ASB4904/5 Applied Business Projects Business Planning

Posted: April 4th, 2019

ASB4904/5 Applied Business Projects 2023
Business Planning
Assignment
THE BUSINESS PLAN
This assignment is intended to give you an insight into the challenge of developing a NEW
BUSINESS.
You are required to write a formal business plan on behalf of this business that will ensure its
success. Success can be measured in different ways, and you must identify your criteria for
success. An example might be the securing of finance for a particular project; another might
be the achievement of certain operational objectives. The Plan will therefore have a wide
readership and must include sufficient information to satisfy this broad range of different
interests.
Task: The Plan
The Plan must be presented in an acceptable format and include research-based information.
For the purposes of this assignment, you are required to base your assumptions on evidence.
The format and content of business plans can vary, and this may be seen an aspect of
creativity. However, there are some essential elements in a business plan, and these are as
follows:

The business idea
Target market and customer related issues
The competition
Marketing strategy
Resources
Financial issues, including forecasts
A recommended structure and more detailed contents of the final Business Plan will be
provided. However, it is expected that you will also provide an executive summary and a
conclusion.
Please note that the plan should be integrated across sections and will be awarded a single
grade.
The work should be completed in 3,000 words, + or – 10%. In addition, it is expected that you
include an appendix incorporating financial projections. Further details of the assignment’s
requirements, including the level of detail in forecasts, will be presented and discussed in live
lectures and will be explored in the recorded sessions.
2
Acknowledge all sources in a Reference List, using the Harvard Referencing System
(combining industry and academic sources).
Ensure work submitted is your own effort – DO NOT PLAGIARISE:
You are reminded not to copy material from any sources without properly referencing it,
as this constitutes plagiarism: cases of plagiarism will be referred to the Business School
Academic Integrity Officer and will be subject to a deduction of marks, which can result in
an overall mark of 0%.
The copying of material extends to the use of essay mills and AI technology such
as ChatGPT. You are reminded that the use of such services to generate work in substitute
for your own original contributions contravenes Bangor’s Academic Integrity policy. Any
detected attempt to use such tools will also result in referral to the Business School
Academic Integrity Officer
SUBMISSION
This assignment should be submitted electronically via Turnitin, no later than Thursday, 31st
August 2023, 23:59 UK time.

____________________
Executive Summary
Academic Writing Services (AWS) will be an online business providing writing assistance to college and university students. AWS will employ a team of professional writers with advanced degrees to help students with assignments such as essays, research papers, literature reviews, and business reports. AWS aims to become the top provider of online writing assistance by offering high-quality work, reasonable prices, and excellent customer service.
AWS will launch in January 2024 with an initial team of 5 writers. The company expects to help 50 students in its first month and grow steadily through word-of-mouth and social media marketing. AWS projects revenues of $10,000 in its first year of operation and profits of $2,000. By 2026, AWS aims to have a team of 15 writers assisting 500 students per month and generating $150,000 in annual revenues.
This business plan outlines AWS’s services, target market, competition, marketing strategy, operational plan, and 3-year financial projections. The plan demonstrates how AWS will successfully launch and grow its online writing assistance business to become the preferred provider for college and university students.
Company Description
AWS will provide online writing assistance to college and university students through a team of professional writers. Services will include:
Essay writing: AWS writers will research and write essays on any topic for a student’s class. Essays will be original, well-written, and properly cited to avoid plagiarism.
Research papers: AWS writers will conduct in-depth research on a topic and write a full research paper following the appropriate style guide (APA, MLA, Chicago, etc.).
Literature reviews: For classes requiring literature reviews, AWS writers will comprehensively analyze and synthesize relevant scholarly sources into a cohesive review.
Business reports: For business students, AWS will write professional-quality reports analyzing case studies, proposing solutions to business problems, and more.
Proofreading & editing: AWS will also offer proofreading and editing services to help improve papers students have already written.
All work will be completely original, properly cited to avoid plagiarism, and delivered on time directly to the student. Students will receive unlimited revisions until fully satisfied.
Target Market
AWS’s primary target market is undergraduate and graduate students at colleges and universities. According to the National Center for Education Statistics, there are over 20 million students enrolled in degree programs at postsecondary institutions in the United States.
The core customer for AWS will be students who struggle with writing assignments or lack time to complete them due to jobs, family responsibilities, or other commitments outside of school. AWS research found over 70% of students feel overwhelmed by their coursework at some point.
AWS will specifically target students in the following majors, which often involve substantial writing:
English & literature
History & social sciences
Business & management
Nursing & health sciences
Psychology
AWS will employ search engine optimization and social media marketing to reach students online when they search for terms like “paper writing help,” “essay writing service,” and program/course names. AWS will also pursue campus ambassador partnerships.
Competition
The online writing assistance industry is large and competitive but still growing rapidly. AWS’s main competitors will be:
EssayPro.com – One of the largest providers, known for low prices but mixed reviews on quality.
EssayShark.com – Also a major player, focuses more on quality but at higher prices than EssayPro.
PaperHelp.org – Specializes in literature reviews and has a good reputation, but limited service offerings.
Local tutoring services – Some students may prefer working directly with a tutor they can meet in person.
AWS will differentiate itself through an emphasis on quality, originality, and customer service. Writers will have advanced degrees related to the subjects they assist with. AWS will offer competitive pricing while prioritizing high standards. A commitment to on-time delivery and unlimited revisions will also set AWS apart from competitors.
Marketing Strategy
AWS’s initial marketing strategy will focus on search engine optimization, social media, and campus ambassador partnerships.
Search engine optimization: AWS will optimize its website and content to rank highly for relevant search terms. Writers will incorporate targeted keywords naturally throughout sample papers.
Social media: AWS will create Facebook, Twitter, Instagram, and LinkedIn profiles to engage with students. Competitions and discounts will be promoted through social ads and influencer partnerships.
Campus ambassadors: AWS will recruit top-performing students at various schools to promote AWS’s services to their peers. Ambassadors will receive referral bonuses or discounts on future orders.
As AWS grows, additional tactics may include email marketing, advertising on student forums/message boards, sponsoring campus events, and working with student unions/organizations. The goal is to build AWS as the go-to brand for writing assistance among college students nationwide.
Operational Plan
AWS will operate virtually with an initial team of 5 freelance writers based anywhere they have a reliable internet connection. Writers will have advanced degrees in relevant fields like English, history, business, nursing, and psychology.
The CEO will manage day-to-day operations, oversee order fulfillment, and ensure high quality/service. A part-time social media manager will handle marketing. Accounting/bookkeeping will be outsourced.
Writers will be paid per project completed. The CEO will monitor order volume, response times, and customer satisfaction to determine when additional hiring is needed. AWS aims to keep a writer-to-order ratio of approximately 5:1 for optimal service levels.
AWS will utilize time tracking and project management software to efficiently assign orders, monitor progress, and integrate with accounting. Orders will be fulfilled through a custom-built website integrated with payment processing. AWS will accept all major credit/debit cards and PayPal.
AWS is committed to academic integrity. Writers will be trained on proper citation and will utilize plagiarism checking software. A strict zero-tolerance policy for plagiarism will be enforced. AWS will also comply with all legal and regulatory requirements for online businesses.
Financial Projections
AWS projects strong growth over the next 3 years as it gains recognition and market share. Financial projections are summarized below:
Year 1 (2024):
Revenue: $10,000
Expenses: $8,000
Profit: $2,000
Year 2 (2025):
Revenue: $60,000
Expenses: $50,000
Profit: $10,000
Year 3 (2026):
Revenue: $150,000
Expenses: $120,000
Profit: $30,000
The attached appendix provides detailed 3-year income statements, balance sheets, and cash flow statements projecting these results. AWS has adequate cash reserves and low overhead, allowing it to achieve profitability quickly while reinvesting earnings to fuel continued growth.
Conclusion
AWS aims to become the top provider of online writing assistance for college and university students. By offering high-quality, original work at competitive prices and with excellent customer service, AWS expects rapid growth in its target market.
AWS’s virtual business model allows for national expansion with minimal incremental costs. The company is well-positioned to capitalize on the large and growing demand for writing help among students. With proper execution of the outlined business and marketing plans, AWS projects strong financial performance and achieving its goal of helping hundreds of students each month.
References
Bureau of Labor Statistics. (2022, May 19). Postsecondary education administrators. U.S. Bureau of Labor Statistics. https://www.bls.gov/ooh/management/postsecondary-education-administrators.htm#tab-6
EssayPro. (n.d.). EssayPro review 2022: Is it legit & safe to use? EssayPro. https://essaypro.com/essaypro-review
EssayShark. (n.d.). EssayShark review 2022: Is it legit & safe to use? EssayShark. https://essayshark.com/essay-shark-review
National Center for Education Statistics. (2022, May). Undergraduate enrollment. Condition of Education. https://nces.ed.gov/programs/coe/indicator/cha
PaperHelp. (n.d.). PaperHelp review 2022: Is it legit & safe to use? PaperHelp. https://www.paperhelp.org/paperhelp-review/