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Biz Aura is a start up business set up to help raise more informed entrepreneurs and
reduce unemployment in this Country. It started in October 2005 and was officially
launched in December 2006. We have corporate partners who believe in the vision of
the business and therefore do different things to support it achieve its objectives. This
includes the following;
• Databank
• Business and financial Times
• SIFE Ghana
• Hopespring Foundation
• Neo Paradigm
Biz Aura has five main projects that it is embarking on to achieve its objectives. The
projects have been researched into and proven to be viable. These are;
1. Nation Building Conference
A conference designed to equip National Service Personnel to either find of
create jobs. This will help reduce the unemployment rate in the country.
2. Online Entrepreneurship Resource Centre
A website providing free information on starting, growing and managing viable
businesses.
3. Chat @ 1
Creates an online platform for the young entrepreneur to meet seasoned
business executives to receive coaching and also meet other entrepreneurs to
network and share ideas. A chat room has been created on www.bizaura.com to
provide this service.
4. Entrepreneurs’ Headway
This is a weekly TV program bringing seasoned business executives to address
the concerns of business starters.
5. Annual National Entrepreneurs’ Conference
An annual conference which will bring entrepreneurs in the Country together to
forge a common goal of improving our economy and moving this Nation from a
third world to a first world economy.
The internet has a low patronage in this country even though it is picking up but
slowly. To achieve its objective even in this situation, Biz Aura has come out with
Nation Building Conference, a capacity building conference yet in a different manner.
Our source of income does not mainly depend on the website since that will prolong
the point of break-even.
Research we conducted proved that young people will want to do something for
themselves when they receive the minimum assistant. We will raise entrepreneurs from
students who complete their National Service. With the assistance of some renowned
business executives, we will give them business coaching for one year where there will
be on their own and another batch takes over. We hope to raise one hundred
entrepreneurs annually.
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The average National Service Personnel cannot afford to pay for a regular school to
learn entrepreneurship. We are providing this service at a very low cost highly
affordable which was deduced from our research.
The business will continue to experience loses till the year 2007 where its net income
turns into positive. A loss of ¢46.2m will be experienced at the end of the year 2006. A
net income of 468.9m and 627.5m will be experienced in 2007 and 2008 respectively.
This major positive increase is because two of our major projects will
Biz Aura will not compromise on hiring the right people to produce results. Even
though there are two people running the business now, there are plans to hire qualified
people to take up key management positions. Currently, the business has a three-
member board of advisors which comprises Mr. William Rich, Programs Coordinator,
SIFE Africa, Mary-Ann Acolaste, PRO, Ministry of Private Sector Development and
PSI and Charles Nene Nanor, Web Developer, trained entrepreneur and the General
Manager of Biz Aura. The board provides technical advice to the business. These
people were strategically selected because of their background in business and what
they have to offer to the business.
A total amount of 27.2m has been invested into the business already. To achieve the
goals of the business, an amount of 109.2m will be needed to make it possible.
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COMPANY DESCRIPTION
Biz Aura is a start-up business which started in October 2005 and was officially
launched in December 2005 at Alisa Hotel, North Ridge. It was registered as a sole
proprietorship business which will change in January 2007 to grow even more to serve
more people.
Biz Aura is currently under the Hopespring Foundation Business Incubator at Haatso,
Accra, where it receives business coaching and mentoring from seasoned business
executives.
The online entrepreneurship Resource Centre has helped informed more budding
entrepreneurs on how to start, grow and manage a successful business. It has an online
feedback form which enables visitors to communicate with us. Their comments
encourage us and even help us to do what we are doing better to satisfy them.
Vision Statements
To be the choice website for all entrepreneurs and a hub of business and
entrepreneurship information worldwide.
Mission Statement
Biz Aura is an entrepreneurship online resource centre which seeks to provide quality
information to budding entrepreneurs and business executives to assist them in
positioning their businesses for growth.
Objectives
1. To assist at least one hundred National Service Personnel who have finished
serving to set up new businesses within a year.
2. To help raise more informed entrepreneurs for national development.
3. To help reduce unemployment in the Country
Business Concept
Biz Aura is set up to raise and develop more entrepreneurs to build viable businesses
to improve the private sector of the country thereby influencing national development.
Biz Aura brings the views, experiences, profiles, mentoring and business coaching
from renowned business executives in this country and beyond onto the website to
develop and inform more entrepreneurs. The website has entrepreneurship tuition of
which entrepreneurs visit to learn on any subject to start or improve on an existing
business. It has the following by which it will achieve its objectives;
1. Nation Building Conference
A conference designed to equip National Service Personnel to either find of
create jobs. This will help reduce the unemployment rate in the country.
3. Chat @ 1
Creates an online platform for the young entrepreneur to meet seasoned
business executives to receive coaching and also meet other entrepreneurs to
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network and share ideas. A chat room has been created on www.bizaura.com to
provide this service.
4. Entrepreneurs’ Headway
This is a weekly TV program bringing seasoned business executives to address
the concerns of business starters.
Service Description
Training programs in entrepreneurship is expensive both in time and money terms. Biz
Aura presents an alternative and more cost effective way of raising and developing
entrepreneurs.
Biz Aura has four (4) main wings to ensure that the overall objectives of the business
are achieved Biz Aura currently has four concepts and projects which are still in the
development stages.
This program designed to equip national service personnel to either get jobs or
create jobs themselves after service. This will be an annual and regional program. It
will be a two-day conference.
Four mini associations (agro processing, light manufacturing, services (IT) and
Services (others) will be formed after the each conference to help monitor the
commencement and growth of their businesses. Each association will have at least
five consultants of business experts from the same industry to coach them through
the start up stage. Each business will pay a monthly charge of ¢200,000 from the
second month after becoming a member. However, registration will be free. The
business would have started making headway by then.
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Quarterly workshops will be organized free of charge for these members to address
some problems facing them and to further equip them grow and manage businesses.
Each cohort will last for one year when another cohort signs up.
This conference will take start in August 2007. This is because national service
personnel have their annual leave in August.
- Chat @ 1
More businesses are being formed and most of these businesses fail before their fifth year
in business. Owing to this fact, Biz Aura has developed a concept that will assist
business owners to get solutions to most of their problems which are causes to business
failures at a cheaper cost.
A chat room has been created on www.bizaura.com to curb this problem. At 1pm on
every Friday, entrepreneurs will log on to the chat room and share their problems for
possible solutions. Business executives will be invited to be online at the same time to
address the problems of the entrepreneurs.
This will also create the platform for entrepreneurs to network and share ideas as well
as market their businesses online.
This concept will commence in August 2006 and will generate money through advert
placement.
- Entrepreneurs’ Headway
This is a weekly television program which will create the platform for the problems
of entrepreneurs to be fully addressed live by seasoned entrepreneurs, business
executives and business owners. It will deal with the practicalities and real issues of
doing business in Ghana. It is designed to answer the questions of business starters
and young entrepreneurs. This program will take off in October 2007 (i.e. two
month after the Nation Building Conference has been done).
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Benefits of Service
The services of BizAura.com are designed to so provide the following solutions and
benefits to its targeted groups.
• Free online entrepreneurship tuition
Stress-free studies of entrepreneurship at ones own convenience and speed.
• Affordable business coaching
• Business news
Provision of current and updated business news.
• Mentorship program
• Economic and financial data
• Good platform for advertisers to showcase their products and services
Distribution
Biz Aura is currently using Business and Financial Times to communicate with its
stakeholders. We strategically got Business and Financial Times to be one of our
partners to reduce the cost of cost of advertisement. The contract lasts for a year where
it will be subject to review.
Business Location
Biz Aura is an incubate of the Hopespring Foundation Business Incubation Centre. It is
located at No. 104 Mandon Lane, Haatso-Accra. This location is very good for the
business at this level because of the following;
- Business Support, monitoring and advisory services
- One does not go through traffic to get to the office. This is very good for the
employees of the business because they get to work with a fresh mind.
- Proximity to residence (Madina)
- No rent, which helps the business save money to do other things.
Service Development
The increasing development of technology demands that a business like Biz Aura
stays current and in line with the latest technology to remain in business. Biz Aura
shall continue to study the entrepreneurship environment to provide very best and
interactive website with latest information on entrepreneurship to our visitors.
The online feedback form helps us to study and provide the needs of our visitors to
ensure the total satisfaction of our visitors.
INDUSTRY ANALYSIS
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Apart from SPEED Ghana’s website www.ghanabusiness.org , which provides a bit of
the information Biz Aura provides, there is currently no other website that does what
Biz Aura does in Ghana. However, there are a number of foreign websites such as
www.forbes.com, www.entrepreneurs.com, www.onlinewbc.gov, etc that provide
some kind of information to entrepreneurs. Some of the information provided by these
websites is mostly not applicable to our local markets.
MARKET ANALYSIS
Biz Aura has conducted market research for all its projects or concepts. The following
are the results and analysis of the research.
88% of the sample size said they will attend the conference and 62% said they
can pay ¢150,000 to attend the conference.
74% of the respondents said they will join the membership of Biz Aura for one
year to receive business coaching from business experts. 58% of them can pay a
monthly charge (after the second month of membership) of ¢150,000.
Assuming one hundred (100) people register to be members, a total revenue of
¢150,000,000 will be realized at the end of the one year. It will cost
¢20,000,000 per quarter to fully coach (includes quarterly workshops) these
members to start and run businesses for one year. Total annual expenses will be
¢80,000,000. This means a total net income of ¢70,000,000.
At the end of one year, this event will yield a total revenue and net income of
¢300,000,000 and ¢122,000,000 respectively.
Even though the website is increasing in daily hits it has not yet made any
revenue from advert yet. This is because the website has not been that popular
enough all this while. It will take more publicity and marketing for it to be fully
accepted by many people. Moreover, embarking on the other concepts will
advertise it immensely.
3. Chat @ 1
Even though we studied the needs of our visitors through the comments the
send to us, we have done a research to confirm the viability of the project.
Thirty business executives were interviewed and 92% of them will log on to
coach and help budding entrepreneurs solve some basic problems they face.
Examples of problems budding entrepreneurs face are tax issues, legal issues,
human resource issues among others.
4. Entrepreneurs’ Headway
The real feasibility has not been done yet but we developed this concept from
the likeliness of the online visitors’ comments and queries.
Marketing Strategy
Marketing strategy requires decisions about the specific customers; Biz Aura will focus
on its target market and continuously develop a marketing mix of services that will
appeal to the target market.
Different marketing strategies will be used for the various segments of the target market.
Biz Aura has four major targets;
2. Advertisers
This is the main source of revenue for the business. To attract these people the
following will be implemented;
- Publicity; making the website popular and well known by the general
public
- Regular update; the website will be updated as regular as possible to keep
it current and informative
- Enriching the website; consistently attracting renowned resource persons
to the website.
- Direct sales; having a one-to-one communication with them.
COMPETITION
Biz Aura does not have any direct online competitor locally but quit a number
internationally. This includes, www.forbes.com, www.entrepreneur.com,
www.allbusiness.com, www.businessinc.com, among others. The information these
websites provide are mostly not applicable to our local market. However, the following
are treated as competitors;
• Business Development firms and institutions such as ACE, EMPRETEC, CELED,
etc will be a competitor to Biz Aura. They have training programs designed for the
entrepreneur. The budding entrepreneur can hardly afford these training programs so
they do not get some at all. Biz Aura set up to serve this group of people.
• Websites the offer firms and institutions the opportunity to advertise online.
Examples are, www.myjoyonline.com, www.ghanaweb.com, www.ghanatoday.com,
www.myananse.com, etc.
Competitive advantage
Biz Aura has carefully studied the above competition and can still make headway in its
operations. The following are the competitive advantage of the Biz Aura.
• Our target group (i.e. young entrepreneurs) has very little money for training.
They will however resort to the taking our free online courses.
• Advertisers advertising on Biz Aura have a lot of advantages because they will
be communicating to an already gathered group of people who have similar needs.
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MANAGEMENT AND ORGANIZATION
The success of an organization is invariably determined by the key management
personnel. Even though Biz Aura currently has a staff two; a General Manager and a
National Service Person, there are plans to hire the services of competent professionals.
The following shall be the key management positions for the business;
General Manager
Develops the vision, mission, objectives and strategic plan for the business. He shall
own the strategy of the firm. He shall manage the resources (capital, human resource
and equipment) of the business to achieve its vision.
Currently the General Manager has been trained in website development at TinIfa, 5M
Gh. and NIIT. He also has a six months training in Leadership and Entrepreneurship
Development from CELED, Ten-day Entrepreneurship Training at EMPRETEC. He
has attended a lot of workshops, conferences and seminars in entrepreneurship to
consistently sharpen his skills.
Executive Secretary
The executive Secretary shall be responsible for the administrative issues of the
business.
Finance Manager
The finance manager shall manage all financial issues of the business and advise
management on financial issues.
Marketing/PR Manager
Shall handle all Public Relation issues and market the services of the business
Project Manager
The projects and events will be managed by the project manager
Web Developer
Managing and maintaining the website ensuring that it is current and technologically
inclined.
Currently Biz Aura has a three member board of advisors. This consists of the
following;
Mr. William Rich
Programs Director, SIFE Africa
Mr. Rich has a lot of experience in developing young entrepreneurs to build viable
businesses all over Africa. His experience in entrepreneurship is key to the success
of Biz Aura.
Mary-Ann Acolaste
Public Relation Officer
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Ministry of Private Sector Development and President’s Special Initiative
Corporate Partners
- Databank
Databank feed the website with updated and reliable economic and financial data
daily.
- SIFE Ghana
Publicity among its students on all the campuses
- Hopespring Foundation
The entrepreneurship information on the website is provided by Hopespring
Foundation, a non-governmental, non-profit business development and consultancy
firm. They provide business solutions to budding entrepreneurs in the country
which has given them a lot of experience and they understand them more.
- Neo Paradigm
Provides business advisory services and regular write-up to feed the website.
OPERATIONS
The website
The website is managed by a professional website developer. He has the responsibility
of updating the website regularly as possible within a day.
Entrepreneurship Tuition
Currently, Hopespring Foundation, a business development firm provides the write-ups
for the online tuition. Networks will be established with others as well to ensure current
and regular provision of information to be posted on the website.
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Business News
As part of the developmental plan of Biz Aura, it will add business news to the content
of the website. The addition of business news will increase the daily hits of the website.
When the business news is added to the content of the website, it will not be popular
only in Ghana but abroad. Business persons are always interested to know what is
going on in the Business world.
Negotiations are far advanced to get the news at no cost to the business.
FINANCIAL PLAN
Revenue
There are a number of organizations who will be interested in the operations of Biz
Aura and therefore would want to do business with us.
• Developmental Organizations
Organizations which are interested in the development and growth of the business
would want to advertise on our website or donate money to support our projects.
Start-up Cost
A total amount of ¢27.2m has been invested into the business already and an additional
amount of ¢109.2m will be required to achieve the set goals of the business.
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INVESTMENT COST (¢'000)
ITEM EXISTING ADDITIONAL TOTAL
EQUIPMENT
Pentium 4 Laptop 14,000 - 14,000
Pentium M Laptop - 18,000 18,000
4 Desktop Computers (P4) - 32,000 32,000
Deskjet Colour Printer 4,000 - 4,000
Scanner 2,000 - 2,000
Digital Camera 3,500 - 3,500
Webcam - 1,200 1,200
Pen Drive (256mb) 1,200 - 1,200
24,700 51,200 75,900
PRE-OPERATIONS EXPENSES
Business Registration 500 - 500
Website (one year) - 5,000 5,000
Rent (one year) - 18,000 18,000
Internet Connection (GT Broadband 4U) - 2,000
Telephone Connection - 1,000 1,000
500 26,000 26,500
Working Capital 2,000 13,000 15,000
Revenue
Nation Building Conference
Number of participants = 1,000
Fee per participant = 150,000
Total Revenue = 150,000,000
Chat @ 1
Adverts on Chat @ 1 (a chat room on Biz Aura) will generate total revenue of ¢12.0m
in the third quarter of 2006 when it commences. Annual revenue of ¢26.4m, ¢45.6m
and ¢65.3m is expected in 2006, 2007 and 2008 respectively. Refer to Appendix 2 for
details.
This means that all things being equal, we will break even in the second year.
ASSUMPTIONS
• There will 1,000 participants at Nation Building Conference
• 100 people will register as members. It is assumed that others would still be
interested in seeking for job and others might have secured jobs already and would
want to maintain it.
• Chat room will be the busiest page on Fridays during Chat @ 1 hence the high
cost of advert
• There will be 30% increase in total number of adverts in the year 2007 over that
of the year 2006.
• There will be 30% growth in the organization of the Nation Building
Conference in 2008 over that of 2007.
EXPANSION PLAN
Staffing
Biz Aura shall continue to attract and keep skilled and results oriented people to work
to achieve its set goals.
Training
The internal customers of the business (i.e. employees) will be trained periodically to
ensure effectiveness and productivity.
Premises
Biz Aura will move out of the premises of the premises of Hopespring Foundation in
mid 2007. The business would have out-grown the given place.
Technology
We shall continue to use the best technology to serve our clients.
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