Sync Business Plan by Oli Southall

business plan

independent final project FAS6129

oli southall

fashion business & promotion birmingham city university 2021

contents contents list of tables & figures

2 3

executive summary executive summary

4 5

the concept the concept & obectives key drivers consumer journey & USP

6 7 8 9

competitors market sector analysis market map direct competitors indirect competitors SWOT analysis

10 11 12 13 14 15

consumer techno-spiritual consumer conscious millennial consumer

16 17 18

operations internal operations premises equipment & legal considerations business structure insurance & internal staffing external staffing

19 20 21 22 23 24 25

marketing strategy marketing operations instagram influencers 12 month marketing timeline

26 27 28 29

financial background funding 12 month cash flow price breakdown & breakeven

30 31 32 33

future growth strategy

references image references appendices

35 36 37

list of tables

list of figures

Table 1: Consumer Journey - p9 Table 2: Market Sector Analysis - p11

Figure 1: Sync Loading Graphic - p2-32

Table 3: Direct Competitors - p13

Figure 2: Sync Logo - p1-33

Table 4: Indirect Competitors - p14

Figure 3: Market Map - p12

Table 5: Equipment - p22

Figure 4: Millennial Meditation - p17

Table 6: Legal Considerations - p22

Figure 5: Percentage of Millennials Considering Mental Wellbeing a Priority Pie Chart - p18

Table 7: Internal Staffing - p24 Table 8: External Staffing - p25

Figure 6: Percentage of Millennials Practicing Mindfulness Pie Chart - p18

Table 9: Instagram Influencers - p28

Figure 7: Warehouse Exterior - p21

Table 10: 12 Month Cash Flow - p31

Figure 8: Warehouse Interior - p21

Table 11: Price Breakdown - p32 Table 12: Breakeven Analysis - p32

executive summary

techno-spiritual innovation executive summary

This business plan provides a detailed overview of the current Techno-Spiritual Market & delivers the complete execution of the emerging market innovation - Sync. In response to a global concern for mental health issues as a result of the Coronavirus pandemic, the Techno-Spiritual sector has become more relevant & immersive over the past year growing it’s consumer base & technological reach. In the current global digitisation age, Modern Mindfulness Devices & Applications have impacted millions worldwide mentally & spiritually. Sync aim to achieve both through a pocket-sized product ready to use anywhere, anytime. Millennials have been particularly impacted by recent Techno-Spirituality developments being avid wellbeing & mindfulness advocates

open to technology innovations. Incorporating alternate elements from competitor products into an in-ear device is both combining & normalising the current Techno-Spiritual market for Conscious Millennial consumers worldwide. Sync will operate as a start-up business on a micro scale through simply 4 internal employees developing, marketing & manufacturing the product. This business plan will analyse the current market sector & it’s consumer as well as outline the complete operations, costings & marketing methods for the first financial year of the product launch in 2022. A Future Growth Strategy is included in the latter of this business plan outlining methods continuing engagement with new & existing consumers as well as discussing how operations will adapt over time in order to expand the business.

the concept

objectives modern spirituality

To have a mental improvement on 90% of consumers within the first 2 months of using the product.

the concept

Sync aims to redefine innovative TechnoSpirituality devices by simplifying bodymonitoring sensors into an in-ear device designed for to practice technologically-aided mindfulness anywhere at any time. Our mission is to drive the normalisation & modernisation of Techno-Spiritual devices being utilised in our every day lives making mindfulness simple & accessible to all improving the mental wellbeing & changing perceptions of all of our consumers. With the product delivered through a pocket sized charging pod, Sync is innovating the micro-device sector in terms of size & functionality.

To grow accessibility to spirituality & grow the consumer market by 10% in the first year of production.

An accompanying Mobile App will be available for Sync users that will pair the device along with the Sync Audio Library focusing on Meditation, Sleep, Work & Soundscapes available for everyone. Once the device is synchronised, Progressive Natural Audio will play in cohesion with brain activity to help the user gain complete focus on their selected activity. Binaural Frequencies are set specifically through all the Audio Library to subconsciously alter user moods & when played through earphones will take the user into their prime meditative state within the first 5 minutes of Synchronising.

To expand production by 50% after the first year of production.

improving mental wellbeing through normalising e-spirituality key drivers

To encourage a new audience to connect with spirituality through a simplified device.

To drive the normality of Techno-Spiritual devices in order to aid modernise mindfulness.

To improve the mental wellbeing of the growing consumer group getting involved in mindfulness practice.

With around only a third of Millennials generally practicing mindfulness weekly (Pew Research Centre, 2020), Sync has been developed in order to introduce e-mindfulness to a larger percentage of the generation through marketleading technology being combined into a pocket sized device & minimalist mobile app.

Through the current sector’s futuristic vision of how devices can monitor & aid mindfulness practice, the general perception of the technology is that it’s complicated & expensive as a result - Sync is the answer to this. Through device simplicity & familiarity, Sync is targeting a younger growing conscious consumer group emerging as a direct result of the pandemic & is normalising modern Techno-Spiritual technology.

A 2018 study conducted by Harvard University Scientists has shown that practising mindfulness benefits an array of conditions both mental & physical ranging from depression & anxiety to chronic pain. This demonstrates that practicing mindfulness is key in the modern age of technological suffocation & global isolation of the Coronavirus Pandemic with around 70% of the British population alone being impacted mentally by the Pandemic (Med Tech News, 2021). Sync’s top priority is improving user wellbeing & creating an immersive, distraction free experience to connect within. 2

consumer journey Consumer Journey Table

Discover Sync & Order Device

To begin their Sync journey, consumers will connect with marketing media leading them to www.syncup.uk where they can find device information, specifications & payment options.

Wait for Delivery & Download Sync App

Once the product is ordered, the Sync mobile app should be downloaded while the delivery is being processed to introduce the user to the interface & it’s content.

Pair Sync to Mobile

Once the device has been delivered & charged up, the mobile app needs to be opened to pair up the earphones & sensor to the mobile. Holding the pairing buttons down when worn for 30 seconds will complete the Sync. The Head Sensor goes back in the charging pod once Synchronised.

Select Activity & Wind Down

The user will then navigate through the app selecting an exercise appropriate to their mood to relax into for their preferred time limit.

Assess & Compare Session Analytics

Once a session is complete, combined user analytics (Heart Rate, Breathing Pattern & Brainwaves) are available to assess & compare to previous sessions or other users.

Discover New Audio Sessions

New in-app content will be communicated through mobile notifications & social media content to maintain consumer engagement & keep them updated with new audio or feature updates.

USP

optimised mindfulness experience Sync offers a unique & innovative product combining the neuro-sensory & heart rate scanners into a pocket sized device designed to completely submerge it’s user within their meditative state without distraction for the optimum mindfulness experience on the market. Through a simple mobile app used with extremely limited screen usage, Sync offers the simplest Techno-Spiritual experience aiming to keep you focused on yourself & not the technology used.

competitors

techno-spirituality sector market sector analysis The Techno-Spiritual market is a fast emerging sector combining traditional mindfulness techniques with technological innovations to maximise modern spiritual experiences. In the modern age of mass technological consumption, Techno-Spirituality is the focus of “redesigning and creating technology to improve the wellbeing of its users”. (Wikipedia, 2021) The sector aims to assist human’s spiritual and religious practices traditionally through websites & mobile applications but has recently been further developed into a range of brain & body monitoring audio & visual devices designed to assess body activity during practices, alter user moods through specific audio frequencies & output audio tuned to the user activity.

Product

Price

Features

Sold

Promoted

Muse 2

$250

HRV & EEG Scanners offering Biofeedback Meditation through a Mobile App

Muse, Amazon

Social Media, Tech Blogs, Forbes

Muse S

$350

HRV & EEG Scanners offering Biofeedback Meditation & Sleep aid through a Mobile App

Muse, Amazon

Social Media, Tech Blogs, Forbes

Flowtime

$200

Headset with built in EEG sensors to record brain activity live to a connected mobile application

Amazon

YouTube, Kickstarter

Mendi

$300

Indiegogo

Tech Blogs, Kickstarter

Mindwave

$110

Neurosky, eBay, Amazon

Tech Blogs, YouTube

Unyte Virtual Mobile App

$360

Headset that uses infrared spectroscopy & connects to an app to exercise the brain Headset with built in EEG sensors to record brain activity live to a connected device Mobile device that pairs with HRV Ear-Clip & Virtual Application

Unyte

Tech Blogs, YouTube

Kasina Deep Vision

$295

Kasina, Amazon

Tech Blogs, YouTube

Thync “Feelzing Energy Patch”

$20- 108

Pair of Internal LED Glasses with MP3 to create an Audiovisual experience Electronic Energy Boost Patch/Temporary Mood Stabiliser

Feelzing

Tech Blogs, YouTube

Headspace

£50/year

Mobile audio library to aid with sleep, focus & meditation

App Store & Google Play Store

Instagram (836k Followers), Netflix

Calm

£30/year

Nature based guided focus, sleep & meditation mobile app

App Store & Google Play Store

Instagram (2.3 Million Followers)

Market Sector Analysis Table

market map 3

The sector is extremely broad in terms of the variation of devices/applications & their success - market leading products include a mood altering patch, an audio-visual headset, a range of neuro-scanning headbands & simplistic mobile meditation apps designed specifically for anyone & everyone to find peace in. All of the products have different spiritual outcomes through their user experience & technology integration but all target user moods specifically through audio altering electrical signals in the brain to aid concentration & relaxation.

Product

Price

Description

Strengths

Weaknesses

Muse choosemuse.com

$220350

“Muse is a brainsensing headband that helps you refocus during the day and recover overnight.” The headband communicates bodysync natural audio for the current leading immersion experience.

- Wide Product Range targeting different consumer groups - Accurate bodyanalytics make meditation & progression simple - Sell products & app subscription in bundles

- Price point can be unrealistic for most consumers - Device/mobile calibration can take a while - App subscriptions may drive some consumers to buy competitor products

Flowtime

$200

Flowtime is a headband that tracks brainwaves and heart rate in real time to dig deep inside your mind and body when meditating.

- Product launched on Kickstarter & grew to market & sell primarily on Amazon - More accessible price for consumers - Simple & accurate body analytics assessment in app

- Through being a Kickstarter project, skepticism around product quality may affect purchases. - Mobile App Features seem to be limited

Mendi www.mendi.io

$300500

“Cutting edge brain training device for home use.” Gamified meditation device targeted at younger audiences to gain control of their brain power.

- Offers a Gamified Meditative experience that can be monitored accurately at home - Very simplistic design style of mobile application - Combination of a Meditation & Brain Training device

- Expensive price point targets the product at a specific consumer group & limits new consumers from trying the technology

Mindwave

$110

Brainwave Sensing & Translating Headset converting brain activity into digital data whereby you can play games or meditate through the device.

- Offers a Gamified Meditative experience that can be monitored accurately at home - Very simplistic design style of mobile application - Combination of a Meditation & Brain Training device

- Expensive price point targets the product at a specific consumer group & limits new consumers from trying the technology

direct competitors As the Techno-Spiritual sector has evolved, integration of body-monitoring sensors has become a key theme in leading devices. All of Sync’s direct competitors utilise the same technology but deliver it though different headband aesthetics/functions & mobile applications. This approach using user analysis (brainwave, heart rate & breathing activity) to drive audio output is the future of modern spiritual experiences but has limitations in functional wearability outside of the house & accessibility for most lower budget consumers. Sync aims to deliver this exact experience through an in-ear device & accompanying mobile app accessible within most consumers budgets & available to use anywhere & at any time.

Direct Competitors Table

Product

Price

Description

Strengths

Weaknesses

Headspace

£50/ year

Headspace is the market leading mobile app for mindfulness with a vast audio library ranging in guided meditation, sleep & focus exercises.

- Offers solutions & guidance to all users no matter what mood they’re in. - Vast audio library of audio & guided exercise accessible in different voiceover actors. - App simplicity makes it easily usable for anyone.

- Limited free access features may limit some consumer groups - Headspace is a mobile-only service limiting any collaboration with external TechnoSpiritual devices

- Consistently updated Natural Audio Library caters for all audiences looking to relax - A wide selection of Soundscapes focuses the user on their environment - Calm offers a free limited service to experience the app

- Free access to the app is very limited Meditation Audio sessions are very similar to most free audio accessible through YouTube Excessive app simplicity may not engage some consumers

Calm

£30/ year

Calm is a very popular nature based mobile app with more moodspecific activities as well as a range of soundscapes.

Thync

$20$108

Electronic Energy Boost Patch designed to alter user moods temporarily & electronically.

- Temple patch uses micro-vibrations to improve user moods & boost energy - Provides an easy & modern solution to energy boosting

- Expensive product to continually use so limits consumer groups committed to the product Potential health implications as a result of the device spending too much time on a user

Kasina Deep Vision

$295

Audiovisual headset designed to deliver an LED light show in time with meditative audio for a different kind of immersive mindfulness experience.

- Offers an immersive Techno-Spiritual experience Synchronised audio & light takes user submersion to new extremes & makes meditation simple

- Synthetically created light enhanced meditation experiences could affect users negatively - Expensive technology targets specific consumer groups

Indirect Competitors Table

indirect competitors Approaching modern Techno-Spirituality in an alternate direction are Sync’s indirect competitors utilising unorthodox technological features like complete LED displays & electrical currents to enhance mindfulness experiences. These features make for innovative, simplified & instant spiritual experiences but are fairly ineffective in practicality & long-term usage for most consumers. Calm & Headspace are the current market leading mobile applications following a simplified approach to Techno-Spirituality both mobile apps feature vast audio libraries of meditative, sleep & focus enhancing audio in binaural frequencies. The apps feature guided sessions from different voice actors suited to all user preferences as well as special features like music, soundscapes & stories to adhere to all consumer needs. With both apps available for low-cost monthly subscriptions, Calm & Headspace are the most popular technospiritual experience on the market right now - but through combining their key features with a submersive neuro-sensory in-ear device, the techno-spiritual innovation is born.

swot analysis strengths • The device combines the technological elements from the TechnoSpiritual market leaders into a completely mobile device designed for use anywhere, anytime. • Through the in-ear experience, all external distractions are muted once synced to give the user the most focus for their chosen activity. • Binaural Frequency Audio currently isn’t being utilised within the Device Market so is an Audio Innovation to be delivered in usersync. • Device size & Mobile App simplicity will make consumers rethink the complications of Techno-Spiritual Devices & thus encourage more casual use of the technology. • Mobile App will be a good tool to drive new consumers to try the technology through free features encouraging them to test the technology & connect with themselves.

opportunities weaknesses

• Further technological compatibility with different types of mobile devices including Smart Watches and Smart Glasses. • Collaborating with larger tech companies incorporating Sync technology into existing products saving both time & money on product development. • Collaborating with Specialist Sound Engineers in order to create specific audio for the App (including Musicians, Binaural & Soundscape Creators) • Making the device compatible with more than simply the Sync App - perhaps combining with competitor applications to expand the audio range for the device capability. • Marketing & selling Sync on a global marketplace like Amazon could grow consumer groups around the world interest in the product & expand the company growth.

• External EEG Sensor needs to be synchronised before device use through a 30 second Temple Scan which could cause issues for some customers perhaps losing their brain tracker. • Product & App development will be an expensive process considering syn.c is aiming to be a mid-range price point but collaboration/funding will help with costing. • Through being a micro-device in comparison to the current market, there is a possibility of the consumer misplacing the charging pod or device due to it’s size which would be frustrating & expensive for a persistent user. • Vast Audio Library will be a long process to develop in specific frequencies so could cost more than expected.

threats • Close Competitors could transform existing Headband products into in-ear devices once syn.c is released & consumer demand is clear. • Exclusive features such as Binaural Synchronised Audio could be replicated by competitor brands. • Mobile Apps could develop to replicate Sync’s Mobile Features in a cheaper application & playable through any in-ear device.

the consumer

the techno-spiritual consumer

The Techno-Spiritual Market consists of a younger generation of adults that grew up without any technological influence that have grown to seek the benefits from modern innovations that can simplify their lives. TechnoSpirituality focuses on the positive impact of technology & explores how it can affect feelings which resonates closely with Millenials of which 73% consider mental health to be a priority alongside food, water & shelter (Relief Web, 2019). The general consumer is happy to spend their money on techno-spiritual innovations as they believe in both the new technology driving the product as well as any positive health impacts.

percentage of Millennials that consider wellbeing a priority

target consumer group the conscious Millennial 5 As a result of Millennials digital nativity, their reality is not constructed of simply physical or online presence, it’s an “intricate network of their real-life identities paired with their many online personas.” (Project Happiness, 2021) This drives their practical technological usage while continually keeping connected in their physical world - making Millenials the ideal techno-spiritual consumer. With 64% of Millennials practicing mindfulness generally (Brit, 2017) & 93% of Millennials requiring upto-date technology in their workplace (Forbes, 2018), Sync will successfully target the majority of the generation & have a positive impact on their mental wellbeing.

A survey conducted assessing Millennial’s modern spirituality attitudes/practice revealed 50% of respondents use mobile apps to enhance their mindfulness experience. 80% of participants were interested in the Sync concept & 90% agreed it would have a positive impact on their mental wellbeing. Their involvement in innovative spiritual practice & positive attitudes towards technology demonstrate the practical success of Sync within Millennials.

percentage of Millennials that practice mindfulness

operations

operations app development Through outsourcing the Mobile Application development to an Indian Developer, Sync will be paying around a fifth of the fee of a localised developer for the same service. The development will take between 500-750 hours (Business Cost Saver, 2021) & will be primarily in the developer’s control but will be directed by the Project Manager in terms of visual outcomes & user functionality/interfaces. Application maintenance will also require a small working contract throughout the year to keep up to date & functioning correctly.

product design/ functional development Conducted by the Product Designer/Electronic Engineer, Sync will be developed digitally through Keyshot & Solidworks & electronically engineered to function properly within the funding stage of the concept development. This will ensure any issues in initial production can be identified & solved before any sales are made.

device manufacturing

packing & shipping

Lead by the Electronic Engineer, the two Assembly Line Employees will be independently trained within the first 6 months of production manufacturing at a rate of 2 devices per day/40 devices per month. As the first year of production progresses, speed of manufacturing & quality control will improve leading to better efficiency of production (making more devices) & extra assembly staffing (in the second financial year).

As the finalised process of production, packaging & shipping products will be the responsibility of the Assembly Line staffing once a batch is produced & sold. The packaging used will be basic lithography printed paperboard boxes for quick, simplified production & couriered through Hermes weekly for maximised company efficiency.

premises Sync will operate through a 900 foot squared unit in Birmingham. Localising production is best for companies manufacturing up to 10,000 pieces, then migration to Asian manufacturers is advised for more mass scale production. (Predictable Designs, 2020) Basic furnishings for the warehouse will cost around £450 (Office Furniture Online) & will provide a simple structure to work the business from.

legalities

equipment Equipment

Price

Source

Creality3D CR-5 Pro 3D Printer

£999

Technology Outlet

Lenovo IdeaPad 3 Laptop (x2)

£320

Amazon

Soldering Iron (x2)

£4.76

Farnell

Adobe Creative Cloud Subscription

£600 /year

Adobe

Keyshot Pro Subscription

£719 /year

Keyshot

Solidworks Subscription

£936 /year

Solidworks Equipment Table

Law

Sync Requirements

Health & Safety Standards

Regular health & safety checks will be carried out within the Sync warehouse ensuring employee safety.

General Data Protection Regulation

All online platforms will ask user permission before collecting any data.

General Partnership Act

A contracted agreement between Sync’s CEO & Product Designer confirming their business partnership.

Confidentiality & Invention Agreement

All employees will sign this agreement confirming any technology/concept confidentiality.

Consumer Rights Act

All products will be quality checked throughout the production process to ensure they’re fit for purpose & up to standards.

Consumer Protection Act

Products & materials will be researched & checked to ensure they’re safe.

Trading Standards

All products will contain any relevant information & will be as described.

Marketing & Advertisement Law

Sync will be completely transparent about the device, it’s effects or any marketing material.

Weights & Measures Law

All product & box packaging will be measured using metric measurements.

Legal Considerations Table

Project Manager/ CEO

Electronic Engineer/ Product Designer

business structure

Assembly Line Employees

Sync’s Project Manager & Product Designer are partners in concept development & practical delivery managing assembly line staff in the manufacturing, packaging & shipping of products. Through a concise body of staff, Sync will ensure maximised efficiency in the workplace.

23 23

internal company structure

insurance According to Nimble Fins, warehouse insurance with stock of up to 2,500 pieces is £189 per year for a basic insurance package & Employers’ Liability Insurance for 4 employees is estimated around £638 for the first year of production.

Who

Sourced

Wage PA

Project Manager/ CEO

£27,300

37.5

Electronic Engineer/ Product Designer

Behance

£25,720

37.5

Indeed

£15,577

37.5

Assembly Line Employees x2

Hours PW Roles - Oversees all Syn.c operations - Responsible for developing visuals for packaging, website, marketing & social media - Responsible for developing & executing appropriate Marketing Tactics relevant to the target consumer - Continually digitally developing device aesthetic & functionality - Develop & troubleshoot complete device electronic functionality - Troubleshoots & fixes technological issues - Pair of staff designated to specific roles within the assembly process of devices

Internal Staffing Table

external staffing Who

Sourced Wage PA Hours PW Roles

App Developer

Fiverr

£1,104

Accountant

Indeed

£2,520

Audio Engineer

Behance

£2,880

- Design, develop & update the mobile app effectively & clearly delivered within the visual identity - Responsible for assessing finances & directing the company in terms of expenditure - Consistently developing an wide range of natural & Binaural Audio soundscapes & activities for the Syn.c Audio Library

External Staffing Table

marketing strategy

marketing operations YouTube

Instagram

Instagram Influencers

billboard campaign

YouTube is a prime platform for Millennials that practice Mindfulness with the widest audio selection available for free. Sync will connect with the Conscious Consumer through a calming audio-visual experience using natural binaural audio samples, tranquil visuals & engaging text to draw them into the experience. User data will be utilised in order to target promoted advertisements at Spiritual Millennials aiming to reach up to 100,000 views to begin normalising Sync’s innovation & selling more pieces. Promotions are price-dependant on how many views the video may reach & will cost up to around £1,440 per advertisement (Influencer Marketing Hub, 2020).

Sync’s Instagram content will continue following tranquil themes drawing their consumer in with the idea of serenity being found in the product. It will also be closely linked with mental health to encourage a wider range of consumers & a wider social reach in order to sell more products & grow key brand values. Promotional advertisements will cost around £5 daily & will run a week at a time to continually engage with new Millennial users throughout the year.

Through utilising Spiritual Millennial influencers, engaging with the target demographic will be a simplified process & will consistently engage Sync with new consumers worldwide. Both influencers can use the device during their teaching sessions demonstrating practical usage & encouraging product sales to their trusting demographic. Through the endorsements being executed in the weeks leading up to Christmas & Mental Health Awareness month, product sales will increase naturally during these seasonal times.

Sync’s Poster Campaign will be ran on a close budget as the primary marketing focuses on Social Media strategies connecting specifically with Conscious Millennials. Billboards will be utilised over the opening weeks to December though Birmingham, Manchester & London ensuring enough time for advertising, production & shipping before Christmas. The focus on primary cities will reach a large demographic of the UK & provides opportunity to gradually expand over time.

instagram influencers Influencer Taryn Toomey

Desirée Pais

Followers

Location

Paid Promo

93.2k

NYC

£400

23.3k

NYC

£200

Audience

Job Role

Involvement

30-34-year old audience who are interested in yoga, organic products and Pilates and are typically authors, entrepreneurs or journalists by profession.

Founder & CEO of The Class & The Glow - a transformative fitness class that combines cardio exercise with yoga and meditation & an intimate and honest e-diary of motherhood.

Taryn’s personal & business Instagram accounts connect with over 300,000 people globally sharing common interests of spirituality & mental wellbeing.

Desirée’s audience share brand affinities including Mindbodygreen, goop and Yoga Journal targeting health conscious 25-40 year olds

Beauty editor at Herbivore Botanicals and certified kundalini yoga and meditation teacher.

Connecting with a younger influencer will ensure success in product popularity overseas as well as product endorsement through her live meditation sessions.

Instagram Influencer Table

Sponsored Instagram Post

YouTube promotion

Sponsored Instagram Post

Taryn Toomey Paid Instagram Promotion Billboard Birmingham Billboard London

12 month marketing strategy

Billboard Manchester 29

july

june

awareness month

may mental health

apr

Sponsored Instagram Post

YouTube promotion

Desirée Pais Paid Instagram Promotion

mar

feb valentines day

jan new year

dec christmas

oct

nov

product launch

aug

sept

Sponsored Instagram Post

financial background

funding timeline March 2021

July 2022

Kickstarter Launch £80k goal

Kickstarter Ends £80k funded by 800 donors

Business Loan

One of Sync’s direct competitors Mendi utilised Kickstarter to fund the production stage of their business after two years of prototyping & researching into neurofeedback. The campaign had a goal of $50,000, operated for a year & received $2,144,360 in funding from 6,748 backers. (Kickstarter, 2021)

According to Unbiased, Sync can take out a Business Loan of up to £50,000 from The Bounce Back Loan Scheme with no interest or repayments due for a year. The interest rate will be fixed at 2.5% every year allowing for repayment in a comfortable time period to continue making profit. The loan will mean Sync can continue operations to maximum efficiency, in increase in production due to more funding for equipment & ensure profit at the end of the first financial year.

Mendi had a solid Kickstarter campaign based off research into neuro-health & the impacts of a device such as theirs. The Sync campaign will operate similarly but will focus on increasing accessibility, improvement of mental health & normalisation of modern techno-spiritual devices. Running for almost a year and a half, funding is likely to exceed it’s initial goal based off Mendi’s campaign giving further opportunity to expand staff or production.

Funded to start up operations & begin manufactuering

January 2023

Kickstarter

£50k Business Loan 2.5% Interest Rate Funded to increase production & assembly staffing over the next financial year

12 month cash flow 12 Month Cash Flow Table Month 2022

August

September

Notes

Marketing Launch

Product Launch

October

November

December

January

February

Christmas

New Years Mid-Point Review

Valentines Day

March

April

May

June

July

Mental Health Awareness Month

Start of Summer

Devices Made

Devices Sold

£800

£1,600

£2,400

£3,200

£4,000

£3,200

£4,000

£4,800

£4,000

£3,200

£35

£70

£105

£140

£175

£140

£175

£210

£175

£140

Investment

£80,000

£0

£50,000

£0

Total Income

£80,835

£1,670

£2,505

£3,340

£4,175

£54,175

£3,340

£4,175

£5,010

£4,175

£3,340

£7,556

Rent & Insurance

£1,546.08

£1,099.08

Equipment

£2,453.95

£50

£139.88

£12,629.02

£61

Manufacturing

£1,223.70

Postage £2.45

£24.50

£49

£73.50

£98

£122.50

£98

£122.50

£147

£122.50

£98

Packing £0.05

£0.50

£1

£1.50

£2

£2.50

£2

£2.50

£3

£2.50

£2

£0

£35

£232.71

£1,985

£35

£0

£35

£1,440

£432.71

£35

£0

£160

£320

£480

£640

£800

£640

£800

£960

£800

£640

Income Devices Sale £80 Postage £3.50

Expenditure Wages

3rd Party Logistics

Total Marketing VAT 20% Total Expenditure

£25,593.75 £10,394.78 £10,867.37 £12,804.66 £11,039.66

£11,004.66 £10,854.66

£10,854.66

£12,444.66

£11,622.37

£11,039.66

£10,819.66

Net Cash Flow

£55,241.25

£43,170.34

-£7,514.66

-£8,269.66

-£6,612.37

-£7,479.66

£80,000 £55,241.25 £46,516.47 £38,154.10 £28,689.44

£21,824.78 £64,995.12

£57,480.46

£49,965.80

£41,696.14

£35,083.77

£28,219.11

£55,241.25 £46,516.47 £38,154.10 £28,689.44 £21,824.78

£64,995.12 £57,480.46

£49,965.80

£41,696.14

£35,083.77

£28,219.11

£20,739.45

Opening Balance Closing Balance

-£8,724.78 -£8,362.37 -£9,464.66

-£6,864.66

price breakdown Materials

Price

Sourced

EEG Sensor HRV Sensor 2x Micro Speakers 4x Bluetooth Chip 4x Micro LED 4x Micro Batteries Pair of Ear Tips USB C Cable 80g Filament Packaging

£13.30 £3.80 £0.36 £5.12 £4.00 £0.56 £0.30 £0.63 £1.80 £0.39

Ali Express Ebay Alibaba Alibaba Component Shop Mica Power Ebay Clearance King Creality3D Catalpha

Total Profit (£80 RRP)

breakeven Products Sold to Breakeven

781

£30.26 £49.74 Price Breakdown Table

Explanation In order to reach breakeven, Sync will need to sell 781 devices over the approximate span of the first year & a half of production. Not reaching breakeven in the first financial year is extremely common in most start-up businesses but through growth in demand & an increase in production, Sync is set to thrive & profit through the second financial year.

Breakeven Analysis Table

future growth strategy With the BBLS loan, Sync can focus on growing their assembly staff & producing more devices. Assembly staff will be fully trained & efficient in the warehouse so could take on an engineering apprentice to train in both production & practical engineering. This third member of assembly staff will maximise production efficiency in the assembly line & potentially boost production by 100% by the latter of the second year of production.

Through continually endorsing spiritual Millennial influencers across the world with products, Sync will expand internationally & grow the consumer tribe wider to reach a larger demographic of non-spiritual consumers interested in their physical & mental wellbeing. Sync will normalise the modern techno-spiritual market making the in-ear innovation a daily necessity for consumers worldwide.

Developing a subscription service for the mobile app would generate extra revenue for Sync as well as drive any improvements needed. Updating in-app content & features will drive more consumers to experience Sync’s service digitally & encourage additional product sales as a result.

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Do you feel mindfulness practice general improves your mental wellbeing?

appendices

Yes 80% No 20% Have you ever used any mobile apps to aid your mindfulness practice? If so, which apps?

Millennial Spirituality Survey

Yes 60% - respondents said they use: - Calm “it helps me sleep” - Aloe Bud - Headspace “nice easy to use app that eases you into meditation” No 40%

Online survey created through Free Online Surveys & shared through Instagram targeting 25-40 year olds specifically to gather data surrounding general Millennial wellbeing consideration & spirituality habits. This survey was designed to assess level of spirituality practice within modern Millennials & see how technology could impact their current methods/involvement with mindfulness.

Have you ever seen or heard of any Techno-Spiritual devices before? Such as a neuro-sensory Muse Headband?

This survey enabled the researcher to gather accurate data surrounding Sync’s target consumer to effectively market the device to the correct audience for the correct price.

Yes 0% No 100%

How old are you?

Would you be interested in an in-ear device designed specifically to simplify & perfect your mindfulness experiences while also monitoring brain activity?

25 (10) 26 (4) 27 (2) 29 (2) 32 (1) 39 (1)

Yes 80% No 20% Do you feel this device would have a positive impact on your mental health & general wellbeing?

Do you consider mental wellbeing a priority?

Yes 90% No 10%

Yes 100% No 0%

How much would you be willing to spend on this kind of device?

Do you ever practice mindfulness?

£50-£80 60% £80-£100 40% £100+ 0%

Yes 50% No 50%