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Business Plan Example

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Business Plan Example

  1. 1. E3L Technologies Limited E3L Technologies Limited  Business PlanBusiness Plan MBA Group 11MBA Group 11
  2. 2. Contents Executive Summary 5 1 Company Overview 7 1.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.2 Goals and Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.3 Corporate Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1.4 Corporate Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2 Market Research 9 2.1 Industry Overview and Trends . . . . . . . . . . . . . . . . . . . . . . 9 2.2 Market Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.3 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 3 Product Design and Development 15 3.1 The Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 3.2 Methodologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 3.3 Prototype Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 3.4 Future Product Pipeline . . . . . . . . . . . . . . . . . . . . . . . . . . 18 4 Marketing Plan 19 4.1 Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 4.2 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 4.3 Customer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 4.4 Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4.4.1 Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4.4.2 Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4.4.3 Promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4.4.4 Place / Distribution . . . . . . . . . . . . . . . . . . . . . . . . 22 4.5 Sustainability and Impact . . . . . . . . . . . . . . . . . . . . . . . . 23 5 Manufacturing And Operations 24 5.1 Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 5.2 Product Development Cycle . . . . . . . . . . . . . . . . . . . . . . . . 24 5.3 Direct Materials and Labour . . . . . . . . . . . . . . . . . . . . . . . 25 5.4 Production and Supply chain . . . . . . . . . . . . . . . . . . . . . . . 26 5.5 After Sales Support and Service . . . . . . . . . . . . . . . . . . . . . . 26 1
  3. 3. Business Plan : E3L Technologies Ltd. 5.6 Licenses and Insurances . . . . . . . . . . . . . . . . . . . . . . . . . . 27 5.7 Assets and Company Location . . . . . . . . . . . . . . . . . . . . . . . 27 6 Management Team 28 7 Financial Review 30 7.1 Forecasted Financial Statements . . . . . . . . . . . . . . . . . . . . . . 30 7.1.1 Forecasted Income Statements . . . . . . . . . . . . . . . . . . . 30 7.1.2 Forecasted Cash Flow Statements . . . . . . . . . . . . . . . . . 30 7.1.3 Forecasted Balance Sheets . . . . . . . . . . . . . . . . . . . . . 30 7.1.4 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . 31 7.1.5 Sensitivity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . 31 7.2 Notes to The Financial Statements . . . . . . . . . . . . . . . . . . . . 32 7.3 Cost control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 7.3.1 Minimise Expenses . . . . . . . . . . . . . . . . . . . . . . . . . 33 7.3.2 Minimise Cost of sales . . . . . . . . . . . . . . . . . . . . . . 33 7.3.3 Minimising fixed costs . . . . . . . . . . . . . . . . . . . . . . . 34 7.3.4 Minimise uncollected revenues . . . . . . . . . . . . . . . . . . . 34 7.3.5 Customers Feedback . . . . . . . . . . . . . . . . . . . . . . . . 34 7.4 Desired Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 7.4.1 Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 7.4.2 Use of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 8 Assumptions and Risk Mitigation 36 8.1 Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 8.2 Risks and mitigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 A Appendix 39 References 44 Page 2
  4. 4. List of Figures 1 Cash Flow Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 Profit and Loss Projections . . . . . . . . . . . . . . . . . . . . . . . . 6 2.1 Consumer demand in Wearable Market (Gownder 2014) . . . . . . . . . 10 2.2 Global Wearable Device Unit Shipments Forecast (Gownder 2014) . . . 10 2.3 Smart-watch Annual Shipment Projections (Gownder 2014) . . . . . . 11 2.4 Annual Market Size Projections(Statista 2014) . . . . . . . . . . . . . 11 2.5 Smart-watch Sales Projections in 2015 (CCS-Insight 2015) . . . . . . . 12 2.6 Global Smart-watch Market and Segments (Allied 2015) . . . . . . . . 13 3.1 E3L Pilot Products and Specifications . . . . . . . . . . . . . . . . . . 15 3.2 E3L Pilot Product Prototype Circuit Board . . . . . . . . . . . . . . . 17 3.3 E3L Pilot Future Products . . . . . . . . . . . . . . . . . . . . . . . . . 18 4.1 E3L Business Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 4.2 E3L SWOT Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 4.3 E3L’s products position amongst its competition . . . . . . . . . . . . . 21 5.1 E3L Product Development Cycles . . . . . . . . . . . . . . . . . . . . . 25 7.1 Breakeven Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 A.1 E3L 3 Years Month-wise Cash Flow Projections . . . . . . . . . . . . . 41 3
  5. 5. List of Tables 2.1 Global Smart-watch Market Players,Market Share and Growth (Smartwatch- Group 2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 5.1 Bill of Materials, Source: Adafruit (2015), DigiKey (2015), and Mouser (2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 A.1 E3L 3 Years Profit and Loss Projections . . . . . . . . . . . . . . . . . 39 A.2 E3L 3 Years Cash Flow Projections . . . . . . . . . . . . . . . . . . . . 40 A.3 E3L 3 Years Balance Sheet Projections . . . . . . . . . . . . . . . . . . 42 A.4 E3L Year 1 Profit Sensitivity Projections . . . . . . . . . . . . . . . . . 43 4
  6. 6. Executive Summary The Company E3L Technologies Limited (E3L : pronounced as “ethereal” ) is a technology start-up, expects to scintillate the interest of a growing customer base for the Wearable Com- puting gadgets. Wearable devices market is estimated to be $5.1 billion in 2015 and projected to increase up-to $12.6 billion by 2018 (Statista 2014). Smart-watch is the most important segment of this wearable market that has highest shipment forecast by 2019, with a compound annual growth rate of 41% (Gownder 2014; Danova 2014). Opportunity and Strategy One of the unique challenges in smart-watch is the battery life, for which competitors in the wearable device market are still striving to enhance their capabilities of designing low power gadgets. In this high growth market, E3L plans to establish a strong market position by offering unique value proposition by providing battery efficient devices at a competitive price. E3L proposes to achieve these objectives through the application of Open Source Hardware and Software methodologies, thereby reducing the initial fixed cost as well as privacy concerns. Moreover, by employing the principles of Lean Start- up philosophy, the company by design, proposes to create its own “Build-Measure- Learn” feedback loop to continuously innovate and improve its products and services offerings, to achieve total customer satisfaction. Products Initially, E3L is providing two power-efficient smart-watches, with a GoogleTM cloud- supported, mobile device friendly web-based portal and a community supported dis- cussion / development forum. The men’s smart-watch product offered is, Pluto, and a women’s smart-watch product is Xena. These smart watches are targeted towards mid-income to high-income, health and fitness conscious, involved in outdoor sports and activities, men and women of 18-45 age groups. The electronic design of these watches is based on the Open Source Hardware project, F*Watch, a smart-watch de- veloped by the world renowned CERN Labs, Switzerland (OHWR 2014). This design process will eliminate the majority of the non-recurring engineering (NRE) fixed costs, reduce operating costs through community support model, and maximise system-wide efficiency. Moreover, our hardware and software solutions will also be available under 5
  7. 7. Business Plan : E3L Technologies Ltd. open source CERN and GPL licenses respectively. At present, as prototypes of the products are being tested, the design and specifications of the product are substan- tially complete. Subsequently, the non-disclosure agreement will be signed with the production subcontractors. Pro-Forma Financial Sales estimate project revenues of approximately £371,250 in the first year, and £4,234,800 by year 3. The firm estimates profits of approximately £1.1 million by year 3 with a net profit margin of 26.36%. The company will be launching a invest- ment offering through crowdfunding with Kickstarter. Based on the initial valuation of £500,000, the company will be offering 10% of equity through this financing. Figure 1: Cash Flow Projections Figure 2: Profit and Loss Projections Page 6
  8. 8. 1 Company Overview E3L will use social media platform to spread awareness for its innovative, high quality and well designed products, based on the open source hardware and softwares. It plans to outsource manufacturing while retaining in-house product design, marketing and distribution and management. E3L possesses the basic intellectual property that can be built into multiple products. E3L has selected smatwatch as a pilot product to design and manufacture. Depending upon the success with this initial product, E3L will use its learning and profits to take several improvements for the smart-watch products to market with a brisk cadence of two products per annum. 1.1 Mission “It is our mission to synergistically deliver products and services to provide total customer satisfaction for tomorrow’s world through open knowledge.” 1.2 Goals and Objectives To pursue this mission, E3L has defined following goals : • Rapidly establish, in detail, the viability of this venture, the operating frame- work between E3L, its outsourcing partners, and the parameters surrounding the selection of appropriate products. • Rapidly and inexpensively determine the viability of the initial product, in terms of marketing, manufacturing, and selling through the build-measure-learn cycle. If necessary, select alternate products and minimise the waste. • Accomplish primary outsourcing alliances. • After determining viability of the initial product, build a prototype, and deter- mine manufacturing costs. If the product continues to be viable, prepare for manufacturing and start the crowdfunding and social media campaign. Specific objectives in support of these goals include • Sales target of 3500 units for the first product by year 1 (B.E.V of 967 units). • To be a profitable business by year one. 7
  9. 9. Business Plan : E3L Technologies Ltd. • To get customer rating of 4 or above ( on the scale of 0-5 ) on all online retailing channels by year one. • To launch 2 products per year. 1.3 Corporate Values E3L exists to sell products, promote open-source software and hardware campaign and provide above industry average returns for its owners and investors. • Produce products with high quality and reliability. • Present its products honestly and accurately to the market. • It will communicate and treat all stakeholders honestly and fairly. 1.4 Corporate Vision The strategy of E3L is to use its first product, as a launchpad to gain expertise in the niche wearable computing domain, from concept to market. The learning, knowledge and expertise can then be transferred and applied to future products. E3L will use the Lean Startup (Ries 2011) principles to minimise the time to market and to create high value for the customers rapidly. The profits and learning generated will be applied to multiple future products, thereby increasing the leverage on basic technologies used. E3L’s competitive advantage will come from its overall technological edge and the product development agility. In the near future, E3L, will remain a small but agile company, with a fairly large network of outsource partner firms. The company starts very small and lean, and plans grow organically in long term. It will retain ownership of brands, hardware and software products, however shares risks and rewards with larger, more mature outsourcing firms, in symbiotic relationships. Page 8
  10. 10. 2 Market Research At the end of last decade, wearable electronics started creating its own niche in the consumer electronics and information technology domain. In this niche sector, E3L’s environment consists of several major players, such as Google, Samsung etc., and minor players, such as Pebble, from information technology (IT) industry and the members of contract electronics product manufacturing industry such as Flextronics etc. 2.1 Industry Overview and Trends With the continuing scaling of the Semiconductors and Integrated Circuit technologies, in accordance to the “Moore’s law”, there is growing convergence of mobile commu- nication and computing platforms. Following the smart-phone revolution, wearable devices are being contested as the next revolution in IT industry. Amongst various options available in wearable gadgets, as shown in Figure 2.1, a recent Forrester Re- search report(Gownder 2014) illustrates trends in consumer demand. It can be clearly seen that the demand for the wearable gadgets for wrist is at the second position with 28% popularity. Moreover, as shown in Figure 2.2, the wear- able market is projected to grow at the rate of 35% annually (Danova 2014) between 2014-2019. In this market the smart-watch product is the most rapidly growing at a CAGR of 41%, as illustrated in Figure 2.3. By 2018, the market size of the industry forcasted, as seen in Figure 2.4, to grow up to £7.9 billion ($12.6 billion)(Statista 2014). Pertaining to the 2015, a latest report form CCS Insight (CCS-Insight 2015) pro- jected that there would be a significant increase of 8 folds in the number of smart- watches sold, as depicted in Figure 2.5. 9
  11. 11. Business Plan : E3L Technologies Ltd. Figure 2.1: Consumer demand in Wearable Market (Gownder 2014) Figure 2.2: Global Wearable Device Unit Shipments Forecast (Gownder 2014) Page 10
  12. 12. Business Plan : E3L Technologies Ltd. Figure 2.3: Smart-watch Annual Shipment Projections (Gownder 2014) Figure 2.4: Annual Market Size Projections(Statista 2014) 2.2 Market Segments Smart-watch market is generally segmented into five primary categories (Allied 2015) in accordance with its application. Page 11
  13. 13. Business Plan : E3L Technologies Ltd. Figure 2.5: Smart-watch Sales Projections in 2015 (CCS-Insight 2015) • Personal Assistance • Health and Wellness Monitoring • Medical Applications • Sports • Others Considering the product features the smart-watch can be further categorise as • Extension smart-watch i.e., to be used with another computing device. • Classic smart-watch • Standalone smart-watch Figure 2.6 gives further information about the respective demand forecast for each of these segments for a period up to 2020. 2.3 Competition The competitive landscape in the smart-watch industry is summarised in Table 2.1 (Smartwatch-Group 2015). Page 12
  14. 14. Business Plan : E3L Technologies Ltd. Figure 2.6: Global Smart-watch Market and Segments (Allied 2015) In this market, the top five players have captured the majority of the market. The top ten companies belongs to 8 different countries, whereas in total 89 different com- panies from 18 countries sold smart-watch products in 2014. It is also estimated that about 140 additional companies have smart-watch products in their pipeline. Apple, the giant, has yet to make its mark in this market but, with a strong brand image and product ecosystems, it is believed that it will heat-up the competition fur- ther. The major challenge for the established designs has been the battery life. Even though there is still room for improvement on the other design aspects of the smart- watch, with the continuing innovation, the gap will be narrowed to a large extent in near future. Another challenge for the smart-watch is with the availability of software application, as they create the most of the value for the customers. The established Apple and Android platforms will have a significant advantage as they can simply port the entire ecosystems of hardware and software platforms to these future smart-watch products. Page 13
  15. 15. Business Plan : E3L Technologies Ltd. Company Headquarter Market share (%) Y/Y Growth Samsung South Korea 23 +25% Lenovo/Motorola China 10 new entrant LG South Korea 7 new entrant Pebble US 7 +102% Garmin Switzerland 7 +47% Sony Japan 6 +66% Fitbit US 6 +22% Withings France 4 new entrant Polar Finland 2 +400% Asus Taiwan 2 new entrant Other 79 companies 26 88.00% Total 89 companies 100 82.00% Table 2.1: Global Smart-watch Market Players,Market Share and Growth (Smartwatch-Group 2015) Page 14
  16. 16. 3 Product Design and Development Figure 3.1: E3L Pilot Products and Specifications 3.1 The Products The men’s watch Pluto and women’s watch Xena have many features including GPS, pressure and light sensors , 3-D accelerometer, compass, buzzer, games and much more tasks and apps incorporated in a sleek design. Of these features, the most notable fea- ture is its low power consumption, which makes it unique from its competitor such as 15
  17. 17. Business Plan : E3L Technologies Ltd. Pebble, Samsung, Jawbone, Garmin and Apple, whose batteries run out faster. All the components were selected based on the criteria as of low power consumption, avail- ability in bulk from the main suppliers, and small footprint making it an attractive fashionable smart-watch. The idea and design behind E3L smart-watch products initially arose after gaining knowledge about Open Source Hardware project, F*Watch, a smart-watch developed by the world renowned CERN Labs, Switzerland (OHWR 2014). The F*Watch team proved that it was possible to make an open source device, entirely with free open source tools. F*watch is an bespoke GPS watch with many peripheral sensors. Ev- erything is open sourced, from the PCB designs and to watch housing design to the software stack (FOSDEM.org 2015). 3.2 Methodologies As E3L uses free hardware and software and its designs are open to the public and there are no proprietary issues. The electronics design has been made with the KiCad EDA Software. It is a Free/Libre Open Source tool that runs on GNU/Linux. It is licensed under the GPL license. The mechanical design has been made with the FreeCAD Open Source parametric 3D CAD modeller. In short, E3L’s product devel- opment includes free PCB design, free mechanic design, free software and free tools. For this reason anyone can use these free tools and E3L designs to develop a watch of their own. E3L strives its best to provide world class products and services. E3L wearable device has its full design of electronics, mechanics and software being available under GPL and CERN. Furthermore, it does not make customers hesitant as they are not compelled to disclose any private information and that eliminates the need for a government or corporate-based database system. E3L products are Google cloud-supported, mobile device friendly web-based portal and a community supported discussion/ development forum. E3L will be adopting methodologies such as Agile Product Development and Scrum together with Hardware-software Co-design methodologies. Agile is an umbrella term used to describe a general approach to software development. Though there are many agile incarnations, all agile methods, including the Scrum agile process, emphasise teamwork, frequent deliveries of working software, close customer collaboration, and the ability to respond quickly to change (Cohn 2010). Page 16
  18. 18. Business Plan : E3L Technologies Ltd. Further on for E3Ls long term growth, we aim at updating and improving the features of the smart-watch from feedback obtained from our customers. A new prod- uct is aimed to be developed every six months as a means of product revitalisation. New products may range from a more catchy design to adding features in our existing products or developing something totally new in the wearable device segment. Some foreseen improvements in the existing Pluto and Xena smart watches are to include a Bluetooth LE, introducing a low noise amplifier for the GPS antenna and further improving the power management. Our team will be involved in customisation of products enhancing its product line beyond being just a smart-watch, expanding into different segments like ladies accessories and other wearable devices thereby gaining customer and brand loyalty to a greater extent. 3.3 Prototype Design E3L has currently developed its prototype and its features have been tested by the E3L core team and seem to be working as required. Below Figure 3.2 is the Prototype assembly. Figure 3.2: E3L Pilot Product Prototype Circuit Board Page 17
  19. 19. Business Plan : E3L Technologies Ltd. 3.4 Future Product Pipeline Initially our products PCB design characteristics included a 4 x 4 cm, 4 layers sheet, with components on both sides. Down the line we intend to develop a System on Chip (SoC) which reduces the initial PCB size to a greater extent. This System on Chip is also intended to be created using open source hardware and software. Figure 3.3: E3L Pilot Future Products Foreseen product designs may sometimes bring along with it some risks. Improvis- ing the products Xena and Pluto by adding Bluetooth may suffer from a form factor problem where the component may not fit on the existing board. Similar would be the risk for any additional feature added. Risks can be mitigated by considering alternatives like smaller component sizes and by keeping in mind that when Xena and Pluto are initially made additional features will be added in the coming years. This will reduce the chance of design risks to a great extent. Page 18
  20. 20. 4 Marketing Plan In accordance with the mission of E3L, the marketing initiatives are geared towards total customer satisfaction. This chapter provides the proposed Marketing Plan for E3L, which is based on the 3Cs and 4Ps marketing framework. For the first year, the marketing objectives for E3L are as follows : • Create a brand image as a player in the open source hardware software space. • Inform target customers about the distinct features and benefits of E3L’s products, at a minimum possible cost. • Achieve the sales targets and become a profitable entity. 4.1 Company As a products developing company, the primary business model of E3L is as shown in Figure 4.1. Figure 4.1: E3L Business Model Simplicity is one of the major advantage of this business model and it is in align- ment with the lean startup philosophy of E3L. All the supply and distribution chan- nels are well established and therefore, they have high reliability. Figure 4.2 shows the S.W.O.T. analysis of E3L and its products as a part of the company’s internal marketing audit. 19
  21. 21. Business Plan : E3L Technologies Ltd. Figure 4.2: E3L SWOT Analysis 4.2 Competition The current competitive landscape in the industry is as per the discussion presented in the Section 4.3 and the major players are as listed in Table 2.1. E3L’s products are considerably more power-efficient and hence have significantly longer battery life. Furthermore, they can seamlessly be integrated into any platform and by the virtue of the open source design the products protect users private data and eliminate the need for a legalised database system. E3L is introducing a smart watch which has a long battery life of 48 hours, which is the unique selling point of this device along with additional features such as micro-usb connector and companion web portal. Additionally, Figure 4.3 illustrates the position of E3L’s product. Page 20
  22. 22. Business Plan : E3L Technologies Ltd. Figure 4.3: E3L’s products position amongst its competition 4.3 Customer The ideal customer of E3L has following characteristics • Men and Women • 18-45 years of age • Mid-income to high-income • Health and fitness conscious • Involved in sports and outdoor activities Page 21
  23. 23. Business Plan : E3L Technologies Ltd. 4.4 Marketing Mix 4.4.1 Products E3L is not only offering men’s smart-watch product, Pluto, and a women’s smart- watch Xena but also offering a web portal for the target customers which adds value by providing a complete hardware software eco-system to the user. By providing these superior quality products and personalised post-sale services, E3L will positively meet or beat the customer expectations, which will boost its goodwill in the market. Although the products are open source hence are open to copy, but these intangible aspects of post-sale service will give E3L a competitive edge over the players in the market. 4.4.2 Price As E3L provides these high-quality hardware and software products and services the value of these products is higher for the target customers considering its mid-range price of £99.00. With this price, E3L expects to generate considerable demand for the products in the growing wearable market space. 4.4.3 Promotion With the target customer in mind and to avoid excessive waste of resources, the promotion of E3L’s product would be delivered through internet and social media such as Facebook, Tweeter and Youtube. Moreover, the crowdfunding initiative to raise investment, will also serve as a promotional vehicle for the company by raising its awareness in the target market. 4.4.4 Place / Distribution The distribution channels for the E3L products are the established online retailing websites such as Ebay, Amazon and Ali-Express to reach the target customer base in the US, Europe and Asian markets. In future, as the products and E3L gets established in the market, it will also start the e-retailing through its own website. Page 22
  24. 24. Business Plan : E3L Technologies Ltd. 4.5 Sustainability and Impact E3L is also aware of its responsibility towards the community it operates in and society in general. E3L is a member of WISE, which stands for Womens Initiative for Science and Engineering. This is an organisation that helps empowering women in the Science, Technology, Engineering and Mathematics sectors and supports them by providing them with opportunities to promotes their talent. E3L would participate by supporting women from Science and Engineering though its internship and scholarship programs. Page 23
  25. 25. 5 Manufacturing And Operations E3L is a private limited company incorporated in the UK on January 2, 2015 and the letters patent bearing that date has been issued. The company is to carry on business as a technology startup that develops new products using open source technology, manufactures and sell them. The company is managed by the five shareholders who constitute the board of directors. 5.1 Strategy At E3L, we follow the Lean startup methodology (Ries 2011), where the company by design, proposes to create its own “Build-Measure-Learn” feedback loop to continu- ously innovate and improve its products and services offerings to achieve total cus- tomer satisfaction. This process also ensures a faster product development cycle with minimum risk and minimum wasteful activities. It is perfectly suited for customer involvement in the product development. For the first two products, the company employs Make to Order (MTO) system i.e. the product is only manufactured after pre-orders from the customer is received. This helps in reducing the inventory and stock maintenance cost as well as mitigating the risk possessed by the rapid changing technology and customer purchase behaviour. 5.2 Product Development Cycle At E3L we plan to introduce two products per year which is in line with the holiday and Christmas season. The time line, given in Figure 5.1, is divided into six sections with each consisting of two months. The first three sections constitute the develop- ment of the prototype and its testing, development of the final product and taking pre-orders for the product respectively. The product starts shipping at the end of sixth month. As the company follows a continuous improvement policy, development of the new product is started in the fourth phase itself. The same procedure is contin- ued with the new product being launched by the end of the year. The improvement is done based on the feedback provided by the customers during the marketing and online communication and improvements in the technology. The first product is currently in the prototype testing phase, with a two more pro- totype and three final product testing procedures are remaining before being available in the market. 24
  26. 26. Business Plan : E3L Technologies Ltd. Figure 5.1: E3L Product Development Cycles 5.3 Direct Materials and Labour The direct materials required by the company are the components needed to manufac- ture the product i.e. the watch. These include GPS, Pressure sensor,3D-accelerometer, Compass, Ambient light sensor, Lithium-ion battery, fuel gauge, PCB, etc. The com- pany makes use of free open source software like FreeRTOS and FreeCAD for the designing purposes. The company has received quotations from the suppliers and for an order of ten watches; it will cost the company £63.53 per watch. The bill of mate- rials is as shown in Table 5.1 As the manufacturing and supply of our products are outsourced, the company does not intent to recruit people during its first year. The prototype design and testing is to be done by the founders, who are experienced engineers themselves. Recruitment of office staff and other technical developers are on cards from the second year. Page 25
  27. 27. Business Plan : E3L Technologies Ltd. Function Part Supplier Price (£) MCU EFM32GG330F1024 Mouser 4.148 GPS M10478-A1 Digikey 8.024 Display memory LCD 128x128 LS013B7DH03 Mouser 8.1 Pressure sensor MS5806-02BA Digikey 8.5 Accelerometer + compass LSM303CTR Mouser 0.91 Ambient light sensor MAX44009 Mouser 1.41 Buzzer SMT-0540-S-R Mouser 1.09 Battery LP503035 Adafruit 5.406 Battery charger bq24072 Mouser 0.8 Fuel gauge MAX17047 Mouser 1.19 Voltage regulator TPS780180300 Mouser 0.269 External memory (microSD) 1010030368 Mouser 0.533 Switch EVQ-P4MB3K Mouser 0.333 GPS chip antenna W3011A Mouser 0.459 micro USB connector 1551629-3 Mouser 0.456 FPC connector (LCD) 503480-1000 Mouser 0.378 Vibrating motor 28821 Mouser 1.3 Low noise amplifier MAX2659ELT+T Mouser 0.578 High-side switch ADP198ACPZ-R7 Mouser 0.379 32.768kHz crystal AB26TRB-32.768KHZ-T Mouser 0.22 48MHz crystal ABM11-48.000MHZ-D2X-T3 Digikey 0.71 PCB and Housing 563-BB-32620 Mouser 18.34 Total 63.53 Table 5.1: Bill of Materials, Source: Adafruit (2015), DigiKey (2015), and Mouser (2015) 5.4 Production and Supply chain The product design, prototype development and testing are entirely done in house, while the mass production processes like electronic manufacturing, assembly and pack- aging are subcontracted to contract electronics manufacturers . The production time is a maximum of four weeks. The finished goods are sold from the company using the online retailing sites like Amazon, eBay and AliExpress. 5.5 After Sales Support and Service The company’s website provides an open web forum, through which the existing cus- tomers as well as the prospective customers can interact with each other and also with the company executives. Every qualm will be cleared and the forum will also act as a feedback loop whether customers can propose their suggestions. These proposals and Page 26
  28. 28. Business Plan : E3L Technologies Ltd. feedback will be integrated in the next upgrade of the product. The product repair and other services will be taken through postal system. The customer can contact the company through phone or email with the details of service needed and post the product to the company. The technicians in the company will rectify the problems and the product will be sent back to the customer. A feedback loop is again formed to improve these services and get customer response. 5.6 Licenses and Insurances The company uses open source software as well as hardware which needs no license fees and is freely available on the internet. The company is not manufacturing any product in house so there is no need for license or permit like pollution control or health and safety. An import license has been acquired from the HMRC for importing the finished goods from the foreign country. A professional indemnity insurance of five million pounds is to be taken at the start of the second year to cover the business from any accidents, mistakes or third party claims. 5.7 Assets and Company Location The company being a technology startup, it does not need any huge machinery or pro- cessing unit. It only needs about five computers with software installed and electronic equipment. The essential requirement is the knowledge and experience, which makes people the major asset. The directors are experienced in various fields like Electronics, Computer/IT and Mechanical engineering; and have the requisite knowledge to move the company forward with innovation. At the start, the directors have agreed to use their own personal computers and electronic devices. However arrangements for cor- porate address, telephone number, fax number etc are done in the start itself. The company’s location is not a major concern due to the nature of the business and industry. Moreover, we are not required to be close to our customers. Customers will only require a computer and an internet connection to look into our product and order it. The company plans to locate its office in Herefordshire. An office of 1500 sq. ft. is to be rented, which will cost £30,000 per annually. Since the designing and development of the prototype only require a about five computers and a small workplace, there is no need for the company to occupy the office space prior to the start of second year. Page 27
  29. 29. 6 Management Team E3L has a young and dynamic management team with a combined experience of about 13 years from IT/ITES and Mechanical Engineering sectors. Mangesh Bhalerao, Co-Founder, President and CEO Mangesh has spent more than 8 years in Integrated Circuit Design at high-technology companies, from start-up ventures to mutinational corporations, and has led three suc- cessful commercial products in Communication and Consumer Electronics domains. Previously, Mangesh was Analog and Mixed Signal Design Engineer at Intel UK. He also served as a founder team member and lead the Digital-to-Analog Converter mod- ule at Orca Systems USA, Senior Engineer,Research and Development Services, for Mindtree and Senior Engineer at Sasken India. He has an M.Tech. degree in Information and Communication Technology from DA-IICT, India and a B.E. in Electronics and Telecommunication, with distinction, from University of Pune, India. Cristina George, Co-Founder, CTO Cristina has about 2 years of work experience in IT industry. She is leading the new product development at E3L and brings creative ideas and approaches for the expan- sions of E3L product portfolio. Previously, she worked as a software developer at UST Global, India. She played a vital role in the Health Care vertical analysing, designing, programming and testing requirements in COBOL language for many Fortune 500 clients. She has a B.E. degree in Electronics and Communication Engineering, with dis- tinction, from Mahatma Gandhi University, India. 28
  30. 30. Business Plan : E3L Technologies Ltd. Pranay Bharambe, Co-Founder, CFO Pranay is an ICT and Finance expert. Prior to joining E3L, he worked as Programmer Analyst in Cognizant Technology Solutions, a leading IT company in India. He played a vital role in Personal Banking software development and testing for Lloyds Banking group. He has a B.E. degree in Electronics and Telecommunication, with distinction, from University of Pune, India. Rutuja Durape, Co-Founder, CMO and CPO Rutuja served more than 2 years in the BPO Industry. She leads the Marketing and Human Resources department at E3L. Previously, she worked as a Senior Executive- Customer Management in Capita India for Next Directory as a client. She played an important role in the retail department of Next Directory. She has a B.Tech degree in Computer Science and Engineering, with distinction, and a Diploma in Network Security from Bharati Vidyapeeth University, India. Melvin Mathew Thomas, Co-Founder, COO Melvin graduated with a Mechanical Engineering degree with a distinction, from the Anna University, Chennai, India. He is responsible for the mechanical design and production in the company. He now focuses on the improvement of the design and strategic direction of the company and its expansion into new markets. Page 29
  31. 31. 7 Financial Review This chapter provides financial information of initial 6 months product development phase and its 30 months market life. Since this is a lean startup we have tried to make numbers as conservative as possible to avoid risk. Company started with initial investment of £50,000 and has no long term liabilities or debt. This section contains: • Income statement ( Appendix Table A.1 ) • Cash Flow statement ( Appendix Table A.2 ) • Balance sheet ( Appendix Table A.3 ) • Sensitivity Analysis ( Appendix Table A.4 ) 7.1 Forecasted Financial Statements 7.1.1 Forecasted Income Statements First half of the first year is spent in product development and marketing of the product. Sales started from the second half. The Profit and Loss Table A.1 shows our projected sales, cost of sales, operating expenses and net profit for the first three years. Projections show the company will have net earnings of £35,346 at the end of its first year in operations. Earnings projections for the second year are expected to be £277,868 and for third year it is expected to be £1,116,403. 7.1.2 Forecasted Cash Flow Statements We plan to begin the year with start-up capital from seed investment of the founder. The cash, appearing on the cash flow statement, given in Table A.2 , remains positive throughout the three year projected period. Due to the projected surplus of cash, company is operating on its working capital and there is no long term debt. At the end of the 3rd years company is expected to have total cash of 1,550,415. Also, the graph in Figure A.1 shows the main estimated cash flows over the 36 month life of the initial product. 7.1.3 Forecasted Balance Sheets The Balance Sheet shows an increasingly stable cash position and net worth over the first three years, as our products become more established in the market. We have 30
  32. 32. Business Plan : E3L Technologies Ltd. not planned to borrow money to fund growth so we don’t have any long term liability. The Table A.3, shows the projected balance sheet of the company for 3 years. 7.1.4 Break-even Analysis E3L will launch a new product in every 6 months. The break even, as shown in Figure 7.1, for the first product is expected to be 505 units and according to financial forecast the break even can fluctuate a little because of cost incurred in new product design and wages of additional workers employed. Median break even of the product is expected to be 1032 units. We have calculated the break even for each individual product. The chart shows how much we need to sell per month according to these assumptions in order to break even. Figure 7.1: Breakeven Projections 7.1.5 Sensitivity Analysis The Companys revenues are modestly sensitive to changes in the sales. Additionally, the high margin revenues generated by the business will ensure that the company can remain profitable despite any moderate drawbacks in top line income. Page 31
  33. 33. Business Plan : E3L Technologies Ltd. 7.2 Notes to The Financial Statements The preparation of financial statements requires management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates. The assumptions made while making financial statements are as follows: 1. Sales: Market growth in year 2015 for the wearable device is expected to grow by £3 billion. Looking at this significant market growth and considering com- petitors analysis, company forecasted 500 units of sales in the first month. We assume steady growth once the efficacy of product and services are demonstrated. Thereafter demand is expected to grow by 50 units in each month. Revenue from the sales is calculated after full payments from the customers. 2. Gross Profit: Company import the products based on the pre-order by the cus- tomers so company don’t keep any products in stock. Thus cost of sales will be the only cost incurred because of purchases and thus gross profit is calculated as difference of sales and cost of sales. 3. Advertising: As product is new to the market, it need intensive advertising and promotion. Company is spending 5% of its sales value every month for advertising. Company will also advertise through direct marketing and online advertising on social media. 4. Commissions and Fees: Company will be selling its product on internet, through online retailing channels such as Amazon, eBay etc. These retailers will charge their commission fee which is expected to be 10% of sales every month. 5. Rent and wages: As the business expands company will need a place and peo- ple to operate efficiently. Company is renting a headquarter and rent of it is forecasted to be 2500 per month. 2 employees will be hired in 2nd year and 4 employees will be hired in 3rd year. Employee salary is decided as 2500 per month. Besides this, company has will also hire an accountant to keep tracks of accounting record and financial statements. 6. Taxation: Corporation tax will be applied at the rate of 10% on operating profit, under the SME R&D relief schemes (HMRC 2015) . Half of the tax is paid in the current year and remaining half in the next year. Page 32
  34. 34. Business Plan : E3L Technologies Ltd. 7. Purchase for resale: E3L will import the products. The purchase price will depend upon the selling price and demand for the product. Each product will have different purchase price. 8. Bad Debt: At its initial stage of operation company will sell its product through online retailers such as Amazon, eBay etc. Customers have to pay in advance to purchase the products. So company is mitigating any risk associated with bad debt. Company is paying 10% of sales as a commission fees to online retailers. 9. Long term Liability: There is no long term liabilities in the financial statements as company is not taking loan from the bank or from other investors. Company is raising funds through crowdfunding. Also there are no depreciation in the fi- nancial statements as company is not purchasing any long term assets. Company is renting headquarter instead of buying and importing products from overseas manufacturer (like Alibaba) instead of in house production. 7.3 Cost control 7.3.1 Minimise Expenses Major expenses in the business is commission fee of online retailing and purchase cost. To reduce the production cost the company is giving contract to overseas manufactur- ers and suppliers like Alibaba. By finding the lower priced suppliers company can cut its production cost. Currently we are selling our products online so there is no charges associated with buying or renting shop. Currently company is paying 12% of the total expenses as commission fee. Company can search for online retailing channel which have low commission fee or can negotiate with the existing retailer. 7.3.2 Minimise Cost of sales Company has reduced cost per product by ordering products in bulk. Company has signed the agreement with contract manufacturers. Company is producing a new product in every 6 months to keep the pace with the dynamic market. Changes in the features of the product is efficiently communicated with the supplier well in advance as to minimise any cost arising because of delay in launching the product. Page 33
  35. 35. Business Plan : E3L Technologies Ltd. 7.3.3 Minimising fixed costs High fixed cost will give rise to high break even volume and high risk. So at its initial stage company is trying to minimise the risk by making fixed cost variable. Company is renting the headquarter instead of buying. Company is not purchasing any machines for production, rather importing it from overseas. 7.3.4 Minimise uncollected revenues Company is reducing risk and cost by taking pre-order with advance payment. It has implemented tighter credit policies. Company gave a credit period of 2 weeks for the customers to pay. Company will charge 5% on past due payments from the customers. Company will terminate the relationships with customers that cost the business more than they return. 7.3.5 Customers Feedback After the launch of the product, company should take the customers feedback in order to know their strength and weakness. With the feedback we can know which feature is liked or hated the most by the customer. Company can save its R&D cost by cutting down the feature which is not frequently used or disliked by the customer. 7.4 Desired Financing E3L started business with an initial investment of £50,000. Looking at the financial forecasting company come to know that at initial stage this amount is sufficient to set up the business. But at later stage company may need additional funding. So company will raise the funds through crowdfunding. Company will create its project on online fundraiser systems such as Kickstarter and funding tree. Company is targeting for the funds equivalent to 10% of its equity. 7.4.1 Offering We are forecasting that the company will make a profit of £50,000 in its first year of operation. The total net profit at the end of the first year is expected to be £1,403,120. The valuation of the company is expected to be 10 times of its net profit. Thus at the end of the 3 years the valuation of the company is expected to be approximately £14 million. Company will give 10% of the equity to the investors participating through Page 34
  36. 36. Business Plan : E3L Technologies Ltd. crowdfunding. So at the end of the 3rd year investors will get return 10% of the companys valuation on the amount they have invested. 7.4.2 Use of Funds Our target investment is about £50,000 from the investors along with the initial in- vestment of £50,000. Company will use 10% of investors funds for marketing. The marketing cost will include advertising, web page setup, stationery, business card and advertising materials such as brochures and flayers. About 20% of funds will be utilised for paying wages to staff. This will also include national insurance and the pension schemes. Company has rented a headquarter in the second year of its operation so 10% of the investors funds are required to pay the rent of headquarter. The major part of the investors funds will be utilised for purchasing of the products. 60% of the funds will be utilised for this purpose. Page 35
  37. 37. 8 Assumptions and Risk Mitigation 8.1 Assumptions Product need Wearable device market is expected to grow by £3 billion by 2015. Around 200 com- panies are already in the same business line with some companies like Apple, Samsung, Pebble manufacturing the similar product. This shows that there is substantial market and demand for the wearable device. Customer Base The advertising of the product through social media and direct marketing is assumed to be effective in attracting the customers. Also considering the customers of competitors developing the similar products and market we have assumed that we will be able to attract the target customers and will be able to achieve forecasted sales. Profitability E3L is giving contract to overseas manufacturer to develop the product thereby min- imising the expensive production cost. Also, the company is providing more features than the competitors with lower cost. So, sales is expected to grow by substantial rate and E3L is expected to make profit every year. Adequate Capitalisation Company is starting business with initial capital of £50,000. In its first year of op- eration, company has no major expenses such as rent, employee wages etc., as the founders will be working from their personal premises. So initial investment is suffi- cient for running business for the first half of the first year. After that company is funded through sales and crowdfunding. Funds from the investors Fund-raising is planned through crowdfunding for future expansion. Currently we are offering 10% of equity. Further expansion is done on the assumption that company will achieve its target funds. 36
  38. 38. Business Plan : E3L Technologies Ltd. Constant product demand The demand of product is assumed to remain constant. We assume a strong economy, without major recession. We also assume that there will be no unforeseen changes in economic policy to make our products immediately obsolete. Customers demand is not expected to change drastically. 8.2 Risks and mitigation Failure in achieving sales target Company is manufacturing products based on pre-order by customer. So if company fails to achieve its target sales there will not be any losses because of overproduction or unsold inventory. No desired pre-order There might be a case when company fails to achieve its desired pre-order target. In that case company will take feedback from the customers and will try to know the root cause. Company will consider to redesign the product according to the customers demand. Bad debt We are selling our products online for which customers have to pay well in advance to purchase the products. So in that way company is mitigating any risk associated with bad debt. High Fixed Cost If the fixed cost is high then risk associated with it is also high. So we are trying to minimise fixed cost by converting into variable cost. We are renting headquarter instead of buying it, giving orders to overseas manufacturers to develop product instead of buying machines and developing in-house. Payment to investors We have decided not to pay back to investors unless company starts making profit. We have decided to hold all investment towards our total start up budget until we Page 37
  39. 39. Business Plan : E3L Technologies Ltd. have raised at least 50% of our start up goal. After 3 years investors can expect to receive their original investment amount according to their investment. Market Risk Technology is changing rapidly and with the change in technology customer demands also change. So to keep the pace with changing market and customer demand we have decided to launch 2 products every year. Every new product will have addi- tional feature or new upgrade compared to the previous product still maintaining the competitive price. Page 38
  40. 40. A Appendix FY’15 FY’16 FY’17 £’000 £’000 £’000 Total Sale 371.25 1829.10 4234.80 Cost of Sale Opening Inventory 0 0.99 2.50 Purchases 247.50 1142.25 2376.75 Closing Inventory 0.99 2.50 4.49 Cost of sales 246.51 1140.66 2374.76 Gross Profit 124.74 686.85 1858.05 Other Overheads Marketing expenses 61.69 268.79 635.22 Wages 0.96 63.86 128.16 Rent 9.00 42.00 42.00 Utilities 1.44 1.51 1.51 Taxes 2.02 5.35 8.52 Depreciation 0.4 1.20 4.20 Other Expenses 5.99 8.22 9.17 Total Other Overheads 82.48 392.52 830.77 Operational Profit 41.27 294.33 1209.57 Interest 5.26 26.95 93.17 Net Profit 35.51 277.87 1116.40 Table A.1: E3L 3 Years Profit and Loss Projections 39
  41. 41. Business Plan : E3L Technologies Ltd. FY’15 FY’16 FY’17 £’000 £’000 £’000 Cash Receipts Cash sales 371.25 1829.10 4234.80 Investors contributions 50.00 0.00 0.00 Owners Equity 50.00 0.00 0.00 Total cash available 471.25 1829.10 4234.80 Cash Paid Out Assets 4.00 8.00 30.00 Marketing Expenses 61.69 268.79 635.22 Wages 0.96 63.86 129.86 Purchases for resale 247.50 1142.25 2376.75 Taxes and licenses 2.02 42.00 42.00 Rent or lease 9.00 6.94 8.52 Unsold Inventory 0.99 1.59 1.99 Utilities 1.44 1.51 1.51 Other expenses 5.82 8.22 9.17 Total Cash Paid Out 333.42 1543.15 3235.02 Cash In Hand (End of Year) 137.67 423.61 1550.41 Table A.2: E3L 3 Years Cash Flow Projections Page 40
  42. 42. BusinessPlan:E3LTechnologiesLtd. Figure A.1: E3L 3 Years Month-wise Cash Flow Projections Page41
  43. 43. Business Plan : E3L Technologies Ltd. As At As At As At 31-12-15 31-12-16 31-12-17 £’000 £’000 ’000 Fixed Assets Equipment 4.00 8.00 30.00 Less Depreciation 0.40 1.20 4.20 Net Book Value 3.60 6.80 25.80 Current Assets Cash at Bank 137.67 423.61 1550.41 Inventory 0.99 1.59 1.99 Tot. Assets 142.26 432.00 1578.20 Current Liabilities Payables 5.92 17.19 46.59 Stock 0.99 1.59 1.99 Non-Current Liabilities Equity 100.00 135.35 413.22 Current Year Profits 35.35 277.87 1116.40 Tot. Equity and Liability 142.26 432.00 1578.20 Table A.3: E3L 3 Years Balance Sheet Projections Page 42
  44. 44. BusinessPlan:E3LTechnologiesLtd. SENSITIVITY ANALYSIS Sales £ 15% Drop in Sales £ 20% Drop in Sales £ Total Sales 1829100 1554735 1463280 Variable cost Marketing Expenses 268785 228467.25 215028 Purchases for resale 1142250 970912.5 913800 Corporation Tax 26946.9 22904.86 21557.51 Total Variable Cost 1437982 1222284.61 1150385.52 Fixed Cost Computers 8000 8000 8000 Wages 63860 63860 63860 Taxes and licenses 42000 42000 42000 Rent or lease 6936 6936 6936 Unsold Inventory 1590 1590 1590 Utilities 1510 1510 1510 Other expenses 8220 8220 8220 Total Fixed cost 132116 132116 132116 Tax 285949 223239.25 202336 Profit 277869 200334.39 180778.48 Drop in Profit 27.90% Drop in Profit 34.94% Table A.4: E3L Year 1 Profit Sensitivity Projections Page43
  45. 45. References Adafruit (2015). Adafruit Industries, Unique & fun DIY electronics and kits. url: http://www.adafruit.com (visited on 03/04/2015). Allied, Market Research (2015). Global Smartwatch Market (Product, Application, Op- erating System and Geography). url: http://www.alliedmarketresearch.com/ smartwatch-market (visited on 02/19/2015). CCS-Insight (2015). Wearables Market: 2015 is Year That Will Make or Break the Smartwatch. url: http://www.ccsinsight.com/press/company-news/2137- wearables-market-2015-is-year-that-will-make-or-break-the-smartwatch (visited on 02/19/2015). Cohn, Mike (2010). Succeeding with agile: software development using Scrum. Pearson Education. Danova, Tony (2014). THE WEARABLE COMPUTING MARKET REPORT: Growth Trends, Consumer Attitudes, And Why Smartwatches Will Dominate. url: http: //finance.yahoo.com/news/wearable-computing-market-report-growth- 192528241.html (visited on 01/19/2015). DigiKey (2015). Electronic Components and Parts Search — DigiKey Electronics. url: http://www.digikey.com/product-search/ (visited on 03/04/2015). FOSDEM.org (2015). A GPS watch made of free software and hardware. url: https: //fosdem.org/2015/schedule/event/gps_watch/ (visited on 03/01/2015). Gownder, JP (2014). The Data Digest: Five Urgent Truths About Wearables. url: http://blogs.forrester.com/jp_gownder/14-12-09-the_data_digest_ five_urgent_truths_about_wearables (visited on 02/01/2015). HMRC (2015). Corporation Tax: Research and Development (R&D) Relief. url: https: //www.gov.uk/corporation-tax-research-and-development-rd-relief (vis- ited on 03/04/2015). Mouser (2015). Electronic Components — Mouser. url: http://uk.mouser.com/ Electronic-Components/ (visited on 03/04/2015). OHWR (2014). F*WATCH. url: http://www.ohwr.org/projects/f-watch/wiki (visited on 01/18/2015). Ries, Eric (2011). “The Lean Startup: How Constant Innovation Creates Radically Succesful Businesses”. In: Lloc de publicaci´o: Londres. Portfolio Penguin. Smartwatch-Group (2015). Top 10 Smartwatch Companies 2014 (Sales). url: http: //www.smartwatchgroup.com/top-10-smartwatch-companies-sales-2014/ (visited on 02/19/2015). 44
  46. 46. Business Plan : E3L Technologies Ltd. Statista (2014). Forecast: wearable device market value 2010-2018. url: http://www. statista.com/statistics/259372/wearable-device-market-value/ (visited on 01/19/2015). Page 45
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Here is an example of the business plan. Although, it is an academic document can be as well be used as a professional document

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