Technical Support Company: A Business
Plan for a London-Based Start-Up
LAW 6003 - Business Law
University of Cincinnati
October 17, 2024
Executive Summary
Starting up a new business requires a
detailed understanding of the market and
the forces that will affect a firm’s operations.
Kio Technical Support is a new firm that is
planning to start operating in the city of
London. This firm will have offices in Serbia
where most of its employees shall be based.
The firm will specifically help its clients in
website development, website hosting,
cybersecurity, CCTV installation and
maintenance. These are products that are
already available in the market.
However, the market research that was
conducted showed that the existing firms
offering these products have failed to meet
the expectations of a number of their clients.
Customer complaints are common, which is
a strong indication that there is a gap that is
yet to be filled in this market. Kio Technical
Support seeks to fill this gap using high-
quality products and services. The market is
very competitive, and Kio Technical Support
will need effective strategies to gain a
competitive edge over its market rivals. As
shown in the discussion, the firm will use
both outward-in and inward-out approaches
to develop effective strategies in the market.
When using the outward-in approach, this
firm will try to understand customer needs
and come up with ways of meeting them in
the best way possible. It will also try to
identify external environmental forces such
as activities of market rivals, government
policies, and other external forces and
develop ways of operating successfully
under these forces. Using the inward-out
approach, this firm will take into
consideration its resources and capabilities
when defining the market segment that it
will target. This company will choose the
segment whose needs it can meet in the best
way possible using its available resources
and capabilities.
Introduction
Background
London is one of the leading business hubs
not only in Europe but also at the global
arena. A study by Jankowicz (2004) places
the city of London as one of the top global
business centres that are headquartered to
some of the leading multinational
corporations in the world. Starting a
business in this city requires an
understanding of the local market forces,
coming up with what the market needs, and
being able to meet these needs in a superior
way to gain a competitive advantage over
market rivals.
The government of the United Kingdom has
created an environment that supports
business growth, whether a firm is local or
foreign. After conducting market research, it
is apparent that organisations which operate
in this city need technical support in various
ways.
In a modern society where technology
defines the success of firms in the
competitive business environment, firms are
keen on embracing emerging technologies
to improve their efficiency. Services such as
website creation, web hosting, and e-mail
care packages, cybersecurity, and CCTV
services are becoming basic needs for firms
in this city. Kio Technical Support is a new
start-up business that seeks to tap the
market gap in the city of London.
Scenario Chosen
The scenario that has been chosen is a new
business start-up as an entrepreneur.
According to Saunders, Lewis, and Thornhill
(2010), when starting a new business, it is
important to come up with a comprehensive
plan that will help in effectively managing
the market forces. In most of the cases, new
businesses fail within the first six months
because of the poor plan put in place by the
entrepreneur (Pakroo 2014). In this business
plan, the entrepreneur will conduct further
market research to help understand forces
to expect in the market and how to
effectively deal with them to enhance the
sustainability of the business.
Business Opportunity
The rationale for the business idea
The city of London is rapidly growing as a
business hub and the market for
technological support and equipment is
expanding. Firms are doing everything within
their power to embrace emerging
technology as one of the ways of ensuring
that they remain competitive in the market.
The rationale for starting this new business
has been supported by this growing need for
technological support and equipment
among firms in the local market. The initial
market research reveals that there are firms
which are already providing these products
within the market. However, they do not
fully meet the expectations of the clients, a
fact that leaves a gap that can be filled by this
firm.
Target Market, Customer and Accessibility
A study by Gruber (2014) strongly suggests
that defining the target market is very critical
in coming up with promotional campaigns
and programmes meant to increase brand
and product awareness in the market. Kio
Technical Support will primarily target
established firms operating in the City of
London and its environs. Small firms that are
also making successful inroads in the local or
regional market will also be targeted. The
customers will vary in terms of the industry
in which they operate and their sizes. These
firms are accessible as long as this firm has
products which meet their needs in the best
way possible.
Aims and objectives of the work
This paper aims to come up with an effective
plan that can be used to implement the
project of starting a new company in London.
The plan should outline opportunities and
threats that the firm will encounter and how
to overcome them. The plan should also
outline the business model that will be used
in the study.
Structure of the work
This report has five chapters. The first
chapter provides the background and
rationale for the study. Chapter two is a
detailed description of the business model
that will be applied when implementing the
business model. The third chapter focuses on
the feasibility of the project. It looks at the
ability of the business to give returns as
expected. The fourth chapter focuses on the
business model, while the last chapter looks
at the business plan.
Business Concept
Business Opportunity
To identify business opportunities in the
market, Feld and Ramsinghani (2013) state
that one has to conduct comprehensive
market research to identify the gaps. The
researcher has come up with this business
idea aftermarket research which has
revealed that technological support
products in the market are not effectively
met in the market.
The market in London already has some
players offering the products that this firm
intends to offer, but clients’ complaints as
shown in a report by Guillebeau (2012) is a
clear indication that the market has a gap
that needs to be addressed. The relevance of
technology is growing, and this means an
increase in products that the new firm will be
offering in the market. As long as this firm is
capable of offering high-quality products
efficiently, then it will have the capacity to
expand its market share as soon as it
launches its operations in London.
Business Concept
Business idea
The business idea of this new start-up
company is to offer IT-related products to
firms in London. The market research shows
that firms are currently very concerned
about the issue of cybersecurity. A report by
Bryman and Bell (2011) showed that firms
are losing a lot of money to cybercriminals
who are using various schemes to steal from
companies or demand ransoms after
accessing sensitive details of their target.
Financial institutions are the major victims of
this crime.
London is the financial hub of the entire
European market. Kio Technical Support will
offer these new firms opportunity to protect
their data from such criminal-minded
individuals through improved cybersecurity
system. The market for cybersecurity system
is rapidly growing, and this business idea is
likely to succeed is it is implemented in the
right manner. This firm will conduct
promotional campaigns in this market. The
clients will contact the management of this
firm for any of the technical support
products that it offers.
Mission
The mission of Kio Technical Support is to
continuously offer high-quality technical
support products to its clients in the
European market.
Vision
The vision of this firm is to become the
leading technical support solution firm in the
European market.
Products
The products that will be offered by this firm
include creating web sites, hosting web sites,
email care packages, and IT security. The
new firm will also offer CCTV equipment,
installation, and maintenance in various
premises of the clients within the City of
London.
Positioning
According to Senor and Singer (2009),
positioning is very important for a firm that
is planning to introduce its products into the
market for the first time. How a brand is
positioned will determine how customers
view it in the market. This firm will be
positioned as a high-quality low-cost
company that offers products in a very
reliable manner. The marketing strategy that
will be employed will try to position this firm
as a dynamic brand that understands the
emerging changes and knows how to
manage them to yield the expected results.
The anticipated scale of growth
The market in London has a massive
opportunity for growth. However, Lyons
(2016) warns that growth can only be
achieved if a firm does the right thing in the
right manner to meet the expectations of the
customers in a superior way. The
competition will be stiff as time goes by. The
market already has players offering the same
products, and it is expected that new firms
will emerge to fight for the same market
share. With a proper plan and superior
product and product delivery, it is expected
that there will be growth in the market. The
graph below shows the expected growth in
revenues expected in the first five years of
operation.
Figure 1: Anticipated revenue growth of Kio
Technical Support. Source (Created by
author).
As shown in the graph above, it is anticipated
that there will be consistent growth in the
revenues of this firm in the first five years of
its operations in London. The first two years
will involve structuring and restructuring
based on market forces. As such, growth is
expected to be relatively slow. The third,
fourth, and fifth years of operations are
expected to register relatively rapid growth
in revenues because the firm will be
expected to have a detailed understanding
of the market.
Feasibility
Research Methodology
Problem formulation
Change is a force that no firm can afford to
ignore. According to Feld (2012), the market
forces keep on changing due to several
factors, and companies have to adjust their
systems and structures in line with these
changes. Eastman Kodak, a film company
that once controlled over 80% of the global
market share in this industry, tried to avoid
change and the result was devastating. The
firm was overtaken by other change-
sensitive firms such as Fujifilm and currently,
it is struggling to operate profitably in the
market it once dominated.
This firm has always been a good example to
many firms that may be slow when it comes
to embracing change. According to a study
by Gavron (2012), large firms are currently
very sensitive when it comes to embracing
change. Every time they realise that there is
a shift, they try to adjust their systems and
structures in line with the anticipated
change. In London, there are numerous firms
in various industries which are struggling to
manage change driven by emerging
technologies.
This process is not easy because it forces
these firms to have divided attention when it
comes to delivering value to their customers.
It has been a challenge to these firms trying
to monitor the emerging technologies and
their impact while at the same time trying to
produce products of high quality. According
to Schmidt (2014), many firms currently
consider hiring other firms to help them
monitor and manage emerging technologies
and the changes that come with them.
The problem that most of these firms face in
the market is that they are yet to find firms
which can deliver the value that they desire.
Some firms such as Amazon.com have
registered complaints about the attacks on
the accounts of their clients whenever they
make their online purchases (Hoffman &
Casnocha 2012). This is happening despite
these companies having very cybersecurity
solution providers. It is an indication that the
problem is yet to be effectively addressed.
Kio Technical Support intends to find a
lasting solution to these problems using the
latest technologies. It is expected that the
approach that this firm will talk will help
firms in London effectively address their
current problems.
Current market research objectives
The objective of this study is to have a
detailed understanding of the target market
in London. This is a new firm that is getting
into a new market. Lau (2005) warns that a
new firm should take time to conduct
thorough research that will enable it to
understand the market forces of the market
before launching its operations. Through
such processes, the firm can know what to
expect in the market, and how to deal with
the forces in the environment. Through this
market research, this new firm will know
what to do and what to avoid while in the
market. It is a part of a wider strategy to help
this firm achieve market success.
Market research design
When conducting market research, a firm
can take different approaches based on the
resources available, the aim of the research,
and other related factors. Research can take
a descriptive, explorative, qualitative,
quantitative, or casual approach. In this
study, the researcher will use a multifaceted
approach. The first approach will be the
exploratory strategy where the firm will
focus on the identification of the gap in the
market. The study will explore what is
already available in the market and areas
where adjustments are needed. Of interest
will be to identify products or services which
the current firms do not offer satisfactorily.
The process will help in coming up with an
appropriate market segment that this firm
will target. As Hill (2002) advises, a firm
needs to identify a segment of the market to
target instead of targeting the entire market,
especially if it is a new firm that is just getting
into the market. The process of segmenting
the market and subsequently identifying the
appropriate segment requires an
exploratory research design.
The researcher will be able to understand
demographical issues such as age, gender,
education, income, and occupation of the
individual people that will be involved when
it comes to negotiating contracts.
Geographic, behavioural, and psychographic
factors will also be effectively captured
through explorative research. Some aspects
of quantitative research will also be involved.
It will be necessary to quantify some aspects
of the market to help in determining the
costs that should be planned for and other
related factors.
Information and sources required
The time available for this study did not
make it possible to collect primary data. As
such, the information that will be used will
come from secondary sources of data. The
sources will include books, journal articles,
business reports, newspapers, magazines,
and other reliable sources. It means that
libraries, websites, and the internet will be
instrumental in collecting the data.
Data analysis method
As mentioned above, the research design
chosen will be explorative and quantitative
methods. It means that analysis will be
conducted using a descriptive approach
where certain environmental factors in the
market will be described in details. The use
of statistical methods will also be important
to come up with graphs and charts that can
help explain different market forces and
their anticipated impact on this firm.
Inferences can then be made from the
outcome of such statistical analysis. The
financial feasibility will also be conducted
using statistical figures.
Formulating the findings
This research is expected to help come up
with specific findings that will help in the
process of decision making for the planned
business. The findings must clearly explain
the target market, the products that should
be offered, and the level of competition.
There should be an analysis of the expected
market rivals and how this firm can come up
with a competitive advantage.
Through the analysis of the data, the findings
should state the external environmental
factors such as government policies that this
firm should have proper knowledge of
before starting its operations in the market.
When formulating the findings, the
researcher will ensure that there is a detailed
description of what this firm should avoid
and what it should emphasize on as it starts
its operations in the highly competitive
business environment.
Market Research and Product Offering
Explorative research
In this explorative study, the researcher aims
to identify the gap that exists in the current
market and to come up with ways of finding
a market in that gap. To do this, the study will
investigate various sources of information
about the market in London. According to
Meager, Bates, and Cowling (2003), London
is one of the most researched markets in the
world because of its strategic importance to
global companies. It is home to some of the
leading multinational companies. As such,
finding the required data from various
sources will not be a big challenge. The figure
below shows the cybersecurity skills that a
given study found to be difficult to recruit in
the United Kingdom.
Figure 2: Rare cybersecurity skills in the
United Kingdom. Source (Organisation for
Economic Co-operation and Development
2013).
From the above information, it is apparent
that skills in implementing secure systems,
information assurance testing and
methodologies, and incident management
are some of the rare skills in the United
Kingdom’s cybersecurity space. The limited
skills in these areas demonstrate that if a
firm finds skilled people who can help in
these areas, then they can be willing to pay
for their services. This is a gap in the market
that needs to be filled, and Kio Technical
Support intends to do just that.
Market segmentation
The cyberspace offers a wide market that Kio
Technical Support, as a small start-up firm,
cannot target in its entirety. It means that
this firm will need to identify a section of the
market whose needs it can meet perfectly.
Market segmentation is, therefore, very
critical at this stage. Market segmentation,
according to Plunkett (2006), refers to the
process of classifying customers into subsets
based on their age, race, religion, gender,
purchasing power, location, or any other
demographical factors that make them
reason differently when it comes to making
a purchasing decision.
When segmenting the market, it is important
to first understand the capabilities of the
firm in question. This way, the segmentation
will try to identify a section of the market
whose needs a firm can satisfy without
struggling. After identifying the market
segments, a firm can classify them into
different groups. The first group will be that
which the firm intends to target with its
current products. The other segments can be
earmarked for products that will be
developed by the firm at a future date. The
table below shows different segmentation
approaches that can be used to identify and
classify customers.
Type of
Segmentation
Description
Examples
Geographic
This segmentation
approach divides the
market/customers
into geographical
units. The location
here is the only
variable focused on in
this classification.
Given that new
firm only targets
London, the
possible
examples will be
North, South,
West, East, and
Central London.
Demographic
This approach of
segmentation divides
the market/customers
based on demographic
variables.
Examples will
include age,
income, gender,
religion, and
race among
other factors.
Psychographic
In this classification
approach, the
emphasis is placed on
Examples
include lifestyle
Type of
Segmentation
Description
Examples
customer personality
and lifestyle.
and personality
among others.
Behavioural
This approach
classifies
customers/market
based on how
customers make their
buying decisions.
Examples
include impulse
buyers, online
buyers, and
prior-purchases
among others.
Situational
In this approach, the
classification focuses
on occasions or
situations which lead
to product need,
purchase, and use,
Examples
include special
occasions,
routine
occasions, and
once in a
lifetime.
Firmographic
In this classification
approach, the
Examples
include the size
Type of
Segmentation
Description
Examples
emphasis is placed on
company-specific
variables that make
each firm unique
compared with others.
of the firm,
number of
employees,
products
offered, and the
ability to
embrace
change.
Benefits
Finally, based on
benefits, the focus is
on qualities that one
seeks from a given
product
Examples
include
convenience,
quality, and
quantity among
other factors.
Table 1: Market segmentation. Source
(Created by author).
Once the segmentation has been done based
on the classifications above, it becomes easy
to identify a segment that can be targeted
based on their characteristics. It is important
to note that Kio Technical Support will have
different packages suitable for clients in the
different demographics that will be chosen.
Product identification
The gap in the market
The market gap may be easy to identify
based on the complaints from the customers
as Kahan (2007) notes, but it may not be easy
to meet the needs of the customers in that
gap. This is so because they are demanding
for something beyond what other firms can
offer. It means that the new firm must be
above average or identify a very special
niche that existing firms have ignored. Kio
Technical Support has already specified the
products that it will offer.
The products are meant to help firms
operate easily in the online platform without
having to worry about the threat posed by
cybercriminals. Firms are offering the same
products in the market, but the constant
complaints from customers is a clear
indication that these firms are not doing a
good job in meeting these needs. As such, a
gap is created that this firm seeks to fill.
The market in the gap
According to Sweeney and Sweeney (2011),
after identifying a gap in the market, the next
important thing is to find a way of creating a
market in the gap. Given that the market has
a gap that is not fully addressed, then there
is an opportunity that can be tapped by a
firm capable of filling in the gap. Kio
Technical Support can fill this gap by
delivering quality products to the clients.
Products description
Kio Technical Support will offer various IT
solutions to its clients in the market. The
primary products have been identified as the
development of web sites, hosting web sites,
email care packages, and IT security. It is also
clear that this firm will offer CCTV
equipment, their installation, and
maintenance in various premises of the
clients. The figure below shows a variety of
products that this firm will offer its clients.
Figure 3: IT solutions. Source (Smith 2005).
Kio Technical Support has several experts
who will be responsible for service delivery.
Some of the products will be manufactured
at the firm’s main premises in Belgrade,
Serbia. Once a client makes an order, the
order will be processed in the offices in
London and if it needs the technical services
of the firm’s engineers and technicians, the
management will send these officers to the
field. If the product needed is not readily
available in the London officers, an order will
be made for it to be imported as soon as
possible.
Market Analysis
London is one of the most attractive markets
in the world for any firm that is planning to
expand its operations beyond the borders of
its home country. The high population of the
city, the high purchasing power of the
residents, improved infrastructure, and high
security are some of the factors that make
this market very attractive to the target
market.
The market has some marked differences
when compared with the home market in
Serbia. As such, conducting a detailed
market analysis will be critical in making the
management of this new firm understand
what is expected of them. Several models
exist that can be used to understand the
environment that this firm intends to
operate in when it starts its operations. The
models include PESTEL Analysis to
understand the operating environment and
Porter’s Five Forces to understand the
competitive environment.
PESTEL Analysis
The political environment in London is very
conducive for any firm that indents to
operate in it. The political class has been
keen on avoiding any direct interference
with the business environment. The leaders
treat both local and foreign firms equally,
which means that the market is levelled for
all the players. The recent BREXIT vote that
saw the Britons vote for an exit from this
market may be a blow to the business
community, but it may also be an advantage
because it will limit the ability of other firms
to get into this market.
Kio Technical Support will greatly benefit
from this political environment in this
country. The economic environment will also
be very beneficial to this new firm given the
position of the city in Europe. Since the
United Kingdom is no longer the leading
economy in the world as was the case before
the two world wars, it is still a dominant
economy globally.
The city of London is specifically one of the
most affluent cities in the world. The flow of
money in this city is high and firms are always
willing to spend a lot to improve their
operations in the market. The willingness of
firms to spend and their financial power
means that Kio Technical Support will have
no problem selling its products as long as
they meet the expectations of the clients.
The social environment is another factor that
must be considered when conducting a
market analysis. According to Wetherly and
Otter (2013), factors such as religion and
spirit of nationalism are very important
when a firm is scanning a new market. For
instance, there was a time when the Chinese
would prefer local to foreign products, even
if the foreign product is superior to the local
products (Harrigan 2013). In such an
environment, it may be almost impossible
for a foreign firm to compete favourably with
the local ones.
The social environment in London is very
supportive of both local and foreign
products. Customers are keen on the quality
of the product offered to them, not the
country of origin of the product offered to
them. The technological environment is
another very important factor that affects
how a firm operates in the market. According
to Suder (2004), technology is one of the
factors that influence change in the
environment the most. The United Kingdom,
just like in many other developed countries,
is sensitive to emerging technologies.
It will always be one of the first countries to
adapt to new technologies in case it did not
originate from within its borders. In the city
of London, firms are often keen on
embracing emerging technologies as a way
of improving their operations in the market.
The city has one of the most advanced
technological systems in the field of
information technology.
It means that this firm will benefit a lot
because firms are keen on upgrading their
systems based on the emerging market
forces. It means that companies will be ready
to purchase new technological products that
it will be offering in the market as long as
they are convinced that the product is
relevant to their operations.
The ecology is increasingly becoming an
issue in the current business environment.
For a long time, companies have paid less
attention to the issue of environmental
attention. Palmer and Hartley (2011) say
that a few decades ago, many companies did
not believe that climate change and global
warming would become major
environmental issues that would affect their
operations. However, the time has proven
that scientists and environmentalists were
right in their predictions.
Both global warming and climate change
have become a reality, and firms are faced
with situations where they have to put into
consideration the impact of their activities
on the environment. The city of London has
one of the most stringent policies regarding
climate change. The city has policies
regarding the amount of carbon dioxide that
a firm is permitted to emit per given period.
There are also very strict policies when it
comes to the management of wastes. Kio
Technical Support will need to understand
these waste management policies to ensure
that it operates as per the expectations of
the government and the general public.
The final factor in this model is the legal
environment. Law is an important factor in
the business environment. The government
sets laws and regulations which should be
followed by firms to ensure that they can
relate well with other firms, with their
clients, with the government, or any other
stakeholder that is relevant to its normal
operations.
It is almost impossible for a firm to operate
freely in an environment that lacks very clear
laws and regulations. These laws help in
protecting a company from unfair practices
that may be employed by any of the
stakeholders. The government of the United
Kingdom has developed a legal structure
that helps firms in the country to operate in
an environment that is orderly. The
authorities in London city have also come up
with laws and by-laws that companies have
to respect when operating locally. Kio
Technical Support will need to understand
these laws and regulations to ensure that its
operations in this city do not go against
government policies.
Porter’s Five Forces Analysis
Porters Five Forces have been a very useful
tool when analysing the competitiveness of
the business environment in a given market.
The model looks at various stakeholders and
how they have power over the firm being
analysed. The figure below shows the model.
Figure
4: Porters Five Forces. Source (Hamilton &
Webster 2015, p. 56).
As shown in the figure above, one of the
biggest factors that should be considered
when analysing the competitiveness of a
business environment is the threat of new
entrants. In an environment where new
entrants can emerge with ease, Fernando
(2011) says that competition can become so
high that a firm may find it challenging to
protect its market share.
Hamaoui (2015) says that the city of London
is one of the strategic cities for firms
planning to expand their operations to
Europe from other parts of the world. The
government of the United Kingdom has
placed no restrictions on foreign business
entities planning to enter the country. The
environment is also very supportive of new
local firms trying to enter a given market
segment with new products. It means that
the threat of new entrants in this market is
real. New firms can come up at any time, and
every time they emerge in this industry, this
company will be expected to be ready to deal
with a more competitive business
environment.
The bargaining power of the suppliers is
another factor that may affect the normal
operations of the firm. Suppliers are some of
the most important stakeholders in any
business entity. They provide the needed
materials which are processed by a given
company before being handed over to the
new clients. Fernando (2011) says that when
the suppliers have strong bargaining power,
then a firm may find itself in a situation
where it has to give in to their demands.
In the industry where Kio Technical Support
operates, most of the products that it uses
can be purchased from various vendors. It
means that no single vendor has a monopoly
of these raw materials. The availability of
numerous vendors offering the same
products in the market lowers the bargaining
power of the suppliers. Operating in such an
environment is good because it eliminates
cases where a firm has to give in to the
demands of one supplier.
The bargaining power of the buyers is
another critical factor that should always be
put into consideration when analyzing the
business environment. The power of the
buyers may be high if any of the two cases
below apply. The first case is when
numerous other firms are offering the same
product in the same market. In such an
environment, clients have several choices to
make whenever there is need to purchase
such products. It gives them the power to
demand high quality at low prices.
The second case is a situation where
customers are large organisational buyers.
When dealing with organisational buyers, a
firm may sometimes be forced to give in to
their demands because of their purchasing
power (Hoffman & Casnocha 2012). The
products offered by Kio Technical Support
can be faced with both cases discussed
above. Its main clients are organisational
buyers that have very strong purchasing
power. Its products are also offered by other
firms in the market. The management of this
company will have to come up with
strategies for managing this environmental
force.
The threat of substitute products sometimes
becomes an issue, especially when the
business environment is highly competitive.
When several substitute products exist
which can be used instead of products of a
given company, then it means that the level
of competition will be high (Sweeney &
Sweeney 2011). Customers will be weighing
whether to purchase such a product or its
substitutes based on factors such as cost,
quality, and relevance.
The threat of substitute is real for Kio
Technical Support. Since this threat may not
be significant (because firms can no longer
operate without websites, CCTV systems,
and cybersecurity) it may be dangerous to
ignore these factors. The management must
come up with ways of taming this threat by
offering products of high quality.
Finally, the issue of rivalry among the
existing competitors in the market may need
to be given serious consideration in this
analysis. The level of competitive rivalry is
often determined by the number of
competitors in the market and the approach
they use to win clients. In an environment
where there are numerous players,
competitive rivalry may be very high. The
situation may be made worse if the
competitors are trying to use various ways to
outsmart their rivals in the market (Feld &
Ramsinghani 2013).
The competitive rivalry in this industry in
London is considerably high, and given the
trend, it is expected that the competition
may become even stiffer. One of the
extreme strategies that firms may employ in
such a business environment is a pricing
strategy where companies lower their prices
to attract more clients. Engaging in such
price wars may have a devastating impact on
a firm. Kio Technical Support may need to
create a special niche for itself in the London
market that will shield it from stiff
competition and its negative consequences
in the market. The following table is a
summary of the five forces in London.
Force
Competitive Strength
New entrants
High
Power of suppliers
Low
Power of buyers
High
Force
Competitive Strength
Substitute products
Low
Competitive rivalry
High
Table 2: Five Forces Analysis of Kio Technical
Support. Source (created by author).
Organisational Feasibility
At this stage, it is necessary to conduct
organisational feasibility of Kio Technical
Support to understand if it can deliver the
planned products in the desired quality,
quantity, and in the right manner. To
successfully launch the new products in the
market, there are some factors within the
internal environment of this firm that must
be put into consideration.
The first one is management expertise. The
management of this new business entity
may lack the experience of operating in the
London market, but it has the needed
expertise. The manager who will be
stationed in the London offices has high
academic qualifications and has stayed in
London for some time. This manager knows
what should be done when entering this
industry having worked at similar firms
outside the United Kingdom. The
management is also very flexible and ready
to embrace change whenever it is necessary.
Organisational competence is another factor
that must be looked at critically when
conducting the feasibility of this firm. The
organisational competence, in this case,
refers to the ability of the firm to offer the
desired products excellently to ensure that
the needs of its clients are effectively met.
Kio Technical Support has the organisational
competence that is needed in this industry.
It has a team of experts in Serbia who have
experience in this industry. The workforce in
Serbia can help this firm make a successful
entry into the United Kingdom’s market.
Financial capabilities also play a role in
determining the feasibility of a firm. As Lyons
(2016) says, for a firm to operate successfully
in a new market, it will need financial power
to facilitate its operations. Kio Technical
Support is a small firm that is just getting into
a new market for the first time. It may not
have the financial power that other
established firms enjoy in the market.
However, the company has enough finances
that can enable it to make a successful entry
into the new market. The table below shows
a summary of factors about the
organisational feasibility of this company.
Organisational attributes
Level
Competence and passion of the promoters
High
Organisational attributes
Level
Team management’s understanding of the
market
Low
The efficiency of the business structure
(ability to manage risks)
Moderate
Availability of skilled personnel
Moderate
Internal governance capabilities
High
Government relations structure
Moderate
Social and cultural values
High
Table 3: Kio Technical Support feasibility
analysis. Source (created by author).
Financial Feasibility
Estimates of sales
According to Sweeney and Sweeney (2011),
London is home to numerous firms that may
need IT services such as web creation,
hosting and management, cybersecurity
products, CCTV services among others.
Given the rate at which new firms are getting
into the market and given the fact that Kio
Technical Support will target firms in various
industries in this city, it is important to
precisely determine the market size.
However, it is possible to have some
estimates of the value of an investment
based on the existing data. The following
figure shows the estimated investment
volume in the city from 1995 to 2013.
Figure 5: London City’s investment volume.
Source (Hamilton & Webster 2015).
It is estimated that the invested volume of in
the city of London is over £14 billion as per
the graph above. This information helps in
understanding the size of the market that
this new firm seeks to serve. Assuming that
this firm can serve 1% of this estimate and
that it will be able to make sales worth 0.4 %
of that value in the first year of its
operations, then it would mean that the first-
year sales will be {£14,000,000,000 × 0.01 ×
0.003= £ 560,000}. In chapter 2, it was
estimated that the sales in the first year
would be £ 500,000, which is a close value to
the one that has been calculated above. The
growth for the first five years is shown in the
chart above.
Funding for the project
The investor has set aside £ 250,000 for this
new business venture. This investment is
expected to cover most of the fixed costs
such as rent, equipment, furniture, fixtures,
and fittings. The money is also expected to
cover the salaries of the seven employees for
the first six months of operation.
Projections of cash flow
The projected cash flow will primarily come
from the sales of the products of this firm to
the clients in the market. The following table
shows the expected cash flow from the
operations of this firm.
Year
Year 1
Year 2
Year 3
Year 4
Year 5
Cash
flow
£
560,000
£
1,300,000
£
2,600,000
£3,800,000
£
5,000,000
Table 4: Kio Technical Support cash flow
projections. Source (Created by author).
As shown in the table above, it is expected
that the company will struggle within the
first year, but its revenues will significantly
grow after the first year of market
operations.
Projections of profit and loss
It was projected that this firm will have
revenue of about £ 560,000 in its first year of
operations. To achieve this target, it will be
necessary for the management to find ways
of boosting its sales within this period. The
investment made by the promoter was
determined to be £ 250,000. This investment
was meant to cover both recurring and fixed
costs.
Some of the recurring costs such as rent
were covered in this investment for six
months, after which it was expected that the
revenues will meet the operations costs. In
the first year, the profit margin is estimated
to be 15% or less. However, this figure is
expected to increase significantly after the
first six years. The profit and loss projections
are shown in Table 5.
Year
Year 1 £
Year 2 £
Year 3 £
Year 4 £
Year 5 £
Revenue
560,000
1,300,000
2,600,000
3,800,000
5,000,000
Cost of
sales
480,000
758,000
1,450,000
1,980,000
2,
650,000
Gross
profit
80,000
542,000
1,150,000
1,820,000
2,350,000
Expenses
Rent
5500
5500
5500
5500
5500
Salaries
and
wages
11000
16000
24500
36400
58500
General
expenses
4500
5200
6500
7500
8800
Other
expenses
6500
7800
9200
12,300
14500
Profit
before
tax
52,500
507,500
1,104,300
1,758,300
2,262,700
Tax @
25%
1,3125
126,875
276,075
439,575
565,675
Profit
after tax
39,375
380,625
828,225
1,318,725
1,697,025
Table 5: Profit and loss forecast.
Break-even analysis
According to Schmidt (2014), whenever an
entrepreneur invests, it is always his or her
expectation that after some time, his or her
investment will be recovered to ensure that
the firm starts making profits. The break-
even analysis helps in determining when
such a firm starts to make the profit. It
involves an analysis of the initial investments
made, the costs of operations, and the
revenues generated from the operations.
Using the formula of Break-even point =
Fixed costs/Contributions Margin per unit
(Feld & Ramsinghani 2013). Based on the
estimates set above, the break-even point
can be calculated as shown in the figure
below.
Figure 6: Break-even point. Source (Created
by author).
As shown in the figure above, the break-even
point shall be achieved when the sales reach
£ 350,000. It is expected that this will be
achieved before the end of the second year
of operations if the forces in the
environment remain unchanged.
Evaluation of risks
Kio Technical Support will be operating in a
new market, and it is expected that it may
encounter several risks which are worth
taking care of to ensure that there is
continuity. Other than normal risks
discussed above such as competition, power
of buyers and sellers, and presence of
substitutes, there are other possible risks
which are worth planning for in advance
(Feld & Ramsinghani 2013). One such risk is
a possible fluctuation of prices of the raw
materials used in this firm. Such fluctuations
may lead to a significant increase in the cost
of operations.
Another risk that this firm may need to take
care of is inflation. Soon after the BREXIT
vote, the economy of the United Kingdom
experienced a sudden shock. The value of
the local currency suddenly dropped
compared with the value of other major
currencies. Such unpredictable market
forces may have a significant impact on the
normal operations of the firm. It may reduce
the firm’s profitability and extend the time
needed to break even. This firm will need to
come up with a proper plan of how to break
even.
Business Model
Business Analysis
Resource-based Theory
According to Leander (2005), most of the
existing business models often take the
outward-in approach where a firm looks at
the environmental forces then come up with
strategies of managing them. However, it is
important to understand that this approach
is not always the most appropriate one,
especially when handling a firm that is just
getting into the market and has limited
resources.
Sometimes it becomes necessary to take an
inward-out approach where a firm looks at
its internal resources and capabilities before
deciding what it can offer the market in the
best way possible. Kio Technical Support is
getting into the United Kingdom’s market for
the first time. It has chosen London city
which is the most competitive market in the
entire region. As such, it is important to
come up with a business model that will be
very effective in capturing this market.
This firm will require the management of Kio
Technical Support to have a thorough
analysis of its internal resources and
capabilities before coming up with an
appropriate business model that will manage
the stiff market competition. The firm should
consider using Resource-based Theory to
analyse its resources and capabilities. The
figure below is a model of Resource-based
Theory.
Figure 7:
Resource-based theory. Source (Petersen,
Welch, & Benito 2010).
This theory suggests that when a firm is
developing a strategy, five steps should be
followed to ensure that resources and
capabilities are in line with the expectations
of the market. In the first stage, a firm is
expected to classify resources. According to
Arenius and Minniti (2005), resource
classification makes it easy to identify areas
of strength and weaknesses so that
appropriate action can be taken to address
these weaknesses. When the resources are
effectively classified, the next step should be
the identification of capabilities.
The management will try to analyse what
these resources can do towards achieving
the set objectives. Identification of
capabilities of the resources should start by
looking at the human resource. In the case of
Kio Technical Support, the management will
look at what its employees can or cannot do
in the new market before initiating
promotional campaigns. It will also look at
the limits of its resources such as tools,
finances, and time before making
commitments to its customers. The third
stage is to define rent potential.
The management is expected to determine
what its resources and capabilities can earn
when they are put into effective use
(Avnimelech & Teubal 2004). This will involve
looking at the potential output if the
operations begin in the London market. The
attention at this stage is on what the firm can
offer the market in terms of quality and
quantity when the operations begin. The
assessment will also focus on the quality of
delivery of goods and services, especially
when it comes to the maintenance of
physical and cybersecurity of the clients.
The fourth stage, which is often considered
the final stage, is to come up with a strategy
based on the internal assessment outcomes.
The strategy developed should focus on
delivering the best value to the clients based
on the resources and capabilities of the firm.
The management will find a way of
maximising the use of its resources and
capabilities to give the firm a competitive
edge over its market rivals. The fifth stage is
the identification of the resource gap, a
stage that leads to the first stage in this cyclic
process of strategy development.
The management is expected to regularly
identify resource gaps in its system and find
a way of filling the gaps. Once the gap is
filled, the entire assessment of the resources
and capabilities will be redone so that a new
strategy can be developed after the
introduction of the new resources. The cyclic
nature of this model enhances dynamism
within an organisation. This way, a firm can
change based on the changing
environmental forces. It will be responsive to
the changing trends and tastes of the clients.
Such a strategy will be very important in the
competitive market of London.
Sources of Sustainability and Competitive
Advantage
According to Cooper and Mehta (2006),
sustainability is a fundamental principle that
a firm must take into consideration when
operating in a given market. Petrova (2012)
defines sustainability as the process of
“meeting the current needs without
compromising the ability of the future
generation to meet their own needs. It
means ensuring that the operations of the
firm today will not make it impossible to
meet the future needs of the firm. The
moment a firm starts operating in the
market, it should always try to find ways of
protecting its future in that market.
As Gwartney, Lawson, and Clark (2005) note,
there are three pillars of sustainability which
include place, people, and profit. The place
factor refers to the environment within
which a firm operates and the need to
ensure that it remains sustainable. It is one
of the most ignored factors of sustainability
because many firms rarely consider
protecting the environment.
Kio Technical Support’s business operations
do not pose any serious threat to the
environment. However, some of the wastes
that may be coming from the sites where it
operates may be hazardous to the
environment. Having effective waste
management strategies should be part of its
strategy to achieve sustainability. Having
corporate social responsibility that focuses
on environmental protection may be the
best way of ensuring that this firm protects
the environment within which it operates.
The second pillar of sustainability is the
people. A firm must ensure that it takes care
of people who are directly or indirectly
related to its operations in a given market.
The employees are important in helping this
firm achieve its objectives. As a way of
ensuring that it remains sustainable in the
market, this firm should often make an effort
to meet the needs of all its workers. The
employees should feel respected and
appreciated by the management. Their
morale largely depends on the motivational
factors put in place by the management.
According to Petrova (2012), a firm can use
various motivational factors besides
attractive remunerations. Customers are
also important people whose interest must
always be taken into consideration. It is
immoral for a company to only be focused on
earning more profits without trying to meet
the needs of its clients in the best way
possible. Every strategy that this firm
introduces should always take into
consideration the well-being of the clients.
Other stakeholders such as shareholders and
suppliers should never be ignored.
The third pillar of sustainability is
profitability. According to Reynolds (2005),
most companies often emphasize this last
pillar of sustainability because of its direct
benefits to the firm. For a firm to remain
operational in the market, its activities must
earn the profits that can finance it.
Kio Technical Support has some financial
resources that have already been set aside to
support it as it gets into the new market in
London. However, the financiers believe that
after some time this firm will be capable of
supporting its activities and to pay back the
investors their initial investment. It means
that the operations must be profitable. The
revenues generated from the operational
activities should exceed the expenditures of
the firm.
According to Petrova (2012), a company can
gain a competitive advantage over its market
rivals if it is capable of delivering superior
value to the clients. It must have something
special that its market rivals are lacking. For
Kio Technical Support, most of the odds are
against it given that it is a start-up company
in a foreign highly competitive market. The
well-established players might have an edge
over it. However, there might be some
factors that may favour them in the market.
Conducting a SWOT analysis may help in
identifying areas of strength and weaknesses
in the market. The table below shows a
SWOT analysis for this new company.
Strength
Highly flexible because of
small size
Low operational costs
because the workforce is
Weaknesses
The firm is new and
inexperienced when it
comes to operations in
London
coordinated at the home
office in Serbia
A highly talented
workforce that
understands the needs of
clients
The management is very
committed despite the
challenges that the firm
may face in the new
market
The financial capabilities of
this firm are low compared
to most of the market rivals
The firm is forced to
coordinate the workforce
in a different country as it
tries to cut down the cost
of operations.
Opportunities
The growing number of
firms in London increases
the market size
The increasing popularity
of cybersecurity and CCTV
solutions increases the
number of potential clients
Threats
The market has stiff
competition that this firm
must learn to contain
The emerging technologies
will require this firm to
spend a lot in research for
The availability of funds in
the Europeans financial
market makes it easy for
the firm to get funds for
expansion.
it to be on par with its
market rivals.
The ease with which new
firms can get into the
market means that
competition may become
even stiffer.
Table 6: Kio Technical Support’s SWOT
Analysis. Source (Created by author).
To assess the competency of Kio Technical
Support, it may be necessary to use the VRIO
framework.
Concepts in Strategy
When developing a business strategy, one
can choose from several models that exists
based on several factors which have been
discussed above. Some of the models that
can be used include BCG Growth Matrix,
Ansoff Matrix, Balanced Score Card,
Bowman’s Clock, Ocean Strategies,
McKinsey 7s, and Porter’s Generic forces.
These models, although different, share
several characteristics when it comes to
defining how a firm should approach a given
business. Given that this is a new business
that is just starting operations in London,
only one of these models will be chosen to
define the strategy that this firm should use
in the market. The model chosen is Porter’s
Generic Strategy to help it gain a competitive
advantage over its market rivals. The figure
below shows Porter’s Generic Strategies
Model.
Figure 8:
Porter’s Generic Strategies Model. Source
(Feld & Ramsinghani 2013).
As shown in the above figure, this model’s
focus is to find sources of competitive
advantage that a firm may have over its rivals
in the market. The first quadrant shows a
focus on cost leadership. In this strategy, a
firm may either lower the cost of its products
below the market average to expand its
market share or increase profits by lowering
costs of production. This strategy is common
when a dominant firm realises that its
products are similar to that of its
competitors and differentiation may not
work to making its products special in the
market.
The strategy is often not recommendable
because it reduces the profitability of the
firm and it may cause fierce rivalry in the
market. It is also a sign that a firm has run out
of ideas and it is making a desperate move to
attract customers to its products. It can only
be used in cases where there are no possible
strategies. It is also recommended that if it
has to be used, then it should only be for a
short term because no firm can withstand a
prolonged price war. Schmidt (2014) says
that this strategy can only be used by
dominant firms that have huge financial
resources that can sustain them during the
period of a price war. At this initial stage of
market entry, Kio Technical Support
shouldn’t use this strategy.
The second approach that a firm may use if
the market is differentiation strategy. In this
approach, a firm tries to come up with ways
of making its products unique from that of its
competitors. Differentiation is a popular
strategy that many firms use in the market.
As Petrova (2012) says, differentiation can
be achieved in many ways. A firm can decide
to come up with products which are superior
to that of its market rivals to gain a
competitive advantage in the market.
In cases where products are almost the
same, for example in the salt industry, then
packaging is often a way of differentiating
the product of one company from that of the
competitors. Packaging and brand are used
to make products of a given firm appear
superior to that of the competitors’ even if
they meet the needs of the customers in the
same manner. A firm may use product
delivery strategy as an approach to achieving
a competitive advantage in the market. For
instance, it may have after-sale services for
its clients to make them more satisfied. This
strategy may be useful for Kio Technical
Support as it gets to settle in this market.
The third approach is the focus strategy. As
shown in the figure above, the focus can be
on costs or differentiation. Cost focus
involves narrowing down on product
offering by offering few products but in the
best way possible. The firm may need to
focus on only those products that it can offer
using least cost possible and in a superior
way based on its resources and capabilities.
The overall aim of this strategy is to ensure
that the cost of delivering products to the
market is lowered. In differentiation focus, a
firm selects a market segment that it can
serve best, and comes up with products
unique from other competitors (Feld &
Ramsinghani 2013). This is the most
appropriate strategy for Kio Technical
Support.
As it gets into the new market in London, it
should take time to identify a segment that
is not properly served by the existing firms. It
is possible to find a few firms already
targeting such a segment. It should then
come up with a product that uniquely meets
the needs of the customers in the market.
One of the biggest advantages of this
strategy is that it does not involve using a lot
of resources. This new company will only
need to master the market and identify a
segment that it can uniquely meet its needs.
Key Performance Indicators
Key performance indicators will be a useful
tool when this firm starts its operations in
the market. According to Warner and Hefetz
(2008), this tool is used in revenue
improvement, reduction of costs,
improvement of process cycle-time, and
increasing customer satisfaction. When it
comes to the improvement of revenues, this
tools helps in assessing the current revenues
of the firm and factors that affect the flow.
When using this tool, the management of Kio
Technical Support will look at its current
revenue sources and what the firm can do to
expand its revenue stream. It may start
operations offering the products defined in
chapter one, but with time it may find ways
of expanding its line of products. The
expansion is meant to increase revenue
streams for the firm.
Cost reduction is another important area
that key performance indicators may assess.
Schmidt (2014) says that it is the
responsibility of the management to find
ways of reducing costs of operation as much
as possible. This tool helps the management
to identify areas of expenditure within the
firm. These expenses can be ranked based on
their relevance and impact on the firm.
This way, it becomes easy to identify
irrelevant expenses and those that are
important to the firm. Irrelevant expenses
are then eliminated. Those that are
insignificant to the firm’s success can then be
eliminated or possibly reduced to reduce the
overall cost of operations. Through such
assessments, it becomes possible to discover
irregular payments or pilferages within the
organisation. Eliminating such pilferages and
irregular payments also help in cutting down
the cost of operation.
Process cycle-time is another critical factor
that defines the success of a firm in the
market. The total time that a firm takes to
complete a given task or project determines
how effective it can meet the needs of its
customers. Projects that take longer than
expected often cost more because they are
affected by factors such as inflation,
vandalism, pilferage, wear, and tear. Using
this tool, a firm can assess these processes
and procedures and identify areas of
weakness that need to be addressed.
Addressing such weaknesses will make it
easy for the firm to complete future projects
on time and with minimal resources.
Customer satisfaction is critical for the
survival of any firm in the current
competitive business environment. Using
key performance indicators, it is possible to
determine how well a firm is meeting
customer needs in the market. The quality of
products that a firm offers to its clients
defines how well it meets their expectations.
Customers expect high value whenever they
purchase products in the market. If Kio
Technical Support meets the expectations of
its customers in terms of quality delivery,
then it will win their trust in the market.
Quantity is another factor that defines the
level of satisfaction of the customers. For
instance, when a client makes an order for
the installation of CCTV cameras in their
premises, they have their expectation about
the number of cameras that should be fitted
by this company.
Failing to meet this expectation may reduce
clients’ level of satisfaction. Another factor
that affects the satisfaction of customers is
how a firm delivers its products. The time
that the firm takes to respond to order and
the relationship that is developed during the
entire period of product delivery is very
important. These customers have their
expectations and failing to meet them may
lead to some form of dissatisfaction. Using
this model, it is possible to understand all the
areas of customer satisfaction and what the
new firm will need to do to avoid
disappointing its clients.
Developing an Appropriate Business Model
Kio will use Clicks Business Model in the new
market when it starts its operations. In this
business model, this firm will rent an office
in London where it will be coordinating all its
activities. It will develop a website where its
clients can visit whenever they intend to
purchase any product from the company.
The company will not have its stores.
When a client purchases a given item from
the company from its website, this firm will
get the item from the producer and deliver it
directly to the client. If it is to be installed, for
example when they purchase CCTV camera
and its entire system, the firm will send its
team of experts to fix the system at the
premises o the client. The following 9
building blocks of the business model will be
taken into consideration.
Value proposition: Kio Technical Support will
need to define the areas that it will be
creating value for the customers as it starts
its operations in the United Kingdom. This
firm will be offering value to clients in the
field of cybersecurity and CCTV. Its primary
goal is to ensure that its clients can operate
without any fear of attack. The security
offered by this company to its clients not
only focuses on the physical premises but
also the online platforms where the firm
operates.
Customer segments: Kio Technical Support
will majorly be handling single-sided
customer segments. As stated above, most
of the customers will be large well-
established firms seeking improved security
in their systems. During the initial stages of
operation, the customers will be narrowed
down to those operating within the city of
London. Later, the firm may consider
expanding its market scope.
Channels: According to Zheng, Chi, and Tse
(2005), the brick-and-mortar channel was
once the only channel of reaching out to the
target clients. However, this has changed
over time due to emerging technologies.
Many firms are currently using bricks and
clicks as a way of reaching to the customers.
Given the resources available for this firm
and strategies that the management intends
to use, clicks will be the most appropriate
channel. This will mean that this firm will
make its products available to the customers
in the online platform.
Customer relationship: Developing a unique
relationship with the customers is very
important as the firm tries to develop a pool
of loyal customers. This relationship will be
developed by offering clients high-quality
products. The firm will make regular follow-
ups to ensure that the installed systems are
working as per the expectations of the
clients. Whenever there is an issue raised by
the client, the management of this firm will
try to be as swift as possible in its response.
Key activities: The main products of this firm
have been defined in the first chapter of this
document. One of the main activities will be
website development and hosting.
Maintenance of these websites, once they
are operational, is another important activity
that will be maintained by the employees of
Kio Technical Support. CCTV cameras
installation and management are other
activities that will be maintained in this
company
Key resources: To understand the above-
mentioned activities, this company will need
several resources. The human resource will
be needed to ensure that the said activities
are conducted within the specified time and
in a specified manner. Financial resources
will be needed to support the operations of
this firm. Fixed assets such as building and
machinery will also be necessary.
Key partnerships: To achieve success in this
market, this firm will need to form
partnerships with other firms that it shares
the same vision with, especially the
suppliers. West London Security Limited and
G-TEC may be important partners in this
market. Other important partners include
the developers of software used in
enhancing online security.
Revenue streams: The revenue that this firm
will get shall come from its operational
activities in the market. The services it shall
offer to the customers and the products it
will be selling will be its primary revenue
sources. The management may consider
expanding its product line to increase its
revenue stream.
Cost structure: The firm will be offering a
wide range of products to its clients. Each
product will have different cost based on the
package that the customer purchases and
the number of follow-ups needed after the
initial installation.
Review of Business Plan
Assessment of Business Plan
Product idea
The market for website development and
management, cybersecurity, and CCTV
camera installation and management is
relatively developed because firms have
come to realise the need to improve their
security both in the online and brick-and-
mortar platforms. Companies offering
solutions in these areas in the city of London
are many and some of them have been in
operation for decades. However, market
research has revealed that the existing
players have not been able to meet the
needs of their clients in the best way
possible.
Cases where firms, currently using several
cybersecurity software, are hacked and their
important documents were stolen are not
uncommon in the city of London. There have
been other cases where CCTV cameras,
which are expected to record events taking
place in the physical premises of the
companies, fail to capture important events
because of failure or general ineffectiveness.
This is a market gap that this firm must find
a way of filling to achieve success in its
operations in the market (Feld &
Ramsinghani 2013). Kio Technical Support
knows that other players are already
operating in this market. The idea is to
identify the market gaps and come up with
effective ways of filling these gaps.
Legal issues
According to Feld and Ramsinghani (2013),
the legal environment within which a firm
operates should be clearly defined to ensure
that its operations are in line with policies,
regulations, and laws of the land. It is almost
impossible for a firm to achieve success in
the market if there is no clear and effective
legal environment that defines how a firm
should relate with its clients, suppliers,
government, and many other stakeholders.
The management will need to take time to
understand the legal structure in London
city. Before this firm can start its official
operations, the management must
understand that there are processes that it
must go through to get the approval of the
relevant government authorities. These
authorities will assess the capacity of this
firm to offer what it plans to offer its clients
and define quality standards that must be
met when the company starts operations.
The management must ensure that it sticks
to its commitments made during the
registration process.
Licensing process in London can sometimes
be very complex, especially for a new firm
that knows very little about the city and
about the process of registering a business.
Kio Technical Support will have to get all the
relevant documents from various
government departments. Department of
Communication will have to authorise
operations of this firm before it can get the
necessary license.
The authorisation can only come if the firm
proves that it can deliver value to its clients.
Its capabilities and resources may be
assessed before the license is given. Business
insurance will be another legal requirement
that this firm will need to have when it starts
its operations. Given the nature of the
business of this firm, it may not be costly to
ensure its operations. The management will
also need to get registration for Value Added
Tax. The owners of this new business entity
have a responsibility to the government to
pay tax regularly as long as it operates in this
country.
Financial requirements
It is the responsibility of business owners to
ensure that their company is properly
funded to facilitate its operations in the
market (Pritchard 2005). Given that this is a
new firm, most of the initial funding will
come from the business owners. Resources
to be used to finance the initial budget of the
firm as it gets into the market have been set
aside.
However, as the firm continues to expand, it
may need additional sources of funds to
support its growth in the market. The capital
market in London is one of the most
established in the world, which means that it
will not be very difficult for this firm to get
loans from local financial institutions.
Government of the United Kingdom has
funding programmes meant for emerging
entrepreneurial establishments, especially
those founded by youth. However, accessing
this fund may be challenging for Kio
Technical Support unless it decides to sell
some of its shares of the company to local
youths who qualify to get such funds.
Risk issues
When operating in this new market, this
company will need to be conscious of the
risks that it may face and the impact of these
risks. Some of the risks that this firm should
be conscious of is the stiff market
competition. It will need to ensure that its
products are superior to that of the market
rivals. It may also deal with market
competition by identifying a special niche
that other competitors cannot compete in
with ease. Possible cyber attack is another
major risk that this new company should be
ready to deal with as it starts its operations.
Marketing matters
Kio Technical Support is a brand that is yet to
be known in the market. It will require heavy
investment and dedication in marketing to
achieve brand awareness. The management
will need to invest both in mass and social
media marketing to ensure that its brand is
known within this market. Social media
marketing, especially Facebook, YouTube,
and Twitter marketing are strategies that
this firm should pay attention to besides
mass media marketing.
Resource sufficiency
Resources can never be perfectly sufficient,
but what Kio Technical Support has is
enough to support its initial operations in the
market. As Mitra (2002) notes, how available
resources are planned for determines how
successful a firm can be in a given market.
For this new firm, resources are limited and
that is why the management has decided to
have only one office in London while other
operations will be coordinated from the
offices in Serbia. The firm is doing everything
possible to cut down its expenses to ensure
that the resources available are used
efficiently.
Proposed Action Plan
According to Warner and Hefetz (2008),
when planning to enter a new market, a firm
is required to come up with an effective
action plan that defines activities that the
firm will carry out and the time within which
each activity should be completed. The
action plan will provide the new
management with a guide on what should be
done at what time from market survey to the
time of starting official operations. With such
a plan, avoidable mistakes are often
eliminated to make the operations of the
firm smooth. For Kio Technical Support, the
following Gantt chart will be useful in
defining a timeline for various activities.
Week
Activities
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Conduct a market survey
Arrange for funds
Develop products
Develop infrastructure
Brand and product
promotion
Launch operations
Table 7: Kio Technical Support’s Gantt chart.
Source (Created by author).
Critical Success Factors
Critical success factors are activities or
elements within the organisation that are
necessary to ensure that a firm achieves its
mission. These factors should be directly
linked to the goals and objectives of the
organisation (Khawaja & Din 2007). At Kio
Technical Support, the following are some of
the critical success factors that will need to
be taken into consideration as this firm starts
its operations in the new market.
• The company should find ways of
expanding its market share in the local
market by acquiring new clients.
• The firm should improve the quality of its
products to ensure that they are of high
standards as per the expectation of its
clients.
• Cut down the cost of operations by
identifying and eliminating unnecessary
wastes in its operations.
• Improve efficiency in its production
process by employing emerging
technologies.
• The firm should be flexible and sensitive
to change to ensure that it embraces the
new systems and structures that may
emerge in the market.
• The primary focus of this firm should be
customer satisfaction as it tries to create
a special niche for itself in the
competitive market in London.
Reflection Questions
Research methods and processes
Describing the justification of the research
method to a reader
In this major study, the researcher used
explorative and quantitative methods. It was
necessary to use both methods to help come
up with an effective plan that would be
useful to this new firm as it plans to get into
the market. According to Harrison (2013),
mixed research method, although it may be
very involving, offers a researcher to collect
both descriptive and statistical data over a
given issue. Descriptive data enable the
respondents to give their views freely over
an issue and to explain why they hold a given
thought in a given manner.
On the other hand, statistical methods
enable the researcher to come up with
empirical data that can be analysed using
computer methods. Such results are easily
understood by the readers because they are
often presented in the form of graphs,
charts, or even pictograms. They explain the
magnitude of a given phenomenon. Using
both methods makes it easy to have a
comprehensive understanding of the market
forces under investigation.
This document may be of critical use to
future scholars. They may want to use the
documents to support their arguments or to
learn new facts as they conduct their study.
However, Lyons (2016) says that before
using a given study as a resource a
researcher should investigate the methods
used in a given study. It is important to look
at the validity and reliability of the research
before using it as a source.
In this study, the researcher was keen on
ensuring that other scholars can easily use
this document as a resource in their future
research. The method chosen is simple and
straightforward and it would not be
challenging for the consumers of this
document to understand the reason why a
given conclusion was made by the end of the
study.
Describing the justification of the research
methods to a future employer
According to Blank and Dorf (2012), current
employers are keen on hiring people with
skills and capabilities in undertaking various
tasks. When conducting a given research
project, the process that a researcher takes
to arrive at the findings and solutions may
help the employer to understand the
strategies that such an individual will use in
the firm as an employee. The method used
in this study can be applied in a firm context
when undertaking a given project. The use of
the Gantt chart and the systematic
undertaking of activities in this project is
something that can be replicated when
undertaking projects in a company context.
Literature and sources
When conducting this research, several
theories have been used at different stages
to help in the analysis process. When
conducting the feasibility of the project, it
was important to critically analyse the
external market within which Kio Technical
Support would operate. Several models
were used. Porter’s Five Forces Model was
used to assess the competitiveness of the
market. PESTEL Model was used to critically
assess the market forces and how they will
affect the operations of this company.
The use of these two models made it easy for
entrepreneurs to know what to expect as
soon as they get into the new market in
London. The internal resources and
capabilities of the firm had to be defined,
and this required the use of SWOT analysis.
Getting to know the strength and
weaknesses of the firm was important as it
prepared to start operations of the new
market.
The resource-based theory was also another
important theory when defining the internal
capabilities of the firm. Porters Generic
Forces Model was used to help define the
path that this company can take when it
comes to segmentation and target
marketing. Literature was collected from
various sources. Books were very important
in this project. The researcher also used
peer-reviewed journals to inform the study.
Some of the information in this report was
collected from reliable online sources.
Information from these sources was used to
justify the conclusions and
recommendations made in the study.
These sources were very important and
fundamental to my work. The researcher did
not use primary data sources in this
research. It means that the study wholly
relied on information from books, journal
articles, and various online sources. This
document is meant to influence the decision
made by policymakers, especially when it
comes to supporting new start-ups. It is also
expected that this document will be
important to young scholars who shall be
conducting studies in this field.
To make this document reliable, it was
necessary to use reliable data sources that
can easily be trusted by others who may
want to use this document. Sometimes
making decisions about appropriate market
entry strategy can be very challenging. It may
even force a firm to use trial and error to
come up with an appropriate strategy in the
market. However, these published sources
can help a firm to know what to do and what
to avoid when entering a new market. That
is why these sources were considered
critical.
Knowledge
The project has helped the researcher to
expand knowledge in the field of business
start-up. This study has focused on an
ambitious project where a new firm targets
a market that is highly competitive and has
well-established competitors. The chosen
market (London) is also one of the most
competitive markets in entire Europe. Under
normal circumstances, a firm would always
try to identify markets with less competition.
However, this firm has decided to operate in
this competitive market despite the
challenges that it may face.
Through this project, I have learnt that even
in markets that are very competitive and
with established competitors, it is still
possible for a new start-up to identify a
market segment that is not fully happy with
products offered in the market hence they
can operate successfully. The project taught
the researcher how to plan.
Breaking an entire project into individual
activities simplifies the entire process.
Assessing the progress under such
circumstances is also made easy. From this
research project, the researcher was able to
learn what it takes to make a new business
succeed in the market even in cases where it
is an operation with very minimal resources.
The study has proven that even small firms
with limited finds can expand its operations
beyond its national borders as long as it has
what the clients need.
The new knowledge gained from this project
is very important to the researcher in several
ways. This business idea can be put into
practice and if done in the right way, it can
be a success. The knowledge gained from
this research has helped in dispelling the
notion that London is an unfriendly market
for new firms, especially those from foreign
countries. It became apparent that a start-up
firm can set up premises in this city and start
operation without straining. This project
enhanced the capabilities of the researcher
to apply several models.
The project used several models which may
be very relevant to this firm’s future. From
the project, the researcher was also able to
understand the legal environment in the
United Kingdom when it comes to
registration of new firms. In case the
researcher may find it necessary to start a
new firm in London in the future, it is now
clear which steps should be followed to get
registered and start operating legally with all
the needed documents.
Learning
This research has made me learn a lot. The
following are some of the key areas of
knowledge that the researcher has gained
from this research project.
Conducting academic research
This project offered the researcher a perfect
opportunity to conduct an MBA scholarly
research in the field of new business start-
up. Through this research, it was clear what
one should do to collect relevant data from
the field. In this study, primary data was not
used. The researcher had to identify reliable
secondary sources of data that would
support the conclusions of the study in a
reliable manner.
The project made the researcher learn how
to identify appropriate secondary data
sources. The use of descriptive and statistical
data analysis expanded the capabilities of
the researcher to analyse secondary data
sources. Given the opportunity in future to
conduct further research on a given field, the
researcher will be able to use both methods.
Conducting market research
According to Harrison (2013), conducting
market research is more demanding than
when conducting academic research. Unlike
academic research that many times are not
applied in a practical context, market
research is meant to inform actions of the
managers and if it has loopholes, then the
firm may be subjected to wrong decisions
that do not reflect the true picture in the
environment. In such cases, the firm may
incur serious financial losses.
This project was conducted as if it were real
market research. Aspects that one should
focus on when conducting market research
were all taken into consideration when
conducting this research. The researcher
now has a better knowledge of the London
market for a small technology company, and
the segments that can be targeted to achieve
the desired success.
Compiling the research report
Compiling a huge report systematically
requires some sound background in
conducting a research project. This particular
project made it possible for the researcher to
learn how to compile a report after collecting
and analysing the data. It enabled the
researcher to know how to present the
information in a way that is easily
understood by the users of the document.
The process made the researcher know the
importance of reliability of a research project
and how to enhance it when conducting a
study.
Applying the knowledge learnt
Learning can only be said to have occurred if
the knowledge can be applied in a practical
context (Blank and Dorf 2012). The
knowledge gathered from this research
project will be applied in many fields in
future. The researcher intends to pursue
further education in this field. The
knowledge and experience gained from this
process will be put into practice in future
when conducting other academic research. I
also intend to apply this knowledge in my
place of work in future when conducting
market studies.
Critical thinking and ideas
In carrying out this research, the most
important discovery is that there is always a
gap in the market even in cases where the
industry seems very established and with
dominant players who are keen on meeting
the expectations of their clients in the best
way possible. Before starting this project, it
was almost impossible to imagine that there
is a technological gap in the fields of
cybersecurity and CCTV camera services in
London.
As Harrison (2013) puts it, London is a major
global technology hub that is leading to
technological advancements. Issues about
cybersecurity have been a concern and the
city has seen several firms emerge to solve
this problem. However, thorough market
research demonstrated that indeed there is
a gap despite having well-established firms
in this industry. The discovery was very
important in redefining the entrepreneurial
spirit of the researcher.
According to Pakroo (2014), most of the
modern market strategists have been
emphasising on the need for companies to
embrace an outward-in approach to
managing market forces. They argue that
time, when firms came up with products
without understanding the needs of the
customers, is long gone. Indeed, a product
can only be successful in the market if it is
developed with the needs of the customers
in mind. However, this study has also
demonstrated that a company should not
ignore an inward-out approach when
formulating its market strategies.
A firm must look at its resources and
capabilities before coming up with a market
segment that it intends to target. It has been
revealed that the two approaches must be
integrated to achieve the desired outcome.
First, the management must understand its
capabilities based on the resources that it
has. This inward-out analysis is meant to
direct a firm in choosing an appropriate
market segment that it should target. After
that, it should then use an outward-in
approach to find out how best it can meet
the needs of the selected segment.
The study also enabled the researcher to
understand the concept of internal business
environment analysis and various tools that
can be used in that assessment. For a long
time, the researcher has been relying on
SWOT analysis to assess the internal
capabilities of firms. Through this study, it
became apparent that several other tools
can also be used to assess the internal
environment. Resource-based Theory was
particularly important in this project and the
researcher intends to continue using it in the
future analysis of firms.
Barriers met
Barriers faced when undertaking the
research
When undertaking this research, several
barriers were met in one way or the other
affected the study. Time was a major barrier
that was faced in this project. It would have
been necessary to conduct primary data
analysis, but the time available made it
almost impossible to do that. It forced the
researcher to fully rely on secondary data
sources for the research. Identifying the right
resources for the study also proved to be a
challenge.
After deciding to use secondary sources in
the study, it became necessary to select
these sources carefully to enhance the
validity of this report. It took longer than
expected gathering specific data that meet
the objectives of the study. According to
Lyons (2016), when conducting desk
research, sometimes it helps to have people
who have gone through the process to
discuss the topic before the project begins.
Unfortunately, the researcher was unable to
identify and reach out to other senior
scholars who had gone through the same
process and researched the same topic. The
researcher faced a challenge trying to prove
the validity of the study. In cases where
information is collected from primary
sources, both internal and external validity
can be determined through various models.
However, when the study wholly relies on
secondary sources, then the only way of
confirming the validity is to assure the
readers of the document that the sources
used were very reliable.
Barriers faced when completing the project
The process of completing this project was
faced with a few challenges that are worth
noting. The use of statistical methods proved
to be a challenge given that the study
majorly relied on secondary sources.
Processing already processed statistical
information seemed repetitive and
unnecessary in this research. The researcher
did not find any third party to go through the
entire document to give suggestions on
areas of weaknesses before handing it in for
an assessment.
It means that the document lacked
additional input of an academic mentor to
help strengthen the document. This was
partly due to the limited time that was
available for the research. Despite all these
challenges, the researcher did everything to
ensure that the document was of high
quality. The research was able to use the
limited time available to come up with a
comprehensive report that fully addresses
the research aim and objectives.
Professional development
The most important business skill that the
researcher has learnt from this project is
how to operate in a highly competitive
business environment. According to
Harrison (2013), many firms fear
competition and would do everything to
avoid it. It is true that when the competitive
rivalry in the market is very stiff, then
sometimes it may be difficult to achieve
success.
This is specifically the case in situations
where instead of firms concentrating on
providing high value to their clients, they
focus on bringing down their rivals. From this
research, it is clear that a firm can still
achieve success by identifying a market gap
and creating a unique niche. Instead of
competing directly with these market rivals,
a firm would try to identify areas in the
market that the current firms are not
effectively addressing as would be desired by
the customers.
Coming up with ways of addressing the
market gap is the most appropriate way of
avoiding market competition. This is so
because what the firm will be offering will be
unique. The competition in the market will
be irrelevant to such a firm because it will
have its unique target market.
This project has a researcher to learn that
when planning to enter a new market,
planning is everything. In this case, it was
noted that the market in Serbia is very
different from that in the United Kingdom,
especially in the city of London. Competition
in London is stiff and clients are more
demanding, especially if the clients are
organisational buyers. To enter such a
market successfully, a firm will need a
comprehensive plan such as the one
developed in the project. In that plan, a firm
must first conduct a detailed market survey
to understand the local forces.
With this knowledge, it becomes easy to
come up with a workable plan. In the plan,
the entire market entry process must be
broken down to specific activities that must
be carried out to achieve success. There
must be a timeline in the plan that specifies
when each activity should be completed. The
plan must also include all the resources
needed such as finances, human resource,
machines, among other resources. These
skills are important because they will be
critical in the future career of the researcher.
Objectives
When starting this research project, several
objectives were set by the researcher. The
primary aim was to come up with a
comprehensive plan that a firm can use to
enter a new market in Europe. London was
the chosen city because of its strategic
location as a regional business hub in
Europe. This aim has been achieved
successfully even if primary data was not
used. The researcher has been able to come
up with a comprehensive market entry plan
that can be applied in a practical context in
case a firm decides to enter such a market
with the proposed products.
The researcher also had an objective of
coming up with appropriate internal
assessment methods that a firm can use in
the market in the case when trying to
enhance its capabilities. As Blank and Dorf
(2012) note, after understanding the market
needs and the gap that a firm can fill, it is
always necessary to assess a firm’s internal
capabilities. It may be necessary to have
several models that can be used to assess the
internal capabilities of a firm and the
researcher wanted to identify and apply
these different assessment methods. This
objective was achieved effectively based on
the models used in this study.
The researcher was also interested in
developing a framework that can be used to
make products of a firm unique compared to
that of the market rivals. It is often easier
said than done when a firm is advised to
develop unique products in the market.
However, this study has outlined ways
through which this uniqueness can be
achieved. It is clearly shown that to achieve
this uniqueness, a firm needs to first identify
a gap in the market. Focusing on meeting the
needs of customers identified in the gap is
the first and most important step in
developing unique products in the market.
This is so because the firm will not be trying
to meet the needs met by other firms. It will
focus on a new need that can only be met by
new products.
Findings and outcomes
As mentioned in the methodology section of
this paper, this project was meant to create
a difference in the existing bodies of
knowledge on the topic of business start-up,
especially when the firm is entering a highly
competitive market. Although it is academic
research, it is a document that can be used
by companies to enhance their operations.
As such, issues of the feasibility of the
findings, recommendations, and conclusions
are of great importance.
The researcher ensured that the report could
be practically implemented if it becomes
necessary to do so. The report took a
practical approach where every activity was
defined based on realistic timeline and
resources. The findings of the study,
therefore, give a true reflection of the
market forces in London and what a firm can
do to manage them.
I the findings, steps that a new firm needs to
take to get legal documents for operation in
the city of London have been clearly defined.
This information is very important to a future
employer who may be interested in starting
a new business in this city. The document
outlines every step that should be taken and
the documents that will be obtained for a
firm to start operating in this market. The
researcher himself may be interested in
starting a business in this city, and this
information will be very useful in the process
of registering the firm.
The conclusions and recommendations that
have been made in this study are also very
relevant in this study. The researcher had
limited time to conduct this research, but a
lot of emphases was laid on collecting very
relevant data that would help in
understanding the history of the market and
how supportive it is when it comes to
supporting new businesses.
The researcher gave recommendations after
a critical analysis of the market and after
looking at all the resources and capabilities
of the firm. It means that if the information
were to be applied in a practical context,
then realising the set objectives may not be
a big problem. To a future employer, this
project will be a strong major area of
assessing the capabilities of this candidate.
In companies, it is expected that similar
projects will arise. The employer may be
planning to expand operations of the
company beyond the borders of the home
country. This document will be a clear
indicator that the researcher can make the
expansion process a success.
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