business plan final print
TRANSCRIPT
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LSE Bus Company
Business Plan
4/3/2012
Abdul Rehman
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Lets
Experience a
Safe,
Reliable andLearning
journey
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Table of Contents
Introduction ..................................................................................................................................... 4
1. Where are we now?............................................................................................................... 4
i) Identity of the business ......................................................................................................... 4
ii) The key people....................................................................................................................... 5
iii) The nature of the business ........................................................................................................ 5........................................................................................................................................... Marketing
5
The Competition ............................................................................................................................. 5
Target Market.................................................................................................................................. 6Sales Literature ............................................................................................................................... 6
2. Market research ....................................................................................................................... 6
Promotion Scheme ........................................................................................................................ 14
Marketing Scheme ........................................................................................................................ 14Marketing Effort ........................................................................................................................... 14
Management .................................................................................................................... 14Operations ..................................................................................................................................... 15Sales Strategy ................................................................................................................................ 16
Financials ......................................................................................................................... 17Financial Objectives...................................................................................................................... 18
Financial Summary ....................................................................................................................... 20
Profit and loss account statement .................................................................................................. 21
Statement of Assets, Liabilities and Equities ................................................................................ 22
Cash flow statement ...................................................................................................................... 23Payback Period=Cost of Project/Total Cash inflow per year ....................................................... 23
Break Even Analysis ..................................................................................................................... 23
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Introduction
Small businesses are considered as the backbone of every economy. They ensure the circulation
of money and help to give the employment to the people. Before stating any business, a business
plan is made to evaluate the opportunities and threats in the surroundings and to the check thestrengths and weakness of the competitors. Although, all these things are very important and
significant which involves internal and external audit, but before starting any business three key
questions must be answered.
1. Where are we now?2. Where do we intend to go?3. How do we get there?
1. Where are we now?i) Identity of the business
The name gives the sense of attachment to the university students. The company will
start providing services from 1st
of May. The LSE Bus Company, located in the city
of Lahore is a new bus service in its formative stages. It is being organized to take
advantage of a specific gap in the Lahore School of Economics bus service market, as
there is currently only one bus service providing services for the limited areas. The
gap exists in high quality, reasonably priced bus service to transport the students from
LSE to different areas of the city. The LSE Bus Company's aim is to provide safe,
reliable and efficient on time bus service to the students of Lahore School of
Economics using mini buses. Nine of the buses will be open with on board Wi-Fi
internet connection to provide the students with best leaning experience. The
operation of The LSE Bus Company is to provide a safe, licensed transportation
service for students at a reasonable price to parents. By achieving our goals, we will
become a trusted, viable transportation source to students.
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ii) The key peopleThe company has 10 drivers on the fleet plus a reserved driver in case of emergency. The
company has also two guards and an office boy. The company also has an operating manager
which will check the day to day operations of the company. It includes bus timings, bus
maintains and repair, student feedback and dealing with complaints. The collection of the fares
will be handled by the owner of the company.
All the drivers will have the license and have the driving experience of at least 5 years to ensure
the safe and sound driving. The guards will be hired from the guard company and the operating
manager must be intimidate and have 3 years experience in the bus service department.
The future requirements includes adding more buses to the fleet and also adding new routes to
the students of LSE, so that they can use bus service, hence saving time and cost.
iii) The nature of the business
LSE Bus Company will provide daily bus service to the students of LSE after every
slot. We will start our services initially with D.H.A, Gulberg and Cantt Plus adding a route to
the Ares adjacent to Thokar Niaz Baig .LSE BUS COMPANY will develop a message that
touring with us is fun and we will project that message over the airwaves and in print. We will
kick off our message using Comcast Cable System in the LSE area as well as hosting parties for
certain tour association decision makers and the media. We plan a pre-opening marketing
budget of Rs80, 000. As we profit, we will spend about 1% of gross revenues on advertisement
and marketing. We will also distribute survey cards to assess what we are doing right and
identify what we are doing wrong.
MarketingThe Competition
Our main competitors in the LSE Bus service market are:
1. Currently, there is only one competitor of the LSE bus Service, which has beenoperating for the last 4 years. The competitor enjoys the strong financial position as they
are only bus service n the market. The name of the competitor is Al Hussain Tours. The
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competitor has the large bus fleet with 15 buses currently operating and serving only to
three res .i.e. D.H.A, Gulberg, Cantt.
Target Market
The target market of LSE is the students of LSE, who are currently using the existing bus
service i.e. Alhussian tours, students who use the car pool service to come to LSE and the
students who live in areas adjacent to Thokar Niaz Baig.
Sales Literature
Brochures to feature our services will be produced throughout the LSE, information service
kiosks and the Juice Corner. Direct mail, advertisements and sales promotion literature will
be utilized.
2. Market researchMarket research is a very essential tool of business strategy. It is very important to conduct a
market research in order to get to know about the external and internal environment, knowing
about the customers, competitors, suppliers, distributors working in a particular industry. My
business plan is to start a new bus service in LSE as there is only one bus service operating,
which is charging high fares to the students. As, there is no other bus service available, currently
operating bus service is enjoying high profits and they are charging heavy amount of money. So
keeping these things in mind, I have carried out a research to come with the bus service that
provides best quality service in lowest possible price.
My Research Objectives are as follows
a) To find the strengths and weakness of the competitorb) To find the opportunities and threats, and how to capitalize the opportunities and
minimize the threats
c) To find the level of satisfaction of the customers who are using the Alhussnain Toursd) To find the customer preferences about the Bus servicee) To find how to deliver the best value to the customersf) To find the customer preferences about the safety and securityg) To find the geographic locations of the customers.
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I have used the different methods to conduct the research. I have used the primary methods of
research. I have used methods which make my research more clear, specific and informative.
Methods used for the research are as follows
1) ObservationI have started my research by observing that how many students come to LSE by bus. I closely
observed them and their problems. I have found that these students have to sit for long hours
waiting for bus as there is no flexible timing structure followed by the bus. Bus only drops the
students at 2, 4 and 6. So the students who have makeup classes in the 1st
slot have to come by
bus and wait for 4 hours. Otherwise he/she has to come by his/her own car and incur extra cost.
Moreover, students who live in places like Johar town, EME and areas which are located near
Thokar Niaz Baig have to come all over to liberty to go to LSE by bus. Also, there are very
limited stops, only three stops i.e. D.H.A, Gulberg and Cantt, offered by this bus service and the
management of the bus service is more of making money than providing quality journey to the
students. I also found that the students who come to LSE by other means are also suffering from
very different kind of problems. They come to LSE late and therefore they often come to classes
late missing the half lecture and not allowed by instructor to come in and attend the class. So,
their whole cost and effort goes waste. Mostly of these students live far from LSE and no bus
service is available in their area.
2) Ethnographic researchEthnographic research is another research often used by the marketers to observe the behavioral
pattern of the certain group in the society. It is the observation and interaction with persons or a
group being studied in the group's own environment, often for long periods of time. So,
ethnographic research has been conducted as I travelled by bus to observe the atmosphere and
environment of the bus and whether the security and safety standards have been met or not.
Although, the environment is clean and there are no hygiene issues, but the security and safety
standards have not been met properly. Driver is using the mobile phone and he has also not
fastened his seat belt. Also, there are cards given to the students who use the bus service and
there is no daily checking of cards. Bollywood music was blaring in the bus and most of the
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people in the bus were enjoying it but they were some people who dont have taste of such kind
of music or they simply dont want to listen to loud music on the way back to their homes. So, by
conducting ethnographic research, I have gained a lot of information.
3) InterviewInterview is another important mean to extract direct information from the source. I have
interviewed the Sobedar (the operating manager of the bus service). He was very hesitant about
sharing internal information about the Alhussnain Tours and shared very little information.
According to him, fares charged by the students are reasonable and any increases in the fuel
prices are already included in the fares. So, no extra money is charged if the diesel price goes up
during the semester. He also added that they earn more in winters because of less fuel
consumption and no usage of air conditioner as well; however, profit margin squeezes in the
summer
4) Market SurveyIn order to further extend my research and get more clear and quantitative results, I have
designed questioners. I have selected the sample size of 100 and distributed the questioners
in LSE. Also I have rounded the figures to get better understanding of the results. Findings
are as follows:
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As we can see from the graph, 25 out of 100 students come to LSE by Alhussnain Tours and 30
students come to LSE by car pooling system. 20 students come to LSE either free of cost or on
their own car. So, there is a need of a bus that can pick and drop the students in different areas of
Lahore.
According to the findings, 35 students live in DHA and 30 students live in Gulberg. However,
Alhussnain Tours has stops in these areas. But, 35 of the students come from the areas where
Alhussnain Tours has no stop, so they have to come to LSE through either by car pooling system
or on their own car.
0
5
10
15
20
25
30
35
LSE Bus
Service
Own Car Car pool My friends
pick and
drop me(freeof cost)
Other
How do you come to LSE?
How do you come to LSE?
0
5
10
15
20
25
30
35
40
D.H.A Gulberg Model
Town
Johar
Town
Other
Where do you live?
Where do you live?
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Mostly of the students belong to the strong financial background. So, spending money for quality
bus service wont be an issue for them.
More than 50 students out of 100 are in the favor of the statement that bus should drop the
students after every slot and they dont want to waste time waiting for the bus, as they are paying
handsome amount of money. Students are also in favor that bus should also pick the students
from different stops after every slot, so the students, who have classes at 12, dont have to get up
early to catch the bus.
0
5
10
15
20
25
30
35
30,000 -
40,000
40,000 -
50,000
50,000 -
60,000
60,000 -
70,000
Above
70,000
Monthly income
Monthly income
0
10
20
30
40
50
60
Strongly
Disagree
Disagree Uncertain Agree Strongly
agree
Do you think that bus should pick and dropthe students after every slot?
Do you think that bus should
pick and drop the students
after every slot?
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Many of the students strongly support the statement, that there should be more stops other than
the three stops, as students come from different areas of Lahore to LSE. So, bus should pick
them from their locations, as it will save their time and cost.
25 percent of respondents dont agree to statement and 30 of them agree. Also 15 students are
uncertain about this. It means that there are students who want to pay full of the fees at the start,
0
10
20
30
40
50
Strongly
Disagree
Disagree Uncertain Agree Strongly
Agree
Do you think that there should be more
stops in other areas of Lahore other than
DHA, Gulberg and Cantt?
1. Do you think that there
should be more stops in
other areas of Lahore other
than DHA, Gulberg and
Cantt?
0
10
20
30
40
Strongly
Disagree
Disagree Uncertain Agree Strongly
Agree
Do you think that there should be
payment system on weekly and monthly
basis, other than paying full at the startof the semester?
Do you think that there
should be payment system
on weekly and monthly
basis, other than paying full
at the start of the
semester?
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where as some students dont want to pay in full and want to follow a weekly or monthly system.
40 of the students confirm that they come to LSE by bus, if there is a stop near their locality. It
means that they are willing to come to LSE by bus and only problem with them is that there is no
stop near their locality. So, they have to come to LSE by car.
0
5
10
15
20
25
30
35
40
45
Yes No May be
Would you come to LSE by bus if there is
stop near your locality?
8. Would you come to LSE
by bus if there is stop near
your locality?
0
10
20
30
40
50
60
Strongly
Disagree
Disagree Uncertain Agree Strongly
Agree
Do you think that high speed internet i.e.
Wi-Fi should be installed in the collage bus?
7. Do you think that high
speed internet i.e. Wi-Fi
should be installed in the
collage bus?
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55 respondents were amazed by this technology of installing Wi-Fi in a bus and they strongly
agree to the statement, where as very small percentages of the student disagree. So, it would be a
comparative advantage to come with internet service in a bus.
More than 50 of the students are not satisfied with the service as they have to wait for long hours.
However, other 43 are satisfied with service.
0
10
20
30
40
50
60
Yes No I dont know
Are you satisfied with the LSE Bus Service?
9. Are you satisfied with the
LSE Bus Service?
0
10
20
30
40
50
60
70
Yes, they are charging
reasonable
No, they are charging high
Are you satisfied with the fare LSE bus service
is charging?
Are you satisfied with the fare
LSE bus service is charging
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More than 60 students believe that bus service is charging high rates; whereas 30 of the students
are satisfied with the fare Alhussnain Tours is charging as there is high inflation and diesel prices
have gone very high for the last 2 years.
Promotion SchemeThe overall concept and design of The LSE Bus Company sets the stage for its promotion.
Marketing and promotion will stress the unique buses, the fun you can have with us and
quality of tours that will set it apart from the rest. Strong public relations combined with
well-placed, well-designed, distinctive advertising appealing directly to people who are our
prospective customers will help get the word out.
Marketing Scheme
Customers will be reached through traditional marketing communication methods. Research
suggests that our target market customers, many will access the Web for Bus service
information and may make reservations or purchases via that medium. Besides, the Internet
will serve as an effective means of communication and distribution of information about our
services. LSE BUS COMPANY will target our customers initially at our bus stops as we
board our passengers, giving them brochures and other literature that they may share with
their friends.
Marketing Effort
The marketing effort will employ a mix of vehicles to convey our message and presence.
Print media -- brochures Misc. -- charity eventsLSE BUS COMPANY, upon successful operation of two years, will begin to develop
strategies and plans geared towards opening new offices and Bus service services.
Management
Usman Malik will be the operating manager of the LSE bus Company. He has extensive
experience in the Bus service industry, working for college bus of Punjab collage and
conducting walking tours around town. Mr. Usman Malik has a knack for
recognizing opportunities and developing staff members to take advantage of those
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situations. He will assemble a staff of experienced driver professionals to start operations
and market our services.
Guards and Driver will receive overtime pay (currently estimated at 20%) in addition to their
regular salary. Also all employees will be covered under a health, dental, and vision plan
after three months of employment. At The LSE Bus Company, we believe in an incentive
based entrepreneurial approach to management. To have the employee want to work and
make money, we will institute programs that will benefit the employee as well as the
company. For example, when we sell photographs of our passengers, the Courtesy Captains
will make a commission on the photos sold during their shift. How this will benefit them is
that a receipt will be processed with the CC name on it so that when a purchase has been
transacted, that CC is credited with the sale, thus the commission. At this point, we willassess what commission will be paid. For the drivers, we will allow them to compete for tips
as well as overtime pay. But we will also keep tabs on their attendance and appearance. At
the end of the month, those drivers that have the best attendance record and appearance will
be allowed to compete for the monthly bonus.
Operations
Submitting fares and dues of the buses will take place outside the LSE main gate, nest to
juice corner. This site gives us great student traffic next to the university as well as ample
Position Salary Bonus
Operation manager Rs25,000 5% of gross monthly sales
Guard Rs12,000 Monthly Customer Service
Driver Rs12,000 Monthly Customer Service
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parking The buses will be stored and serviced by the driver and head by the Usman Malik,
thus reducing staff cost and insuring top notch services for our customers. A small office
located next between the Taheer Caf and juice Corner will serve as administrative offices.
Objectives of the company are as follows
1. To provide the best value to the students of LSE by providing best quality service atreasonable rates.
2. To maximize value by adding internet on board, hence creating competitive edge.3. To provide safe, reliable and on time journey to the students.4. To pick and drop the students, when they want, where they want and to ensure safety
standards.
5. Offering low prices than the competitors to create competitive edge.6. Flexible timings and stops are the distinctive competencies of the LSE Bus Service.The LSE Bus Company has following policies
a) There would be only cash payments in order to ensure secure money transferb) Payment methods on weekly and monthly basis in the start of bus service.c) Separate bus for the smokers and non smokersd) Hi Speed internet connection to create competitive edgee) Flexible timingsf) 8 stops in the different areas of the city
Sales Strategy
LSE bus Service will aggressively sell the benefits of touring with us by implementing the
following action items:
In our first months of operations we will:
Begin a major advertisement campaign to let the LSE area Bus service public know thatthere is a new tour in town.
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We will host a party for the concierges of all the major hotels in LSE and present themwith an incentives offer for referrals to LSE BUS COMPANY.
In the future we will:
During the school year we will offer discount tours to area schools and during thesummer we will offer discount tours to area colleges and universities for their incoming
freshmen and their families.
Develop special tours such as 'Lovers Only' tours at Valentine Day. Host Fraternity and Sorority night tours. Develop 'Movie Scene' tours. Host Family Reunion special tours. Develop Veterans tour specials. Host a once a year Stone Cold Family Picnic tour. Add to our product line a picture-taking ability so that before customers go on one of our
tours, we will take pictures of the group and have a framed portrait waiting for their
return, as well as the ability to send the picture via e-mail to anywhere in the world.
Financials
Our research and projections indicate that the demand for Bus service in LSE is sufficient to
provide The LSE Bus Company, with revenues of over Rs 420000/bus in its first full year of
operations, utilizing 9 coaster buses and selected routes throughout the city. These sales
figures are based on capturing 405 customers out of a potential customer base 2500. Second
year revenues are expected to exceed Rs 6300000/bus serving over 450 customers with
additional advertising and expanded tours. The LSE BUS COMPANY plan has the potential
for a more rapid growth because of more routes. In short, the demands for tours in LSE BUS
COMPANY's target market during the coming year will be more than enough to support LSE
BUS COMPANY's anticipated market share. The first few months of formative operation
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will burn cash until revenue can commence. This is due to the organizational and regulatory
obligations of a new tour operator but aggressive marketing and promotion will readily make
up for the slow start.
LSE BUS COMPANY is seeking financing of Rs 12600000 to purchase 9 buses in the form of a
five-year loan. Most of the planned start-up costs are apportioned to the following areas in
approximately declining value:
1. Purchasing 9 45-passenger Toyota coasters Bus service buses, with on board internetservice
2. Provisions of a sufficient cash reserve to assure timely payment of operating costs of thebuses for the first three months.
3. Costs associated with recruiting, training, and paying operational crews.4. Marketing, advertising, and public relations costs, including the cost of setting up a
website capable of offering tour information and making online sales and reservations,
and related Internet marketing, as well as conventional print and broadcast advertising,
and public relations activities.
5. Administrative and legal costs incurred in setting up the business and the tour operations.6. A reserve to cover overall operating costs, aside from bus operating costs, over at least
the first three months of operations.
Financial Objectives
The LSE Bus Company will have as it primary objectives the following elements:
To establish and operate a new LSE bus company aiming specifically at needs of thestudents
To implement an organizational and marketing strategy that will, beginning in the firstmonths of operation, achieve an average load per bus of 65-85 percent depending on
season and increasing thereafter to 75-100 percent, thereby maximizing revenues and
return on investment while reducing risk.
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To achieve revenues of about 24,000,000 by our first full year of tour operations, also toexpand into newer markets
To achieve net operating profits of 60-70 percent within the first 12 months
To gear operations, and present a professional, serious, growth-oriented image from theoutset, that will set the stage for a reasoned, planned expansion, mirroring growth rates
projected for the first years of operations.
As an element critical to achieving LSE BUS COMPANY's other key objectives, toidentify and develop strategic alliances through the contacting the contractors of the bus
companies.
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Financial Summary
Start -up Capital R.s
Buses security (300,000*9) 2,700,000
Buses rent in advance (3months) (225,000*9) 2,025,000
Premises security 50,000
Premises Rent in advance (3months) 75,000
Payroll 150,000
Office equipment 50,000
Stationary and Printing exp 15,000
Internet connection 13,500
Total R.s 5,078,500
Working Capital R.s
Fuel (100km/8*98*9*30) 330,750
Overhead 10,000
Repair & Maintenance 10,000
Total R.s 350,750
Cost of the Project R.s 5429250
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Profit and loss account statement
The LSE Bus Company
For the year ending, 31 December
Year1 Year 2 Year 3
Fees (500*4000*12) 24,000,000 25,200,000 26,000,000
Other Expenses
Rent (buses) 8,100,000 9,100,000 9,500,000
Rent premises 300,000 400,000 450,000
Salaries/payroll 1,800,000 2,200,000 2,250,000
Fuel 3,969,000 5,000,000 5,500,000
Overheads 120,000 150,000 200,000
Internet Wi-Fi 102,600 95,000 95,000
Repair and Maintenance 120,000 150,000 200,000
Net Profit/loss Rs 9,489,000 8,105,000 7,80,5000
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Statement of Assets, Liabilities and EquitiesThe LSE Bus Company
For the year ending, 31 December
Current Assets R.s
Cash at bank 3,000,000
Prepaid Rent Land 300,000
Fixed Asset
Office equipment 50,000
Internet connections 14,000
Total Assets 3,364,000
Current liabilities
Salaries payable 1,800,000
Prepaid rent buses 8,100,000
Owners equity 6,000,000
Net profit 9,489,000
Total 25,389,000
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Cash flow statement
LSE Bus Company
For the year ended 31, December
Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec
Payments
Payroll 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
150,000
Overheads 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Rent (premises) 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000
Rent (bus) 675000 675000 675000 675000 675000 675000 675000 675000 675000 675000 675000 675000
Internet 13500 8550 8550 8550 8550 8550 8550 8550 8550 8550 8550 8550
8550
Fuel 330,750 330750 350750 350750 350750 350750 360750 360750 360750 360750 360750 360750
Total 1,204,250 1200204 1219300 1219300 1219300 1219300 1221700 1221700 1221700 1221700 1221700
1221700
Received
Sales: 2,000,000 2000000 2500000 2500000 3000000 3000000 3000000 3000000 300000 3000000 3000000
3000000
1. Payback Period=Cost of Project/Total Cash inflow per year5429250/33000000=0.16
16 days will be my pay back period
Break Even AnalysisFixed Cost R.s 673500
Variable Cost / unit R.s 664.5
Selling Price/ unit Rs 4000
Break even 202 Units monthly
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Appendix
1. How do you come to LSE?a) Alhussnain Toursb) I come on my own Carc) Car Poold) My friends pick and drop me.e) Other
2. Where do you live?a) D.H.Ab) Gulbergc) Model Townd) Johar Towne) Other
3. Please specify your monthly income?a) 30,00040,000b) 40,00050,000c) 50,00060,000d) 60,00070,000e) Above 70,000
4. Do you think that bus should pick and drop the students after every slot?
Strongly
disagree
Disagree Uncertain Agree Strongly
agree
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5. Do you think that there should be more stops in other areas of Lahore other thanDHA, Gulberg and Cantt?
6. Do you think that there should be payment system on weekly and monthly basis,other than paying full at the start of the semester?
7. Do you think that high speed internet i.e. Wi-Fi should be installed in the collage bus?
8.
8. Would you come to LSE by bus if there is stop near your locality?a) Yesb) Noc) Maybe
9. Are you satisfied with the Alhussnain Tours?a) Yesb) Noc) I dont know
Strongly
disagree
Disagree Uncertain Agree Stronglyagree
Disagree Uncertain
Strongly
disagree
Disagree Agree
Strongly
disagree
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10.Are you satisfied with the fare Alhussnain Tours is charging?a) Yes, they are charging reasonableb) No, they are charging high