In starting any form of a business, one should be aware of the registration requirements, liability, and taxes that will be levied on the business. This is very important because this knowledge ensures the smooth operation of a business. When a business is registered, it shows the real evidence that may greatly help the owner in case of any disputes that may arise during the daily operations of the business. A business idea is what prompts a person to think of starting a business. However, there are procedures that should be followed before a business idea is turned into a real business. The person contemplating starting a business should generate a marketing plan with a comprehensive SWOT analysis. This is vital to the person in the sense that it is able to measure and predict the Strengths, Weaknesses, Opportunities, and Threats (Competition) that the company faces in the market (Grant, 2005).
In creating a private company, one should ensure that the company subscribers are either residents or non-residents of the country. It should have a minimum of one director, but there is no maximum number of directors. The directors can be corporate bodies or private individuals of any nationality. Furthermore, the directors do not need any kind of formal training. The company should also have a company secretary who is of any nationality. Similarly, the secretary does not need any form of formal training. A company must have a minimum of one shareholder; it can be a corporate body or an individual. Finally, a company is required to have a registered office. Therefore, someone who wishes to create a company should ensure that all the requirements of starting a company are met.
Marketing plan and SWOT analysis of an e-business Company
The e-business company needs to have a marketing plan with a comprehensive SWOT analysis if it is done well in the market. The company will deal with online gambling and online casino. Thus, the relevant marketing plan has to be generated. The marketing plan has to have an Executive summary that will summarize the company’s strategies, goals and programs that will show how the company plans to establish itself in the market. This is what makes a business plan turn into a reality. The e-business company is going to be unique in the sense that it is going to deal with gambling and running of casinos online. It is also going to be run in such a way that it will be able to attract a segment of the population that is rich. The company will put emphasis on keeping its customers satisfied and happy with its services through hiring qualified and experienced staff and ensuring that it offers high-quality services. The company will target the rich community who will only be allowed to create profiles and play if they have got invitations. A situation analysis of the business should also be carried out. The fact that this kind of business is not yet in existence will make the company have a competitive edge in the market (Shaw, 1998).
The market summary is an important component of the marketing plan of an e-business company. Being different and in a class of its own, the company will be faced with exciting opportunities in the market. The rich people will be attracted by the class that the company will be able to give. This company is going to offer a suitable opportunity for rich people to interact socially and possibly close business deals. The customers who are likely to frequent the business premises will be divided into two: The first group is made up of rich people who enjoy gambling and casino activities. While the second group will be made of the rich business people, who will be attracted by the business’ ambience and turn the place into a social meeting venue. Gambling is very addictive, and the business is assured of thriving in the market in a long time. The company is sure to enjoy the first-mover advantages of name recognition and loyalty of the customers as being the first in the market. The company is going to provide a meeting place for the rich people in the society. The place will be made to be as comfortable as possible because a survey has established that this is the real need for many people. The market for the services that the company will offer has been established to be expanding at a fast rate. Many rich people have been established to like personal spaces where they can interact freely without the fear of theft. Therefore the business is going to offer them a feeling of privacy by creating private booths on the premise where private conversations can be held. There is also the need for interactions among the rich business people in society. Therefore the business is going to only allow invited people to subscribe or access its services.
The SWOT analysis that will be carried out will determine the Strengths, weaknesses, Opportunities and Threats that the e-business needs to address. The strengths of the business are: the good ambience, the qualified, friendly and experienced staff, and the clear vision of the market need that the company has. The weaknesses will include the over-dependence on a technology that is fast-changing and the costs required to maintain the expensive good ambience. The mahogany booths, which are high backed and the flat-screen monitors are very expensive. The company would continually buy new anti-viruses to neutralize the fast up-coming new viruses. The opportunities that the company has are the ability it forging new relationships among the rich in the society and the growing population of rich businessmen in the society who are very likely to be attracted to the expensive ambience in the business premises. The e-business company faces the threat of other businesses duplicating what it has already established. However, it is going to be very hard for another business to do this. This is because the costs involved in establishing such a business are very high. And even if it happens, the business will have won the customer’s loyalty. Therefore, the business key to success is the creation of an innovative, upscale ambience and a unique environment that will be able to differentiate it from other future businesses. It will also offer entertainment and a socialization environment, a combination that is too irresistible. However, the risks that might befall the business include The unwillingness of the customers to pay for the services offered, and also if there will be a constant demand for the services being offered by the company (Grant, 2005).
The company plans on using two marketing strategies to attract its customers. The first one is to create a friendly, up-scale and social environment that will be able to attract its customers and has many activities incorporated in the casino. This will attract both the customers who love gambling and those who want to socialise. The mission of the Company is to provide its customers with great entertainment and a comfortable environment. The ambience and marketing efforts of the company will be designed to capture the rich people in society. The objectives of the company are: To build customer loyalty by offering up-scale services, hire experienced and friendly staff, and offer undisputed quality services that will make the name of the company to be a household name. The company hopes to make $300,000 in its first year of operation and have a 10% of annual increase. In the marketing mix, the company will be able to price its services based on “Retail Profit Analysis”. The expensive ambience, the costs of the equipment that will be required in the business premise, the costs of hiring experienced staff, and the cost of internet servers will all play a part in determining the hourly price that the customers will be charged. The e-business will use close to $70,000 to build a brand and a loyal customer base during its promotions. Local newspapers, Print materials, TV and the radio, will be used in the company’s marketing efforts. Marketing research will be done annually by the company to assess the performance of the current marketing programs. The industry that the company is operating in is capable of supporting high gross margins. The fixed costs of the company cost about $ 9,500. Therefore, the company will only break even at $ 12,000 as monthly sales. The company feels that since its emphasis is directed towards marketing, it will be able to have a positive growth rate. The most important thing to the e-business company is coming up with efficient programs that give a return on investment (Shaw, 1998).
The challenge that the business has is in the creation of a unique and up-scale environment that will be able to differentiate it from other businesses of the same kind. It also has to attract only a certain class of people (the rich). Therefore, it has to maintain the expensive ambience it plans on using to attract its target customers. A customer happiness representative will play an important role in ensuring the satisfaction of the customers. A marketing manager has to be hired to ensure that the marketing efforts go on as planned. The company also has to be prepared in the case its marketing projections don’t make the business do well or don’t work for the good of the business (Grant, 2005).
- Grant, R.M. (2005): Contemporary Strategy Analysis, Blackwell Publishing Ltd., Oxford (U.K.)
- Shaw, E. (1998): Network Constructs; Tool for Assessing the Relational Impact on the Development of Small Firms; Special Interest Group Symposium on the Marketing and Entrepreneurship Interface; Dublin