MINI PROJECT

ON

TELE-DARJI
SUBMITTED FOR THE PARTIAL FULFILLMENT FOR THE AWARD OF
DEGREE OF

MASTERS OF BUSINESS ADMINISTRATION

2020-2022

SUBMITTED TO: SUBMITTED BY:

MISS. VIDUSHI SRIVASTAVA ANIKET MISHRA
Assistant. Proffessor M.B.A (1st SEM.)
M.B.A. G.I.T.M.
G.I.T.M.
LUCKNOW

1
 DECLARATION OF ORIGINAL WORK

This declaration is made on the ……………..day of ............... 2020

Student’s Declaration:

I
--------------- (PLEASE INDICATE STUDENT’S NAME, AND STUDENT NO.) hereby declare that
the work submitted for the module
---------------------- is my original work. I have not copied from any other students’ work or
from any other sources except where due reference or acknowledgment is made explicitly,
nor has any part been authored by another person.

Date submitted

Name of student:-

Received for examination by:

Date: (Name of the supervisor)

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 ACKNOWLEDGEMENT
I would like to express my special thanks of gratitude to our H.O.D. DR. JYOTI
AGARWAL Ma’am who gave me the golden opportunity to do this wonderful
opportunity to pen down a innovative business plan and also helped me in doing a
lot of Research and i came to know about so many new things I am really thankful
to her.

I am highly indebted to my Faculty guide MISS. VIDUSHI SRIVASTAVA Ma’am

for their throughout guidance and constant supervision as well as for providing
necessary information regarding the project & also for their support in completing
the project.

I would like to express my special gratitude and thanks to our Coordinator MR.
SHARAD CHANDRA Sir for giving me such knowledge of marketing which i
inculcated in making of this business plan and also for their throughout attention
and time.

I would like to express my gratitude towards my parents & my college mate MR.
ADIYA SHUKLA for their kind co-operation and encouragement which help me in
completion of this project.

However, it would not have been possible without the kind support and help of
many individuals and organizations. I would like to extend my sincere thanks to all
of them who have willingly helped me out with their abilities.

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 PREFACE
I respect to the allotted project, I have inherited myself as an entrepreneur in this
organization but informally it is a sacred place for me as it’s my first practical exposure to an
organization to know and get aware to an organizational real practical stressful
environment. Although I am student of MBA It is a two year full time degree courses. So far
this training is scheduled for first semester syllabi of AKTU i.e. (Mini Project) as a separate
topic to be asked in detail in viva-voice conducted by external Thus study will provided me a
better opportunity to survive in cut throat competition with a prosperous existence. I have
tried my best to gain out of well framed circumstances & with the help of experienced
personnel who helped me out so for become possible to them. As being a very confidential
functioning many things are there which can’t be known but on the basis of gathered
information and certain hints, the project has been formed. It may have something missing
but I have tried to present all things what I have received. Although this report has been got
checked by different personnel but after that if there is some shortcomings I expect it to be
rectified. So the whole study bifurcated in different parts. Certain observations &
suggestions also have been stated which if possible to be reviewed.

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 TABLE OF CONTENTS

 ACKNOWLEDGEMENT

 PREFACE

 TABLE OF CONTENTS

 EXECUTIVE SUMMARY

 INTRODUCTION OF THE SERVICE

 OBJECTIVE OF INNOVATION

 NEED OF INNOVATION

 SOURCE OF IDEA

 PROTOTYPE

 USES OF THE SERVICE FUNCTIONAL AREAS OF SERVICES

 COMPETITORS ANALYSIS SWOT ANALYSIS OF SERVICE

 TECHNICAL FEASIBILITY

 MARKET ANALYSIS

 COSTING AND PRICING OF THE SERVICE

 FINANCIAL FEASIBILITY OR AVAILABLE SOURCES OF FUNDS

 LIMITATIONS OF THE SERVICE

 FUTURE CHANGES IN SERVICE

 CONCLUSION

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 EXECUTIVE SUMMARY

 Ideated with mind of bringing tailoring sophistication at your

doorstep, Designer On Call™ is India’s first of its kind service,
where all your tailoring needs are fulfilled under one roof.
 We at (TELE- DARJI) will offer more n more sophisticated services to our
custoumers .
 We provide in vogue colour palettes and embroidery details.
 Our team always constantly research for the latest textile trends, looks for
the finesse in design.

Custom Tailoring Service For Men

Tailored Suits, Shirts, Sherwani, Pathani, we stitch almost everything, Book today
and our Expert Designer will visit you at your doorstep.

Corporate Dress Designers

Are you looking for Corporate Dress designing or tailoring, then you are at the right
place, we are expert in designing corporate uniform.

Custom Tailoring for Kids

Why should grown-ups have all the fun? We love to cater to the little ones too.

Alteration & Repair Service At Doorstep

Not only do we stitch beautiful pieces of clothing but we help you maintain those
too.

Wedding Dress Designers

Specially made clothing for your very special day, Custom made clothes for Bride
and Groom

Avatar

Give your old stuff a new look, Avatar by Darzi On Call, Reshaping your favorite
garments.

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 Introduction Of The Service

A service is the action of doing something for someone or something. ...

Put in paper with mind of bringing tailoring sophistication at your doorstep,

Designer On Call™ is India’s first of its kind service, where all your
tailoring needs are fulfilled under one roof. Ardent follower of
Givenchy’s statement that a dress must follow the body and not
the other way round. Designer On Call™ stands for strong personal
style. Creative owners of Designer On Call™ believe in deciphering the
myth that individualised patterns can be time-consuming and expensive.
With the influx of ready- to- wear designer labels, made-to-measure
custom stitching is considered passé. With the time crunch and living on
the deadline phase, all segments seem to pull up their schedules for mall
hopping. Hunting for the perfect tuxedo or an oomph factor cocktail gown
inside the brick and mortar stores has its own limitations. At times, your
size, style, choice of fabric or certain colour is not available. Designer on
Call is all about made- to- measure and cut-to-fit philosophy. Custom
tailoring is synonymous with perfection in measurements, choice of fabric,
colour, pattern, collar and cuffs et al. A nascent venture but elegance and
sophistication best describes Designer On Call’s services. With design
focus on craftsmanship and aesthetics, Designer On Call’s custom tailored
and bespoke services are talk of the town. Our aim is to provide an
experience that epitomises the age old craft of refined tailoring. Beautiful
fabrics, chic designs, exceptional craftsmanship, and fine attention to
detail, we know our client’s requirements. Our team of fashion designers
are so inspired by the sophistication and elegance. Our team showcases
the workmanship that had been handed down from generation to
generation. At Designer On Call™, we offer exceptional fitting to our made
to measure garments. We aim to fit into the specific client needs as we as
a brand stand has an affinity for combining perfect fit with exquisite
details. Our stitched pieces speak for itself like a graceful statement. All
stitched in the Delhi boutique with constant involvement of our fashion
designers who arrive at your place with design book and leave with your
measurements. The made-to-measure designs consist of hand- made
embroidery created by experienced hands that combine finesse with
trends. We provide in vogue colour palettes and embroidery details. Our
team always constantly research for the latest textile trends, looks for the

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finesse in design. The bespoke services are tailored for fashion junkie who
loves to embrace the latest fad.

8
Product detail Description with
Diagram

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 Objective Of The Innovation

My primary objective as a Tailoring service is to deliver quality product and service

to the customers. I can fulfill this by ensuring that customers’ requests on clothes
alteration and garment construction are precisely and promptly done.

I aim to provide employment to idle person expert in personalized sewing and

stitching.

The womens who have sewing machines can also utilize their skills and earn.

I am much updated of the latest in the fashion trends and can keep up with the
customer’s demands.

To promote LOCAL FOR VOCAL

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 Need Of Innovation

Innovation increases your chances to react to changes and discover new

opportunities. It can also help foster competitive advantage as it allows you to build
better products and services for your customers.

Yes as we all know India is a labour intensive country (both male and female) so the
time given for tailoring the cloth is not a easy task

Float employment in every possible manner .

Innovation isn't just something new, it's something different and useful. Innovation
management is the process of managing innovative ideas. Innovation can improve
productivity, create new revenue streams, increase employee loyalty, save costs.
Successful innovation management will transform big ideas into reality.

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 Source Of Idea
 Human mind:- Human mind is the main source of innovations. In
business, innovation often results when ideas are applied by the company in
order to further satisfy the needs and expectations of the customer
 Unexpected Occurrences:- Consider, first, the easiest and simplest source of
innovation opportunity: the unexpected. ...
 Incongruities. ...
 Process Needs. ...
 Industry and Market Changes. ...
 Demographic Changes. ...
 Changes in Perception. ...
 New Knowledge.
 Innovation is based upon bright ideas. the human mind thinks of new things that can
better fulfill an existing need. In this process he thinks of filling his needs in new ways
and by devising new products and mechanisms. Demographics: Our lifestyles can
also be a source of innovation

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 PROTOTYPE

A prototype is an early sample, model, or release of a product built to test a concept or

process. It is a term used in a variety of contexts, including semantics, design, electronics,
and software programming.

A prototype is generally used to evaluate a new design to enhance precision by system

analysts and users.

A prototype is a simple experimental model of a proposed solution used to test or validate

ideas, design assumptions and other aspects of its conceptualisation quickly and cheaply,
so that the designer/s involved can make appropriate refinements or possible changes in
direction

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 USES OF THE SERVICE

Companies tend to have trusted advisors who may have relations around the world.
Although it may take only a few seconds to google parties that can offer the required
assistance, we can be of added value because :

 This service will be managed by professionals who are actively engaged in

everyday client service.
 This service will be independent and is happy to work with any party brought
forward by its clients. If needed, we can recommend advisors from our own
network.
 We does not seek to sell as many services as possible. Our goal is to provide
the set of services needed at a given moment in time. No more, no less.
 We are coustomised to working for clients located in different time zones and
is available when they need assistance.

Our team will consists of hands-on professionals working together in a flat

organization. This allows us to offer our services at competitive fees.

 Services as Solutions:- Firms need to understand their service and their

customers to ensure that their services will be viewed as solutions to
consumer needs.
 Promotes Employment
 Cost reduction
 Less Time Consuming


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 FUNCTIONAL AREAS OF SERVICES
It is usually easier to identify separate functional areas because people work together
in departments. Each department carries out the tasks that relate to its particular
area.

The main ones you are likely to meet in business are shown below.

The Purposes of Functional Areas

The main purpose of functional areas is to ensure that all-important business
activities are carried out efficiently. This is essential if the business is to achieve its
aims and objectives.

We can illustrate the situation as follows:

1. Sales and marketing will be involved in achieving targets linked to developing new
markets or increasing sales.
2. Human resources will be involved in arranging staff training activities and supporting
the continuous professional development of all staff.
3. Finance will be expected to monitor and support aims and objectives linked to
keeping costs low to improve profitability.
4. Production will be set targets relating to quality or meeting planned production
schedules.

Administrative Function
The administration is a support function required by all businesses, and this does not
mean just doing keyboarding or filing.

Senior administrators carry out a wide range of tasks, from monitoring budgets to
interviewing new staff for their departments.

Routine administrative tasks include opening the mail, preparing and filing
documents, sending emails and faxes.

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 COMPETITORS ANALYSIS

1. Determine who your competitors are.

2. Determine what products your competitors offer.
3. Research your competitors sales tactics and results.
4. Take a look at your competitors' pricing, as well as any perks they offer.
5. Ensure you're meeting competitive shipping costs

There is no competition in the market

because it is a very new service which
has its own value and has no other
alternatives

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 SWOT ANALYSIS OF SERVICE

SWOT analysis — strengths, weaknesses, opportunities, threats —

It is something many MBA students learn. Unfortunately, businesses frequently treat

SWOT analysis like geometry — one of those things you have to learn but will never
use again. But SWOT analysis offers a concrete, real-world audit of a company and
a scan of its relative standing within an industry.

While strengths and weaknesses are internal, they are measured on a comparative
benchmark. Opportunities and threats are external — your opportunity is usually at
the expense of another company in your industry. Likewise, threats come from the
competition. Therefore monitoring your competition on an ongoing basis is a
necessity.

STRENGTH:- No Competitors
WEEKNESS:- Not Much Knowledge about the
Current scenario.

OPPORTUNITIES:- Can float nationwide if

excels in small scale .

THREATS:-As its startup high risk as well as

high capital required.

CONCLUSION OF SWOT ANALYSIS

Using SWOT analysis on a regular basis, perhaps once or twice a year, will give you
a broad overview of ecommerce industry trends, show you where you stand in
relation to your competitors, and provide insights into mitigating your weaknesses
and building on your strengths.

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 TECHNICAL FEASIBILITY
A technical feasibility study assesses the details of how you intend to deliver a
product or service to customers. Think materials, labor, transportation, where your
business will be located, and the technology that will be necessary to bring all this
together. It's the logistical or tactical plan of how your business will produce, store,
deliver, and track its products or services.

A technical feasibility study is an excellent tool for both troubleshooting and long-
term planning. It can serve as a flowchart of how your products and services evolve
and move through your business to physically reach your market.

It's the logistical or tactical plan of how your business will produce, store, deliver, and
track its products or services.

Yes it is technically possible by analyzing through (PESTEL

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 MARKET ANALYSIS
A market analysis is a quantitative and qualitative assessment of a market. It looks into the
size of the market both in volume and in value, the various customer segments and buying
patterns, the competition, and the economic environment in terms of barriers to entry and
regulation.

How to do a market analysis?

The objectives of the market analysis section of a business plan are to show to
investors that:

 you know your market

 the market is large enough to build a sustainable business

In order to do that I recommend the following plan:

Demographics and Segmentation

Target Market
Market Need
Competition
Barriers to Entry
Regulation

Segmentation helps marketers to be more efficient in terms of time, money and other
resources. Market segmentation allows companies to learn about their customers.
They gain a better understanding of customer's needs and wants and therefore can
tailor campaigns to customer segments most likely to purchase products.

One technique used to identify a target market is market segmentation. The five
basic forms of segmentation are demographic (population
statistics), geographic (location), psychographic (personality or lifestyle), benefit
(product features), and volume (amount purchased).

The target market is composed of men and women, 18-40 years of age, with mid-
range incomes. The target customer is very fashion forward and trend conscious,
residing in an urban area. They are either shopping for themselves or for their
children.

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 POSITIONING OF THE BUSINESS IN MARKET

Positioning is a marketing concept that outlines what a business should do to

market its product or service to its customers. In positioning, the marketing
department creates an image for the product based on its intended audience.

This is created through the use of promotion, price, place and product.

There are five main strategies upon which businesses can base their positioning.
 Positioning based on product characteristics. ...
 Positioning based on price. ...
 Positioning based on quality or luxury. ...
 Positioning based on product use or application. ...
Positioning based on competition. Types of positioning in marketing

 Pricing. Pricing is an essential factor that impacts the decisions of most customers. ..
 Quality. Quality can help rebuff most pricing wars. ...
 Differentiation. ...
 Convenience. ...
 Customer service. ...
 User group. ...
 Create a strong competitive position. ...
 Improve sales.

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COSTING AND PRICING OF THE SERVICE
Many service-based businesses struggle to come up with a fair and profitable
pricing strategy. Unlike product pricing, you can’t exactly quantify all the costs
that go into providing a service.

The expenses that go into providing a service are more subjective than the
expenses that go into making a product. How much you charge customers doesn’t
always directly correlate with the amount you pay to perform services.

In service industries, finding a target profit margin is not as simple. You don’t have
an original price to reference. Instead, your pricing formula for services should
account for the intangible aspects of running your business, such as time and
value.

In short, pricing services is tricky business.

As a service-based business, it’s difficult to price services because we need a

model that is scalable yet flexible enough to solve our customers’ problems.
Offering a scalable, one-size-fits-all price can turn potential customers off
because their needs are typically not like those of your countless other customers.
At the same time, offering 100% custom pricing can limit growth because of the
time required to quote every facet of your services.”

Your 6-step guide

Because there is not a set-in-stone method for pricing services, you have some
flexibility. Use the following six steps to learn how to price a service:

1. Calculate your costs

2. Look at the market
3. Know your customers
4. Consider time invested
5. Come up with a fair profit margin
6. Charge an hourly or per-project rate

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22
 Pricing Strategies for Service Businesses
There are many different pricing strategies to choose from. Here are 11:

1. Market penetration strategy: Set prices low to grow market

share. Then increase your rates over time as your customer base grows.
Admittedly, this isn’t a common pricing strategy for service businesses, but
it can help you grow your customer base quickly. The big problem with this
approach is that some customers may associate the lower price with an
inferior level of service. You will also have to work a lot harder to cover your
costs
.
2. Price skimming: The opposite of a market penetration strategy.
Here you set a high price and lower it over time. Again, this isn’t your
typical pricing strategy for a service business. But it may work if you have
something special to offer. The pros are that you’ll maximize your profits
upfront and grow a more sustainable business. The big drawback,
however, is that if you can’t justify the price, you’ll struggle to get your
business off the ground.

3. Premium pricing: Charge higher prices because you have

something that makes you unique. For example, do you offer a warranty or
service guarantee that your competitors do not? Do you use exclusive tools
or technology that make your business easier to work with and deliver
results that stand out?

4. Economy pricing: Set low prices because overheads are low. Your
costs may be low for several reasons. Perhaps you use software to
organize and manage your business instead of hiring an assistant. Or
maybe you have a special arrangement with one of your suppliers which
allows you to get inexpensive supplies.

5. Cost-plus pricing: Calculate the cost to deliver your services and

add a margin for a profit. For example, if you know your time and materials
cost $200, and you want to make a 20% profit margin, simply charge $240.
This is a straightforward pricing strategy, but it can cost you money
because you may end up setting a lower price than what customers are
actually willing to pay.

6. Psychological pricing: Prices based on the psychological impact

they have. For example, it’s believed that odd prices like $19.97 are more
attractive than round numbers like $20.00.

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7. Competitive pricing: Charge according to what the competition
charges. While competitors can give you a good idea of where to start,
remember that your business is unique. Just because someone is charging
a specific price doesn’t mean you should match or undercut them.

8. Bundled pricing: Also known as packaged pricing, this strategy

involves bundling various services together and charging one price.
Bundled services are usually cheaper than if customers were to purchase
each service individually. If done correctly, this technique is a great way to
upsell more services and boost your profits—as Dave Moerman of Revive
Washing notes:

“Our house washing package is our most requested and most profitable
service. This is a full soft wash of siding, windows, and gutters).
Homeowners like this package because it takes care of all services with
one detailed visit…For our crew to be profitable, we have to do a certain
amount of revenue per day. Small jobs are okay to slot in, but we like to
have a good-size house wash for each crew for each day. From a
profitability perspective, it’s much better.”

9. Tiered pricing: Offer clients the option of choosing between different

levels of service or packages. In window cleaning, for example, you can
offer a basic package for $99 (outside cleaning only), a standard package
for $149 (inside and outside), or a deluxe package for $199 (inside,
outside, tracks and sills). Each package offers incrementally more value,
and the difference in price gives the consumer a chance to consider what
they are willing to spend.

10. Value-based pricing: Charge a flat fee based on the value

(benefits) your service provides. Value, for example, could mean saving the
customer time or giving them peace of mind. Before quoting a client, make
sure you’re clear on the benefits your service provides and, in turn, what
they’re actually paying for.

For example, parents who use house cleaning services are not really
paying for the service itself, but the time it frees up so they can spend with
their children. Charging for your services based on value lets you charge a
premium and protects you from the all-too-common price haggling that
occurs with some customers.

11. Hourly-based pricing: Estimate how long a job will take and
multiply it by your hourly rate. Although this pricing strategy may be suitable
when starting a business, do use it with caution as it has its downfalls:
 You aren’t rewarded for becoming better and faster at what you do

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  Clients may feel you’re purposefully taking your time on a job so you
can earn more

 The focus is on the cost of the service rather than the value, which
opens you up to price haggling

Factors to Help You Choose the Right Service

Pricing Strategy
 Your overheads. If you have lower overheads, you can charge
more competitive prices. Conversely, if your costs are high, then
competing on price isn’t viable. You’re better off charging a premium
based on a unique differentiator.
 Your goals. If you’re a new business looking to get customers fast,
you may opt for a market penetration strategy to achieve rapid
adoption.
 How established you are. If you’ve been operating for a few
years and want to grow faster and sustainably, offering packages is a
good option. Providing packages helps you sell more by turning the
intangible (your service) into something tangible (a product), which
makes it easier for customers to buy.

The Bottom Line on Pricing Strategies for Service

Businesses
Pricing services is generally harder than pricing products as each job is
different, and you have to grapple with your own experience, insecurities,
and specifics of each job. On top of that, pricing is complex with many
different pricing strategies to choose from.

Of course, just because something seems difficult, doesn’t mean it is or

that you shouldn’t try. After all, the more jobs you bid for, the more you’ll
learn about what works and what doesn’t. It’ll only be a matter of time
before you find a pricing strategy that’s right for your business.

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 FINANCIAL FEASIBILITY OR AVAILABLE
SOURCES OF FUNDS
Putting all your eggs in one basket is never a good business
strategy. This is especially true when it comes to financing your
new business. Not only will diversifying your sources of financing
allow your start-up to better weather potential downturns, but it will
also improve your chances of getting the appropriate financing to
meet your specific needs.
Keep in mind that bankers don't see themselves as your sole source of funds. And
showing that you've sought or used various financing alternatives demonstrates to
lenders that you're a proactive entrepreneur.

Whether you opt for a bank loan, an angel investor, a government grant or
a business incubator, each of these sources of financing has specific advantages
and disadvantages as well as criteria they will use to evaluate your business.
Here's an overview of seven typical sources of financing for start-ups:

1. Personal investment
When starting a business, your first investor should be yourself—either with your
own cash or with collateral on your assets. This proves to investors and bankers that
you have a long-term commitment to your project and that you are ready to take
risks.

2. Love money
This is money loaned by a spouse, parents, family or friends. Investors and bankers
considers this as "patient capital", which is money that will be repaid later as your
business profits increase.
When borrowing love money, you should be aware that:

 Family and friends rarely have much capital

 They may want to have equity in your business
 A business relationship with family or friends should never be taken lightly

3. Venture capital
The first thing to keep in mind is that venture capital is not necessarily for all
entrepreneurs. Right from the start, you should be aware that venture capitalists are
looking for technology-driven businesses and companies with high-growth potential
in sectors such as information technology, communications and biotechnology.
Venture capitalists take an equity position in the company to help it carry out a
promising but higher risk project. This involves giving up some ownership or equity in
your business to an external party. Venture capitalists also expect a healthy return

26
on their investment, often generated when the business starts selling shares to the
public. Be sure to look for investors who bring relevant experience and knowledge to
your business.

BDC has a venture capital team that supports leading-edge companies strategically
positioned in a promising market. Like most other venture capital companies, it gets
involved in start-ups with high-growth potential, preferring to focus on major
interventions when a company needs a large amount of financing to get
established in its market.

4. Angels
Angels are generally wealthy individuals or retired company executives who invest
directly in small firms owned by others. They are often leaders in their own field who
not only contribute their experience and network of contacts but also their technical
and/or management knowledge. Angels tend to finance the early stages of the
business with investments in the order of $25,000 to $100,000. Institutional venture
capitalists prefer larger investments, in the order of $1,000,000.
In exchange for risking their money, they reserve the right to supervise the
company's management practices. In concrete terms, this often involves a seat on
the board of directors and an assurance of transparency.

5. Business incubators
Business incubators (or "accelerators") generally focus on the high-tech sector by
providing support for new businesses in various stages of development. However,
there are also local economic development incubators, which are focused on areas
such as job creation, revitalization and hosting and sharing services.

Commonly, incubators will invite future businesses and other fledgling companies to
share their premises, as well as their administrative, logistical and technical
resources. For example, an incubator might share the use of its laboratories so that
a new business can develop and test its products more cheaply before beginning
production.

Generally, the incubation phase can last up to two years. Once the product is ready,
the business usually leaves the incubator's premises to enter its industrial production
phase and is on its own.

Businesses that receive this kind of support often operate within state-of-the-art
sectors such as biotechnology, information technology, multimedia, or industrial
technology.

6. Government grants and subsidies

Government agencies provide financing such as grants and subsidies that may be
available to your business. The Canada Business Network website provides a

27
comprehensive listing of various government programs at the federal and provincial
level.
Criteria
Getting grants can be tough. There may be strong competition and the criteria for
awards are often stringent. Generally, most grants require you to match the funds
you are being given and this amount varies greatly, depending on the granter. For
example, a research grant may require you to find only 40% of the total cost.

Generally, you will need to provide:

 A detailed project description

 An explanation of the benefits of your project
 A detailed work plan with full costs
 Details of relevant experience and background on key managers
 Completed application forms when appropriate
Most reviewers will assess your proposal based on the following criteria:

 Significance
 Approach
 Innovation
 Assessment of expertise
 Need for the grant
Some of the problem areas where candidates fail to get grants include:

 The research/work is not relevant

 Ineligible geographic location
 Applicants fail to communicate the relevance of their ideas
 The proposal does not provide a strong rationale
 The research plan is unfocused
 There is an unrealistic amount of work
 Funds are not matched

7. Bank loans
Bank loans are the most commonly used source of funding for small and medium-
sized businesses. Consider the fact that all banks offer different advantages,
whether it's personalized service or customized repayment. It's a good idea to shop
around and find the bank that meets your specific needs.

In general, you should know bankers are looking for companies with a sound track
record and that have excellent credit. A good idea is not enough; it has to be backed
up with a solid business plan. Start-up loans will also typically require a personal
guarantee from the entrepreneurs.

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BDC offers start-up financing to entrepreneurs in the start-
up phase or first 12 months of sales. You may also be able
to postpone the principal payments for up to 12 months.

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 LIMITATIONS OF THE SERVICE
The following are some of the factors which put a limit on
the growth of a business:

1. Shortage of Labour or Capital:

If increased supplies of trained labour are not available, the growth of a business will
be automatically checked.

In the same way, if fresh capital cannot be raised, expansion stops. But these are not
insurmountable obstacles.

2. Nature of the market : If demand is limited or fluctuating, it will be

imprudent to increase the size of the business. The nature of demand is the most
important limiting factor. It almost settles the matter. If individual tastes have to be
satisfied, large-scale production is ruled out.

3. Managerial Capacity: Another serious limitation comes from the

capacity of the manager. A point is reached in the expansion of a business beyond
which it is not possible for the manager to control it efficiently. There is a limit to
what a man can successfully manage. Beyond that point, supervision will become lax,
materials will be wasted and machinery mishandled. Cost will overtake profits, and,
in the end, the profits may vanish. The limit is reached when the marginal revenue is
equal to the marginal cost.

4. Nature of the Industry: In some industries, large-scale production is

out of the question. They require close personal supervision, e.g., jewellery-making
and tailoring. Or, there are industries where there is not much scope for the use of
machinery and division of labour, e.g., agriculture, fruit and vegetable gardening, etc.
Bulky articles like bricks can only be made on a small scale, for it will not pay to carry
them over long distances

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5. Operation of the Law of Diminishing Returns: It happens
sometimes that the expansion of an industry leads to increasing costs, and the
returns are less than proportionate. It will not be wise in such cases to expand the
business.

These are some of the factors which prevent the

growth of a business beyond a certain limit

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 How Customer Service Technology Will Change
the Future of Customer Service
1. Face-to-face video communication will increase.

Eye contact is powerful, and customers, more and more, will look at non-video, real-
time voice conversation as a thing of the past. Companies using video —
asynchronously, as "video voicemail" (e.g. Loom) or synchronously, as "video
conference" (e.g. Zoom with video) — are a generation ahead.

2. Customers will expect an omni-channel service experience.

3. Real-time messaging will outpace email.

4. Remote work will become more normal. :- The future of customer service will
not only push customers online, but it'll move service reps there, too. rather than
being confined to call centres, service reps will have more tools to work remotely.
They'll field customer inquiries from the comfort of their homes, instead of having to
work in an office setting..
5. Bots (and AI) will help professionals, not replace them. :- Today, most "bots"
aren't actually any form of artificial intelligence. They're branched, piecemeal logic
presented in a conversational (like iMessage or Facebook Messenger) user interface
(UI). Bots are just a different interaction mode for existing knowledge, and it's
another opportunity to engage your customers. Conversational UI is a great way for
businesses to make themselves appear on the bleeding edge of innovation.

1. Bots can be there when you can't, like while your customer service team is asleep.

2. Bots can improve self-service for customers, and reduce expenses for vendors, by providing a
new, repeatable, and inexpensive method of communications.

Over the next 10-25 years, this technology will continue to make huge advances and
will be capable of doing even more of what humans are doing today. It will be smart
for customer-facing teams to keep up with bot progress and stay on the cutting edge
here to provide increasingly better experiences at increasingly lower costs.

Bots and AI will be a game-changer for customer support, where reps spend close to
90% of their time on the job repeating the answers to the same questions and
helping customers with the same issues over and over again.
.

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7. Self-service will become an absolute necessity.

Since the first time someone wrote a user manual, self-service has existed. And as
mentioned above, bots and AI offer new frontiers of self-service.

But more meaningfully, customers and users are changing rapidly, and they expect
more self-service avenues than ever before. As we can see from the chart below,
there are multiple types of self-service tools that businesses are providing to their
customers — ordered by popularity.

Image Source

These big businesses are embracing self-service because it lowers their costs
of doing business — but in doing so, they're also pushing the envelope on
more sophisticated methods of customer interaction. Over time, businesses
that can't or don't keep up with this change will look like dinosaurs to the
average consumer.

8. Customer service training will be personalized.

Reps who need more time learning the product will be able to master its features,
while employees who are more technically savvy will receive training that builds their
soft communication skills.

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To personalize your training, you'll need to survey your team before, during, and
after each exercise. Measure their performance and ask for feedback. This will not
only build trust with your new reps, but it will also create an onboarding process
that's unique to each agent.

9. Customer success will become a competitive differentiator.

Over the next five years, great customer success will become a critical competitive
advantage for companies, just like great customer support is today.
customer success will become an imperative from day one, increasing startup costs
and dipping margins for new entrants. It'll be an exciting new set of challenges to
stay ahead of that curve once it arrives — and if you're already doing customer
success at your company now, you're ahead of the game.
10. Customer service decisions will be more data-driven.

With that shift, there should be a noticeable influx of valuable data circulating
throughout customer service departments. Service technology records a variety of
information about customer interactions which are used to identify overlooked
customer needs or roadblocks. Customer support and success teams then utilize
this data to improve the customer's experience.

11. Social media will become a standard customer service tool.

12. New technology will create new customer service positions.

13. Customer service reps will solve fewer problems.

14. The frontline service rep will be more flexible and empathetic.

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 CONCLUSION
The company's management is confident that The Company can achieve its
aggressive sales forecasts, generating total sales of approximately $XXX,XXX,
$XXX,XXX and $X,XXX,XXX in upcoming years, after the launch respectively. In
addition, The Companys' management has carefully considered its market, potential
customer base, and its ability to grow its sales average to capture market share in
the E tailoring industry.

The Company has the potential to become a highly regarded resource in local,
regional, national, and international markets. Due to the company's aggressive
marketing strategy, establishment of the company as a "unique" entity in its industry,
careful development of its products coupled with strategic partnerships with some of
the industry's leaders, and the company's profitable revenue model, The Company
has the potential to provide lucrative returns to potential investors.

For The Company to achieve status as an industry leader, it must secure initial
capital. This capital will be used for start-up costs, to establish a reputable
storefront, and to further develop the business, business infrastructure, internal
systems, product development, and extensive marketing and geographic positioning.

Providing that the company is able to acquire its funding requirements,

The Company will be able to achieve operational success for many years to come

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