Business Plan for Bitfit Care

CONFIDENTIAL - DO NOT DISSEMINATE. This business plan contains confidential, trade-secret information and is shared only with the understanding that you will not share its contents or ideas with third parties without the express written consent of the plan author.

Problem

Solution

Market

Competition

Why Us?

Forecast

Financial Highlights by Year

Financing Needed

Fitbit exist "To empower and inspire you to live a healthier, more active life. We design products and experiences that fit seamlessly into your life so you can achieve your health and fitness goals, whatever they may be". With the corporation entering a new market, fitbit care intends to continue just that. Fitbit understands that it is our need to feel safe and secure. We intend on developing a new product that you can also seamlessly fit into your life. We want to be known as the company who creates innovative products anyone can use

· Customers. By having this product available to the people, it will give them the peace of mind, leaving them feeling confident that the people they care for is safer.

· Employees. To encourage 'Intrapreneurship' as all ideas will be communicated and heard. To create an environment that is full of motivated staff and belief in enhancing the future with the use of technology and health in mind. 

· Shareholder. By successfully fulfilling the overall mission statement, fitbit care will lead the corporation to a favourable investment return. 

Fitbit care is a startup inside the corporation. This corporate venture extends on the history of the company who makes advanced technology and brings about experience to benefit and manifest a healthy life.  Fitbit has been creating products since 2007 and with full gusto, will continue to enhance wearables that change the way we move. The journey to creating fitbit care is embarking on new grounds where the change comes from the wearer feeling a higher sense of self esteem and confidence (Fitbit, 2016). 

Upon approval of the plan Fitbit care is to be created and made with in 6 months. The prototype will be tested and adjusted as per requirements. In the first year we intend on selling 

Problem Worth Solving

Vulnerable loved ones go missing all the time and it is them who need the most help. We hear it in the news and the thought of losing the people you care about the most can be traumatising. About 35,000 Australians go missing a year. Often it only takes a few seconds and they are gone. This can happen in the most unexpected places. From busy shopping centres, playgrounds, and even at the confines of your own backyard. These circumstances may occur unintentionally due to being lost or disorientated. It may also be due to an actual threat such as suspicious or malicious persons with bad intentions (Australian Federal Police, 2015).

Our Solution

In response to this particular problem, Fitbit will develop an inovative product line called Fitbit Care. This solution offers a user friendly device which allows a carer to closely monitor and contact the vulnerable with the use of GPS and 4G technology. It is available in various models which can be worn as a watch or clipped to clothing or a bag.

Functionalities of the watch/clip include:

· GPS functionality allows locations services that is linked to the app and provides recorded routes of their previous activities

· Guardian feature provides wearer voice instructions on how to locate the closest safe spot/s

· Panic/SOS button which automatically transmits the coordinates of the wearer to the app user/s

· Contingency functions allows an alternate app user to be notified if the initial app user does not respond within given time frame

· Special notifications available for when the watch or clips has been dislodged, when battery is low ot\r

Vulnerables

User; children  

Population: 4.6 million (Australia only)

Buyer: Who will Parents/Guardian with children, before and after school care, long day care centres, schools

The disabled

Population: 4.2 million (Australia only)

Buyer: Psych wards, carers, parents, hospitals

Current Alternatives

Tic tock track http://www.tictoctrack.com.au

Our Advantages

Marketing Plan

Sales Plan

Locations & Facilities

Technology

Equipment & Tools

Milestones Table

Key Metrics

Management Team

Advisors

Key Assumptions

The values on the financial forecast are based on the goal of capturing a quarter of the children population and a quarter of the population with disability. Tear down analysis follows:

· Cost of one micro gps with geo $15

· materials to manufacture the product $17.36

· the remaining revenue cost is $35.98 

· Totalling to $68.34 to make

· The total budget for marketing and development was 200 million in 2014 and this was for 36 countries. The budget was divided to 36 areas which came down to approximately 5.5 million.

Further more, the latest statistics from ABS indicates there are approximately 4.6 million children who can benefit from fitbit care. In Australia alone, that is 26% of  the total population and it is steadily increasing.

Fitbit care is also good for the disabled. Current statistics from ABS also indicated 88% of the disabled population are limited to self care. That is a total of 3.7 million of Australian population to account for. 

By factoring these local numbers of the population, the revenue can potentially be more than the projection displayed on the graph. 

Revenue by Month

Net Profit (or Loss) by Year

Use of Funds

There will be a number of expenses that need to be covered such as research and development, marketing cost, general administrative expenses and the largest of all, revenue. 

· Cost of revenue. It consists of product costs, including costs of contract manufacturers for production, shipping and handling costs, warranty replacement costs, packaging costs, fulfillment costs, manufacturing and tooling equipment depreciation, warehousing costs, excess and obsolete inventory write-downs, and certain allocated costs related to management, facilities, and personnel-related expenses and other expenses associated with supply chain logistics. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation.

· Research and development. These expenses are related to developing new products and services and improving existing products and services. These expenses consist primarily of personnel-related expenses, consulting and contractor expenses, tooling and prototype materials, and allocated overhead costs.

· Sales and marketing. These expenses consist primarily of advertising and marketing promotions of Fitbit products and services and personnel-related expenses, as well as sales incentives, trade show and event costs, sponsorship costs, consulting and contractor expenses, travel, Point-of-Purchase display expenses and related amortization, and allocated overhead costs.

· General and administrative. These expenses consist of personnel-related expenses for Fitbit finance, legal, human resources, and administrative personnel, as well as the costs of professional services, any allocated overhead, information technology, and other administrative expenses.

Sources of Funds

Projected Profit & Loss

Projected Balance Sheet

Projected Cash Flow Statement

CONFIDENTIAL - DO NOT DISSEMINATE. This business plan contains confidential, trade-secret information and is shared only with the understanding that you will not share its contents or ideas with third parties without the express written consent of the plan author.

Profit and Loss Statement (With Monthly Detail)

Balance Sheet (With Monthly Detail)

Cash Flow Statement (With Monthly Detail)

CONFIDENTIAL - DO NOT DISSEMINATE. This business plan contains confidential, trade-secret information and is shared only with the understanding that you will not share its contents or ideas with third parties without the express written consent of the plan author.