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Online Parking Business Plan: EasePark

Business Plan Guide

This Business Plan Guide and the accompanying Business Plan Template have been developed by business.gov.au, the Australian Government's principal business resource, located within the Department of Industry. 

Copies of the latest version of this guide and the template can be downloaded from www.business.gov.au/businessplan

If you need further information, assistance or referral about a business issue, please contact business.gov.au on 13 28 46.

Preparing yourself

Before you start writing your business plan, you should honestly evaluate yourself and decide if your business idea has a good chance of success. Analysis can help you anticipate any challenges you may face and help you overcome them.

Analyse your business idea

Is your idea feasible? Before you get started, find out if there is a demand for your products or services. It's also useful to find out who your competitors are and whether the market can sustain your business.

Researching all aspects of your business idea will involve gathering, analysing and evaluating information to help you write your business goals. Some questions to consider are:

  • What product/service will you provide?
  • Is your idea viable?
  • How will you protect your ideas?
  • Is there a market for your product/service?
  • What skills do you need?
  • Who are your competitors?
  • What difference will you bring to the market?
  • Do you have the financial capacity to start a business?

Analyse yourself

Are you ready to venture into business? Operating a small business is not just about working for yourself, it's also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed. 

At the outset it’s important to consider whether you really understand what's involved and whether you're suited to business and self employment. Examine these questions:

  • Why are you starting a business?
  • What are your business and personal goals?
  • What are your skills?
  • What income do you need to generate?
  • What are the advantages and disadvantages of starting your own business?

Business planning

Once you've conducted research into the feasibility of your new business you're ready to write your business plan.

A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Depending on your business type, your plan could include the following sections:

  • Business Summary: A one-page overview written after your business plan is finalised.
  • About your business: This is typically called the management plan or operations plan. It covers details about your business including structure, registrations, location and premises, staff, and products/services.
  • About your market: This is the marketing plan. It should outline your marketing analysis of the industry you are entering, your customers and your competitors. This section should also cover your key marketing targets and your strategies for delivering on these targets.
  • About your future: This section covers your plans for the future and can include a vision statement, business goals and key business milestones.
  • About your finances: The financial plan includes how you'll finance your business, costing and financial projections.

Regular review

Business planning is an ongoing business activity. As your business changes many of the strategies in your plan will need to evolve to ensure you business is still heading in the right direction. Having your plan up to date can keep you focussed on where you are heading and ensure you are ready when you need it again.

Distributing & protecting your plan

A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it. 

Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. 

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Advice & support

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach. 

Attending business events

Small business workshops and seminars are run regularly in most areas of Australia, and deal with issues such as planning, financial management, innovation, employing staff and exporting.

You may also find it useful to attend networking events to help expand your business. By developing networks, you can keep up-to-date on industry and local information, promote your business through new contacts and learn key skills from other businesses.

Taking on a mentor or business coach

Participating in mentoring or coaching programs can help you develop a greater understanding of business processes and practices, and equip you with the skills you need to grow and improve your business.

Using the Template

Before you complete the business plan template and start using it, consider the following:

· Do your research. You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete the template. By having the right information to hand you also can be more accurate in your forecasts and analysis. 

  • Determine who the plan is for. Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package.
  • Do not attempt to fill in the template from start to finish. First decide which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections later. 
  • Use the [italicised text]. The italicised text is there to help guide you by providing some more detailed questions you may like to answer when preparing your response. Please note: If a question does not apply to your circumstances it can be ignored.
  • Get some help. If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Single Business Service, Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice.
  • Actual vs. expected figures. Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates.
  • Write your summary last. Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to quickly read your plan, find it realistic and be motivated by what they read. 
  • Review. Review. Review. Your business plan is there to make a good impression. Errors will only detract from your professional image. So ask a number of impartial people to proofread your final plan. 


Template overview

Title page

QuestionExplanationMore information
Insert your business logoAdding a logo helps give your business a more professional image. If you are just starting out and do not have a logo, you can remove this section.
Your nameEnter the business owner's name. Enter multiple names if there are multiple owners. 
Your title The titles of the business owner(s) listed above. E.g. Owner/Manager
Business nameEnter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business nameVisit our Register your business name page.
Main business addressEnter your main business address. This can be your home address if you are a home-based business or your head office if you have more than one location.
ABNEnter your Australian Business Number. If you are a business and have registered for an ABN enter it here.Visit our Register for an Australian Business Number (ABN) page.
ACNEnter your Australian Company Number. Only fill this in if you are a company.Visit our Register your company page.
PreparedThe date you finished preparing your business plan.
Table of ContentsIf you have changed this template in any way, please remember to update the table of contents to reflect the changes.

Business Plan Summary

Your business summary should be no longer than a page and should focus on why your business is going to be successful. Your answers should briefly summarise your more detailed answers provided throughout the body of your plan.

The Business

QuestionExplanationMore information
Business nameEnter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business name.Visit our Register your business name page.
Business structureIs your business a sole trader, partnership, trust or company?Visit our Business structures topic.
ABNEnter your Australian Business Number (ABN). If you are a business and have registered for an ABN enter it here.Visit our Register for an Australian Business Number (ABN) page.
ACNEnter your Australian Company Number (ACN). Only fill this in if you are a company.Visit our Register your company page.
Business locationEnter your main business location. Briefly describe the location and space occupied/required.
Date establishedThe date you started trading. Whether it was the date you opened your doors or the date your purchased business opened its doors.
Business owner(s)List the names of all business owners. 
Relevant owner experienceBriefly outline your experience and/or years in the industry and any major achievements/awards.
Keep this brief and try to include only your relevant experience and main achievements. You will have an opportunity to go into more detail under the Management & ownership section.
Visit our What skills do I need to start a business? page.
Products/servicesWhat products/services are you selling? What is the anticipated demand for your products/services? These answers should briefly summarise your answers under the main products/services section.

The Market

QuestionExplanationMore information
Target marketWho are you selling to? Why would they buy your products/services over others?
This answer should briefly summarise your answers under the main Market section.
Visit our Researching your market page.
Marketing strategyHow do you plan to enter the market? How do you intend to attract customers? How and why will this work?
This answer should briefly summarise your answers under the main Market section.
Visit our Marketing topic.

The Future

QuestionExplanationMore information
Vision statementThe vision statement briefly outlines your future plan for the business. It should state clearly what your overall goals for the business are.
Goals/objectivesWhat are your short & long term goals? What activities will you undertake to meet them?

The Finances

QuestionExplanationMore information
The financesBriefly outline how much profit you intend on making in a particular timeframe. How much money will you need up-front? Where will you obtain these funds? What portion will you be seeking from other sources? How much of your own money are you contributing towards the business?
Your answers can be quite brief in the summary. They should give the reader a quick idea of your current financial position. Where you are heading financially and how much you need to get there. You can provide more detail in the main Finances section.
Visit our Business finances topic.

 


The Business

Business details

QuestionExplanationMore information
Business purposeWhat is the main business purpose? What does it sell? 
Business sizeNumber of employees? Estimated/actual annual turnover?
Operating historyWhat is the business background? How long has the business been operating? What is your progress to date?

Registration details

QuestionExplanationMore information
Business nameEnter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business nameVisit our Register your business name page.
Trading name(s)Enter your registered trading name or names. Your trading name is the name you will use to trade under. It is the name that appears on your marketing and advertising material. If you have multiple trading names, list them and explain the purpose of each name.Visit our How do I choose a business name? page.
Date registeredThe date that appears on your business name registration.
Location(s) registeredEnter the state(s) you have registered your business name. If your business is located in more than one state, you will need to register your business name in each state. Visit our Register your business name page.
Business structureIs your business a sole trader, partnership, trust or company?Visit our Business structures topic.
ABNIf you have registered an Australian Business Number (ABN), then enter it here.Visit our Register for an Australian Business Number (ABN) page.
ACNEnter your Australian Company Number (ACN). Fill this in if you are a registered company.Visit our Register your company page.
GSTIf you are registered for Goods and Services Tax (GST), then enter the date you registered with the Tax office.Visit our Register for Goods & Services Tax (GST) page.
Domain namesIf you are planning on setting up a website for your business, you may also like to register a domain name to match your registered business name. List any domain names you have registered and plan to use in the business.Visit our Register your domain name page.
Licences & permitsList all the licences or permits you have registered. These will vary depending on your type of business and location. Some examples include a tradesperson certificate, travel agents licence, or kerbside café permit.Visit our Registrations and licences page.

Business premises

QuestionExplanationMore information
Business locationEnter your main business location. Describe the location and space occupied/required. What is the size of the space you occupy/require? Which city or town? Where in relation to landmarks/main areas? If you have a retail business, where are you located in relation to other shops? What is the retail traffic like?
Buy/leaseIf you have purchased a business premises or are currently leasing, briefly outline the arrangements. These can include purchase price, length of the lease agreement, rental cost or lease terms.
If you are still looking for a lease or property, outline your commercial lease or purchase requirements and any utilities/facilities required.
Visit our Buy or lease a business premises page.

Organisation chart

QuestionExplanationMore information
Figure 1: Organisation chartThe organisation chart is a quick way of representing your business structure. If you are still recruiting staff, you may wish to include a proposed structure and label it appropriately. I.e. you could add 'Vacant' to the positions that are currently vacant or you could label the whole chart as a 'Proposed Organisation Chart'.

Management & ownership

QuestionExplanationMore information
Names of ownersList the names of all business owners.
Details of management & ownershipAs the owner(s), will you be running the business or will a Chief Executive Officer (CEO) be running the business on your behalf? What will be your involvement? If it is a partnership, briefly outline for each partner their percentage share, role in the business, the strengths of each partner and whether you have a partnership agreement/contract in place?
ExperienceWhat experience do the business owner(s) have? Why should people invest in you? How many years have you owned or run a business? List any previous businesses owned/managed. List any major achievements/awards. What other relevant experience do you have? Don’t forget to attach your resume(s) to the back of your plan.

Key personnel

QuestionExplanationMore information
Current staff tableList your current staff in the table provided. Outline each job title, name of the employee in the position, the expected staff turnover for the position and each employee's relevant skills or strengths. You may also like to attach a copy of their resume to the back of your plan.Visit our Employing people topic.
Required staff tableList your required staff in the table provided. These are current vacant positions. Outline each job title, quantity of each type of position, the expected staff turnover for the position, the required skills or strengths needed and the date you require this position to be filled. Visit our Recruitment page.
Recruitment optionsHow do you intend on obtaining your required staff? Advertising in the local paper, online advertising, and/or training current staff members?Visit our Recruitment page.
Training programsAre there any training programs you will be organising in the event you cannot find the required skills? Are these in-house or external providers? What training will you as the business owner/manager undertake to keep your skills current?Visit our Skills and training topic.
Skill retention strategiesWhat procedural documentation will you provide to ensure the skills of staff are maintained? Do you have an appropriate allocation of responsibilities? How are responsibilities documented and communicated to staff? What internal processes will you implement to regularly check that the current skills of staff members are still appropriate for the business?Visit our Skills and training topic.

Product/services

QuestionExplanationMore information
Product/services tableList each product/service your business currently offers. Provide a description and unit price (including GST) amount for each. 
Market positionWhere do your products/services fit in the market? Are they high-end, competitive or a low cost alternative to the products/services offered by your competitors? How does this compare to your competitors?
Unique selling positionHow will your products/services succeed in the market where others may have failed? What gives your products/services the edge?
Anticipated demandWhat is the anticipated quantity of products/services your customers are likely to purchase? For example, how much will an individual customer buy in 6 months or 12 months?
Pricing strategyDo you have a particular pricing strategy? Why have you chosen this strategy?
To help you develop your pricing strategy, you could refer to your customer research, market position, anticipated demand and costs/expenses to get an idea.
Whatever strategy you use when setting your price, you will also need to adhere to any relevant fair trading legislation or codes of conduct. 
Visit our Fair trading laws page for your state fair trading office contact details.
Value to customerHow do your customers value your products/services? Are they a necessity, luxury or something in between? 
Growth potentialWhat is the anticipated percentage growth of the product in the future? What will drive this growth? 
To help you determine this growth potential, you could refer to your region/industry research to get an idea of any industry/regional growth that could affect your business in a positive way.

Innovation

QuestionExplanationMore information
Research & development (R&D)/ innovation activitiesWhat R&D activities will you implement to encourage innovation in your business? What financial and/or staff resources will you allocate? Visit our How do I make my business more innovative? page.
Intellectual property strategyHow do you plan to protect your innovations? List any current trade marks, patents, designs you have registered. Do you have confidentiality agreements in place?
Protecting your innovations can include registering for intellectual property protection, ensuring your staff sign a confidentiality agreement, and generally ensuring your competition does not find out what you are developing. 
See the IP Australia website for information on protecting your innovations.

Insurance

QuestionExplanationMore information
Workers compensationProvide details if you have workers compensation insurance? This is mandatory if you have employees.Visit our People insurance page.
Public liability insuranceProvide details if you have public liability insurance? This covers any third party death or injury.Visit our Liability insurance page.
Professional indemnityProvide details if you have professional indemnity insurance? This covers any legal action taken out as a result of your professional advice.Visit our Liability insurance page.
Product liabilityProvide details if you have product liability insurance? This covers any legal action taken out as a result of injury, damage or death from your product.Visit our Liability insurance page.
Business assetsProvide details if you have insured your business assets in the event of a fire, burglary, or damage? This insurance covers things like buildings, contents and motor vehicles. 

Answer

ONLINE PARKING BUSINESS PLAN

Business plan summary:

The business:

The business is all about online parking allotment prior reaching the premises. The company, being virtually present will follow the flat organizational structure due to its simple organizational operation. Name of the business is EasePark.

Market:

Growing demand of the online parking and growing population in the country has created the space of developing the industry and increasing prospect of earning through such new business concept. 

The future:

The mission statement of the company is to be the market leader in the industry through effective integration and value addition services. The company also aims to increase its revenue and profitability over the years through delivering satisfaction and value for money. 

Finance:

The financial requirements to start the business are high affecting further operation of the business. The financial forecasting comprises of probable profit at the end of the year that will steadily grow over the years. 

The business:

Business details:

The business will deliver the online parking facilities to the car owners in different parking premises. In the rapid growth of population and improved standard of living, parking congestion has been a crucial issue that in turn creates traffic congestion and unnecessary crowd in public places. Therefore, this online parking would cater people prior allotment of parking spaces to avoid unnecessary vehicle congestion, specifically for the pedestrian. 

Registration details:

Not yet registered

Business premises:

Being virtual entity, the business will require a space to control and monitor the online parking system and efficient parking allotment. However, the business will have collaboration of ample number of parking premises in Australia. The company will start with Sydney and spread over the country steadily through examining the acceptance and growing demand of this service. 

The central office in Sydney will be acquired through rental mechanism or on lease to move the office with ease to other places or develop subcentres for an effective and easy monitoring process. 

Organization chart:

Virtual presence of the organization and application based operational procedure enforces the business to develop flat organizational structure where the departments will be separately governed under individual authorities under a single ownership. As the prime operation of this business will rely on the technical expertise and IT related intellect, other departmental operations will have initial contribution while the entire business will be operated through tracking devices and online payment system. IT experts will work under the ownership directly where financial and marketing operations will be executed by individuals associated to different teams. 

Management and ownership:

The business will be a partnership venture involving two owners where the entire operation of online parking booking will be executed under direct governance of the business owners. Management of the business will incur owners, IT head, finance manager and marketing manager to make strategic decisions with active participation of these people. 

Key personnel:

Key personnel for this business will be IT experts who will directly work in developing and controlling the online parking apps. Moreover, the marketing and financial operations will be performed by the individuals only because of the severity and demand of employees in those positions. However, these two operations would also be outsourced to reduce regular cost in remuneration. The reason behind the decision would be its irregular need. 

Job TitleQuantityExpected staff turnoverSkills necessaryDate required
It expert612-18 months
  • Needs to have expertise in developing application software 
  • Expertise of solving physical problem with virtual platform
  • Analytical skills
  • Knowledge and skills on programming language
Within a month
Marketing executive112-18 months
  • Should have market research power
  • Needs to have influencing skills to customers
Within 2 weeks
Human resource manager112-18 months
  • Employee relation skills
  • Communication skills
  • Understanding on human psychology
Within 2 weeks
Finance Manager112-18 months
  • Good knowledge in management accounting
  • Skills in cash management
  • Knowledge about investments and return probability
Within 1 week


In case of recruitment, internal recruitment and classified adverts will be the key employment strategy where the level of competency will be judged by the owners to impose direct responsibilities to the employees. 

Product and services:

EasePark belongs to the service industry and thus serves the application for allotment of car parking premises prior to reach the place. In that case, Visnjic et al. (2016) stated that the product or service needs to add value to customers’ money to survive and run the business further. Regarding the same, EasePark has develop the strategy of delivering discount on parking booking charges from any of the shops of customers’ choice on a certain amount of purchase to indirectly influence the customers to avail the parking premises for the purpose only. 

Innovation:

Mobile application is the basic feature of the business where the customers would avail the parking premises through prior booking of the same. The application will be based on internet usage where it will be transformed into mobile application to ease the booking process. Key innovation for this business would be integration of the application with several payment modes including online fund transfer, mobile wallet.

Insurance:

Asset insurance:

It is the prime concern where the assets of the business like office premises, software, and other computing equipments need insurance to be compensated due to its uncertain longevity.

Insurance of apps:

The applications will be insured to avoid theft and piracy so that the uniqueness and ownership would be maintained consistently.

Public liability insurance:

Once the registration of the business is completed, it would be the next attempt to insure employee compensation and life of individuals.

Risk management plan:

Following is the risk management plan to ensure lowest possible losses from the operation:

RiskLikelihoodImpactStrategy
Loss of assetsLikelyModerate impactThe assets would be handled properly and safety to avoid the loss of assets
Unavailability of financeVery likelyHigh impactBudgeting and financial forecasting should be based on market research report and current trend of the industry
Increase in service costVery likely High impactCost trimming strategy would be developed on the basis of the periodic evaluation
A minimum cost buffer should be maintained to adjust the unnecessary but crucial cost increment

Legal consideration:

Commercial registration, patenting of the application software, human resource policies and government legislations will be the legal considerations that the owners of EasePark needs to consider while running the business operation. The legal considerations are undernoted below:

  • Patenting of parking application
  • Minimum wage act
  • Health and safety policies
  • Security and confidentiality policies
  • Data protection act
  • Tax liability and payment
  • Registration of business entity

Operation:

The operation of EasePark will be virtual entirely in terms of parking allotment and payment system. People can book their parking slot at their desired location through online parking apps. In that case, the customers need to register in the app before proceeding with the parking booking allotment. In this process, the customers need to input their account details to proceed with the payment procedure. 

Sustainability plan:

Environmental impact:

Due to absence of production process the environmental impact is minimal in nature. The business is based on the application based operation and thus, it does not affect environment. Moreover, the business indirectly influences in minimizing the environmental; hazards through minimizing scattered parking and thus, traffic congestion. 

Community impact:

Local residents and shop keepers will be benefitted from the online parking allotment. The shopping and resident premises will be parking free and thus, the society development and upgradation will be eased. 

Risk:

The anticipated risk factors associated to the business are:

  • Unavailability of start-up funds
  • Loss of assets
  • Unavailability of ample number of parking slots
  • High rental costs to tie up with the parking owners

Strategies:

Different strategies like proper handling of assets, effective awareness of online parking will be the prime strategy to avoid such uncertainty and its consequences. 


Market:

Market research:

A number of factors affect in driving the industry of online parking where population has been one of the same that influences in increasing demand of parking allotment and premises for the same purpose. The population growth in Australia has been 9.6% during the last decade that is expected to increase in future. 92% employment in last few years has increased the demand of parking services which in turn is expected to grow in future too (Weareparking.org. 2018). In this context, Sarstedt and Mooi (2014) observed that growing demand influence further growth prospect and sustainability of company for longer future. 

Market target:

The market target will be as follows:

  • The business would attain at least 1000 allotment from a region
  • At least 100 parking allotments at a single parking zone 
  • Increase of sales by 40% at second year

Environmental analysis:

Porter’s five forces analysis:

Competitive rivalry:
Competitiveness is low due to less number of companies
New business idea and thus, probability of developing rivalry
Threat of substitute:
The threat of substitute is low
The company would not face any obstacle in running its operation
No substitute will influence the customers to avail the company 
Bargaining power of suppliers:
Bargaining power of suppliers are low
Virtual presence of the company requires no suppliers due to to its basis on service provision
Bargaining power of buyers:
Bargaining power of buyers are low 
No substitute will reduce the this force for the company and enforce the buyers to avail its services
Threat of new entrants:
Cost of developing software and parking allotment application would interrupt the new entrants.
There is no other force in this aspect to stop other organisations to enter this industry
Start-up cost is comparatively lower than other industries


Customers:

Prime customers of EasePark will be the vehicle owners, specifically the two wheelers and four wheelers. As a reason, two wheelers and four wheelers are the key reason for the traffic congestion and unsystematic parking activities where the same is observed specifically in the market places and shopping centres. Apart, public transport would also be a type of customers where only the tourist vehicles will be allowed for parking. In summary, following is the list of customers to be targeted.

  • Owners of two wheelers
  • Owners of four wheelers
  • Tourist vans/buses
  • Public cabs (parking charge will be levied separately to the travelers) 

SWOT analysis:

StrengthsWeaknesses
Unique business idea with minimal competition

High rental expenses
Lack of awareness regarding online parking
Tendency of people to park in non-parking zone
OpportunitiesThreats
Increasing traffic congestion
Increasing population and disposable income
Online transactional problems
Unauthentic parking without booking
Incapability of tracking the booking process


Competitors:

There is no competitor in this industry that would lead to create a sound rivalry to EasePark. The only rival firm of EasePark is Divvy parking that would be the sound rival for EasePark. Therefore, the company needs to be aware of the policies and actions of Divvy Parking system to develop the tracking system accordingly. 

Advertising and sales:

Planned promotion /advertising typeExpected business improvementCost ($)Target date
Visual advertsAcquisition of 50% of the total market share due to visual influence and delivery of detailed information27003 months from now
Printed advertisingCustomers would get to know about the utilisation and mechanism of acquitting market share2501 month from now


Sales and marketing objectives:

As mentioned above that EasePark aims to provide secure and wider accessibility of parking premises in Australia, the sales objectives of the company are:

  • To increase its sales by 15-20% every years
  • To increase its market share by 40% in the second year over the initial year
  • To introduce improved online parking allotment system and convenient payment mechanism to the customers
  • To improve stakeholders’ relation
  • To promote the business in every possible promotional channels to attain maximum client reach for survival purpose
  • To enlarge its operation from local to national platform
  • To develop the marketing portfolio in such a way that maximum satisfaction would be delivered to the customers while ensuring targeted profitability as well

Unique selling proposition:

Unique selling proposition refers to the tagline or slogan that entails principles and values the company will follow while delivering services to its customers. Moreover, Shao and Bao (2015) observed that unique selling proposition it’s the factor that the customers cannot feel from its rivals’ services. As the business is a new concept in Australia, discount on any purchase due to car parking would be a unique feature where the customers would be influenced to avail the online parking rather creating traffic congestion in public premises. 

Sales and distribution channels:

Channel typePercentage of sales (%)AdvantagesDisadvantages
Printed media10%Visual aid and information regarding service portfolioLess influential to acquire customers 
Social media50%Maximum customer reach High change of data leakage due to openness
Word of mouth30%Effective influence to customersLack in authenticity in information 



The Future:

Vision statement:

EasePark will be the most popular, trusted and preferred sources of car parking allotment bringing integrity and value to all its relationships including both internal and external.

Mission statement:

The mission statement of EasePark is to be the market leader in providing profitable, secure and widely accessible parking allotment and management.

Goals and objectives:

Key goal of EasePark is to deliver an effective parking solution and minimize the traffic congestion due to scattered parking activities on road. However, in the opinion of Lee et al. (2015), there could be a security issue in terms of car damage that would be vulnerable for the business to be run further. Therefore, another objective of the company will be to ensure secure parking solution at any point of the region to build and enhance trustworthiness of customers on the company. 

Finances:

Key objectives and financial review:

The financial objectives of EasePark are as follows:

  • To maximize the profit and ensure the cost of at least four months ahead
  • To ensure the return of investments and maximum repayment of the borrowings
  • To increase the revenue by 40% every year
  • To enhance the profitability of the company by years 
  • To repay the loan by 5 years 

Assumptions:

There are a number of assumptions that the company needs to consider while initiating the business further. However, any little change or absence of the factor would enforce EasePark to modify its planning and act accordingly. The assumptions are as below:

  • The financial resources in terms of funding will be easily available for start-up capital acquisition.
  • Demand of EasePark will be steadily growing in future with increasing awareness regarding traffic congestion in public premises.
  • There will be no or less security issues in terms of property damage, theft and other losses. 
  • Sales of the online parking services will be increasing by years hence
  • Plant and equipments will be invested initially where only6 the maintenance cost will be incurred further.
  • No property loss will be during carrying out the business or the loss will be negligible.

Start-up cost:

RegistrationsAmountBusiness purchasesAmount
Business Name150Start-up capital149860
Licences10000Plant and equipments
Permits2500phones2000
Domain names250Computers3000
Trademarks10000Security system1500
Designs5000Printer650




Accountant fees50000Office equipments
Solicitor fees40000Furnitures750
Rental lease cost11500Office Fitouts150
Phone connection500

Internet connection650

Computer software5000

Training1000






136550

Insurance


Building and Contents6500

Public liability2360

Assets1250

Printing500

Stationary 600

Marketing and advertising2100





Total149860Total157910

(Source: Canstar Blue. 2018)

Balance sheet forecast:


Year 1Year 2Year 3
Current Assets


Cash320035004500
Inventory150200250
Pre-paid expenses100100100




Fixed Assets


Leasehold110001100011000
Property and land650070008000
Renovations650065007000
Furniture750800900
Equipments500055006500
Computer Accessories680070005000
Total Assets400004160043250




Current liabilities


Accounts payable590068007800
Intererst Payable550680900
Accrud wages150025002900
Income tax500050005000
Non-current liabilities


Loans220002100012000
Total Liabilities349503598028600




Net Assets5050562014650


Profit and loss statement:


Year 1Year 2Year 3
Sales220000308000431200
Less: Cost of goods sold110001540021560


00
Gross Profit209000292600409640


00
Expenses
00
Accountant Fees96000134400188160
Advertising and marketing210029404116
Interest100014001960
Utilities90012601764
Telephone250035004900
Lease140001960027440
Rent280392548.8
Insurance133101863426087.6
Income tax260364509.6


00
Total Expenses130350182490255486


00
Net Profit78650110110154154



Expected cash flow:


JanFebMarAprMayJunJulAugSepOctNovDec
Opening Balance
-8900-7800-6700-5600-4500-3400-2300-1200-10010002100
Cash Incoming











Sales200002000020000200002000020000200002000020000200002000020000
Asset Sales100001000010000100001000010000100001000010000100001000010000
Debtor's Receipts110001100011000110001100011000110001100011000110001100011000
Total Incoming410003210033200343003540036500376003870039800409004200043100













Cash Outgoing 











Purchase500050005000500050005000500050005000500050005000
Accountant Fees400040004000400040004000400040004000400040004000
Solicitor fees600060006000600060006000600060006000600060006000
Advertising210021002100210021002100210021002100210021002100
Interest100010001000100010001000100010001000100010001000
Utilities700070007000700070007000700070007000700070007000
Telephone300030003000300030003000300030003000300030003000
Lease700070007000700070007000700070007000700070007000
Rent550550550550550550550550550550550550
Stationary150015001500150015001500150015001500150015001500
Licensing 1000000000000000
Insurance250025002500250025002500250025002500250025002500
Income tax250250250250250250250250250250250250
Total Outgoing499003990039900399003990039900399003990039900399003990039900













Closing balance-8900-7800-6700-5600-4500-3400-2300-1200-100100021003200


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