Group Buying Website Start Up Plan

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Business Start-Up PID
S1 2013 BFP3001
Title:Group Buying Website Start Up Plan

Team Skilful SIX

Executive Summary

The Project Initiation Document is aimed at providing a comprehensive document that how the Group Buying Company which named Together Buy will be established and this document would also present the basic information of this company with highly standard such as the market analysis, the financial analysis, the risk analysis etc. This company would adopt the process as follows. To execute this project after all the regulations, the company first contact with the manufacturers to provide goods. At the same time, we provide a trading platform between international students and the manufacturers. Besides, the company would make profit by setting the price lower than the market price but higher than the initial costs. After the customers paying successful, we will contact the manufacturers to deliver goods to customers. When completing the purchase period, we will transfer money to manufacturers. This process will not only increase the popularity of those companies but also give the international students a chance to access the products which are currently unavailable in Australia. Finally, we would make profits from our operation. To measure whether the project is viable, it is showed a range of analysis in this document. In market analysis, it shows that, based on the research, numbers of Asian overseas students coming into Australia which means the potential market is large and existed. Besides, the company would adopt different kinds of promotion strategies to attract customers and achieve sales and marketing objectives. In financial analysis, each shareholder donates $20,000 into the business and the company borrowed $50,000 from Commonwealth Bank with 5.89% interest rate during the first three years. Based on some financial assumptions, the company would finally make a profit of $221,394.88 during the first three years. In the risk analysis, several categories are created and low market share and lack of customers are the most serious problems we may face. However, in achieving these goals, the company should also consider various areas such as value proposition, pricing and competitors. Besides, SWOT analysis indicates the weakness and threats which should be taken care of and think over.

We wish to achieve the following objectives during the first three years: * To achieve the annual sales growth of 20 percent per year in the first 3 financial years. * To achieve the average market share of 5 percent during the first 3 years. * To increase the target markets from Melbourne city to the whole Australia.

Team member Profile
Team member Image| |
| Yichong Zhang, the leader of our team, majors in accounting. His leadership and organization skills are helpful in completing our sections. He is responsible for the allocation the assignment based on each member’s strength and then collected all parts. He has professional accounting skills and did considerable contribution to the financial analysis in the project.| | Bingda Liu is doing the Bachelor of Business (Accounting). He is talented of quickly looking out significant information from a huge amount of data. As a student in Victoria University, Bingda always has been focusing on the subjects in an effort to improve his expert capacity. Meanwhile, he has participated varieties of voluntary and entertaining activities to know the local culture, as well as building social networks. He has also joined the VU International Student Association to develop his individual works skills. Up to now, he gradually tries to shift the role from a participant to an organizer.| | Shuo Liu, a hard-working team member. She likes listening to others’ ideas and then doing analysis compared with the information she searched. Her good thinking skills help us developing our project to the right orientation. She focuses on the spirit of cooperation...
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