Start-Up Idea: Onlyne
PRODUCT
Our product is called ‘Onlyne.’ It is primarily a tool for facilitating digital marketing services for small businesses.
IDEA
Amid COVID-19 circumstances, we have realized how it is important for businesses to have a global presence, an online presence, to be precise. Most of the local businesses in small cities do not have a digital presence. We will help local shops in developing their online presence which may exist in the form of a website/application, social media page, etc.
The Offer
Our goal is to increase the profitability of local businesses by enhancing their digital presence. Say, there is a local printing service, we will create a website for them in which one can book an appointment and get their stuff printed. Ferns and Petals, Comicsense, Souled Store, etc are the best examples, these are not orthodox shop businesses, these are modern-day start-ups that use the world wide web to reach their target audience. We will provide this service to local clients, say the property dealers, local departmental stores, local food chains, etc.
The Problem
Digital transformation could be seen as an expensive and needless commitment to certain businesses. And there’s no question that time, investment, and patience are needed for the process. Ultimately, however, it is the companies that adapt and embrace that are reaping the rewards in the company environment of today. Going digital, in other words, is not really an option. They’re a must. Businesses are also eager to blame their lack of understanding of technology or current IT systems as an obstacle to digital advancement. But, what’s more expensive? Upgrading, or possibly going out of business, your existing process and knowledge base?
Not only that, if we get a good response, we will launch our digital marketing courses within a year to educate anybody who is interested in marketing their small business in the right manner or anybody who is interested in starting a business and has no clue about how they can do the same without outsourcing the work. The course will have a charge, of course. So, in this way, we start by selling our services and post a year or two to make our service our product, the online course.
MARKET DEMAND: NEED OF BUSINESSES TO HAVE ONLINE PRESENCE
Why will clients buy this service?
In this digital era, one of the coolest things you can do for your business, and for your consumers, is a strong online presence. This online presence may be present in the form of a website, application, blog, etc. Consumers need to be able to easily find your website and all your products and services with just one click for your business to remain competitive and profitable.
The online presence of businesses will help in enhancing accessibility, empowering your business to reach the widest possible consumer, facilitates you to display your products and services, supports affordable and effective marketing, improves customer service, display you what performs- and what does not.
Enhancing Accessibility:
A prospective customer is likely to their research online when he/she needs more knowledge about a product or service. With a single click, it is a convenient way for them to browse rates and compare/review all services. A simple and quick google search should provide them all the information they need.
Empowering your Business to reach the Widest Possible Consumer:
You may increase incoming traffic tremendously and expand your client base by connecting to your website from social media. This is because it makes it easy for people who do not know about your business yet, but who are interested in what you do, to discover your company.
Supports Affordable and Effective Marketing:
An online presence is a simple yet productive way of getting people interested in your business. Through your social media sites and on a WordPress blog, you can promote your products and services for free. The “shareability” of social media is an extra advantage, which allows your consumers to spread brand awareness to all their friends easily.
Improves Customer Service:
Any issues/complaints can be resolved immediately since we can get access to customer feedback instantly.
RELEVANT PRODUCTS IN THE MARKET: HOW IS ONLYNE DIFFERENT?
Digital Marketing services are there in the market but those are for influencers and big brands. There is no such service provider whose target audience is local shops, etc. We intend to focus on local small businesses and help them enhance their profitability by creating a digital presence for them.
Secondly, a good many businesses skip on the part of creating an online presence because they think it's unnecessary and costly. Our plan is to make our service affordable and user-friendly so that everybody gets access to a platform that can help them build digital marketing strategies.
REQUIRED KNOWLEDGE OR EXPERTISE
(1) Knowledge of Digital Marketing
Content technology is a sort of umbrella word that encompasses all new techniques for marketing. We are concerned with marketing strategies that include online marketing (internet, cellular phones) and social media marketing to meet the targeted audience. This includes the usage of popular social media websites such as Facebook, Instagram, and Twitter.
(2) Search Engine Optimization (SEO)
SEO or search engine optimization, in simple terms, to improve its exposure for related searches, means the process of optimizing the website. The will the exposure of search results on your websites, the more likely you are to gain interest and attract current and prospective clients and customers.
(3) Digital Marketeer
To establish and carry out our go-to-market, we need a digital marketer, working closely with our management team to improve our digital presence.
(4) Manpower
Naturally, we need manpower to convert our idea into an actual service.
Solution: Digital Marketing-
The best way for a brand to get a leg up on its rivals is digital marketing. Think SEO, organic search, local search, social media, Google Adwords, and blogs. Businesses want to meet as many customers as possible, and on the internet, this is considerably simpler to do than it is in person.
ESTIMATED BUDGET:
Factors for Estimated Budget
1. Building the portal capability
No two portals are the same in the form of the portal, the number of users, the design, the features, the content. However, they all exist to connect, in a safe and scalable manner, the connectivity and knowledge gap between organizations and their stakeholders. Efficient portals provide users with a central resource hub for easy access, when they want it and where they want through self-service features. This helps them to complete their tasks efficiently and without having to contact your team, freeing up your internal resources to concentrate on tasks of greater importance.
2. Completing the mobility app
Mobile is an opportunity to change how organizations communicate with clients, staff, and partners. They help with deep experience in designing, testing, and deploying mobile applications, help customers to prototype their ideas and technically innovate. We require experts who provide feedback on design to conceptualize and test applications and lead the process of application creation through all phases. Our goal is to include the development of high-quality native mobile applications for all major iOS, Android, and Windows Mobile platforms.
3. Domestic Marketing
For small companies, the ultimate lead generation strategy is local marketing. It can not only attract foot traffic in your brick-and-mortar locations, but it can also improve your SEO efforts, raise your search rankings, and bring more visitors to your website, e-commerce store, or social media pages. The essence of local marketing is simple: raise awareness of your brand and deals in the exact geographical areas you represent, and it will be followed by business.
Means of Finance
Cost of the Project:
Budget Allocated
The estimated expenses are as follows:
1. Utility: The estimated expenses for utilities is Rupees 7,33,200.
2. Salary: The budget allocated for salaries of all the employees is Rupees 50,00,000.
3. Administrative: The budget allocated for administrative expenses is Rupees 1,00,000.
4. Interest on Term Loan: The interest on the term loan is 6%. Accordingly, the interest is calculated to be Rupees 4,20,000.
5. Interest on Working Capital Loan: The interest on the working capital loan is 4%. Accordingly, the interest is calculated to be Rupees 3,20,000.
6. Depreciation: The depreciation is estimated to be 40,000.
7. Repair and Maintenance: The budget allocated for repair and maintenance is Rupees 45,000.
8. Selling and Distribution: The budget allocated for sales and distribution is Rupees 50.000.
RISK ANALYSIS
The following risks have been calculated:
1. Insufficient QA time to validate on all browsers and OS types
A potential risk is a potential lack of time for quality assessment of the service on all browsers and OS types.
2. Lack of verifiable sample data
Lack of verifiable sample data affects the ability of the primary external shareholder to verify the end product.
3. Inadequate staff
There could be a possibility of inadequate or insufficient manpower until too late in the cycle.
4. Backup and Restore
The requirement of third party solutions has not been evaluated for backup and restoration.
5. Insufficient Feedback time
There could be a possibility of the external shareholders not having enough time to submit feedback on layout and composition.
Timeline:
