ENTERPRISE DEVELOPING OF RIDE THE WAVES
1.0 Introduction
Ride the Waves is a UK-based company that offers sailing and tourism-related educational opportunities. The company has a great chance to become a supplier of revolutionary and brand-new products to the “small boat market” through this profitable business. To understand its potential, the company is looking for investors.
A business plan serves numerous purposes. Additionally, it provides a synopsis of the founder and management team’s thoughts. A business plan can be very important because it introduces lenders and investors to an organization and emphasizes the use of rupees to run it. At the point when imminent loan specialists and financial backers view or read the marketable strategy, the organization can without much of a stretch understand what the organization is searching for. Those looking to fund the investment begin to question the investment’s success if a proposed business plan does not appear to answer a particular set of “pre-characterization questions”. The current business strategy of the company is based on increasing demand for its centers by aggressively promoting courses in schools and maximizing multiple parallel revenue streams. As its business plans are concrete, the company intends to maintain its current operation of four UK centers.
There is a plan for Ride the Waves. However, a comprehensive formal plan with carefully crafted summaries and descriptions is not necessary for every business. In order to establish the best possible relationships with banks and financial professionals, a marketable Ride the Waves strategy is presented in the standard format of a business plan. Venture capitalists want to see what a marketable Ride the Waves strategy presents in the order they want to see it. The planning format prevents organizations from making mistakes at the best opportunity to fund their business and keeps Ride the Waves on track after standard deals. A good business plan starts with a thorough analysis of the ride-the-wave potential market and helps to figure out what the company’s initial plan lacks. The market’s characteristics should be made clear and a target market share should be suggested in the plan. In addition, strong field-tested strategy examination can assist the company with understanding what the clients need to purchase, what is the best item to offer, what is the best channel to arrive at the company’s objective market, and what are the dangers on the lookout.
2.0 Business model design
This is a descriptive element that provides a comprehensive overview of the business. Including what the company resembles and how it collaborates to achieve the set objectives. Defining the key partners of the company, the key activities, the resources, the cost structure, the value proposition, and the revenue streams, the relationships with customers, the customer segments, and the distribution channels. The business model takes into account all of these things to make sure the business works well (Kwilinski, 2018). The majority of the aforementioned factors are taken into account by Ride the Waves’ business model. However, The Company has neglected to include revenue streams that have a significant impact on the company. However, the company continues to operate profitably, but it would be preferable if it included sources of income.
3.0 Business Development
It concerns the typical corporate value of providing customers with products they like or want. Business thoughts need great vital focuses on customers who are educated to guarantee smooth business tasks. For instance, Ride the Waves provides its customers with additional services like water sports coaching (Davydova et al. 2020). Customers are encouraged to buy things they can use when they return to their country as a result of this. As long as the business continues to sell a product similar to that to see how it works, the company can survive in bad weather where water sports are not available.
3.1 Value proposition
The company’s ideal business layout can be built on the solid foundation that this proposition canvas provides. It is organized to describe issues that are likely to arise with the company’s customers or business. The suggestion’s objective is to ensure that the customer’s requirements are taken into consideration (Antamoshkina and Zinina, 2019). As a result, we are aware of all the advantages and drawbacks that our clients may encounter ahead of time. As a result, remedial measures are simple to implement. For instance, the company’s Ride the Waves plan targets local customers who value the products it sells. The uniqueness of cheaply and conveniently promoting the company’s own brand makes customers happy and satisfied with the product.
Product and services
One of the administrations given by the organization is to guarantee a large number of items. Products that are ordered by customers online. The business will undoubtedly deliver the product on time. The company’s priority is satisfying the requirements of its customers. The company’s products consist of the supply of ship and yacht-type equipment. The company is one of the largest domestic online delivery companies because it also provides other materials like decking rope, fixtures, and equipment for narrow boats.
Pain relievers
This generally really relies on how an organization’s administrations or items mitigate client torment. Ride the Waves, for instance, provides a service that has the potential to alter how customers feel. For instance, going to the deep sea alleviates pain by introducing the company to a new, fun environment (Maruhun et al. 2018). Additionally, the company guarantees the delivery of online-purchased goods. In order to ensure that our customers are pleased with the services they receive and are satisfied with the products, the company ensure the timely delivery of their services. However, the business also addresses complaints from customers. This is done to keep customers from going to competitors in the same industry and keep them from leaving the company.
Gain creators
The process by which the company’s products benefit customers is the primary focus. For instance, as was mentioned earlier, getting on the water is probably going to put the company’s guests in a good mood. Therefore, the company’s customers will greatly benefit from this. The company also sells some of its products to customers, therefore the company can meet their needs while using them (Sosnovska and Zhytar, 2018). Another advantage for the company’s clients is to determine whether the products and services that the company provides satisfy the requirements of the company’s intended customers, the company analyzes the feedback the company receive from the customer. Some customers have provided negative feedback, despite the positive feedback the business has received.
The business sees this as an opportunity to improve in order to ensure that every customer is completely satisfied. In a nutshell, a company’s customers benefit greatly from the service it provides. Customers can unwind, especially in their spare time, by taking advantage of services like horseback riding in the water (Teng et al. 2021). Another way customers get from a company’s business is by receiving proof of the products and services customers buy, which helps to business grow and retain customers.
4.0 Marketing strategy
It highlighted the particular ways of entering into a specific market or reaching the targeted market. The marketing efforts and campaigning require an effective strategy in line with getting started with a marketing strategy for the company, the company’s marketing team brainstorm regarding the marketing strategy and choose the right marketing stagey which provides maximum outcomes for the company (Yew, 2021). Local businesses have the chance to establish themselves at a high level or even in the international market. The detailed strategy is included in the plans of the sports company “Ride the Waves”. First, look at the company’s marketing strategic plan to see what opportunities, threats, strengths, weaknesses, and opportunities there are. A company’s strengths, weaknesses, available opportunities, and threats all have an impact on a good marketing strategy.
SWOT analysis
| Strength
● A well-thought-out business plan is essential for expanding, improving, and progressing. ● The company has engaged with itself in examining or researching the customer’s needs and the market to be entered and also researching on development of improved and fresh services in the market same way the services can be served to address the customer needs. ● Business owners can improve their abilities to compete for their companies by having a better understanding of the structure of the market and the level of competition.
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Weakness
● Absence of legitimate storerooms can be a major issue for the organization. ● The company’s online marketing department may be insolvent due to a lack of qualified personnel. ● Income sources perform an operating margin and income streams market share for employee population and also findings strategy sources. ● Naturally, all of the information in the financial plan is based on the business plan’s remaining assumptions.
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| Opportunities
● The use of long time frames, procedures, and plans are the most crucial aspects of business planning. ● Through a deeper comprehension of the relevant environment and a reduction in uncertainty, this kind of plan has the potential to improve performance.
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Threats
● Investors, who heavily rely on Ride the Wave to fund their water sports company, find Ride the Wave’s marketing strategy to be impressive. ● Competitor offers to pose a threat to the business and its management as a whole due to intense competition from online advertising and trading. ● The majority of city centres use less space. This necessitates caution, particularly in parking space disputes. fear that due to its size and potential for fierce competition,
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PEST analysis
| Political analysis
Companies may be compelled to adjust to the performance impact of new regulations issued by governments.
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Economical analysis
Currency fluctuations can have a big impact on value, which is a nightmare for businesses. The product’s price will rise as a result of these modifications, which will reduce demand.
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| Social analysis
Potential customers for a business’s product are provided by the population surrounding it. As a result, businesses need to get ready for bigger markets and expand to meet the demand for our products in the future. It is necessary to inquire about environmental resources that are available. This inquiry is regarded as important because it establishes whether the necessary inputs are readily available. Organization of business, such as health, immigration and immigration, and lifestyle trends.
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Technological analysis
For many organizations, the most important objectives are inventiveness and new ideas. Companies need to come up with new ideas and develop their own differentiated products as technology advances. As time goes on, technology should be used for conduct more research and enhance our offerings. Company. Improved methods for data collection and analysis are required for this. Incentives for technology, consumer access to technology, and innovation are examples.
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5.0 Target market
For many organizations, the most important objectives are inventiveness and new ideas. Companies must come up with new ideas and develop their own inventions as technology advances. The business plan will reflect this. It clearly identifies the personnel of the business, which provides services to the market. The intended audience for Ride the Waves loud is young beachgoers and tourists (Kyrylov et al. 2022). In some instances, the market was overrun with operators without licenses and placed less emphasis on the visitor experience as a whole. Local providers of water sports experienced a significant backlash against travel warnings earlier this year. Delivered to tourists to make men without licenses at sports facilities more visible. It is difficult to persuade the target market because there is so much competition and so many customers.
6.0 customers segment
The customer is an essential component of any business. In the meantime, the company was founded by interacting with customers as though they were customers of the store’s goods and services (Littlewood and Khan, 2018). No business can be productive without clients. Every business model centres on the customer. This is because the client expects your response. A customer, for instance, needs a standout piece of art that makes a statement about their home. Therefore, businesses must seek solutions to this issue.
7.0 customer relationships
As previously stated, a successful business thrives when it can establish positive customer relationships. By offering the company’s customers and other partner organizations the best possible service, we build strong relationships. The company need to find the right partner before it can build that relationship (Chang and Cheng, 2019). Retaining customers allows for attracting more customers, which is a benefit of good relationships. Notwithstanding, the drawback of this relationship is that it can prompt misfortunes during the time spent offering ideal assistance to draw in clients. The majority of realized losses are small. There are a number of factors that go into building these relationships, including. Advertising on social media, face-to-face meetings, commissions, and trade shows can all contribute to the development of these relationships.
7.1 Building customer relationships
The ultimate business plan for riding the wave The plan is to ensure that customers love the product and that it is affordable while still meeting profit margins. The price of raw materials and the close relationship between the company and its customers are two aspects of fairness that the company values.
7.2 Networks and relationship building
It is especially important to identify the company’s key partners.
Establish networks and relationships within the company. A relationship could be caused by a number of things, But giving your customers the best service also helps build relationships (Mintzberg, 2020). It is essential to ensure that relationships are maintained on an ongoing basis once they have been established.on an ongoing basis The company’s network also contributes to the success of the business model.
7.3 key partners
By working with important partners, the business model works well in business. As a result, major business partnerships are crucial. Businesses need crowdsourcing because it allows them to fund some of their most important projects. The majority of crowdfunding to raise the required amount takes place online (Burkhanov, 2020). Because it gives everyone in the community a chance to help the business succeed, crowdfunding is essential. Accountants, photographers, gallery owners, and funding bodies are a few examples of the company’s most important key partners.
8.0 key resources
A telephone line used for internal communication is the most common resource. External markets and the organization. Another reason electricity is an important resource is because of this. It supplies machines and other devices with electricity. Automobiles are also crucial. It allows employees to relocate throughout the organization.
8.1 Resource review
A decent strategy frames the nature of assets a company’s business needs and an organization can’t achieve its objectives without the resources it needs. Make positive arrangements to guarantee that resources are always available.
9.0 Structure and cost
It is a crucial component of the organization’s structure. Outlines the cost of items. Prices for all items ought to be reasonable and proportional to the product or service. It advises lenders to provide funds that will later be repaid. Business is developing. The company wants to appraise the organization’s expenses and construction (Kaverzina et al. 2019). The issue is that the company must calculate the company’s costs in order to determine the average cost within a day. This aids in predicting a company’s potential profit over a given time frame. The number of drawings, advertising costs, and postage costs is all included in part of the quote.
10.0 Business delivery,
In addition, it is essential to guarantee that businesses are evaluating and selecting the appropriate one. Channel for product distribution the market strategy of the company determines these channels. However, selecting the most suitable delivery method is also essential for the goods’ arrival.
10.1 channels
This is talking about how the product gets to the customer. Canal varies from company to company based on the type of product or service being offered and the target market. For instance, if the company want to target the young generation, who are always interested in fashion, the company can use the phone and the Internet, but advertising on social media is the most effective way to reach them (Lehenchuk et al. 2020). On the other hand, if the target market is technically demanding, newspaper use or personal contact exhibition are the target groups. As a result, the company advises that the organization choose with great care, identifying the company’s audience is the first step.
10.2 Operations
It is important that the company must recognize its key business activities for the betterment of its business. This incorporates realizing that the organization needs to give a valiant effort. Or It is essential for businesses to identify essential activities in order to save time by avoiding activities that do not benefit the business and instead focusing on work.
11.0 key activities
The most significant activities involve the target product designing, The intended product’s design is the most significant activity in this instance. Cards are one example of these products. Other activities that the company may engage in include: creating promotional materials and websites. In addition, new topics like computer use should be covered in training courses for company employees.
11.1 Release and press
A separate press release is one of many business-related activities. Ride the Waves Company’s Year in Review. The company’s actions are intended to alert the general public. The current activity in the company has been going on for some time. or more development for the customer’s benefit (Abdullajanovich, 2022). Other subjects can also be covered. After some time, the company can let people know about the recruitment process through a press release.
11.2 Building income
The primary objective of the business is to generate revenue from its products. Services that the company offer to the customers. Additionally, money is the engine of business. The pricing strategy that will be used by businesses to demonstrate the value of their products must be chosen. The company also wants to sell as many of its products as possible to get the most money.
11.3 Revenue streams
Within a company, there are a variety of ways to generate revenue. Direct sales to customers through manufacturing is one strategy. There may be fees associated with some provided services. Gallery sales are possible, but more can be outsourced (Bombiak et al. 2018). A certain percentage of the product’s sales go to the company. can also profit from the business’s online sales.
12.0 Insurance and IP
The purpose of intellectual property insurance is to shield businesses from third-party infringement. Intellectual property insurance is very important for all businesses because of the rising costs of litigation (Utami et al. 2020). These costs may have an impact on a company’s day-to-day operations. As a result, the company is shielded from these costs by intellectual property insurance.
Ride the Waves is a relatively new and developing industry that does not yet offer insurance benefits. This is a weakness of this business because accidents happen frequently and without warning. Management, on the other hand, goes to great lengths to make sure that the company is insured as soon as possible to cover all risks.
13.0 Conclusion
In conclusion, ride its waves has achieved a lot in the market and is likely to succeed in more advanced markets, including global ones. This is because analytics has shown us that businesses consider the interests and requirements of their customers. It is also encouraging to see that potential investors in Ride the Waves’ water sports business are putting in a lot of effort to realize the company’s ambitious goals.
Reference list
Appendices
Appendix 1: Cash flow forecast
(Source: self creted)
Appendix 2: Total survival income
(Source: self creted)
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