SWOT analysis

Running Head: MY INNOVATIVE BUSINESS 1

MY INNOVATIVE BUSINESS 2

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Currently, the global market is based on stiff competition due to the changing economy. Thus there is a need to come up with innovative businesses so as to outstand in the market and in return get some income from the project. My innovative business is in the transportation industry. I decided to settle to have a business in the transportation industry. I decided to settle on the transport industry since I found out that it has a huge unexploited potential compared to other sectors. The transport industry is also a key player in the global industry since each and every sector in the economy needs transport and logistics in their processes. However, being aware of the current existing competition in this industry due to a low barrier to entry that exists in this organization. Due to this being fully prepared to do all that is required for success in this industry.

I plan to start my own online cargo transportation services company. The online cargo transportation company will have been basically based on interdependence with the transportation companies. Thus this innovative business will provide the transportation companies with an online platform for capturing cargo shipment requirements thus solving many challenges facing this sector (Logistic Management, 2017). The company will be responsible for sending quotations to the customers as well as provide the needed assistance via online services. The company will be a third party between the cargo transportation company and the clients. The company will collect all the requirements from the clients such as the crucial information as well as full details of the commodities to be transported then facilitates the arrangements which will foresee the transportation of the said commodities. My company will coordinate all the stakeholders in the transport organization such as the truck owners, the transporters as well as the other third parties involved in this process.

I have settled on this business since I have discovered that there is a huge gap in this sector. Many clients who require transport means to transport their commodities take a lot of time in finding appropriate transporters. In most instances, people have to go to the transporter offices so as to book for the transport arrangements. Thus I found out that with this innovative business, I will be able to assist most clients who undergo this traditional method. Additionally, I also discovered that most transport companies have not invested in online platforms where they can engage with their clients freely at any time. Through this business idea, I will have solved the issue of online engagement between the transporters and the clients. The transporters will have to focus on offering services to the clients and other issues affecting the transport sector. This is crucial since the duties in the transport organization will be reduced thus they will also have to reduce the number of the employees, this will in return increase their profitability as well as their efficiency through subcontracting (Filion, 2016). Thus this business is viable and it will help in solving and streamlining the issues facing the cargo transportation sector.

I will name my business Focus Online Cargo Transporter Ltd. I settled for this name since I felt that it sounded good and it would attract the customers as needed. I also feel that the name conveys the main aim of my business. I also made sure that I chose a name that I could trademark and has not been used before. This was crucial since I am aiming to build the brand and I am confident that the business will grow big with time (Silver, 2010).

I this business I intend to make money through charging the transporters a commission. The commission will depend on various factors that will be set and determined between my business and the transporters. The commission will be a fair price that will not turn away my clients or force them to increase the prices that they charge the clients in regards to the respective destinations. Through this, I will have established a sustainable innovative business that will have helped in solving a real issue affecting the society and it will eventually give me some profits.

References

Filion Emilie (2016, May 05). What are the Benefits of Subcontracting? Retrieved from https://blog.cognibox.com/en/blog/benefits-subcontracting

Logistic Management (2017, November 1). Top 8 Logistics Challenges facing the Industry. Retrieved from https://www.logisticsmgmt.com/article/top_8_logistics_challenges_facing_the_industry

Silver Yanik (2012, April 23). 7 Tips for Naming Your Business. Retrieved from https://www.entrepreneur.com/article/223401