Smart Home Business Plan: Products and Services

Business Plan Name Institution Smart Home Business Plan Executive Summary The purpose of this business plan is to ensure that investors can lend the business money for the startup. The plan gives a brief overview of the company including the mission and vision statements, products and services, the marketing plan and the budget. Technology has been experiencing a rapid growth and the efforts of people to have smart homes are ever on the rise. Therefore, the Smart Home product proposed herein will find value in the market. The proposed budget for the startup is estimated at $35,500. The amount is estimated to be adequate although there could be adjustments to the overall budget in the future to ensure that * Smart Home Business Plan Mission Statement Smart home is an application that enables families to access everything related to homes from wherever they are. The app also connects all the community together. Our mission is to provide individuals with the power to control all their smart devices from anywhere they are and get all online services they need in a secure and convenient manner. Vision Statement To build the best centralized application hub that will enable individuals to have easy control of their home appliances and make online orders promptly for quick delivery. We will continuously invest in innovations and improvements to ensure that the smart home app undergoes continuous positive changes to respond to the changing needs. Objectives * To reach out to at least 50 home owners and encourage them to purchase our smart home application. * To offer clients excellent application that can enable them to manage their smart devices, offer the smart services, enable them to shop online locally in a secure manner. * To generate enough cash flow to ensure that the business remains profitable into the foreseeable future. Target Market Target audiences of products are not normally alike. The audiences may differ in terms of social affiliations, location, needs, attitudes, and demographics (Larsen 3). Knowing the target market would enable delivering a product that meets the needs and wants of the people targeted (Lynn n.p). Smart home will target home owners with devices that have wireless connections because the hub will enable them to control them remotely. Additionally, it will target those staying in areas where security is of essence because the hub will enable them to control their door alarms wirelessly. Those customers that normally shop online will also be targeted as well as those who may be in need of emergency medical services. Industry The information technology industry is the most growing and robust industry in the world. The industry has become important in increasing productivity of the developed countries as well as opening new opportunities for economic growth in the developing countries (Raman and Doren 452). Information technology is fast gathering speed and many businesses strive to position themselves to strategically to realize maximum benefits (Baller et al. 3). Smart home is going to invest in thorough research and development to ensure that customers continue to find new and unique ways through the product can be a benefit to them. The technology industry is full of competition but the b...