Smart Home Business Plan: Products and Services

Business Plan Name Institution Smart Home Business Plan Executive Summary The purpose of this business plan is to ensure that investors can lend the business money for the startup. The plan gives a brief overview of the company including the mission and vision statements, products and services, the marketing plan and the budget. Technology has been experiencing a rapid growth and the efforts of people to have smart homes are ever on the rise. Therefore, the Smart Home product proposed herein will find value in the market. The proposed budget for the startup is estimated at $35,500. The amount is estimated to be adequate although there could be adjustments to the overall budget in the future to ensure that * Smart Home Business Plan Mission Statement Smart home is an application that enables families to access everything related to homes from wherever they are. The app also connects all the community together. Our mission is to provide individuals with the power to control all their smart devices from anywhere they are and get all online services they need in a secure and convenient manner. Vision Statement To build the best centralized application hub that will enable individuals to have easy control of their home appliances and make online orders promptly for quick delivery. We will continuously invest in innovations and improvements to ensure that the smart home app undergoes continuous positive changes to respond to the changing needs. Objectives * To reach out to at least 50 home owners and encourage them to purchase our smart home application. * To offer clients excellent application that can enable them to manage their smart devices, offer the smart services, enable them to shop online locally in a secure manner. * To generate enough cash flow to ensure that the business remains profitable into the foreseeable future. Target Market Target audiences of products are not normally alike. The audiences may differ in terms of social affiliations, location, needs, attitudes, and demographics (Larsen 3). Knowing the target market would enable delivering a product that meets the needs and wants of the people targeted (Lynn n.p). Smart home will target home owners with devices that have wireless connections because the hub will enable them to control them remotely. Additionally, it will target those staying in areas where security is of essence because the hub will enable them to control their door alarms wirelessly. Those customers that normally shop online will also be targeted as well as those who may be in need of emergency medical services. Industry The information technology industry is the most growing and robust industry in the world. The industry has become important in increasing productivity of the developed countries as well as opening new opportunities for economic growth in the developing countries (Raman and Doren 452). Information technology is fast gathering speed and many businesses strive to position themselves to strategically to realize maximum benefits (Baller et al. 3). Smart home is going to invest in thorough research and development to ensure that customers continue to find new and unique ways through the product can be a benefit to them. The technology industry is full of competition but the best way to stay ahead is to offer truly innovative products that the competitors have never even thought of. We hope to beat the competition in the industry by associating our brand with uniqueness and quality. This way, the customers will always be on the lookout for the customizations we make on the application. Currently, there is no one offering this kind of application but we believe that with our release, competition will start being strife. However, we hope that we will have a strangle hold on the market before then. * Products and Services The Benefit The Smart Home hub application comes with the ability to manage smart devices, offer smart services and community hub, shop online, ensure home security and privacy, and medical support. With smart devices, clients will be able to use the hub to wirelessly control all their electronics and devices. The devices will also be connected to the central hub that will give them the ability to exchange information. Customers will be able to wirelessly control the brightness of their lamps, the temperature of water used for shower, shade’s opacity, turn their TVs and AC on/off and so much more. With smart services and community hub, customers will be able to find all the information and services they need within one place. When a customer needs a repair service, all they have to do is click a button and the people responsible for the services will immediately be on their way. Within the hub, they will be able to find news of fun events that are taking place within. Every customer within any age group will be able to find fine events that are perfectly suited for them. It will also offer merchants with the perfect platform for their advertisements. The hub will also enable those that that want to purchase their products online to do so with relative ease. The hub will enable them to carry out all kinds of shopping be it shopping for family Christmas gifts on Amazon or ordering pizza on a Friday night. There are also security features within the hub. The company has multiple security cameras that can be monitored from the hub. Doors and windows can be attached to alarms that can be controlled wirelessly from the hub. The device is also connected to the local and nearby clinics so that in case of an emergency, they can be alerted immediately and the necessary treatment administered. What the Product will solve The Smart Home hub is meant to make the lives of people easy. Depending on the kind of service one chooses, the product will be very beneficial. Many people have been plagued by the need to constant need to move around to get important services they need. But with the product, with just the click of a button, they will be able to get the services they need. Important Features of the Product This is something that has never been tried. What is in the market is a product that can offer any of the services that our smart home offers. However, there is no one-stop product that can product that can offer all the services together. With our product, you do not have to worry about separated devices for monitoring and controlling electronics and appliances, monitoring their security, making online purchases and calling for emergency medical attention. Product Pricing The product will be priced on the kind of package a client wants. Clients can opt for hubs that are capable of all the above functionalities. In pricing the product, we will follow the assertion of Skripak (315) that pricing involves a lot of trial and errors before establishing the right balance owing to the many factors that need to be considered. There would be discounts for those who purchase the pull package. If a client just wants to monitor the security of their house alone, they would have that option at a reduced cost. That way, they would be free to select the service they need. There would be options for subscribing and for purchasing the product once. Those who opt to subscribe would have several options to choose from. They would subscribe on a monthly basis, quarterly basis, half-year, or full-year. * Marketing Plan Any new product needs efficient marketing. Companies need a quality marketing plan to ensure that they establish favorable conditions for the success of the product in the market (Veresová 524). Without a proper marketing plan, a product is doomed to failure because will not have adequate exposure with the customers. Therefore, the focus has been placed on thoroughly marketing the product for it to be able to penetrate the market. The Important Features of the Product The product offers customers a one stop shop where they can almost run there life. Never have people ever imaged that they would have a product that they would be able to use to control their electrical appliances, make online purchases, monitor their security, and seek urgent medical attention. What this product offers is very unique and has never been tried elsewhere. The product is easy to use and once ordered, it is delivered to the customers at their door-steps. It is the duty of our technicians to ensure that they take the customers through the elaborate process of using the product. The training is to take a week and customers never need to incur extra costs for the training. The product has a one year warranty and customers are entitled new devices should they find the current one they are issued with faulty. Target Customer One of the great features of the product is that it can...