Smart Bracelet: General Business Overview, Goals and Objectives

Smart Bracelet Business Plan
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Table of Contents
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Smart Bracelet Business Plan  PAGEREF _Toc436803633 \h
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1.0 Executive Summary  PAGEREF _Toc436803634 \h
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2.0 Company Summary  PAGEREF _Toc436803635 \h
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2.1 General Business Overview  PAGEREF _Toc436803636 \h
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2.2 Company Structure  PAGEREF _Toc436803637 \h
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2.3 Location  PAGEREF _Toc436803638 \h
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2.4 Key Personnel  PAGEREF _Toc436803639 \h
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2.5 Goals and Objectives  PAGEREF _Toc436803640 \h
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2.6 Strengths and Weaknesses  PAGEREF _Toc436803641 \h
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2.7 Mission and Vision Statements  PAGEREF _Toc436803642 \h
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3.0 Products  PAGEREF _Toc436803643 \h
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3.1 Product Description  PAGEREF _Toc436803644 \h
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3.2 Cost of Sales  PAGEREF _Toc436803645 \h
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3.3 Future Projections  PAGEREF _Toc436803646 \h
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3.4 Legal Concerns  PAGEREF _Toc436803647 \h
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4.0 Market Analysis Summary  PAGEREF _Toc436803648 \h
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4.1 Market Research  PAGEREF _Toc436803649 \h
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4.2 The Competition  PAGEREF _Toc436803650 \h
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5.0 Strategy and Implementation  PAGEREF _Toc436803651 \h
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5.1 Marketing and Sales Strategies  PAGEREF _Toc436803652 \h
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6.0 Management Summary  PAGEREF _Toc436803653 \h
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6.1 Overhead Costs  PAGEREF _Toc436803654 \h
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6.2 Suppliers  PAGEREF _Toc436803655 \h
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6.3 Quality Control  PAGEREF _Toc436803656 \h
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6.4 Distribution  PAGEREF _Toc436803657 \h
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6.5 Employees  PAGEREF _Toc436803658 \h
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6.6 Asset and Equipment  PAGEREF _Toc436803659 \h
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7.0 Financial Plan  PAGEREF _Toc436803660 \h
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7.1 Projections of income and expenses  PAGEREF _Toc436803661 \h
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7.2 Cash Flow Forecasts  PAGEREF _Toc436803662 \h
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7.3 Capital Expenses  PAGEREF _Toc436803663 \h
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7.4 Funding Requirements  PAGEREF _Toc436803664 \h
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8.0 References  PAGEREF _Toc436803665 \h
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Smart Bracelet Business Plan
1.0 Executive Summary
The company is called Multi Usage Bracelet and it will be involved in the manufacturing and sale of innovative smart bracelets. The business would be situated in Sharjah, UAE. The company’s vision is to become a AED 1 billion firm by the year 2020. This product would be patented. The main competitors include Apple Watch, Mio Alpha and Microsoft band. The amount to borrow is AED239,000. Long-term loan would be needed to facilitate business expansion and working capital.
2.0 Company Summary
2.1 General Business Overview
The business will be involved in the production of smart bracelets. The name of the company is Multi Usage Bracelet (MUB). The bracelet is a smart device that could replace iPads, televisions, smart phones, and even projectors. The product is designed for use in education by schools and university, as well as in entertainment and business sectors. The markets that would use the company’s products include educational institutions, corporate clients or companies, and individual clients for instance diabetics who want to check/monitor their health.
2.2 Company Structure
With regard to the corporate structure, the company would be a sole proprietor. By being a sole trader, the owner will trade as the individual lawfully responsible for every aspect of the business.
2.3 Location
The company would be situated in Sharjah, United Arab Emirates. This location was selected since it is an industrial area with a number of benefits such as availability of amenities and accessibility to customers. The cost of rent is AED450 per month. The alterations or renovations that would be done include renovating the building to upgrade it to suit specific design specifications.
2.4 Key Personnel
The key personnel are described in the table below:
NameDutiesExperienceRelevant educationBusiness qualificationWork history1Myself; the CEO and managing directorProvide leadership to the teamWorked for 3 years at Samsung in a leadership positionMasters degreeCan effectively lead a team to achieve set goalsOver 6 years of working in various firms2Product Design EngineerDesign the Smart Bracelet products2 years experience as product designer at LG.Bachelors degree in product design and engineeringCan design products that sell profitably 4 years of work experience3Sales managerLead the sales team in looking for clients. Execute marketing campaignsExtensive experience in sales and marketingBachelors degree in sales and marketingProficiency in carrying out marketing promotions Over 2 years in a sales and/or marketing position4Customer SupportRespond to customer enquiries, ensure all customer concerns are addressedOver 1 year experience in customer support postBachelors degree in customer serviceAble to provide great customer serviceOver 2 years in customer support position5Staff accountant Carry out various accounting functions Over 2 years experience in doing accounting functionsBachelors degree in commerce Can carry out accounting responsibilities adequately 3 years of work experience
2.5 Goals and Objectives
Long term goal: achieve revenue of at least AED250,000 within the first year of operation.
Short term goal: increase advertising budget every month for the first 4 months
2.6 Strengths and Weaknesses
StrengthsWeaknesses Innovation and creativity – the company has a talented design team which is able to design and create attention-grabbing smart bracelet products.
Knowledge – the company has the people with the skills necessary to build a great product of high quality and at a reasonable or low cost The product will have to compete with other strong brands within the same market niche
Lack of experience in building such an inventive and ground-breaking product
OpportunitiesThreatsMore and more people are seeking this type of product
The Smart Bracelet is an innovative and unique product that can lead the market.
Some competitors have products with the same functionalities as Smart Bracelets at very low prices because of their long standing in the marketplace.

2.7 Mission and Vision Statements
Mission statement: to be the global technology firm that is most admired for its inspiring and innovative products.
Vision statement: to become a AED1 billion firm by the year 2020
3.0 Products
3.1 Product Description
The product, a smart bracelet, is a noteworthy novelty with the potential of substituting various devices. In essence, the smart bracelet will improve the limitations of smartphones and even enhance the functionalities of a smartphone. It could be utilized by women and men in a variety of situations and settings. Potential contracts include contracts with a number of business organizations and educational institutions [1].
3.2 Cost of Sales
The cost of making a single smart bracelet would be AED140. This includes the cost of raw materials, labour and other costs incurred in making this product. Although they would be of different colours, each smart bracelet would sell for AED350. This means that for every smart bracelet product sold, a profit of AED210 would be made by the company.
3.3 Future Projections
The products will initially be sold in the Sharjah, UAE. After a period of 24 months, the products would be sold nationally. Possible threats include the many competitors who make products with the same functionalities as Smart Bracelets at sell them low prices because of their long standing in the marketplace.
3.4 Legal Con...