DCU Business School
Laura Jane Prendergast Liam Joseph Russell Mark Mulholland Donnacha McCormack
58326754 58326754 58763267 58504972
Assignment Submission Programme: BS3 - Bachelor of Business Studies Project Title: Business Plan Module code: EF317 Lecturer: Eric Clinton Project Due Date: 30/4/2012
Declaration I the undersigned declare that the project material, which I now submit, is my own work. Any assistance received by way of borrowing from the work of others has been cited and acknowledged within the work. I make this declaration in the knowledge that a breach of the rules pertaining to project submission may carry serious consequences. I am aware that the project will not be accepted unless this form has been handed in along with the project.
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New Enterprise Development BUSINESS PLAN Group 37
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Contents Executive Summary .................................................................................................................................................... 5 Company Description ................................................................................................................................................. 6 Background............................................................................................................................................................. 6 Our Product: The SkinScan ..................................................................................................................................... 6 Incremental Innovation ........................................................................................................................................... 7 Our Promoters......................................................................................................................................................... 8 Our Advisors/Additional Board Members ............................................................................................................. 10 Shareholders ......................................................................................................................................................... 11 Long Term Aim of the Business ............................................................................................................................ 11 Our Vision ............................................................................................................................................................ 11 Mission Statement ................................................................................................................................................. 11 Values ................................................................................................................................................................... 11 Corporate Social Responsibility ............................................................................................................................ 11 Our Business Objectives ....................................................................................................................................... 11 The SWOT Analysis ............................................................................................................................................. 12 Market Analysis ........................................................................................................................................................ 12 Market .................................................................................................................................................................. 12 Target Market ....................................................................................................................................................... 12 Market Trends ....................................................................................................................................................... 12 Profile of Competitors ........................................................................................................................................... 13 Competitive Advantage ......................................................................................................................................... 13 Benefits to Clients ................................................................................................................................................. 13 Marketing Strategy ................................................................................................................................................... 14 Marketing Budget ................................................................................................................................................. 14 Sales Force ........................................................................................................................................................... 14 Sponsorship .......................................................................................................................................................... 14 Advertising ........................................................................................................................................................... 14 PR & Events ......................................................................................................................................................... 14 E-Commerce ......................................................................................................................................................... 15 Marketing Projections year 2/3 .............................................................................................................................. 15 Print Advertisements ............................................................................................................................................. 15 Research and Development. ...................................................................................................................................... 17 Patents, Copyrights and brands .............................................................................................................................. 17 Product/Service Development. .............................................................................................................................. 17 Research and Development ................................................................................................................................... 18 Technical Partners ................................................................................................................................................. 18 Staffing and Operations............................................................................................................................................. 18 3|P ag e
Management Organisational Chart ........................................................................................................................ 18 Formation of CheckNProtect ................................................................................................................................. 19 Staffing ................................................................................................................................................................. 19 Training Plans ....................................................................................................................................................... 19 Operations ................................................................................................................................................................ 19 Premises ............................................................................................................................................................... 19 Equipment ............................................................................................................................................................ 19 Production Facilities ............................................................................................................................................. 19 Communications facilities ..................................................................................................................................... 19 Cost Involved ........................................................................................................................................................ 19 Suppliers ............................................................................................................................................................... 20 Financial Projections ................................................................................................................................................. 20 Key Assumptions .................................................................................................................................................. 20 Income Sources ................................................................................................................................................. 20 Employees ........................................................................................................................................................ 20 Projected Investment in Equipment ................................................................................................................... 20 Projected R & D Costs ...................................................................................................................................... 20 Depreciation...................................................................................................................................................... 20 Expected Rent & Rates Charges ........................................................................................................................ 20 Creditor Days and Debtor Days ......................................................................................................................... 20 Expenses ........................................................................................................................................................... 20 Start Up Costs (Please See Notes Table).................................................................................................................... 21 Profit & Loss Accounts Years 1- 3 (Please See Notes Table) ..................................................................................... 22 Balance Sheet Years 1 – 3 ......................................................................................................................................... 23 Cash Flow Statement Year 1 (Please See Notes Table) .............................................................................................. 26 Cash Flow Statement Year 2 (Please See Notes Table) .............................................................................................. 27 Cash Flow Statement Year 3(Please See Notes Table) ............................................................................................... 28 Sales Pipeline............................................................................................................................................................ 31 Funding Requirements .............................................................................................................................................. 34 Appendix .................................................................................................................................................................. 35 Fig 1.0 – Skills Matrix........................................................................................................................................... 35 Fig 1.1 – Promoters CV’s .................................................................................................................................. 35 Donnacha McCormack.............................................................................................................................................. 35 Academic: ............................................................................................................................................................. 35 Work Experience: ................................................................................................................................................. 35 Liam Russell ............................................................................................................................................................. 36 Academic: ............................................................................................................................................................. 36 Work Experience: ................................................................................................................................................. 36 4|P ag e
Laura Jane Prendergast ............................................................................................................................................. 37 Academic .............................................................................................................................................................. 37 Work experience ................................................................................................................................................... 37 Mark Mulholland ...................................................................................................................................................... 38 Academic: ............................................................................................................................................................. 38 Work Experience: ................................................................................................................................................. 38 Fig 2.0 – Shareholder Breakdown.......................................................................................................................... 39 Fig 3.0 – The SWOT Analysis............................................................................................................................... 39 References ................................................................................................................................................................ 40
Executive Summary We would like to introduce you to our newly formed company Check ‘N’ Protect and direct your attention towards our innovative launch product, the SkinScan. At the heart of our company are four highly enthusiastic entrepreneurs, keen to create a profitable, efficient and socially responsible company. Each of which has developed a unique skill set which together, along with our advisors will fuel our success. In this business plan- we intend to put forth a complete business model which we hope will provide the roadmap towards a successful, profitable company. So let us give you a brief background of our company formation, the business opportunity we have identified and how we intend to get there. Check ‘N’ Protect has been formed in order for us to help raise awareness of one of the most dangerous and alarming trends in Australia. Australia unfortunately possesses the highest rate of skin cancer in the world; in fact Australians are four times more likely to develop skin cancer in their lifetimes than any other nationality. At present 22% of the Australian Governments health budget is designated to cancer research and the Government are actively attempting to raise awareness of the dangers of over exposure to the Sun. Our product will finally provide the Australian public with the knowledge, certainty and peace of mind in relation to their own levels of risk when they venture outdoors in the hot Australian climate. The SkinScan has been engineered utilising existing technology within the sunbed industry to provide users with an accurate assessment of their skins tolerance levels to the UV rays known to cause melanoma’s and cancerous skin cells. In correlating the user’s individual skin tone and surrounding climate our product will provide the user an accurate timeframe of how long they will be exposed to the sun’s rays before it begins to cause damage. In terms of advantages to consumers this product will help eliminate the risk of sunburn and developing health problems, thus helping to reverse an alarming health trend. While this presents obvious benefits to our end users, our product will not necessarily be sold as a consumer product. Our intention is to sell these products for use in various public amenities, hotels and in sports clubs. In selling as a B2B company the product will provide our direct clients with greatly improving their level of customer service as well as greatly increasing their reputations in terms of caring for their customers. In terms of our financials please refer to the table below:
Year 1
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Year 2
Year 3
€260,352
€390,920
€781,840
Net Profit before Tax
€2,647
€63,231
€116,973
Operating Expenses
€111,440
€108,072
€225,631
Investment Required
€30,000
€10,000
€10,000
Projected Sales
Employment Numbers
2
2
3
In terms of funding requirements we have raised an initial investment of €60,000 and we hope to raise an additional €50,000 through VC’s to set the foundations for the beginning and expansion of trading. We would now like to direct your attention to the following detailed business plan outlining how we will achieve our success.
Company Description Background During our very first brainstorm as a group of entrepreneurs working towards the same vision, possible start-up ideas were spun out with regularity. None however had excited us like this one: ‘I have relatives living in Australia and they tell me that the dangers of sun exposure there are creating extreme health problems for both the locals and the tourists. I wonder if there is a way we can tackle this?’ – Laura, October 2011. Albert Einstein once said that ‘the mere formulation of a problem is often far more essential than its solution’. We feel this insight from one of history’s greatest minds very apt in describing our journey in formulating our first business venture. Thankfully our solution has finally arrived. One wish we had had as a group was the desire to create a company capable of generating significant revenues and profits while possessing a strong social and moral conscience. This problem identification provided both. Such was the group’s enthusiasm for a proposed product/service to help solve this problem that collectively we didn’t want to conceive a product/service that could help; we wanted to create one that would help. Countless product designs and variations were explored from a walk-in spray booth for sun protection (protective mist) to a specially adapted light bulb which could detect unprotected areas of the skin. A wise man once said ‘perfection is unattainable but if you chase perfection you can catch excellence’ and that is exactly what we have attempted to do. This finalised business model is the culmination of chasing the perfect solution to a growing problem in Australia in the hope of creating an excellent, innovative and commercially viable product.
Our Product: The SkinScan Skin cancer levels in Australia in terms of the indigenous population, tourists and ex-pats are continually on the rise. Sun exposure is largely to blame for this increase and our proposed product has been designed to simultaneously raise awareness of the dangers of prolonged sun exposure in addition to reducing the risk of succumbing to these dangers. In adapting existing technology currently used in the sunbed industry (Sun Angel), our product is a portable scanning device used to accurately assess your skin’s tolerance to UV rays. Our proposed device will be shaped quite similarly to that of a computer mouse.
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Housed within this structure is a specially adapted sensor currently on the market that when pressed onto the skin can accurately measure your skin tone. This result is then correlated with an inbuilt thermometer to determine the amount of time it will take before your skin starts to burn without protection. As an additional aid to determining the user’s current risk the scanner comes with cross reference gauge chart that will link your skin tone result and the current temperature with your level of risk.
A further adaptation which we are extremely keen to explore is to replace the gauge chart you see above with an iPhone/Android application allowing the reference process to be easier and more convenient.
Incremental Innovation While our product is an innovative one we feel it important to outline that this technology to assess skin tone does already exist but in a different form. Incremental innovation can be defined as (insert definition from textbook here). This is precisely what our product achieves. As previously mentioned within the sunbed industry there exists a state of the art sunbed called the Sun Angel which incorporates a similar scanning device however for a different purpose. The scanning device present within the Sun Angel accurately assesses your skin tone relative to your tolerance to UV rays. The fundamental difference is that the Sun Angel scanning device is not portable; it is attached to a state of the art sunbed which retails at $50,000. In addition rather than informing the user of their skin’s tolerance levels it collaborates with the sunbed’s UV lamps to adjust to the individual’s skin tone, providing the optimum tanning conditions.
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Patency issues in relation to this device do exist however the solution to this potential problem will be explained in our R & D section.
Our Promoters
Chief Executive Officer – Donnacha McCormack From an early age Donnacha has been surrounded by the day-to-day operations of a business in terms of his family association with a couple of bars and restaurants in the North County Dublin area. During this time Donnacha has seen at first hand the successful implementation of a business strategy and we feel this past experience has allowed him to be the outstanding member of our team to perform the role of CEO. In addition to this experience Donnacha also possesses a BA Hons in Business Studies specialising in Marketing and has also held Executive and Directorial roles within Marketing for Kingstown College. According to Boatright (2009) the role of CEO has changed dramatically in the last 20 years as CEO’s have moved from being ‘hired-hands’ to co-owners of the business whose primary role is revenue creation and entrepreneurship. As a result we feel that Donnacha’s early input into our proposed venture makes him the ideal candidate to lead our company in the right direction. Donnacha’s responsibilities include:
Management and Leadership Formulation of company Vision and Strategy Long Term Strategic Planning Resource Deployment Staff Control Management of Board meetings Creation of business culture Monitor and Control overall performance
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Chief Marketing Officer – Laura Prendergast Our Head of Marketing & Sales is Laura. Laura has already generated a wealth of experience within Marketing working for Google, Brandwidth, Mango and Brandarmy. During this time Laura has worked within Sales, PR, Brand Awareness, Promotions, Sponsorship and Relationship Management. With this significant marketing experience Laura is clearly the most adept of our team in creating and executing an effective marketing strategy for Check ‘n’ Protect. In addition to this experience Laura also possesses a BA Hons in Business Studies in DCU with a Marketing speciality and frequently partakes in volunteer work. Laura’s responsibilities include:
Formulation and Execution of Marketing Strategy Target market evaluation Sales Management PR Development and maintenance of client relationships
Chief Financial Officer – Liam Russell Our CFO is Liam Russell who has just completed a BA Hons in Business Studies with a specialism in Finance. Liam is an extremely enthusiastic individual with a passion for music and investments. As an active member of the DCU Investment Society Liam is surrounded by the financial elements of business and as a result we feel he is the perfect candidate to be our Chief Financial Officer. In terms of experience Liam has spent over a year with Dunnes Stores as an assistant buyer. In this role Liam has frequently dealt with reviewing financial performance indicators in addition to measuring demand forecasts and logistics. Liam’s responsibilities include:
Cash Flow and Revenue Projections Product Sourcing Balance Sheet Projections Profit and Loss Management Funding Remuneration R&D budget management
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Chief Operations Officer – Mark Mulholland Despite Mark’s age resulting in a relatively short professional career thus far, he has already gained operational expertise in performing roles for two companies each side of the Atlantic. Mark has spent time working closely with managing director of Irish based engineering recruitment firm, Headcount Solutions. Here he worked within Business Development and Expansion and as a result has gained the expertise necessary to facilitate the improvement business processes within Check ‘n’ Protect. In addition to this experience Mark has also worked as a business intern for FG Wilson in Miami, Florida. Mark has also completed his BA Hons in Business Studies in DCU with a finance specialism. Mark’s responsibilities include:
Product Development & Innovation Value Chain Coordinator Chief R&D Liaison Officer Inventory Control Quality Control Management Close collaboration with CEO in terms of Strategy
In addition, please refer to Fig 1.1 for detailed Curriculum Vitae’s on each group member.
Our Advisors/Additional Board Members Any business idea is only as good as the people who are behind it and Check ‘n’ Protect are no different. As a group we have carefully and thoroughly analysed each other’s skill sets paying particular attention to areas where we feel additional insight and experience is needed for our business venture to be a success. According to The Skills Matrix of our core team can be seen in Appendix Fig 1.0. Referring to Fig 1.0 we have identified skill gaps present in areas such as Intellectual Property Rights, Operations, Engineering expertise, Industry background etc. which we hope to have filled in our advisors below: Maria Johnston – Operations Manager, Invent DCU A significant challenge to our business venture is the lack of experience our team possesses in terms of operations management and as a mitigation strategy for this potential threat to our proposed idea we have turned to Invent in DCU. As part of our business plan we have every intention of basing our initial operations within the available office space in the Invent centre on campus as a Resident Client. In forming this alliance with Invent we have spoken at length to Maria, who has vast experience in effective operations management in terms of manufacturing abroad, selection of distribution channels and cost minimisation. Stephen Kelly – Managing Director, Headcount Solutions another key area where our core team lack expertise is in engineering. This is particularly important due to the technical nature of the SkinScan in terms of its design, aesthetics and functionality. We are extremely fortunate in filling this skill gap in terms of our Chief Operating Officer, Mark who has past working experience with the head of an engineering recruitment firm. Stephen Kelly, now MD of Headcount Solutions has over 20 years of experience in mechanical engineering in terms of design and project experience in Ireland. In addition to this Mr. Kelly has worked on substantial projects in the USA and India. As a past work colleague of Mark’s, Stephen has been on hand in terms of evaluating the validity and requirements for our product design. We hope that with the aid of Stephen in an advisory role upon our Board that we can commence work on our prototype SkinScan model.
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Emma O’Neill – IP Manager, Invent DCU Despite the availability of a wealth of patency information on numerous databases e.g. Google Patents, we felt again that the complexity of our product required assistance from an IP expert. Emma provided some very insightful and helpful information to us during a presentation on IP this semester as part of this module. Such was her depth of knowledge in the area of IP that we have since approached her for advice on our options in terms of royalty payments and the possibility to make patency claims of our own. Rosemary Scott, CHEP Coordinator Irish Cancer Society Rosemary has been our liaison within the Irish Cancer Society since our idea’s inception. Initially we spoke to her about whether a product such as ours had the capability to be directly endorsed by a cancer research agency. Following consultations directly with Rosemary about our product she informed us that once proven to be accurate and effective our SkinScan would present significant opportunities to create strategic alliances with the ICS and as a result we would hope Cancer Research Australia. Rosemary also continues to provide us a wealth of statistics of the disease on a global scale which will continually help with our market targeting. Prof. Conor Long, Head of Chemical Sciences DCU The final area in which we had identified a possible weakness was our limited knowledge of the technology which will be at the core of our product, skin tone and UV ray detection. Professor Conor Long is currently Head of Chemical Sciences in DCU and as a result possesses extremely detailed knowledge regarding levels of UV light radiation and the harmful effects of sun exposure to this radiation. Conor was a central figure in our assessment of earlier concepts of how to solve our problem and the validity of various models. He remains our contact point in terms of the development of how the correlation is made between skin tone and climate temperatures in assessing the users risk of getting burnt.
Shareholders In terms of shareholders of Check ‘n’ Protect we felt it necessary for the early stages of the business that there exist two full-time employees of the firm while additional contributors will hold a shareholding in the company. A full breakdown of our shareholding structure can be seen in Fig 2.0
Long Term Aim of the Business In any form of business it is imperative that a long term mission and vision for the company is set out as a roadmap to achieving success.
Our Vision According to Burns (2007) a vision is a shared mental image of a desired future state. To ensure every individual exposing themselves to the Sun knows exactly their level of risk.
Mission Statement To educate and help reduce health risks associated with unprotected sun exposure. To provide our SkinScanner’s to outdoor sports clubs and public areas.
Values To possess integrity passion and ethics concerning all aspects of our company.
Corporate Social Responsibility European Green paper (2001). Corporate social responsibility is becoming an increasingly important priority for all types of companies. The concept of social responsibility involves “going beyond the fulfilment of legal requirements by investing more in human capital, the environment, and relations with stakeholders.” Konkolewsky. (2004)
Our Business Objectives While a company’s mission statement provides direction for the business setting attainable business objectives act as the milestones on the road to your perceived success. Therefore business objectives are often a lot more specific in dealing with aspects of the company. Effective business objectives should be utilised to convert an overall strategic vision into specific performance targets (Thompson et al, 2010). In terms of Check ‘n’ Protect we have assembled numerous objectives within the several critical aspects of the company in what we hope to achieve in the coming years:
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1. 2. 3. 4. 5.
Investment in R&D to optimise effectiveness of the SkinScan. To recruit and train sales team capable of generating and maintaining long term profitable relationships with our target market. To streamline costs of production enabling us to provide the SkinScan to our direct clients and indirect users at a low yet profitable cost. To increase further awareness of the health risks involved in sun exposure in collaboration with Cancer Research Australia and through commercial sponsorships with some of Australia’s biggest sports talent. To continually strive to create additional innovations within this sector, namely the development of iPhone app
The SWOT Analysis The primary function of the SWOT analysis is to create a match between the firm’s core competencies and the market opportunity that they are trying to exploit Burns (2007). This analysis is aimed at whether the validity of the organisation creating and sustaining a competitive advantage. A SWOT analysis is also an effective tool for analysing whether an organisation’s core competencies are best suited to the current market. In referring to our conducted SWOT Analysis in Fig 3.0 who has identified a number of strengths possessed by our management team, our chosen market and our product. Having said that there does exist certain weaknesses and potential threats which will have to be mitigated. A significant challenge we have identified as a group is our lack of technical know-how in relation to product development however we hope that our advisors outlined above will help negate this threat to our success.
Market Analysis Market We decided to sell our product in Australia for a number of reasons: -
-
Australia possesses the highest rate of skin cancer per person in the world with 2 out of 3 Australians developing some form of skin cancer before they are 70. Australian Institute of Health and Welfare and Australasian Association of Cancer Registries (2004) Australians are four times more likely to develop a skin cancer than any other form of cancer. Melanoma is the most life threatening form of skin cancer. In 2007, there were 10,342 new cases of melanoma, making it overall the fourth most common form of cancer in Australia Total deaths from melanoma were 1,279 NMSC are the most common cancers diagnosed in Australia, with approximately 430,000 new cases estimated to have been diagnosed in 2008.Cancer council Australia (2011) Australia has a very high sporting participation rate with the majority of these sports taking place outdoors. 6.5million out of 21million partake regularly in outdoor sports activities. Australia culture (2011) The population is largely confined to coastal regions with most people living close to the beach where sun protection is vital. In terms of climate it is extremely suitable to our product as they are currently the most affected western country in terms of climate change. 92% white population who are the most susceptible to skin cancer. Australian Government (2011).
Target Market We shall be marketing to B2B; therefore our target market shall be mostly outdoor sports venues such as: tennis, rugby, cricket clubs, water parks, beaches, sports arenas etc. Our projected leads are listed in the appendix.
Market Trends Check and protect is operating in an industry that is increasingly growing year open year as we can see below: -
Sun Cream Industry grew 11.4% pa 2003-2009. Jones, P (2010) Highest Growth in higher SPF’s. Sunsense (2011) A naïve perception of sun protection still exists in Australia but is decreasing. Australian Government Department on Health and ageing (2011)
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Some of our main findings: The graph below shoes the number of cases of melanoma of the skin in both 1982 and 2007. Research feels that the increased levels in men are as a result of more men than women are playing sports outside. 7000 6000 5000 4000
Males
3000
Females
2000 1000 0 1982
2007
This shows how drastically the numbers are increasing over the years. The incidence of different types of skin cancer has been growing dramatically over the past decades. Some people claim that this is due to ozone depletion and enhanced levels of UV. However, most evidence now suggests that the major cause for the increased cancer rates is altered behaviour rather than ozone depletion. . The rise in the incidence of skin cancers over the past decades is strongly related to increasingly popular outdoor activities and recreational exposure. Overexposure to sunlight is widely accepted as the underlying cause for harmful effects on the skin, eye and immune system. Experts believe that four out of five cases of skin cancer could be prevented, as UV damage is mostly avoidable. World Health organisation (2011) Raised awareness and changes in life-style are urgently needed to alter on-going trends
Profile of Competitors One of our competitors is sun cream industry itself as it is the most obvious way to protect yourself from the sun. However even if you have sun cream on and you are not burning you still could be doing damage to yourself. Another competitor would be SPH clothing. In Australia this is already compulsory in many jobs. We as a company encourage this completely in an everyday scenario. But once again would advise our product to be used hand in hand so people do know their skins limit to the sun. The Sun Angel company who hold the patent in the US, we feel they would not be a potential competitor. This is because they operate in the sun bed industry and so we feel they would not be able to compete against us as they go against our core mission of reducing health risks associated with sun exposure. We feel we would be a lot more credible, although newly established, as we hope to create a partnership with Cancer Society Australia.
Competitive Advantage Our product accurately reads your skin and tells you how long your body should be in the sun for. Bearing in mind that even if you are not burning a sun tan can have just as bad an effect. We are not trying to compete against sun cream. We would suggest consumers to scan themselves to see their time frame. And then by all means apply themselves with sun cream as another precaution.
Benefits to Clients Our portable device can accurately assess your skin’s tolerance to UV rays. This information is then correlated with the surrounding climate conditions to assess your level of risk in that situation. The benefit of using this scanner is immense. It will tell you how long you should be in the sun for, how much your skin can take within a day. If used it can play a huge role in preventing skin cancer. The product can work on all ages.
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Marketing Strategy Marketing Budget Year 1 $13000
Year 2 $24000
Year 3 $48000
B2B marketing goal is to: Inform Persuade and Remind. Year 1
Marketing Budget Yr 1 Sponsorship Advertising PR & Events E-commerce Sales Force
Sales Force As we are a B2B company our main point of sale shall be amongst our sales team. We shall be investing 25% of our marketing budget in to our Sales Reps. We feel that it is necessary to invest heavily in product training in year 1. This is as we are a new company, our sales team shall be representing our company and therefore it is vital that they are fully educated on our product. Some of their jobs shall include generating leads, cold calling, direct marketing, conducting door to door sales, attending events and exhibitions. We shall also set up internal incentives in order to keep motivation levels and morals high. Furthermore our sales reps shall be receiving their normal wages plus commission. We feel this necessary in showing our appreciation to our sales force and to encourage increased sales.
Sponsorship In order to create excitement about the launch of our product with our customers (B2B) and to help spread awareness to their customers (B2C) we shall put in place a sports sponsorship deal. We have chosen a young Australian sports star for this campaign. We have decided to work with Jack Freestone, the World Champion Australian surfer. As one of our companies goal is to make people more aware of skin Jack has decided to work with us and for a sponsorship deal that is less than his current ones, with plans to increase it in year 1. We have chosen an Australian ideal to show that although Irish we have taken an interest in the Australian culture and want to promote people from within the company. Jack Freestone has agreed to a Press Call, a photo-shoot with our product to be put on our website and an advertising campaign with outdoor billboard campaigns that Jack shall star in.
Advertising As we are a B2B company most of our advertisement shall come from leaflets which shall be printed and distributed at various events which shall direct people to our website and put them in touch with our sales team. We shall run an outdoor billboard campaign at the beginning to boost the launch of our product and help gain recognition with the people we shall be selling too. They shall incorporate our sponsorship deal with Jack Freestone, the Australian Cancer logo advertisements to show our partnership and also help with our brand image. The series of advertisements can be found in our appendix.
PR & Events We wish to create good PR through our sponsorship deal with Jack Freestone. We feel PR is essential to increase our credibility and raise awareness of our product. For that reason we shall hold a press conference with our sponsor Jack Freestone and our
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partner Australian Skin Cancer. We shall also attend many events such as exhibitions and medical events to conduct demonstrations and gain contacts. In year 2 when our marketing budget has increased we hope to look into sponsoring various local sports events to create a good image.
E-Commerce We shall set up our own website which can inform other businesses of our products, initially through use of Shopify. We shall also have an online catalogue of our product on our website and relevant links to our partners such as Australian Cancer Society and our Sponsor Jack Freestone.
Marketing Projections year 2/3 As our marketing budget is set to increase substantially in year 2 and 3 we hope to increase our sponsorship deal with two more sports stars to help generate awareness. Furthermore we hope to increase our sales force team in order to increase sales. We also wish to conduct market research to get vital feedback on our product to find ways to improve it.
Print Advertisements While the focus of our marketing activities will lie within a B2B context in terms of creating an effective sales force we do feel it necessary to appeal to ours end users. As you can see below we intend to introduce a print marketing campaign to the general public. Our product is one with will actively promote and aid healthy living and as such we feel our print media campaign should reflect the serious tones and shock tactics effectively employed by drink-drive and drink aware campaigns in Ireland. As you can below we also want to incorporate the sporting setting where our SkinScan should be used (tennis court, surfing). In addition to this we again intend to use our Sponsor Jack Freestone to allow younger demographics to identify with our product.
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Research and Development. Patents, Copyrights and brands Currently there is no existing Australian patent issued or pending on the device we intend to create. Therefore we intend to apply for an Australian patent immediately. There is an existing U.S issued patent on the device we intend to replicate i.e. US8044363 Issue date Oct 25, 2011. Google Patent (2012) Due to this we intend to pay the royalties on this patent to the patent owner if we ever sold our product in the US. This product however is not currently in operation in the form we intend it to be and by being first to market we expect to create a large barrier for entry. All of our marketing material including our viral video and our print advertising campaigns will be copyrighted and all of our names, logos etc. will be trademarked within the Australian patents office.
Product/Service Development. We intend to further develop our product by the creation of Smartphone applications. We will use the app to contain our Skin Chart as well as an in-built timer for once you select your appropriate options. This further innovation will open up the opportunity to create a secondary revenue stream however a decision on whether the proposed app should cost a fee or be free will be made at a later stage.
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Research and Development Working closely with Mr Stephen Kelly and his company Headcount Solution we will complete the overall research and development of our product and complete the prototype and initial manufacturing output of 1000 units before the start of trading 01/01/2013. By giving 5 % of our company to Headcount Solutions and by working exclusively with them we have agreed to spend X amount on our R&D in exchange for the fully working prototype and we shall take the manufacturing costs on ourselves. We also will have feedback available from INVENT with regard to R&D as we will be taking out the resident client option with them. Another input to our research and development will be from customer feedback. Once we commence trading we will conduct regular research with our customers to find out how and where we can make improvements on our product.
Technical Partners As mentioned above we have a strategic joint venture with headcount solutions and Mr Stephen Kelly. It is in both our interests to have Skinscan to be successful and we both intend to put the necessary work and effort into it to achieve this. We will also be connected with DCU invent and we will be basing our office with them and will have access to their wealth of knowledge and experience.
Staffing and Operations Management Organisational Chart
CEO Donnacha McCormack
Advisors/NED's Stephen Kelly Maria Johnston Emma O'Neill Conor Long
CFO Liam Russell 18 | P a g e
CMO
COO
Laura Prendegast
Mark Mulholland
As seen above our management structure follows a line down approach and consists of our CEO, CFO, CMO, COO and nonexecutive directors. When it comes to decisions of major importance votes shall be weighted by shares own it the company where majority rules. In the event of a tie our CEO will make the final decision.
Formation of CheckNProtect A key decision we must undertake is to decide on what type of formation our business should be in. After a lengthy discussion between our team and our advisors we have decided to form a private limited company. The reasons for this are as followed: we want to be legally distinct from our company, we wish to be protected by limited liability in the unexpected case of failure and it is beneficial for us the director and the company itself for legal purposes. This would suit us the most as since we are all graduates us don’t have any of our own personal assets to pay of potential debts if the company was to fail. We will register our company as a private limited company with the Companies registrations office at a cost of 50 euro (online charge).
Staffing For the first year we have decided to employee two additional employees. These employees will be based in Australia and will work as salespersons. We have decided to pay them just above the Australian minimum wage at 31,000 Aus dollars a year and we will be looking for recent graduates with degrees in Business. Australian Government (2011). They must have excellent communication skills, and experience with sales and marketing. In the second year we don’t intend to employee any additional employees and in year 3 we will employee one additional salesperson.
Training Plans Management: Our CMO intends to conduct market research for the potential of an application to complement our product. If this market research is successful our COO will research different software companies to build our application. All members of the board intend on increasing their knowledge on online business by part-taking in short term e-commerce courses as this is an area our team is lacking in. This will prove invaluable to our company when we decided to advance our product into the app market.
Operations Premises Our premises will be located in the INVENT building, Dublin City University, Glasnevin, Dublin 9. This will be our base of operations and will conduct all our national dealings here. For our Australian base our CMO and CEO are to relocate to Perth and will be living with family over there.
Equipment All of the equipment we will use will be current items we already possess such as cars, computers, mobile phones etc. All of the manufacturing equipment will be owned by EMF and all of the engineering equipment required will be owned by headcount solutions.
Production Facilities Our Production facilities will be based in EMF manufacturing in china, after securing a finalize deal with them this will be our production base for the first three years.
Communications facilities Within Ireland we will use Invent for all of our general and board meetings, as well as our yearly AGM. Since two of our members will be located in Perth for a lot of the time, we intend to use devices such as email, Skype, VOIP, and face time to be able to communicate with them the most efficiently.
Cost Involved As seen in our finance we have an array of costs that we will incur, for start-up costs please see Fig (Start-up costs), we also will incur costs such as manufacturing costs, shipping costs and the cost of purchasing options.
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Suppliers As seen above or suppliers will be EMF manufacturing in China, EMF will source our raw materials and manufacture our product for the cost seen in our balance sheets.
Financial Projections Key Assumptions Income Sources Our Initial sources of income for starting up, will be €10,000 from all four majority shareholders (€40,000) plus another €5,000 0% loan for each shareholder from friends and family (total €60,000). As shown in the sales pipeline, we have already secured some sales in the Perth area. Some of the types of clients we are looking to pursue are beaches, schools, sports clubs, gyms, health spas and hotels.
Employees For year 1 and year 2 we will have 2 employees to be the main sales force. We will employ one further in year 3 to boost the sales to over €100, 00 in year 3. Wages for employees will be €22,000 per year as well as commission of 1% of total revenue and expenses of €1,500 per year.
Projected Investment in Equipment In terms of office related equipment, we will spend €2,000 on four computers for business related use. We will also spend €400 on desks and chairs for our Australian office, and €1,500 per year on office supplies. In terms of the product, cost of sales is €105 per unit; manufacturing costs have been agreed with EMF manufacturing in China of €2.80 per unit and shipping costs of €1.22 per unit as quoted by EMF.
Projected R & D Costs R & D costs are very low for us. For development of prototype CAD design and manufacture of prototype, we will pay a fixed cost of €6,000 to Headcount Solutions. Headcount Solutions owner Stephen Kelly will receive 5 % of our company where he will then absorb the costs of R & D into Headcount Solutions.
Depreciation Depreciation of Equipment (mainly computers) has been estimated at €100 year 1, €200 year 2, and €400 year3.
Expected Rent & Rates Charges As we are based in Ireland in Invent in DCU, our rent, electricity and cleaning is covered at €394 per month. As our Australian base is in a relation’s house, we have agreed to pay half the phone and electricity bills of the owners per month.
Creditor Days and Debtor Days We hope to have creditor days year 1 of 30 days, year 2 45 days, and year 3 60 days. We hope to have debtor days year 1 of 60 days, year 2 45 days, and year 3 30 days. We know that because we are a fledgling company we won’t be given much time to pay back our creditors, and we hope to extend the time by year 3.
Expenses We have calculated that each employee we will give expenses of €1500. This is to cover transport, accommodation and meals while selling on the road or travelling to Expo’s.
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Start Up Costs (Please See Notes Table) Start Up Costs Manufacture Of Prototype (Note 12) Legal and Accounting Costs (Note 13) Office Supplies (Note 14) Market Research (Note 15) Advertisements (Note 16) CRO (Note 17) Registration of Business Name (Note 18) Website - Shopify (Note 19) Broadband & Telephone (Note 20) Electricity (Note 21) Rent (Note 22) Insurance (Note 23) Flights (Note 24) Furniture (Note 25) Patent Application (Note 27) Total Start Up Costs
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€ €6,000 €3,000 €3,500 €2,000 €1,000 €50 €20 €45 €135 €25 €394 €600 €4,000 €400 €15,000 € 36,168.60
Profit & Loss Accounts Years 1- 3 (Please See Notes Table) Profit & Loss Account Check 'n' Protect Sales Less Commission (Note 8) Less GST(VAT) (Note 3) Net Sales Less Cost of Sales Cost of Sales (Note 4) Gross Profit 6. Cash Paid Out Manufacturing (Note 5) Shipping (Note 6) Option Premium (Note 7) Wages (Note 9) Employee Expenses (Note 10) PRSI (Note 11) Manufacture Of Prototype (Note 12) Legal and Accounting Costs (Note 13) Office Supplies (Note 14) Market Research (Note 15) Advertisements (Note 16) CRO (Note 17) Registration of Business Name (Note 18) Website - Shopify (Note 19) Broadband & Telephone (Note 20) Electricity (Note 21) 22 | P a g e
Column1 Yr. End 2013 €292,530 €2,925 €29,253 €260,352
Column2 Yr. End 2014 €439,236 €4,392 €43,924 €390,920
Column3 Yr. End 2015 €878,472 €8,785 €87,847 €781,840
€146,265
€219,618
€439,236
€114,087
€171,302
€342,604
€3,900 €1,699 €3,364 €44,004 €3,000 €€6,000 €3,000 €3,500 €2,000 €13,000 €70 €20 €585 €1,755 €325
€5,856 €2,552 €5,051 €44,004 €3,000 €€€3,000 €1,500 €4,000 €24,000 €20 €€45 €1,620 €300
€11,713 €5,104 €10,102 €66,000 €4,500 €€€3,000 €1,500 €4,000 €48,000 €20 €€45 €1,620 €300
Rent (Note 22) Insurance (Note 23) Flights (Note 24) Furniture (Note 25) Depreciation (Note 26) Patent Application (Note 27) Loan Principal Payment (Note 28) Owners Withdrawal (Note 29)
€5,117 €600 €4,000 €400 €100 €15,000 €€-
€3,600 €4,723 €600 €4,000 €€200 €€-
€20,00 €40,00
Total Operating Expenses
€111,440
€108,072
€225,63
Net Income Before Taxes Taxes Payable (Note 30) Net Income After Taxes
€2,647 €331 €2,316
€63,231 €7,904 €55,327
€116,97 €14,62 €102,35
Balance Sheet Years 1 – 3
Balance Sheet (Projected)
End Year 1
End Year 2
End Year 3
CheckNProtect Projected as of 31/12/2013
Projected as of 31/12/2014
Projected as of 31/12/2015
Assets Current Assets Cash in bank Accounts receivable Inventory Total Current Assets
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€ € € €
2,647 52,857 41,013 96,517
€ € € €
63,230 44,100 22,894 130,224
€ € € €
117,633 88,200 45,788 251,621
€4,72 €60 €4,00 € €40
Fixed Assets Machinery & equipment Furniture & fixtures Leasehold improvements Land & buildings Other fixed assets (LESS accumulated depreciation on all fixed assets) Total Fixed Assets (net of depreciation)
€ € € € € €
2,400 100
€
2,300
€ €
2,100
€ € -€
200
€ € -€
400
€
2,400
€
2,100
€
1,700
€ € €
-
€
-
€ € € € €
-
€ € € € €
-
€
98,917
€
132,324
€
253,321
Current Liabilities Accounts payable Interest payable Taxes payable Accrued Expenses Current part, long-term debt Other current liabilities Total Current Liabilities
€ € € € € € €
28,824 331 29,155
€ € € € € € €
31,003 7,904 38,907
€
58,643
€ € € € €
14,622 73,265
Long-term Debt Bank loans payable
€
-
€
-
€
-
Other Assets Intangibles Deposits Goodwill Other Total Other Assets TOTAL Assets
Liabilities and Equity
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Notes payable to stockholders LESS: Short-term portion Other long term debt Total Long-term Debt
€ € € €
20,000 20,000
€ € € €
20,000 20,000
€ €
-
Total Liabilities
€
49,155
€
58,907
€
73,265
Owners' Equity Invested capital Retained earnings – beginning Retained earnings – current Total Owners' Equity
€ € € €
40,000 9,762 49,762
€ € € €
9,762 63,655 73,417
€ € € €
63,655 116,401 180,056
Total Liabilities & Equity
€
98,917
€
132,324
€
253,321
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Cash Flow Statement Year 1 (Please See Notes Table)
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Cash Flow Statement Year 2 (Please See Notes Table)
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Cash Flow Statement Year 3(Please See Notes Table)
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Note 1:
Q1
Q2
Q3
Q4
2014
2015
Sales
256
282
314
538
2092
4183
@€210(AU$)
€53,760 €59,220 €65,940 €112,980 €439,236 €878,472
Note 2: We will each supply €10,000 (4x €10,000) of our own capital to the business. We will also get a €5,000 loan each (4x €5,000) at 0% from friends and family to be repaid over 12 Note 3:
Q1
Q2
Q3
Q4
Total Revenue
€53,760 €59,220 €65,940 €112,980 €439,236 €878,472
VAT (GST) @ 10% €5,376 €5,922 €6,594 €11,298
2014
months in year 3. This totals
2015
€43,923 €87,847
GST is the equivalent in Australia of VAT in Ireland and is charged at 10%, which cannot be recouped as we are tax resident in Ireland Note 4: Detector Shell
€97 €5
Screens x 2 €1 Chips x2
€2
Cost of Sales/unit €105
Note 5: Manufacturing Costs have been agreed with EMF manufacturing in China in conjunction with Headcount solutions @ €2.80 per un Note 6: Shipping Costs per unit have been quoted @ €1.22 per unit by EMF manufacturing
Note 7: The outlay of option premium may not be needed for all months if we can be reasonably certain that exchange rates will not fluctu outlay, by taking a small hit on a slight decrease in premium. To account for both of these eventualities, we have included in the accounts Note 8: Commission to our employees will be paid at 1% of total revenue to boost sales
Note 9: Wages have been agreed at €22,000 per year per employee, as we intend to employ graduates to reduce our wages outlay and giv
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Note 10: Employee expenses have been set at €1,500 per year per employee. This is to include travel, meals and accommodation, when o
Note 11: PRSI is not paid by employers on employee wages if total payroll wage is under $750,000 per year. Government of Western Austr
Note 12: Manufacture of prototype includes CAD designs, development of prototype and manufacture of prototype as agreed with Stephe Note 13: Legal and Accounting costs have been quoted at €3,000 with Frank Lynch & Co. Accounts, Balbriggan.
Note 14: Office Supplies year 1 consist of 4 P.C.s @€500 each and general office supplies of €1500. Year 2 and Year 3 consist of €1,500 gen
Note 15: Market research costs have been estimated at €2,000 year 1, €4,000 year 2, and €8,000 year 3 in firms like Metis Research Austra
Note 16: Advertising and marketing has been set at: Year 1 €13,000, Year 2 €24,000, Year 3 €48,000. This is to cover Print & Media ads and
Note 17: Company registration of our business will cost €50 when applied online plus €20 annual returns. Company Registrations Office (2 Note 18: Registration of business Name costs €20. Company Registrations Office (2012).
Note 19: To sell our goods on the internet we will use shopify which is $59/m or €45/m for the professional plan which includes 1% transa Adwords and $100 Amazon ad credit, domain name registration and shopping cart. Shopify (2012)
Note 20: Broadband and telephone Costs include half a $100/€70/m bill in the Australian residence (€35) and €100/m Eircom business com
Note 21: Electricity Bill will be half the household bill in Australia of around €25/m. There is no light & heat to be paid in Ireland as it is incl
Note 22: Irish Offices will be based in Invent in DCU under the resident Client option costing €320/m plus VAT (€394/m). This includes ligh engineers.
Note 23: Business Insurance costs have been agreed at €250 with Kearney Insurance brokers Dublin and €350 with Interlink Insurance bro
Note 24: Return Flights for all four of us are expected to be around €4,000. Qantas (2012) with Laura and Donnacha returning December 2 Note 25: Office Furniture has been estimated to cost €400 (desk & chairs Australia office) Note 26: Depreciation of computers will be approximately Year 1: €100, Year 2: €200 Tear 3: €400
Note 27: Full Patent Application costs are unknown due to possible changes in application, contests to the patent in both Australia and Eu Australia Government IP Australia (2012) Note 28: The loan agreed with friends and family at 0% of friends and family has been agreed to be paid back over 12 months in year 3
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Note 29: When profit has reached a high enough level in year 3, the capital supplied by shareholders will be repaid (â‚Ź40,000) Note 30: Irish corporation tax will be paid at 12.5% of profits at year end 1, 2 and 3
Sales Pipeline Name Of Customer Beaches Scarborough Beach, Perth Cottesloe Beach, Perth City Beach, Perth Hillary's Boat Harbour Perth Trigg Beach, Perth Mettams Pool, Perth Schools South Perth Primary, Perth Highgate Primary School, Perth Victoria Park Primary School, Perth Kyilla Primary School, Perth Wesley College Junior School, Perth Yokine Primary School, Perth Sacred Heart Primary School, Perth 31 | P a g e
Size of Deal (Units) 15 10 8 5 3 4 2 1 1 1 2 1 1
Amount AUD$
Date PO Expected
$ $ $ $ $ $ $ $ $ $ $ $ $ $
December 2012 January 2013 December 2012 December 2012 January 2013 February 2013
3,975.00 2,650.00 2,120.00 1,325.00 795.00 1,060.00 530.00 265.00 265.00 265.00 530.00 265.00 265.00
December 2012 December 2012 December 2012 February 2013 December 2012 January 2013 February 2013
Proba
Wembley Primary School, Perth St Columbia Primary School, Perth Coolbinia Primary School, Perth Sports Clubs Western Suburbs Cricket Club, Perth Osborne Park Cricket Club, Perth Clermont Nedlands Cricket Club, Perth East Fremantle Cricket Club, Perth Canning Districts Cricket Club, Perth Perth Cricket Club, Perth Tennis Central, Perth Mt Lawley Tennis Club, Perth Next Generation Kings Park, Perth Onslow Park Tennis Club Royal Perth Golf Club, Perth Burswood Park Golf Course, Perth Maylands Peninsula Golf Course Perth Lake Claremont Golf Club, Perth Collier Park Golf Club Scarborough Football Club, Perth Dianella Morley Football Club, Perth Coolbinia Yokine Football Club, Perth North Freemantle Football Club, Perth Bullcreek Leeming Football Club, Perth Perth Soccer Club, Perth West Coast Eagles Soccer Club, Perth Inglewood United Soccer Club, Perth Hotels/Spas/Gyms CBD Health Spa, Perth Fitness First Gym, Perth 32 | P a g e
1 2 1 3 2 3 4 3 3 2 3 3 3 3 4 4 3 3 2 3 2 3 4 3 3 2 2 2
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
265.00 530.00 265.00 795.00 530.00 795.00 1,060.00 795.00 795.00 530.00 795.00 795.00 795.00 795.00 1,060.00 1,060.00 795.00 795.00 530.00 795.00 530.00 795.00 1,060.00 795.00 795.00 530.00 530.00 530.00
December 2012 December 2012 January 2013 December 2012 December 2012 January 2013 December 2012 February 2013 January 2013 January 2013 December 2012 January 2013 January 2013 February 2013 January 2013 December 2012 February 2013 February 2013 January 2013 February 2013 December 2012 February 2013 January 2013 February 2013 January 2013 January 2013 February 2013 December 2012
Live Fitness Centre, Perth Goodlife Health Clubs Perth Bodhi J Health & Beauty Spa, Perth Museo Salon & Spa, Perth Keturah Day Spa, Perth The Richardson Hotel and Spa, Perth Hotel Northbridge The Mercure, Perth Rendezvous Observation City Hotel, Perth Novotel, Perth Medina Grand, Perth
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2 2 2 2 2 2 2 2
$ $ $ $ $ $ $ $
530.00 530.00 530.00 530.00 530.00 530.00 530.00 530.00
January 2013 December 2012 February 2013 January 2013 December 2012 January 2013 February 2013 February 2013
2 2 2
$ $ $
530.00 530.00 530.00
December 2012 January 2013 December 2012
Funding Requirements Each Shareholder will supply €10,000 capital into the company with a further €5,000 0% loan from friends and family to bring the total to €60,000. Each of us four majority shareholders will hold 22.5% of the company. Maria Johnston of Invent will hold 5% of the company for advice as non-executive director. Stephen Kelly of Headcount solutions will receive 5% to cover R & D costs which he will absorb into his company Headcount solutions We have valued the company at €500,000 we used a multiplier effect of 4 times the year 3 profits to value the company. We used a multiplier effect of 4 rather than 6-8 as favoured by companies who are already in business because we have not yet started trading. If we were to receive the €50,000 investment we would offer 10% of our company. We intend to use the €50,000 investment for: 20% (€10,000) for Research & development of our product into a more compact device, a device available for individuals and development of Apps to be used in conjunction with the device. 40% (€20,000) for patent costs of both Australian and European zones 40% (€20,000) for marketing (print and media ads, endorsements) and employing an extra employee in year 3
Where will our Investment be Spent? Marketing Activities 40%
R&D 20%
Australian Patency Application 40%
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Appendix Fig 1.0 – Skills Matrix Donnacha
Laura
Mark
Liam
Intellectual Property
Finance Marketing Operations Media Technical Knowledge
Industry background Background in engineering Passion
Fig 1.1 – Promoters CV’s
Donnacha McCormack The Balrothery Inn, Balbriggan, Co.Dublin
Academic: University: Dublin City University 2008-2012 BA (hons) in Business Studies (Marketing)- 2:1 Secondary School: Skerries Community College, Co.Dublin
Work Experience: Kingstown College – Dun Laoghaire, Co.Dublin (June 2010 – Sept 2011) Position: Marketing Executive/ Director Duties: Management of online (website, Adwords, Social Media) and offline (print promotion) under supervision of Managing Director Responsible for marketing and sales function during transitional period within firm# Formulation of new best practice processes with introduction of new online applications (Drupal, Eventbrite Management and promotion of new & existing course schedules nationwide Joint responsibility of website & Adwords management Tracking of sales enquiries and responsible for follow up Organisation and promotion of college events – open evenings, workshops, free seminars# Assistance in marketing function of the business Organised promotion material (print, personalised promotional items)for stand at for WHICH Expo in RDS Aug 2010 Assistance to administration staff when necessary Responsible for supply of course materials nationwide 35 | P a g e
The White Hart Inn, Balbriggan, Co.Dublin (June 2008 – Present) Position: Bar Staff Began work in my family’s second business in June 2008 and continue to work in the White Hart Inn when needed.
The Balrothery Inn, Balbriggan, Co.Dublin (2005 – 2008) Position: Bar Staff Began work for my family’s primary business in 2005 as a member of bar staff.
Liam Russell 35 Hampton Cove, Balbriggan, Co. Dublin
Academic: University: Dublin City University 2008-2012 BA (hons) in Business Studies (Finance) - 2:1 Secondary School: Gormanston College, County Meath 2002-2008
Work Experience: Dunnes Stores Head Office – June 2010 – September 2011 Position: Assistant Buyer/ Administration • • • • • • • • • •
Duties: Analyzing consumer buying patterns and predicting future trends; regularly reviewing performance indicators, e.g. sales and discount levels; managing plans for stock levels; reacting to changes in demand; reacting to changes in logistics; meeting suppliers and negotiating terms of contract; maintaining relationships with existing suppliers and sourcing new suppliers for future products; writing reports and forecasting sales levels; liaising with shop personnel to ensure product/collection supply meets demand;
The Wise Owl Bookshop Swords – August 2009 – June 2010 Position: Sales Assistant
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I spent the end of the summer working in the Wise Owl as a shop assistant during the busy school book buying period of the last two months of summer. There, I had to get the customers their books, answer their queries and deal with their complaints in a complimentary manner.
Dunnes Stores Balbriggan June 2008 – November 2008 Position: Sales Assistant/EPOS member/Customer Service Representative I worked on the customer service desk in Dunnes Stores Balbriggan, responsible for giving out floats, keeping the safe counted properly, doing the lotto, dealing with complaints and refunds and packing up the newspapers. I also worked as part of the EPOS team sending batches to the tills every morning, doing stock take, putting up POS, printing out stock cards, and putting SELs on the shelves. I also worked at the checkouts in Dunnes Stores
Laura Jane Prendergast 1303 Metro Apt, Santry Cross, Ballymun Road, Dublin 9.
Academic University: Dublin City University 2008-2012 BA (hons) in Business Studies (Marketing) - 2:1 Secondary School: St. Gerard’s, Bray, Co.Wicklow
Work experience On-going Dublin 2012 Event Manager
Work part time for a marketing company Brandwidth Assist in the organisation of retail events Increase Brand awareness Work in relationship management PR/follow up after events
3 months Biarritz 2011 bar manager
Managed a bar in the South of France Managed stock, dealt directly with suppliers, set up standing orders Managed staff-made rosters Dealt with banks, change, petty cash, wages Organised advertising and promotions for the bar
6 months Paris
Bar work/waitress
Barman and waitress in a Coolin bar, Paris Paris Made drinks and served customers in a very fast paced bar
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4 months 2010
Communications/Sales
Internship in GOOGLE, Dublin Presented services/products to investors Organised events (RDS) Analysed competition and studied markets. Participated in call calling Participated in the domain of sales
7 months 2010
Promotion work
BRANDARMY. (Communication/promotion company) Street marketing for brands such as Guinness, Bulmers, Cadburys etc. Promotion work/launches of new products in pubs/clubs/concerts Conducted Market research
7
months 2008 Sales assistant OASIS, clothes shop Advised clients and reached sales targets (+20% above my objectives.) Controlled stocks Merchandising
Mark Mulholland Hoar Rock, Skerries, Co.Dublin
Academic: University: Dublin City University 2008-2012 BA (hons) in Business Studies (Finance) - 2:1 Secondary School: Gormanston College, County Meath 2002-2008
Work Experience: Headcount Solutions, Fingal Bay Business Park, Balbriggan, Co.Dublin (Jan 2011 – June 2011) Position: Intern Duties: • • • •
Responsible for marketing related functions of business Website management Management of social media channels Worked closely with Managing Director on numerous projects, particularly business expansion and development
FG Wilson, Miami, Florida, USA (Sept 2010 – Dec 2010) Position: Intern Duties: • •
Worked within website development and developing brand recognition Frequent liaising with internal departments and external clients
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Blue Bar, Skerries, Co.Dublin (May 2010 – Aug 2010) Position: Bar Staff
Fig 2.0 – Shareholder Breakdown
Shareholding of Check 'n Protect Donnacha McCormack 5%
5%
22.5 % Laura Prendergast
22.5 %
Liam Russell 22.5%
22.5 % Mark Mulholland Stephen Kelly Maria Johnston
Fig 3.0 – The SWOT Analysis Strengths
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Weaknesses
Extremely Innovative Product. Extensive secondary data fully supports existence of problem and need for it to be rectified. Strong social and moral appeals Strong management backgrounds in marketing. Health related products consistently display inelastic levels of demand. Product cost much cheaper than existing technology on market (Sun Angel). Opportunities
Large potential in target market. Potential strategic alliances with governmental agencies (Cancer Research Australia). High potential in proposed endorsements in terms of brand awareness. Potential for further innovation (iPhone App).
Lack of internal technical know-how of proposed product (particularly lack of engineering experience/knowledge). Foreign market entry. Difficulty in sourcing suitable manufacturing location.
Threats
Technologically intensive product. Product Reliability. Potentially large R&D costs. Lack of management’s knowledge of intricacies of Australian market. Royalties on patency claims. Potential liability issues (users still getting burnt after using our product).
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