Business Plan Business Name: 24/7 Tech Solutions Address: Saudi Arabia, Ryiadh –

Business Plan

Business Name: 24/7 Tech Solutions

Address: Saudi Arabia, Ryiadh – Olaya, Abduallah Alkhlifi. St

E-Mail: [email protected]

Form of ownership: Sole proprietor

Investment capital: Bank loan

Scope and type of business

 The business will be concerned with selling and providing services on matters of technology. –

It will be selling electronic products such as phones, laptops, and services such as installing

software and all the technological solutions. The business will encompass both product and

service provision. It makes it different, and besides, it is available throughout the day.

 The business’s mission is to provide technological solutions that satisfy the needs and

preferences of consumers.

 The short-term goal is to provide exceptional services to increase the number of consumers and

compete with other start-ups. The long-term goal is to expand globally and be international.

 The target market will be the youth and the middle-aged population who are keeping up with

technological advancement. Most of the target market will be the people living around the area

and mostly those passionate about technological advancement. This will be mostly the youth

and the middle-aged people.

B. Business Philosophy

 Due to increased technological development, the business will grow rapidly. Besides, the

advancement in technology in the future will have a positive impact on the company. It will be

of advantage to the company as the company will stand out (Barlow et al., 2021).

 The strength of the company is the provision of both products and services. The strategy draws

a lot of consumers both in the production and service sector and is therefore profitable. The

core competencies will be offering technological solutions and technological gadgets. The

skills I acquired while pursuing my Information technology will come in handy in providing

the services.

 Risk assessment (SWOT) (Gurl, 2017)

Strength- availability of the products and services 24/7

Weakness-flooding market with cheap products

Opportunity- increased technological advancement

Threats –Competitors,

 The business is anticipated to grow at a rate of 15% per year, and in 5 years, the growth will be

at 75%

 My competitors will be other companies that offer the same product, but I will beat them

through marketing and advertisement.

 The costs include; products purchase, maintenance cost, labor cost, and marketing cost

A. The products will be:

 Phones

o iPhones

o Android phones

o Apple phones

 Laptops

o Hp model

o Lenovo

o Apple

The services include installation of software, system updates, and technological solutions

B. The business will be a small start-up, and it will include three employees with one retail facility.

C. the competitive advantage will be the provision of quality services and products