Construct a balance sheet for your business as it might look on the day before you start trading. This should be done now. List and explain the assumptions underpinning your financial fo

5. How will you equip your office? I will equip the office with the best technological materials to ensure that the sales and production tracking is appropriately conducted. The best expertise will be employed to run the office and ensure that the people are willing to access the customers.

QUESTION C

1. Does your venture require a licence to operate?

The venture requires a licence because it must pay the nation's taxes.

2. Will you be holding data on customers, suppliers, and employees, and if so, what are the implications of the Data Protection Act on your plans?

I will hold the data of the customers and suppliers to ensure that I can follow up on them when necessary. The idea implies that the data protection Act should guide the business to ensure that the data from the clients are closely protected.

3. Does your proposed advertising, both print, and website, comply with the various advertising regulations?

The website-based advertising rooted in social media advertising is one of the best and always complies with the advertising regulations.

4. How will you handle refunds?

When the refunds happen within the organization, I will be accepting the refunds to ensure that I protect the picture of the business.

5. Will you have to register for VAT, or could it be to your advantage to do so?

I will have to register for VAT to ensure that the chances of the business being closed down because of tax evasion is worked out.

6. If you have to register for VAT, which is the best scheme for you?

The best scheme for me to register for will be the VAT Annual Accounting Scheme to ensure that I will be handing over the taxes by the end of the year.

7. How much tax do you expect to have to pay?

I intend to ensure that I pay the tax that correlates with the products I operate with. The VAT calculation will be based on the products I am operating with.

8. Will you have to collect and pay tax for any employees?

The human resource manager within the business will be mandated to pay any employees' taxes.

9. How much NI will you be responsible for paying?

I will have to pay national insurance based on the amount that I gain from the business. If the weekly payment is $242 to $967, I will be mandated to pay 13.25%.

10. Have you incorporated the cost implications of these operating regulations in your financial forecasts?

I have incorporated the cost implications of the operating regulations in the financial forecasts to ensure that most of the projected challenges are taken care of. It is always very important to ensure that the financial forecasts are taken with great care to eliminate failure cases.

Giulia Seabra

Southern States University

BUS 480

08/07/22

Part 1

Marketing strategies

The business will implement the best and latest marketing strategies to create business awareness and also to market the business products. These market techniques show how our business is competitive as they present the uniqueness of our services and our products. The aim of using the strategies is to make my products and services stand out from those of our competitors.

Social media marketing is the first marketing technique that will use to market our business. Our competitors are already using this strategy; however, the strategy has notes effective as it is supposed to be because of lack of creativity and innovation at the same time. Also, our competitors one line of business limit them in ensuring that they satisfy all the customers’ needs.

The first innovation is the creation of a website that will enable clients to observe our services and products. This strategy is not new since our two identified major competitors have theirs; however, our website will differ from their as far as marketing is concerned. There are different techniques that we will use to drive huge traffic to the website and ensure that we got enough clients. First, we will optimize the website so that the clients will not have issues when navigating through the website. Second, we will implement analytics to collects information from the users and use the information to enhance their experience when using the site.

Our second innovation is the social media marketing platform to achieve different social business needs. A study on the use of social media shows that about 60% of the population has accounts in different social media platforms. This number is high and should be utilized to achieve different needs of the organization. Apart from advertising, we will integrate social media communication channel with the organization website so that we can answer the clients queries in real time. Timely response to the client matters in marketing and since it is not possible to be always online, it is important that we integrate the chat functionality with our website.

Apart from the technological innovation, we will also make use of the traditional marketing methods innovatively. Our business provides both products and services(education); therefore, blending them together will make our strategy stand out from those of our competitors that offer one line of service products.

Part 2

Business premises

Our business will make use of the online presence majorly to do sex education and training. The clients will have to attend an interactive session to be held at specific time. However, we will also have a local premise where our primary operations take place. The premises will also have sex products that will be delivered to the customers when they purchase them. Also, the premises will enable the customers to come and seek firsthand information when they need in our localized premises.

A plan is in process to gain premises for the most preferred cost depending on our needs. Our plan is to have a premise that will not limit us in terms of space to carry out our business with no issue. Therefore, to get the most desirable place, we must first thing about the associated costs and how we meet that cost.

We want the business to begin immediately; thus, we have gained a building on a mortgage that will be paid over a period. The current value of the offices for the business in the location is about $600 000. This is an amount that we will use to purchase the build through a mortgage from one lender. The identified building goes for slightly higher amount but will pay the $50, 000 amount on cash and gain the building through a mortgage for the remaining balance. This is the most preferred way since it will not drain us financially. The current rate for the mortgage is an annual of 5.4%. thus will require us to pay about $2770 monthly an amount that is most affordable.

Business Premises Rates

Since we are gaining the business premises, then we are going to incur some business premise rates that accrue on monthly and annually. The business will have to incur the land rates that the government requires of all lands owned by individuals and businesses. Apart from these rates, the business also will incur other expenses that will enable it to run effectively. For instance, insurance and electricity bills.

Insurance details

  The business will be insured so that it is secured from any uncertain eventuality. We will incur three types of business insurance to protect the business from any loss that can come because of the losses linked to that insurance. The following are some of the insurance that business will take.

Professional liability insurance–this is insurance that protects business from damages that come because of the negligence because of mistakes or failures. The cost of this insurance ranges from $a 1000 to $5000 depending on the insurance company that will be contracted.

Property insurance–our business will have a different type of properties that has monitory value. This include the equipment, inventory, and furniture. The property insurance will insure these properties from any damage that might come. The premium for the insurance is calculated by the insurance company that is selected.

Business Interruption insurance – since our business will operate in a physical location, some of interruption might come on the way, for instance, political issues and natural destruction. This will require used to insure the business to be compensated in case of the interruption.

Adequacy of the premises

The premises are adequate for now, considering our current target market. However, our projects suggest that the business will be good and we will need to expand in the future to accommodate the growth both physically and online. For the physical growth, the business will open other offices in different location from where they will serve our customers. For online growth, we will create additional sex education topics that will handle different topics preferred by the customers.

Finding business premises

We have not found the premises yet, but we are planning to identify suitable places where the customers will not struggle to find us. Also, as we stated earlier, we intended to own the premises rather than renting them out from other business or people. Owning the premises will allow us to have full control of the premises regarding the use and expansion.

Distribution channel

 Our business will offer sex products and education. Therefore, we have no intermediaries between us and our clients. We sell to the directly. We will deliver our sex toys to customers through any currier service upon the purchase, while the education will be carried directly to the interest of individual upon subscribing for the service.

Operation risks

The business will not encounter any significant risk during operations. However, some of the risk that might happen can be managed easily. One of the risk is lack of personnel who will handle training and manufacturing the sex products.

Contact with customers

  Our personnel that will come in contact with the customers must have received the best training regarding how they are supposed to handle the clients. For example, taking sex education requires people who understand and have been trained on how to carry the sex education training.

After-sales support and advice

The after sell support and advice applies only to our sex tools. A manual on how to use this product will be packaged together and delivered to the customers. Also, our team will make a follow up to the customer to ensure that customer is satisfied with the product. Finally, all customers that purchase the products will get free sex education training that will be availed through our website. This is the strategy that we will use to keep our customer updated with new products and services that they may keep getting them from our company.

Tracking the products

  Most of the products that we will sell will be readily available. Therefore, when a customer purchases them, they will be packaged and delivered through our identified courier. for the customer satisfaction, we will select courier service that will enable the customer to monitor the products until they are delivered.

Communication with the organization

There are different modes that we have selected to enable used to communicate with our customers. The various communication channels will allow the customers to select their most preferred channel depending on the urgency of the information. We will have a phone number that will be available 24/7. Therefore, the customer will use it to connect with us whenever they have an issue or want to relay important information to our team. Email is the second mode of communication that will be implemented in the organization. It will be used for official clients will like to take with the organization. For example, notify the client on the dispatch of the merchandize and also on the training information for the case of training.

Quality matters

Our products and services must meet the required quality. Ensuring that the products have the Right quality is one technique that we will use to difference our products and services from those of our competitors. How are we going to ensure the highest quality standards? By setting quality department that monitor the quality of the products and training. Anything that does not meet the setting quality standards will not be allowed to go to the market. This strategy will allow us to maintain customer trust.

Business visibility

Through the comparative analysis of the web performance, we observed that two websites of our two competitors do not rank as expected. This is a sign that they do not mind about their online presence and thus give us an opportunity to outsmart them in the business. We will have our website optimized so that it ranks well in the search engine. Also, we will optimize the website for speed and also responsiveness so that the clients will not have a hard time using the website.

Website domain name

The domain name of our website will go hand in hand with the name of the business. This will enable the customers to easily search and identify the website. It is also important to make sure that the domain name goes well with the business theme of the business as most customers are likely to such certain keywords that will appear in the website domain name. From the critical analysis and research of the best domain name, the “sexeduhub.com” suits our websites because our business provides sex education and sex products. The domain name is also easy to remember and thus our customers will always have a simple time searching and navigating through the website.

Submission of services

Through our website is possible that customers could easily submit services to the organization. Our website will have an integrated form that allows the customers to submit their information or message. The team responsible will always respond to the massage at an appropriate time in order to convert the customer. We will test all the communication channels integrated into the system to ensure that they are all working and efficiently delivers message to the organization.

Social media review

There are many social media channels that are in existent currently. However, the number of users in each differs depends on the preference of the social media. The business will have to use the mostly used social media platform to reach the most of the clients. According to our analysis we have established that face is most widely used social media and we expect using more to get our clients. Also, Facebook is ranking the top in the number of marketing strategies we can use to sell our products. Apart from Facebook will also use twitter and Instagram sparingly because they do not command a high number of users as compared to Facebook. However, the integration with our website will ensure any post appearing in our social media also appears on our website.

Tacking and analyzing the web traffic

We will use google analytics to track our website traffic. This will give us an opportunity to see our performance as far as the web performance is concerned. Also, analyzing the traffic will give us insights on the type of services and products that are performing well.