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BUSINESS PLAN

BUSINESS PLAN SUMMARY 1

Basic Information

Name and Surname: Tarik Pribišić Marka Marulića 3

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061/448-518 , [email protected] Information Technologies 3. Year Address:

Telephone and E-mail:

Department and year of study:

Name and Brief Description of the Business Idea

“Look ‘n’ Learn” is an tourist app which helps foreign visitors explore Bosnia by themselves. It uses image recognition software to analyze a picture of an historic landmark and output information about it. It can help tourists a lot because they do not need to learn in advance about Bosnia when they come here

Total Investment Needed for Getting Started (Amounts and Purposes): The initial investment would be around 5.000 euros for developing the app. As time moves on the investment will start to grow as more people are needed to develop the app further. The investments will be spent on paying the devs and renting a space for them.

Expected Effects of Investments: We expect that our investment will pay off big time. The app has a high potential to be successful in our region because of the fact that there is not

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Motive for Starting a Business

The main motive of starting a business is the opportunity to innovate to create to make something new something different that can benefits others. It is a good opportunity to learn the business, how the market works, how to battle for your place on the market, how to attract customers and so on. A business is a lesson. It teaches you the does and the don’ts on how to start, manage and run a successful company. No one said it would be easy but it will be worth it.

DESCRIPTION OF BUSINESS IDEA (Explain the way in which you came

to business idea; describe the product/service that you want to create. What are the needs of customers who are in plan to be satisfied with the created product/service? What is your target group of customers? How your product/ service is different from others and what is new and innovative that you offer in the market? ...)

The idea came to mind while doing a tour for a professor who has a PhD in Physics and is teaching at the UMS ( University Malaysia Sabah) in Malaysia. It was their first time in Sarajevo. They told me that ,before coming to Bosnia, they had known nothing about Sarajevo and Bosnia and were trying to learn things in Malaysia before coming here. I gave them a tour of the city where I showed them all of the historical building in Sarajevo and all the information regarding them. Then it hit me it would be a good thing to create and app that could scan an building and give the user all of the information regarding the building. It can be sold to tourists for a reasonable price and it would be popular. That’s how the business idea came up.

QUALIFICATIONS (List the most important qualifications that you have to start a business;

experience, expertise, knowledge, education, etc.) Time- enough free time to use in a good manner Knowledge- came to contact with developing web apps and mobile apps Experience- know what is like working in a IT company Education- learned a lot about the IT sector and how to start/run a business Expertise- hard worker and team player

RECOMMENDATIONS (Please provide contact details for a minimum of 1 person that

support your intention to start a business.)

Name and Surname Function, Organization/Institution Telephone / E-mail

Malcolm Duerod

IBU [email protected]

DESCRIPTION OF PRODUCT/SERVICE AND PROCESS OF

DEVELOPMENT

Basic characteristics of product/service (Functions, quality, appearance, size, etc.)

Image recognition software- the user takes a picture and the app scans it and determines which object is that Information- after every scan the app gives the user information of the scanned object Functions- giving the user a blueprint of the object scanned , enabling the user to see where he is located in the object, allows the user to move around the building and giving him an tour of the object Quality- a friendly user interface and easy ease of use Size- fits to and smartphone/iPhone

Description of the development process of product/service (Phases and duration of the development process)

Every development process starts with the idea. The idea is analyzed and corrected if there are any mistakes or bad things. The process of making the app would last at most 2 months. The presentation to other firms and presentation to potential customers will last approximately an month. If a customer is found the selling of the product begins.

Price of product/service (selling price of product/service and the strategy of its formation)

Price of the product will be reasonable. It will not be exclusive for only a group of customers. Any one can afford it so it will have a broad audience.

PRODUCT-MARKET MATRIX SALES PLAN - AMOUNTS

Products / Groups of

Products

Markets

PRODUCT “A” PRODUCT“B” PRODUCT“C” TOTAL

MARKET

S

Estimated monthly / annual sales in units

Estimated monthly / annual sales in units

Estimated monthly / annual sales in units

Estimated monthly / annual sales in units

TOTAL NUMBER OF PRODUCTS 1 / / 1

Product / Service (planned to be sold) Name of the product / service: Look ‘n’ Learn Markets (customers that we are directed to according to the previously filled matrix)

Name of the target customer(s):

What is important to your potential customer while buying your products / services? (After doing the market research, fill this separately for different customers.)

Importance (customer’s score): Rank from 1 to 5

CONCLUSION

The Average Score from All Interviews

Main Priority

Quality 5 4 5

Price 4 4 5

Design 5 4 5

Packaging 3 2 3

Terms of Payment 4 5 5

Method and Time of Delivery 5 5 5

Other

DESCRIPTION OF THE MARKET

• Briefly describe the market in which you plan to perform (size, location, trends, saturation).
• Specify the existing competition and their estimated market share.
• Particularly single out those competitors that represent the greatest threat in the next two years and identify their greatest strengths.

• If you have any information, please provide new competitors that you expect and the threat that they can represent on the market.
• Are there other / new products that represent a replacement for your product so it can be eliminated?
• Provide your advantages over the competition?
• Describe how you plan to introduce your products/services on the market (promotion).

There is a market for an product like ours. The market is mostly for tourism. But apps with

this function are few and scarce. There are not a lot application utilizing this feature in their

apps. The competition can not be that though. I saw a example of this feature on an

phone , an old phone Sony Xperia Z2. My friend told me that Sony has that option but is

slow and takes time to send the picture compare it with others and give back the name of

the object. Our advantage over the competition is our price and our app simplicity. Our plan

on how to introduce the app to the market is by presenting it to the major travel agencies

and potential customers.

TOTAL / / /

Fixed costs

Costs (for a month or chosen period of doing business)

KM Comments

Employees salary 4500 Salary of 1 employee is 1500 Renting 500 Big enough for 10 people small enough to fit everyone Electricity 200 / Loan interests / / Depreciation / / Other fixed costs:

• accounting service 400 External accounting service
• telephone/internet 300 /
  • cleaning and maintaining 500 /
• other fixed costs ( list all of them )

TOTAL FIXED COSTS 6400

BREAK EVEN POINT

TOTAL INVESTEMENT NEEDED FOR STARTING UP

INVESTEMENT PURPOSE REQUIRED AMOUNT COMMENT

OWN FUNDS OTHER SOURCES

Workstations 4000 2000 Funds from investors

Place 500 0

Internet

300 0 Setting up the internet

Accounting service

200 200 Funds from investors for accounting

Electricity

200 0 For running the place

TOTAL AMOUNT OF INVESTMENT 5200 2200

PLANNED CASH FLOW

Months I II III IV V VI VII VIII IX X XI XII TOTAL

Cash at the beginning

Inflows from selling products/services

Other inflows + 1500 1500 1200 2000 3000 3000 4000 4000 2000 5000 2000 1500

Outflows on the basis of variable costs

Outflows on the basis of fixed costs ( without depreciation )

Cash flow from operating activities

Financial inflows + 1000 1500 1200 3000 2000 1500 1200 2000 5000 3000 4000 5000

Interest on loans - 100 200 300 200 300 250 300 350 400 400 400 500

Repayment of loans (If acquired)

Income tax - 1500 2000 1500 2000 4000 3000 1200 2500 1500 3000 2500 1500

Total balance at the end = 1050 450 1200 4350 2200 5750 11100 1431 0

BUSINESS ORGANIZATION

How does your organizational structure look like and what are the major functions within the student team? So our team consist of 4 members. We all work together to achieve the goal. We try to split the workload evenly so that no member does more work then the others. There is like no team leader we all discuss decision between the 4 of us. Specify the detailed description of obligations and responsibilities of each member within your student team. The team is split in 4 ways: design, implementation and market research Design- taken care of by Tarik. The guy behind the idea he is task of designing the apps features, UI, functions of the app and so on. Implementation- taken care of by Lejla and Almir. Those two are the coders. You give them a task they will code it out. They is in charge of the coding part of the project. They is not alone. They are assisted by other members in the coding. Market research- taken care of by Mujo. He is the business guy. Know what to do with the money, where to get the money and see what’s the state of the market. He knows his stuff and is ready to prove it at any time. Do you plan to engage external experts and if so, in which categories of business? An external expert would be nice to have to help us with the management of the team. The person can do the administrative work for us and help us develop as a team. Specify the legal form in which your business will be registered and approximate costs of registration. The legal form of our business is the Sole Proprietorship. It is simple to create, easy to manage and to operate. The fee for registration of an company in Bosnia is inexpensive. It is around 1000 KM to register your business and some other minor expenses that go with it.

RISK ASSESSMENT–Critical factors

What are the critical factors for starting your business? Description of the risk and the way of overcoming

1 Database failure

Potential lose of all of the data. Backups or dedicated data center

Market position

Struggling to place on the market. Trying a different approach

No investments

No money from investors. Present a better plan to the investors

4 Low interests Low interest from customers. Customer feedback for app improvement