evolving in the near future our company hence the future of our company is very bright in terms of market accessibility. According to research the average smart phone repair industry profit margin is expected to grow in the near future. In the next 3 years, the smart phone repair industry is expected to grow to an I.5 billion-dollar industry. Repair services provide an additional cash flow for dealers to offset lost commissions and capitals to reinvest in their business according to an article by wireless dealer magazine.

References

Cheng, N. (2010). Content Analysis on Articles on Customer Relationship Management in E- Business in China. 2010 International Conference on E- Business and E- Government. Doi: 10.1109/ice.2010.73.

Competitive Intensity and Product Line Strategies in Technology – Based Industries. (n.d.). Comparative Dynamics in the Mobile Phone Industry. Doi: 10.1057/9781137374127.0010.

Perspective articles for Business History. (2016). Business History, 59(1), 1-3. Doi: 10.1080/00076791.2017.1254935.