Are you about starting a social networking website? If YES, here is a complete sample social networking business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a social networking business. We also took it further by analyzing and drafting a sample social networking website marketing plan template backed up by actionable guerrilla marketing ideas for social networking businesses. So let’s proceed to the business planning section.
Table of Content
- Why Start a Social Networking Business?
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
Why Start a Social Networking Business?
In recent time, there is hardly any upwardly mobile 21st century adult and organizations that are not into online social networking; as a matter of fact, it is the major platforms through which relationships are created and nurtured.
Social networking has proven overtime to be the most suitable and convenient platform for making new friends, dating and also relating with old friends and acquaintance so a lot of information changes hand via the various social networking platform available in the world wide web.
Although there are several social networking websites that are open to all and sundry, but that does not mean that if you start yours, you won’t get people to patronize your social networking website.
So if you are a website designer or a programmer or someone who have interest in internet technology, then you should consider starting your own social networking website. It is important to categorically state that starting a social networking website can be tasking and at the same time profitable especially if your site is user – friendly and loads of people register to be member of your social networking site.
Aside from technical skills, business sense, tenacity, finance, good marketing skills and time, you would need a good business plan to be able to successfully launch your own social networking website. A good and workable business plan is a roadmap that will guide you towards achieving your business goal, aim and objectives. Below is a workable social networking website business plan template that will help you craft your own without much stress;
A Sample Social Networking Website Business Plan Template
1. Industry Overview
A social networking website is a forum where people from all works of life meet to network and make new friends and date; it is also a forum where entrepreneurs market their products and services. Players in this industry are involved in building and managing social networking website and also marketing advertising slots to individuals and corporate organizations.
It is a known fact that the Social Networking Websites industry is dominated by Facebook, Instagram, Google Plus, LinkedIn and Twitter et al. Social networking websites companies operate in a swiftly innovating, emerging field that is subject to significant investment and technological change.
Some factors that gives edge in this industry is your ability to grow the users – members that register and make use of your social networking website, innovative product features and easy integration with other websites. Leaders in this industry also face competition from newly funded startups and new products from existing internet giants like, Yahoo, Google and Microsoft
The Social Networking Websites Industry is indeed a very large industry and pretty much thriving in all parts of the world especially in countries such as United States of America, Canada, United Kingdom, Germany, India, Nigeria and China et al.
Statistics has it that in the united states of America alone, there are about 5,607 licensed and registered social networking website companies responsible for employing about 66,623 employees and the industry rakes in a whooping sum of $11billion annually with an annual growth rate projected at 25.4 percent. It is important to state that the establishments with lion shares of the available market in this industry are Facebook, Twitter, Instagram, LinkedIn and Google+.
Report published by IBISWORLD shows that casual social networking sites (SNS) are expected to account for 54.2 percent of social network users. The report also pointed that popular SNS include Facebook, MySpace, Microsoft So.cl, Yahoo Pulse and Google Plus enable their users to post personal information, including pictures, videos and text.
In addition, users are able to link up with their friends and family to send and receive messages in several formats that allow for different levels of privacy. The report also stated that while casual SNS only account for a little over half of users, they generate the majority of revenue for the industry. Facebook has paved the way for all casual SNS to maximize profits in the industry.
Over and above, social networking websites has become an important tool for networking, dating, making friends, keeping touch with old friends and promoting ones businesses as it relates to products and services all over the world, not only to sell to customers, but also to engage them. So if you have all it takes to launch your own social networking website, then by all means go ahead because it is indeed a profitable venture if you are able to grow your user – base (membership base).
2. Executive Summary
Singles Connect™, LLC (www.singlesconnect.com) is a U.S based and world class social networking website that will be open to singles from all over the globe. We have been able to secure a standard and well – positioned office facility in a central business district in Cape May – New Jersey.
We are a social networking website company that is set to compete in the highly competitive social networking websites industry not only in the United States market, but also in the global market because our clientele base will not be restricted to just singles in the United States but throughout the world.
Singles Connect™, LLC will offer robust social networking platform for singles to connect and interact. In the bid to generate revenue for the business, we will offer services such as search engine optimization (SEO), banner advertising, video advertising, rich media advertising, sponsorship advertising, classifieds/directories, lead generation, mobile messaging/email, digital display advertising, mobile advertising, social media management and other related consulting and advisory services.
Our business goal is to become one of the leading social networking websites in the United States of America. We want to grow the business to favorably compete with leaders in the industry such as Facebook, twitter and LinkedIn.
Our workers are going to be selected from a pool of talented and highly creative website designers and developers experts in and around New Jersey and also from any part of the world as the business grows. We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company and to compete with leading social networking website companies in the United States and throughout the globe.
At Singles Connect™, LLC, our client’s (registered members) best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Singles Connect™, LLC is founded by Chan Mahogany and his friend and business partner for many years Solomon McKenzie. They both graduated from Illinois Institute of Technology with BSc in Computer Science and Programming and they have a combine experience that revolves around social networking, software developing, web programming, web designing, graphic designing, corporate branding and advertising and business management et al.
3. Our Products and Services
Singles Connect™, LLC is established with the aim of maximizing profits in the Social Networking Websites industry. We want to compete favorably with the leading social networking websites in the United States of America and the world which is why we have but in place a competent team that will ensure that we meet and even surpass our users’ expectations.
As regards generating revenue for the business, we will work hard to ensure that Singles Connect™, LLC do not just work for clients in the United States of America, but also for clients in other parts of the world. Our products and services are listed below;
- Casual social networks
- Dating site for singles
- Blogging social networks
- Specialty services
- Entertainment services
- Search engine optimization (SEO), banner advertising, video advertising, rich media advertising, sponsorship advertising, lead generation, mobile messaging/email, digital display advertising, mobile advertising, social media management and other related consulting and advisory services
4. Our Mission and Vision Statement
Our vision is to establish a standard and world class social networking website whose platform and brand will not only be accepted in the United States of America, but also in other parts of the world.
Our mission is to create social networking website for singles; a website that will give eligible singles the platform to network, connect and date. We want to build a social network website that can favorably compete with other leading brands in the social networking websites industry.
Our Business Structure
Singles Connect™, LLC, is a social networking website that intends to grow big in order to compete favorably with leading social networking websites in the industry both in the United States and on a global stage. We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At Singles Connect™, LLC, we will ensure that we hire people that are qualified, hardworking, creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Creative Director
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Web Designer cum Graphic Artist
- Content Creator/Online Traffic Generator
- Client Service Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Serves as project manager of the organization; works directly with employees
- Responsible for designing concepts and winning business proposals for the organization
- In charge of copy writing and laying out chronological advertisement plans
- Develops strategic plan by studying technological and financial opportunities; presenting assumptions; recommending objectives.
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
- Makes certain that operations and marketing department perform efficiently, coordinate employee efforts, and facilitate communications between management and employees
- Ensures that the organization work in line with international best practices.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Creates new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Singles Connect™, LLC
- Serves as internal auditor for Singles Connect™, LLC.
Web Designer/Developer cum Graphic Designers
- Responsible for building and managing the website
- Responsible for Optimizing Website Functionality for owners of existing websites
- Responsible for Search Engine Optimization Services and Code Writing Services
- Responsible for developing concepts, graphics and layouts for product illustrations, company logos, and websites
- Handles blogging social networks
- Handles specialty services
- Researches and advices the organization on style, genre and other trendy info as it relates to social media marketing.
Content Creator/Traffic Generator
- Responsible for creating content/buzz words that will help attract traffics
- Responsible for Search Engine Optimization (SEO)
- Responsible for engaging internet users to get help statistics and leads
- Liaises and works effectively with other staff members to generate sales for our clients
Client Service Executive
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the HR manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to potential clients when they make enquiries
- Receives parcels/documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned by the human resources and admin manager.
6. SWOT Analysis
Singles Connect™, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured social networking website business that can favorably compete in the highly competitive social networking websites industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Singles Connect™, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Singles Connect™, LLC
Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient social media expert, a team with excellent qualifications and experience various niche areas in the social networking websites industry and other internet related industry. Aside from the synergy that exists in our carefully selected social media experts and back office staff, our services will be measurable, result driven and guided by best practices in the industry.
As a new social media networking website, it might take some time for our site to attract the numbers of users / members we hope to attract, break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive social networking websites industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.
No doubt, the opportunities available in the social networking websites industry is massive considering the number of individuals and corporate organizations with active presence on the internet and of course the pretty large numbers of people who visit the internet / social media platforms on a daily basis and own mobile phones / smart phones and other related gadgets. As a standard and world class social networking website, we are ready to take advantage of any opportunity that is available in the industry.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power – people might find it difficult spend time on the internet, advertise their products or pay for our membership premium services. Another threat that may likely confront us is the ever increasing social networking websites that are springing up on a daily basis.
7. MARKET ANALYSIS
- Market Trends
Social networking websites has been experience surge of users all over the world, as matter if fact, Facebook is said to have about 1 billion users / members from all over the world. This goes to show that social media networking websites is really trending all over the world.
The growing trend which makes it easier for people to spend more time on the internet especially on social media networking sites is a major boost in the revenue generated amongst players on the World Wide Web. It is not common to find players in this industry generating an increasing amount of advertising revenue per user by developing targeted advertising platforms and tools to measure the effectiveness of advertising and marketing.
This has indeed changed the ways that organizations approach to interact with customers, as a substantial percentage of consumer interactions and profiling are now being carried out over online and social media platforms with much higher visibility.
In as much as social media networking websites is dependent on technology which is ever-evolving and fast-changing; the same features should be expected from them for developments and strategies. This portion is an attempt to qualify or segregate the notable highlights existing and being used as of press time.
Another important factor worthy of mentioning in this industry is that the target market keep expanding, people and organizations are now seeing the need for them to become members of leading social networking sites and also to engage the services of social networking sites either in branding or packaging their products and services or in helping them directly sell their products and services to their targeted market.
Lastly, social networking websites companies operate in a swiftly innovating, emerging field that is subject to significant investment and technological change. Some factors that gives edge in this industry is your ability to grow the users – members that register and make use of your social networking website, innovative product features (language interpreter) and easy integration with other websites. Leaders in this industry also face competition from newly funded startups and new products from existing internet giants like, Yahoo, Google and Microsoft.
8. Our Target Market
Before launching our social networking site, we are certain that there is a wide range of both corporate and individual clients who cannot successfully run their businesses without the services and support of a standard and functional website with loads of visitors, followers and members; a website that can help them reach out to their target market.
In view of that, we have created strategies that will enable us reach out to various corporate organizations, non – profits, government agencies and individual who we know can’t afford to do without our services. We have conducted our market research and survey and we will ensure that we meet and surpass the expectations of our clients.
Aside from singles who are our major target, below is a list of the people and organizations that we have specifically market our services (advertise their products and services on our platforms) to;
- (Singles for dating et al)
- Banks, Insurance Companies and other related Financial Institutions
- Blue Chips Companies
- Corporate Organizations
- Manufacturers and Distributors
- Real Estate Owners, Developers, and Contractors
- Research and Development Companies
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Celebrities, Politicians, Public Figures and Public Speakers
- Sport Organizations
- Religious Organizations
- Political Parties
- Television Stations
- Printing Press (Publishing Houses) and Authors
- Branding and Advertising agencies
- Aspiring celebrities
- Entrepreneurs and Start – Ups
Surviving in the business world as a social networking site requires more than, ability to get people to register in your forum, your expertise, knowing how to conduct your business but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.
We are quite aware that to be highly competitive in the social networking websites industry means that you are not only expected to be able to create a platform for singles to connect, deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services (advertise on your platform).If you don’t always meet up with the target sales the organization intends to generate when they hired you.
Our competitive advantage lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient social media expert, a team with excellent qualifications and experience various niche areas in the social networking websites industry and other internet related industry. Aside from the synergy that exists in our carefully selected social media experts and back office staff, our services will be measurable, result driven and guided by best practices in the industry.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups social networking websites in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiffer competitions in the social media networking websites industry; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the social media networking websites industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Singles Connect™, LLC.
Our corporate goal is to grow Singles Connect™, LLC to become one of the leading social media networking sites for singles/dating in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States of America but also in other parts of the world.
Singles Connect™, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our social networking websites by sending introductory e – mails to as much email addresses we can get and also send sms to as much people we can reach
- Advertise our website (singlesconnect.com) in relevant business magazines, newspapers, TV stations, and radio station.
- List our website (singlesconnect.com) on yellow pages ads (local directories)
- Attend relevant singles conference, events, international and local expos, seminars, and business fairs et al to market our website
- Create different packages for different category of clients in order to work with their budgets and still deliver excellent publicity services (business)
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients (users / members) of our website.
Sources of Income
Singles Connect™, LLC is established with the aim of maximizing profits in the social networking websites industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients. Singles Connect™, LLC will generate income by offering the following services;
- Casual social networks (Payment for premium services)
- Dating site for singles (Payment for premium services)
- Blogging social networks
- Specialty services
- Entertainment services
- Search engine optimization (SEO), banner advertising, video advertising, rich media advertising, sponsorship advertising, lead generation, mobile messaging/email, digital display advertising, mobile advertising, social media management and other related consulting and advisory services
10. Sales Forecast
One thing is certain, there would always be corporate organizations, government agencies, non – profits and individuals who would want to advertise their products and services on social networking sites with massive members and their individuals who would want to pay for premium services in a social networking sites.
We are well positioned to take on the available market in social networking websites industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our social networking website to enviable heights.
We have been able to critically examine the social networking space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection are based on information gathered on the field and some assumptions that are peculiar to similar startups in Cape May – New Jersey.
Below is the sales projection for Singles Connect™, LLC, it is based on the location of our business and of course the wide range of our services and target market;
- First Fiscal Year-: $200,000
- Second Fiscal Year-: $500,000
- Third Fiscal Year-: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same premium services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our in house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market (singles and corporate organizations).
We are set to become the number one choice for both corporate clients and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our social networking website. Below are the platforms we intend to leverage on to promote and advertise Singles Connect™, LLC;
- Place adverts on both print (newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events/programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our website
- Install our Bill Boards on strategic locations all around Cape May – New Jersey.
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations, non – profits and government agencies by calling them up and informing them of Singles Connect™, LLC and the services we offer
- List our website in local directories / yellow pages
- Advertise our services in our website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.
12. Our Pricing Strategy
At Singles Connect™, LLC we will keep the prices of our services below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would want to advertise and promote their products and services on our website. In addition, we will also offer special discounted rates to all our customers at regular intervals.
We are aware that there are some one – off jobs or government publicity and campaign contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
- Payment Options
The payment policy adopted by Singles Connect™, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Singles Connect™, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a social media networking website; it might differ in other countries due to the value of their money.
However, this is what it would cost us to setup Singles Connect™, LLC in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $150,000.
- Equipping the office (computers, printers, projectors, markers, servers / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $30,000
- Amount required to purchase the needed software applications – $3,500
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5000
Going by the report from the market research and feasibility studies conducted, we will need about two hundred and fifty thousand (250,000) U.S. dollars to successfully set – up a medium scale but standard social media networking website in the United States of America.
Generating Funds / Startup Capital for Singles Connect™, LLC
Singles Connect™, LLC is a business that will be owned, financed and managed by Chan Mahogany and his friend and business partner for many years Solomon McKenzie. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $85,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Singles Connect™, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our premium services and other related adverting and promotion services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Singles Connect™, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard office facility in a good location: Completed
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Secure trademark for our products: In Progress
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed server, furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating standard and user friendly social networking website: In Progress
- Creating awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players (web host) in various industries: In Progress
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