Business plan

I. Group Name :Group 8

II. Group Member’s Full Name and ID : 1. Mesbahs Sattar Himalay(2111621)
2. Afia Hossain Samia(211015)
3. Foysal Ahmed Shuvro (2110487)
4.Ahmed Eftekhar Raiyan ( 2221538)

III. Course Title, Course ID, Section : Introduction To Business,201; 01

IV. Semester-Year : Summer 2022
V. University’s Name : Independent University OF Bangladesh
VI. Date of Report Submission : 2nd August, 2022

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Take those criticisms fuel your greatness.

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Contents

1. Executive summary 4

2. Company background 5-6

3. Management team 6-7

4. Services 8

5. Marketing plan 9-11

6. Financing the business 12-13

7. Conclusion 14

8. Reference 15

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 executive summary
Our business is an internet-based business which will go through a set of exhaustive strategies. We can, in short,
call it dropshipping. Dropshipping is an order fulfillment method where a business doesn't keep the products it
sells in stock. Instead, the seller purchases inventory as needed from a third party—usually a wholesaler or
manufacturer—to fulfill orders.
As far as we’re concerned, this business has the potential go a long way. Our dropshipping business is primarily
focused to reduce obesity in at least 10 states of the USA. Why USA? Because it’s one of the countries that
suffers most from obesity and most of its citizens have the ability to buy products that lessen obesity. We’ll
store the products(which help to reduce obesity) digitally in our Shopify outlet and market our business
strategically. If everything goes as per our plans, we’ll be able to get a great deal of orders. It’s to be mentioned
that we’ll make surveys in the targeted market before promoting our business to achieve maximum efficacy.
Once the orders are placed, we’ll make sure that the customers get the products safely and without any trouble
We have plans to expand our business in Bangladesh if we can make a decent amount of profit from the USA,
and if we get noticable response from Bangladesh, we’ll spread our business globally. It’s feasible to think like
that because it has no “physical store cost”. Therefore, opportunities are huge and enormous.
In essense, We are hopeful, optimistic, and positive that we’ll be able to help many people out and make our
desired profit. We believe that one of the purposes of any business is to solve people’s problems. Therefore, in
our mentioned business, we’ll solve their problem by putting capital, effort, hard work, and strategies, and
they’ll give us money in return.

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Company background
Dropshipping is an order fulfillment method where a business doesn’t keep the products it sells in stock. Instead, the
seller purchases inventory as needed from a third party—usually a wholesaler or manufacturer—to fulfill orders.

The biggest difference between dropshipping and the standard retail model is that the selling merchant doesn’t stock or
own inventory—they act as the middleman. Two of the most common approaches for dropshipping are to seek out a
supplier located in North America (or anywhere else in the world) using supplier databases, or to seek out an app that
connects you and your store to thousands of suppliers.

For the latter, we recommend DSers, a Shopify app that helps independent business owners find products to sell. With
DSers, you can browse AliExpress and import the products that pique your interest directly to DSers—which is
connected to your Shopify store—with the click of a button. Once a customer buys a product, you’ll be able to fulfill their
order in the DSers app. Fortunately, DSers automates this process. As the store owner, all you have to do is check that
the details are correct and click the Order button. The product is then sent directly from the AliExpress supplier to the
customer—wherever in the world they may be.

Mission Statement : To reduce obesity and extend human lifetime by making them fit and healthy.

Vision Statement : To give best product for being fit and healthy, and also making FitBaba a global brand.

legal entities: dropshipping is legal all around the world as long as the product are legal to those countries. Bangladesh
has also legalize this business in 2019 and since then Bannglashoppers has started collaboration with some foreign
countries. In dropshipping business tax rate is fixed all over the world and it is 15.3% SE tax on 92.35% of your Net Profit
on Schedule C greater than $400.

 Acquire a Business License.

● Pay Your Taxes.
● Get Business Insurance.
● Focus on Branding.
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 ● Keep Marketing Materials Truthful.

Management team

Marketing Manager
Afia samia Mesbahus sattar
Job description
CEO
Mesbahus
Sattar
CEO: Chief executive officer position is about
controlling all over the work. And taking
companies major
IT Finance decision. The
highest-ranking person in Eftekhar ahmed efty a company. While every
foysal ahmed shuvro
company differs, CEOs are often responsible for
expanding the company, driving
profitability, and in the case of public companies,
improving share prices.

Manager: In this business Placing and monitoring all stock purchase orders for assigned vendors across multiple
warehouse locations, including buy to order purchases and some drop ship order management.

Marketing: Typically, drop ship specialists operate retail websites, which they use to attract customers, take orders
and process payments. Drop ship specialists make money by marking up the price high enough to cover costs and make
a profit.

IT : As dropshipping is based on Internet and software an IT teach held an important role. They had to upgrade page
and work station constantly, so the management team can work without any issue. In this field every employee need to
have basic IT skill so that they can provide any information to the customer queries

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Educational qualification

Names Undergraduate in Result Graduation result Job experience

Afia Hosssain Samia HRM 3.85 3.44 No

Mesbahus Sattar IB 3.50 3.25 Sole business

Himalay

Eftekhar Ahmed Efty IB 3.78 3.62 Part time job at

amazon

Foysal Ahmed Shuvo Accounting 3.69 3.46 Clothing Factory

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Service description
As we know our business is focused on drop shipping which basically occurs when a retailer sends orders to
customers directly from the warehouse of a supplier. Drop shipping is a distribution/sale method in an
alternative way to the classic supply chain. The customer places an online order for a specific product to begin
the entire process. Despite not having any products in stock, the proprietor of the website has a pre-arranged
dropshipping distribution channel with the supplier or manufacturer. When an online shop owner receives an
order, they send it on to the supplier or manufacturer, who fills it at the warehouse and sends it directly to the
client through logistics and courier services. Whenever we include drop shipping into our sales plan,
irrespective of the extent, we are establishing a partnership with the supplier. Also, Drop shipper must use an
appropriate dropshipping program to access a database in order to make this happen. This business model has
gained more acceptance in part because of the expansion of several dropshipping companies throughout the
globe. The distribution chain of drop shipping is shown below in figure 1

FIGURE 1. The Dropship model

Also as we know Drop shipping's main benefit is not needing to buy and maintain inventory in anticipation of
customer purchases, which greatly enhances a company's order-to-cash cycle (O2C).

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Marketing strategy and promotional tools:

Marketing is the only way to grow on this business, as we won’t be directly involved in the products. To do
that we need to have a great marketing strategy for your dropshipping store to be successful. This is because
you’re probably not the only person selling your products online, so you need to make your store stand out.
Marketing will help customers trust your business, which can also be tricky for dropshipping stores that sell
other people’s products.

Those strategies are:

1. Adding Customer Reviews and Ratings to Your Site : One of the biggest challenges that any
dropshipping business faces is building trust with its audience. Customers are often skeptical when they
find a new dropshipping store, and they need to be sure about the quality of the products before making a
decision to buy. This is why clearly visible reviews and testimonials are so important. Review helps
customers to build trust on site and positive review helps them to make their decision wisely.
2. Focus on Retargeting Customers: 98% of visitors toour dropshipping site won’t make a purchase on their first
visit. Instead of just hoping for sales from the remaining 2%, and focusing on marketing efforts towards gaining new
traffic, we would retarget all of the visitors who have been on our site. Retargeting is when you display relevant ads
and marketing content to visitors who have been on your site but didn’t take any actions. These ads appear on other
websites after visitors have left your store. After visitors have been retargeted, they should have a 70% better
chance of becoming customers on your site.

3. Focus on SEO Content Marketing: Blogging is one of the best marketing strategies for any dropshipping
business to be worth it. Sure, it takes a bit of time and effort, but it also offers excellent ROI. Blogging is a low-cost
marketing tactic, and when your blog posts start to rank, you will be able to send loads more traffic to your
dropshipping store. Besides being able to offer inspirational content to help your target audience make a purchase,
blog content marketing helps your search engine optimization (SEO) results. This is essential because having good
SEO results means more free traffic to your dropshipping business, which means more sales. To get started with
blogging, you’ll need to write helpful, insightful, and interesting posts that your target audience will want to read.
Then you can use your posts to send more traffic to your dropshipping store. Great blog content should include
things like guides, roundup posts, and anything that your potential customers are interested in reading. For
example, if you run a dropshipping business that sells surfing products, you could write a blog post on how to set up
a surfboard or a guide to the coolest surfing tricks

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4. . Utilize Email Marketing: Email marketing is another highly effective dropshipping marketing strategy that
offers a great return on investment. Email marketing should form a major part of any online shop marketing strategy
because it can be used to:

● Retain customers
● Inspire new customers to make a purchase
● Highlight special offers and promotions
● Turn abandoned carts into sales (more on this later)
● And more!

4. Develop a Clear Social Media Marketing Strategy: Social media marketing can be one of the most effective
ways to promote your dropshipping store. However, social media is also a highly competitive space and you need
to create your social media marketing strategy wisely. Start by choosing the best channels for your dropshipping
business, and focus on these. It’s best to start small, focus on two or three channels, and give these channels the
attention they deserve. For dropshipping, visual platforms like Pinterest and Instagram work well to highlight your
products.
5. Run a Giveaway: Because of the dropshipping business model of not having any stock on hand, many sellers
don’t consider giveaways. However, a well-organized giveaway can help you to attract way more potential
customers and traffic to your store. There are many different types of social promotions that you can run. These
include things like photo contests, hashtag contests, sweepstakes, and more. With the right type of contest, you
could boost traffic to your store, increase social engagement or followers, promote a specific product, generate a
bigger email marketing list, boost brand awareness, and more. To run a successful giveaway, you will need to choose
a suitable prize. This should be one of the best-selling products that you offer to help you attract enough of the right
participants. Once the contest is over, you can send all of your entrants a discount code. This will probably result in a
lot of conversions. To achieve a successful dropshipping giveaway, you will need to use right social promotion tool

6. Find Your Relevant Communities Online and Join Them: If you want to reach your customers, then
you need to know where they are. One of the best ways to do this is to join online communities where
your customers exist and connect with them. Dropshipping stores usually focus on a specific niche, so
joining relevant communities will help you to find your exact customers. Some great places to look would
be Reddit, Quora, Facebook groups, or regular networking events. These are excellent spaces to answer
your audience’s questions, get your brand out there, and build up authority within your niche. To market
your dropshipping store on these platforms, reach out to your target audience and answer any questions
they might have that relate to your dropshipping niche. You can use your answer to strategically link to
your site. Just remember not to be overly promotional here. These platforms are most effective when you
offer genuine value to your audience. Try to build trust, and establish authority within your niche.

7. Attract More Customers With Paid Advertising: Getting a lot of organic traffic is hard. Paid
advertising can make a huge difference to your dropshipping marketing and sales. Not only do ads make your
products more visible, but they allow you to target a very specific audience of potential customers. Paid advertising
on social media offers some of the best possibilities for reaching your exact target audience .

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8. Know How to Recover Abandoned Carts: Being able to turn abandoned carts into sales will make a huge
difference to your dropshipping revenue. Many different factors could cause customers to abandon their carts. This
could include things like having too many steps during your checkout process, not offering enough information, or
having delivery costs that are too high. Optimizing the checkout process with short, easy steps and clearly offering
all the information your customers need will make a big difference.

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Financing business
Unlike other businesses, we have low and reasonable start-up costs. Despite having a low start-up cost, it has the
potential to be prolific in the market and do well. Since it’s an internet-based business, we’re going to be needing a
Shopify account. Then, we have to purchase a subscription option from Shopify. Shopify Basic costs $29 monthly (and
2.9% + 30¢ per transaction). The Shopify plan is $79 monthly (and 2.6% + 30¢ per transaction). Advanced Shopify is $299
monthly (and 2.4% + 30¢ per transaction). We can start our business with a basic plan or Shopify plan. But, it’ll be more
efficient for us if we start from the Shopify plan which costs 79 USD per month because it has more traffic and the
transection rate is lower than the basic plan which costs 29 USD per month. After the purchase of the specific
subscription is done, we’re going to be needing domain hosting to personalize our business and put our business in the
world wide web. The domain host will cost The domain name starts from as low as 10 USD. After these processes are
done, the next thing that we have to do is to set up the stores with products from Amazon and Alibaba. The next step is
to spread the business through social networks and boosting.  We can boost our business on both Facebook and
Instagram. The pricing of the Facebook boosting depends on how many people we specifically want to reach. It costs an
average of only $0.25 to reach 1,000 people through Facebook. Therefore, we can aim to reach 1,00,000 people per day
who live in different states of USA spending roundabout 25 USD each day. Since our business will be new in the first
place, we’ll run the campaign for at least one month in the overall 10 states of USA. It is to be mentioned that the states
will be targeted. It’ll cost us 25*30=750 USD in the first month. This is our basic initial investment. Depending on the
sales, we’ll boost from time to time.

In order to run a business, working space is necessary. Because, it makes us efficient and productive. We’ll be needing a
workspace to run our business as well. This workspace will cost us approximately 15,000 BDT. Provided that we all have
our personal computers or laptops, costs for these aren’t included. 

How we’ll acquire the investments: For all the initial investments, we’ll depend on our savings. If anyone of us doesn’t
have sufficient capital by himself/herself, he/she can loan from family members.

 
Allocation of funds: Since we don’t have to store any product physically, there is no need for the funds to be divided
into products. Our integral goal is to increase sales using divergent strategies. One of them is to boost our business on
social networks. Strategic, well-planned, specified, and targeted boosting will increase sales enormously. It’ll be of great
advantage for us if we hire a digital marketer to spread and market our business on digital platforms.  Therefore, most of
our funds will be distributed in boosting. In the first place, we can run the business from our home since it’s an internet-
based business. If we see progress in our business, we’ll accommodate a workspace. Part of our funds will be allocated
to the workspace as well. Finally, the rest of the funds will cover other things.

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 Total budget for starting the business:

Shopify plan= 29 USD or 33,013 BDT

Domain hosting= 10 USD or 948 BDT
Boosting for 1 month = 750 USD or 71,112 BDT
Digital marketer= 100 USD or 9,481 BDT
           Total          = 889 USD or 1,11,554BDT        

2022yearly 2023yearly
account debit Credit Debit Credit
income 125000 200000
lent 50000 74000
Electricity bill 68000 68000
Shopify bill 33013 33103
Promotional 80593 80593
cost
175000 181606 274000 181606
(6000) 92394

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 Conclusion
FitBaba is a website that sells products that the seller does not keep in stock. When an order is placed, the seller sends it
to a third party — the manufacturer, another retailer, or a wholesaler — who ships the goods directly to the buyer.
Being able to offer new products immediately or stop selling slow-moving -products is a major benefit of FitBaba.
It requires a lot of capital to stock a warehouse. Whereas FitBaba Instead of purchasing an extensive inventory and
hoping it sells, with zero inventory, immediately starts to make money. As a result, it’s a low-cost Startup. As the
investment is lower and per month cost is also low, sole business can be done easily. B2B criteria is hassle free. 

Order fulfillment usually requires firms to the warehouse, organize, track, label, pick and pack, and ship your stock. On
the other hand, FitBaba lets a 3rd party take care of all of that.

Our only job in this arrangement is to make sure they get our customer orders. Everything else will be handled by them.
As result, Low Order Fulfillment Costs.

Without the constraints of a physical inventory and the costs associated with it, FitBaba allows updating our inventory
quickly, easily, and cheaply.
If we know a product is doing well for another retailer or reseller, we can immediately offer it to our customers without
waiting for it to arrive in our warehouse.

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Referencing
 UpworkTM
 Shopify
 Ali baba
 https://www.theseus.fi/bitstream/handle/10024/495377/Hawlader_AnwarMd.pdf?
sequence=2

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