Start Up: RestBand
Target Market: Rest band is a promising innovation for people living in noisy environment and people suffering from insomnia and lack of sleep due to being very sensitive to small noises.
We are aiming Filipino families that are earning Php21,000 to Php41,000 a month as our target customers since the product is fairly a cheap device. Additionally, call center agents working in BPO companies are also main targets of this innovation because of their sleeping routine. Although the place where they are living is peaceful at night, we cannot deny the fact that daytime is business-time to most people, that is why they are most likely the ones who are needing this kind of product to ease their discomfort and rest just as good as resting at night.
Number of target market: Now that we finally decided with our target market, the next step is to identify its number. With our Php21,000 to Php41,000 income range, we looked up the statistical table for Family Income at the website of Philippine Statistics Authority. In the table, it shows the annual family income by region at year 2018. According to the website, the average family who’s earning Php 250,000 to Php 499,999 per year are roughly around 6,183,000. Furthermore, call center agents working in BPO companies are also our main targets. Also in 2018, the website Site Selection Group and Author King White stated that the Philippines has transitioned into a global hub of over 1,100,000 call center workers.
Key Resources: In order for this business to work, we need these things:
1. Intellectual Resource - Business knowledge is an important strategic asset. It is a sum of skills, capabilities and expert insight, which you collectively create and rely on. This includes:
A. Market knowledge
B. Technical skills
C. Research and development skills
D. Customer knowledge
With such knowledge and skills, the implementation of the business is outstanding and effective. The ability to do the work and take advantage to the knowledge and skills that the team has is essential.
2. Financial Resource - In the real world, most businesses need some kind of funding to cover expenses. With investments and funds that can contribute to the circulation and selling of the product, we can reach and help many people with their sleeping problems due to noise and improve their health. That is why we are looking for investors that can fund our expenses and let them be part owners of the company with a percentage of shares in proportion to their investment value. We also need Financial Resource to give salaries to our people such as: Managing Accountant, Engineers and other workers to manufacture this product
3. Physical Resources - To make this product, we need to have a place to work on such as a Manufacturing Facility where we will create our restband to provide our target market. Together with the Manufacturing Facility, materials as well is a necessity for the production. Moreover, an office space is also an example of physical resources for our company, this can help us to operate our business and it can also be used for meetings.
4. Human Resources - Human Resources or Managing Resources is where we widely use part knowledge or Technical skills (Research part) by our workers. Human resource is a key role in developing, reinforcing and changing the culture of an organization. Performance management, training and development, recruitment and onboarding and reinforcing the values of the business are all essential elements of business culture covered by the human resource. Imparting the knowledge to a wider range of people to implement the business will definitely enhance the production of the product and the circulation as well.