NEW VENTURE START - UP MY DESIGN GUIDE PLC.
name - eshwari thite
student id - s22000570
EXECUTIVE SUMMARY
Business plan for start up named My Design Guide PLC.
Situated in Lower Parel area of Mumbai, India.
Company’s goal to offer interior design services by creating aesthetic and functional spaces.
INTRODUCTION
In Mumbai, My Design Guide PLC will seek to provide complete and elegant interior design services for individual residences and commercial buildings.
My Design Guide PLC’s USP will set it apart from rival options in the city through increased variety, accessibility, design services and value - based pricing.
Owners and tenants of residential properties need proper redesign and upgrade, whilst commercial sector clients need practical and representative designing.
BUSINESS DEVELOPMENT
The company deals in luxury interior design services for both residential and commercial spaces.
The company provides tailored design in interior consultation (Husain et al. 2022)
The company helps individuals gain guidance and advice on creating a basic design for the project.
BUSINESS DEVELOPMENT
A registered company under the SPICe for carrying legalities concerning company registration. (Agarwal and Kaare, 2019)
The company aims at building its reputation as well as attracting more customers building business ties.
The mission of the company is to offer high - quality services to clients.
The company deals in luxury interior design services for both residential and commercial spaces.
The company provides tailored design in interior consultation (Husain et al. 2022)
The company helps individuals gain guidance and advice on creating a basic design for the project.
METHODOLOGY
I have applied a positivism research philosophy, deductive research approach and descriptive research design for the study.
For primary research, a survey has been conducted with the customers and interviews with the suppliers.
For secondary research, a literature review related to the Indian design market analysis has been conducted.
MARKET ANALYSIS SUMMARY
To operate the start-up business, the company needs to offer market opportunities because of real estate and thriving lifestyle.
It is one of the booming markets in real estate due to the constant demand for luxury properties as well as design.
The city also has a substantial population that attracts celebrities and businesses to avail of the services (Husain et al. 2022)
Mumbai is also one of the attractive tourist destinations for business and tourist travellers.
The latest design and advancement in technology with automated system and controlling lighting has brought changes in services.
Moreover, India also has a wide range of skilled workers with experts in designing and consulting (Gupta and Kaur, 2022)
The company targets its customers with higher disposable income who can afford premium services.
PRIMARY RESEARCH - FOCUS GROUP INTERVIEW
I have arranged focus group interviews with two potential suppliers for My Design Guide PLC.
They are the industry’s most well - known suppliers in Mumbai.
5 open - ended questions were posed to the two suppliers in order to get insight into the nature of the industry, how interior design operations are conducted, and terms and conditions with this industry’s suppliers and vendors.
PRIMARY RESEARCH - SURVEY
I have arranged focus group interviews with two potential suppliers for My Design Guide PLC.
They are the industry’s most well - known suppliers in Mumbai.
What is the nature of project?
8 responses
5 open - ended questions were posed to the two suppliers in order to get insight into the nature of the industry, how interior design operations are conducted, and terms and conditions with this industry’s suppliers and vendors.
NewBuilding 50% FullRenovation 25% Upgradation 12.5% Addition 12.5%
COMPETITIVE ANALYSIS
The SWOT analysis allows the businesses to understand core strengths, weaknesses, opportunities and threats of a business.
The competitor matrix also helps the company in understanding the overall position of the company among various companies.
The company’s strengths are providing exceptional services with service design (Hassanein and Sizyuk, 2021)
This matrix helps in identifying the gap and aid in services from different competitors for improvement. (Chaturvedi et al. 2022)
Moreover, the company has limited scalability and its dependency on key individuals poses a risk.
The price of the services is dependent on the duration and materials used in interior design.
STRATEGY AND IMPLEMENTATION
The main USP of the company is its aesthetic, luxury and premium designs.
It also has a unique selling point giving the startup company a competitive edge like quality services.
(Zlantanova et al. 2020)
The company also offers benefits and value to its customers with unique, luxurious and premium design solutions.
It has also advanced its services with the integration of technology in 2D and 3D format.
STRATEGY AND IMPLEMENTATION
The services of My Design Guide are made available for affluent customers and corporate clients.
The introduction of technology has made the company incorporate 2D, 3D and AI based technology within its services.
The business model canvas helps the company by providing a short plan and basic details of the company (Pardeshi et al. 2020)
The company also aims to undertake research as well as implement the latest design with a cultural touch (Watson IV et al. 2015)
Positioning of the business is also important to make the services available for target groups.
In the long run, the company aims to engage a subscription model for the current design to expand the revenue system,
MARKETING CHANNELS
My Design Guide will have a dedicated mobile app accessible for both Android phones and iOS to communicate with its existing clients and prospective clients.
The website’s adaptable design, which enables it to fit various screen sizes and devices via its own website, will determine whether My Design Guide offers a seamless user experience (Kozlenkova et al,. 2015)
My Design Guide will use LinkedIn to connect with clients for business, network with specialists and provide knowledge that will get people thinking.
FINANCIAL PROJECTIONS
The start - up required for funding My Design Guide will be 2500000 INR to be funded by the owner and bank loan from HDFC Bank.
The expected sales in the first three years will be 120000000 INR in year 1, 168000000 INR in year 2, 235200000 INR in year 3.
The net profit margin for year 1 will be 37%, 48% in year 2 and 48% in year 3.
FINANCIAL PROJECTIONS
The total balance sheet asset valued for My Design Guide will be 1544700 INR in year 1, 1838000 INR in year 2, 3045600 INR in year 3.
A long term liability has been recorded in the liabilities side of the balance sheet as 1500000 INR throughout the first three years as the bank loan subscribed by the start - up.
The total paid - in capital will be 1000000 INR.
CONCLUSION
In both residential and business spaces in Mumbai, there is a rising demand for unique and individualised luxury interior design services.
My Design Guide envisions forming long - lasting, solid partnerships with suppliers, merchants, clients, and industry experts.
CONCLUSION
The start-up ought to establish solid bonds with its customers, suppliers, traders, marketing network, mentors and the larger design community.
My Design Guide should concentrate on assembling a fantastic team by selecting the best candidates.
In order to respond to shifts in the design business, My Design Guide must be flexible enough to update its catalogue and designs.
REFERENCE LIST
¨Agrawal, A. and Khare, P., 2019. Social entrepreneurship in India: models and application. In Social Enterprise in Asia (pp. 56-78). Routledge.
¨Chaturvedi, S., Verma, M., Purohit, S. and Varaprasad, R.R., 2022. Digital Value Innovation and Strategic Management Practices of Adyar Ananda Bhavan. In Cases on Digital Strategies and Management Issues in Modern Organizations (pp. 51-76). IGI Global.
¨Gupta, A.H. and Kaur, M.M., 2022. A study of wall decorations and development of paintings for the hotel industry. International Journal of Home Science, 8(1), pp.299-307.
¨Hassanein, A. and Sizyuk, V., 2021. Potential design problems for ITER fusion device. Scientific Reports, 11(1), p.2069.
¨Husain, R., Ahmad, A. and Khan, B.M., 2022. The impact of brand equity, status consumption, and brand trust on purchase intention of luxury brands. Cogent Business & Management, 9(1), p.2034234.
¨Kozlenkova, I.V., Hult, G.T.M., Lund, D.J., Mena, J.A. and Kekec, P., 2015. The role of marketing channels in supply chain management. Journal of Retailing, 91(4), pp.586-609.
¨Muhidine, É., 2023. The Taj Mahal Hotel, Imperial, Sun’n’Sand, Oberoi, and others: the Indian chapter of the 20th-century grand hotel. Architecture Volume 72, p.137.
¨Pardeshi, P., Jadhav, B., Singh, R., Kapoor, N., Bardhan, R., Jana, A., David, S. and Roy, N., 2020. Association between architectural parameters and burden of tuberculosis in three resettlement colonies of M-East Ward, Mumbai, India. Cities & Health, 4(3), pp.303-320.
¨Watson IV, G.F., Worm, S., Palmatier, R.W. and Ganesan, S., 2015. The evolution of marketing channels: Trends and research directions. Journal of Retailing, 91(4), pp.546-568.
¨Zlatanova, S., Yan, J., Wang, Y., Diakité, A., Isikdag, U., Sithole, G. and Barton, J., 2020. Spaces in spatial science and urban applications state of the art review. ISPRS international journal of geo-information, 9(1), p.58.
name - eshwari thite
student id - s22000570
THANK
YOU!