We are establishing new venture for ?helping new international immigrant students to get settled in overseas. We need a three year business plan which will include varia

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Sanjana Bindroo- 0741981

Gagandeep Singh- 0743389

Amaleena Bata- 0743988

Course Name: ADMN3430 New Venture Planning & Design

Professor Name: Arif Toor

July 2,2022

Introduction to the Entrepreneurial Team

1. Who are you?

· A student lands in a different country with a caboodle of questions in his/her mind like how they will reach, whether local food would be available, how would they obtain the necessary documents of the country and many more. From our own personal experiences of trouble and relaxation, we thought of introducing a new venture with a virtue to be the first youth operated organization to provide ground assistance to newcomers (students). From airport transfer to accommodation, meals, getting to know Canada.

2. What’s your background and experience?

· At present we are students and from our personal experience we can feel what a student goes through after reaching their destination. We all have gone through different stages of migration as a student, and we do not consider ourselves as a nipper in this now.

3. What makes each of you interesting or special?

· As mentioned above, this idea of introducing the application came from our own different personal experiences and we would like to make a student journey as smooth as we can. A student lands with a bundle of expectations in the country and with a hope that they will have a good career after completing studies. So from the beginning we would like to act as a guiding light to them so they continue to focus on what they are here for. We will be committed to what we promise and help a student in settling down in this new country.

4. How do the team’s background, skills or experience complement each other?

· We have a group of 3 people, where we have multitudinous experience in different fields, our team has a mixture of sales and marketing, one of us has been into this business for the last 2-3 years as a mentor/teacher. We are very active on social marketing platforms like LinkedIn, Instagram, Facebook, what’s app. At present, we are currently a part of a few student groups on telegram and their questions help us in getting more transparency about their business model. 

5. Why are you thinking of establishing a business?

· Plethora of students have been chatting on WhatsApp, Facebook, twitter and searching for different groups to make sure they do not have any issues and try to gather as much information as they can. Our application and experts will be the one stop shop for the enrolled students. This seems to be an untapped market and we have identified student traffic to be a reliable, sustainable, and growing business.

6. What evidence is there that you might be a successful entrepreneur?

· We did some research on the business plan and found that at present there is no company who has floated any package like this which would make a student journey more smooth and fruitful. We all try multiple resources to gain as much knowledge as possible before landing, and people are highly dependent on YouTube videos which eventually come from different – different youtubers. At times, we have seen people ending up getting confused with the queries or their replies. We will be a one stop shop for the students where they would get relevant, reliable, true information.

 

Description of the Venture:

1. What kind of business are you proposing to establish?

· We want to start up a company that helps recent immigrants from other countries who are planning to study in Canada and want to settle down. Every year, there are a significant number of new international students who immigrate to pursue higher education in a foreign country. Many of these students have a tough time adjusting to life in their new country, particularly if they do not have any family or friends living there. Assisting international students in adjusting to life in a new nation is one of our core competencies, and we look forward to working with them.

2. Who do you know that can provide advice, assistance, or contacts in that

industry?

 

· We have connections in that sector and can offer advice, help, or contacts. We will offer a variety of services to incoming international students who are immigrating to Canada, such as assisting them in finding suitable housing, assisting them in establishing their utility accounts, and giving them information about the surrounding area. In addition to this, we will assist them in the search for jobs and internships, as well as in establishing connections with other students and professionals in their chosen industry. We have relationships with people in that field who can offer guidance, assistance, or contacts. Our company has access to a wide-ranging network of connections in a variety of areas, including immigration and education, who can offer guidance and support. University employees, immigration attorneys, and members of professional organizations are included in these connections.

3. Where will you be located?

· Our location will be in an area with a high population of students who have just immigrated from other countries around the world. We will establish our headquarters in a town or city that is home to several educational institutions, as this is the population of our target demographic.

4. Why there?

· We settled on that site because we wanted to be near the people who make up our target demographic. We intend to stay close to the people who make up our target market, we made the conscious decision to position our business in an area with a high population of students who are originally from other countries. We will be able to contact a greater number of these pupils and deliver our services to them if our business is situated in an area where there is a significant number of instances of these students. 

Description of the Product or Service:

1. What will your product or service do?

· The product / app or website will assist recent foreign immigrants who are studying abroad by giving them the knowledge and tools they need to succeed. This will help new international immigrant students to get settled in Canada. The product will give a variety of information and tools to assist newly arrived international students in establishing themselves in their new country of residence. This will include information on how to find a place to live, obtain a job, and open a bank account, among other things. The product will also enable access to a network of other students who have been through the same procedure, allowing them to ask questions and obtain advice from those who have been in their shoes before.

2. What benefits will it deliver to purchasers?

· Among the many advantages that the product offers, one is that it enables students to spend less time and effort conducting research, and another is that it serves as a one-stop shop for all their requirements. The primary advantage of the product is that it will help students save a significant amount of time and effort when conducting research. This is because they will be able to obtain all the necessary information and resources in a single location, as opposed to having to look for them online or ask people in several locations. The solution will also serve as a one-stop shop for all their requirements, allowing them to acquire whatever they require in a single location.

3. Are there competitive product offerings?

· There are a few product offers made by competitors, but they are not as comprehensive or user-friendly as the one we are developing will be. There are a few other products currently available on the market that provide services that are comparable to ours; however, these products are not as comprehensive nor as user-friendly as ours will be. This is since ours will be specifically intended to satisfy the demands of students who are new to the country from another country. 

4. Who is the competition?

· The most significant competition comes from word-of-mouth and research conducted online. Research done on the internet and recommendations from friends and family are our most significant competitors. This is since there is already a great deal of resources that can be found online, and a good number of students will already know people who have been through the process of relocating to a different country. On the other hand, our solution will be able to provide a service that is broader in scope and more intuitive to use, which will make it simpler for students to acquire the knowledge and resources they require.

5. What’s wrong with what’s already out there?

· One of the problems with what is currently available is that it can be difficult and time-consuming for students to sort through the information on their own. The fact that students will have to dig through all of the material on their own may be both time consuming and overwhelming, which is one of the primary issues with the products that are currently on the market. Tit can be challenging for students to identify or determine which information to rely on.

6. How weak or strong is your competition?

· There is potential for development in terms of delivering a service that is both more complete and more friendly to customers, which is one reason why the competition is not as fierce as it could be. The level of competition is not as fierce as it could otherwise be due to the fact that there is opportunity for advancement in terms of delivering a service that is both more complete and more friendly to customers.

 

7. What does the product look like? (Provide diagrams, pictures or schemes if

necessary or helpful.)

· The final product will be an intuitive and user-friendly web platform. It will be accessible over the internet. The final result will be an intuitive and user-friendly web platform. It will be accessible over the internet. It will include a variety of information and tools that new foreign students will find helpful, and it will be built with new international students from other countries in mind specifically.

 

Identification of the Market:

1.Who do you think will buy your product (provide segmentation info by age,

gender, income, etc.)?

· We intend to tap the student market whether they come for higher studies or for masters. Canada is now marked as number 3 destination for student attraction. Approximately 14% -15% of students are international landed in Canada from different countries. Over 200,000+ students have taken admission in 2021/2022 academic year and numbers are exponentially growing. 

2.Why might they buy it (what are their needs, why are they not being met, what

are their motivations)? 

· Students especially non-travelled or coming from tier 2 – tier 3 cities of India are not very familiar with the process to be followed post landing. From my previous experience, parents have raised concerns about their children's accommodation, transportation, studies, and other land arrangements. And for all these they have been connected to multiple people to ensure a smooth transition. Here, we will be assigning a designated person and we intend to perform in groups to make sure that they all be abreast all the times about their children's activity till the time they are associated with us.

3.Where is the market located (Toronto, Ontario, Eastern Canada, Canada, North

America, international?)

· Our customer base is across the globe however at present we are looking forward to tap market for Greater Toronto Area only focusing on students coming from India.

4.What is the size of the market by number of purchasers (provide empirical data

to support)?

· Our primary focus to onboard customers will be towards students coming to study abroad from India, Pakistan, Bangladesh, etc. since the founding team is more familiar with that demographic. Looking at the study permits/visas that are issued in our initial target demographic, the number of students immigrating amounts to ~150K to USA from India and ~220K per year to Canada from India. If we can capture even 1-2% of that market annually, it amounts to ~4000 customers acquired annually.

 

Sources USF-1 Visas (https://travel.state.gov/content/travel/en/legal/visa- law0/visa-statistics/nonimmigrant-visa-statistics/monthly-nonimmigrant-visa-issuances.html), Canada Study Permit ( https://economictimes.indiatimes.com/nri/study/canada-breaks-record-issues-450000-study-permits-in-2021-with-india-leading-the-pack/articleshow/90430489.cms

5.What is the size of the market by $$ value (provide empirical data to support)?

· Considering the number of customers available to capture annually from the numbers in question #4, and assuming a fee of $499-599 per year per customer acquired and converted (which is 33-40% of average industry charges for visa consultation in India), we can assume 4000 Customers*$500 = $2,000,000 of revenue, assuming we can capture 1-2% of the market.

Source of Industry Charges – https://www.novusimmigration.com/immigration-processing-fees.html

 

6.What are market trends (growing or declining)?

· Due to COVID-19, immigration from Asia has declined initially as a whole. However, starting from 2021 summer, study permits, and visas issued have climbed exponentially. There is an impending recession that may occur in North America and maybe even globally, however, student migration from India to North America for higher salaries and better quality of life has always been an enticing factor and that industry trend holds up relatively strong to other industries during a recession (if it occurs). There is no definitive answer, but the time to create a tech stack that supports our idea is now, otherwise there may be too much competition in the future.

 

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Market Research and Strategy

Sanjana Bindroo- 0741981

Gagandeep Singh- 0743389

Amaleena Bata- 0743988

Course Name: New Venture Planning & Design

July 16, 2022

FRESHMAN JOURNEY

“MADE BY IMMIGRANTS”

Primary Market Research

 

1. What market research methodology did you use?

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