Business Studies Paper
Top Scholars Student Company is an online service provider that offers scholarly coaching to students. The business offer an online training program that lets individual students meet with tutors’ with aim of improving their performance in academic work . The business aims at encouraging students particularly those affected by Covid-19 pandemic to pursue their educational goals through alternative means. Top Scholars will stand out by concentrating on advance technology and providing a money back guarantee for students who do not achieve 80% plus in their exams and assignments. The company aims at providing competitive payment rates for its scholars which will ensure they have the best in the market. This will enable Top Scholars to achieve its mission and vision. Top Scholars has two strong competitive advantage including utilizing the most advance technology and student guarantee for success. This will ensure the business is able to overcome the stiff competition in the industry. The business will design an intensive program in collaboration with the US Educational department to help student grow scholarly. The Educational Department will provide the relevant books and other materials for learning. Top Scholars is projected to reach a profitability by the second year and modest net profit by the third year.
Covid-19 has forced global school systems to shut down. It meant that about 56.4 million students in the US were projected to discontinue their learning for an unknown period of time (U.S. Department of Education, 2020). Fortunately enough the U.S. government had put a lot of resources aside for education. This enables schools to go virtual in many parts of the country with the pandemic consuming us globally. New York State was one of the states to digitize its education. The education department has made recent exceptional which has enabled some people to go back to class sessions (Yadav, 2020).. Still, teenagers are not that easy to motivate. With changes in circumstances, many people are now shifting to online class attendance as an alternative means of acquiring education. Online classes have proven to be more effective and easier to follow along with while ensuring safety. Motivation from learning from home has made it easier for many teenagers to o back to learning as it is easier. In respect to this, Top Scholars Student Company soon to establish aims at encouraging in-class attendance.
The business will be known as Top Scholar Student Company and will be located in New York City (NY). It involves a team of educational scholars, the U.S. Department of education, teachers, and students. The main aim of the business is to assist students to improve on their grade throughout the school year, especially during this period of Covid-19 pandemic. The performance of students has deteriorated due to interruption of the learning curriculum (Besser, Flett & Zeigler-Hill, 2020). The business aims at helping students receive 80% plus in all their assignments and test in academic work. However, the student must be committed to corporate with the scholars and attend all the classes. The client is the most valuable part of the business. Therefore, the management will be committed to ensure that they achieve their goal within the limited time possible. All programs will be conducted virtually through a video call session with the client. If 80% is not received, there will be money back guaranteed for the student.
Top Scholar Student soon to be begin its operation on New York city will offer student support services to enable them acquire 80% plus in their exams. The business will concentrate in service provision for students in and around the NY city. The business will provide video call assistance to improve student’s grade using the best tutors from top universities around the world. The tutors do not have to be physically present in the U.S. as most of its services will be offered virtually. It means that the business will not incur extra cost of having to pay for accommodation or transportation for teachers. Its head quarter will is located in New York City. This is where all the operations of the business are controlled. Since the business is mainly operated online, only a small space is required. The educational Development process is done within New York City. Teacher are outsources from different parts of the country and overseas who contribute to the educational and culture of the company digitally. However, all the educational materials used are provided by the U.S Educational Department.
4.1 Company Ownership
Top Scholar Student Company is a sole proprietorship owned by a single person. Thus, the business will be founded and managed by the owner of the business.
4.2 Start up summary
Top Scholar Student Company will need the following to start up:
- A fully equipped computer with access to the internet
- A well reliable internet
- A printer
- Office furniture including a desks and two chairs , three file cabinets
- A well developed website
- Office supplies
- A well located office space
Top Scholar Student will concentrate on every aspect of the business market in online education industry. The business targets its services on anyone who would like to enhance their educational capabilities. Majority of the students are teenagers whom we encourage to pursue their scholarly goals from an early point. However, learning is a continuous process and is a lifetime journey. People at all levels are learning today especially with demand for more skilled labour in the market. Whether it is learning how to use the bathroom or learning how to speak or fly an aeroplane everyone is a learning process. Every human is a unique creature that is capable of anything we set our mind to depending the rights educational and motivational tools are put in place. Top Scholars student aims at putting these motivational and educational tools in their rightful place to encourage educational excellence. Furthermore, everyone wants some sought of educational success. Every student would want to take an opportunity that would guarantee them success in their exams and assignment.
5.1 Major competitors
There are multiple tutoring companies in the U.S. According to U.S Educational Department, thousands of schools have digitized their operation since the Covid-19 pandemic. Our competitors have both strength and weaknesses. Some of their strength includes a stronger market presence and an extensive source of resources along with a wide range of customers with previous students being a primary source of customers. Still, the weaknesses are easily to pinpoint as the tutoring industry is old and had much innovation within decades (Clark & Almond, 2016). Also, most online platforms lack recent technology and e-commerce. Top Scholar Student Company aims at taking advantage of the technological gap that exist in the market through implementing most recent technologies in online study. The company aims at selling to those online as well as in personalized service to students. We have an array of technologist that is ready to make the plan into fruition. The company is expected to be stronger than competition since it will take advantage of the most advance technology in the industry.
Top Scholar Students will utilize it’s sustain inability competitive advantage to gain market share. The first advantage this business has is that it utilizes the most advance technology in the industry. The second advantage is that it provides a money back guarantee for students who are unable to achieve 80% plus. The business will take advantage of this competitive edge to facilitate its growth.
6.1 Sales and promotion strategy
The sales strategy is based on word of mouth which will involve providing ensuring our students get the best service. During the high traffic times, the students will market the business on our behalf. We also intend to encourage students to spread the word to other students through giving discounts on referrals. This way, the company will save money meant for advertisement while at the same time promoting the ethnicity of Top Scholars Students Company. The company will also use Tik Tok dance to promote its products. This can be done by a local artist with whom the product business will be affiliated with.
6.2 Customer service policy
Top Scholars Students Company has a wide customer service department. The department will have one manager and five teenagers. The main aim of involving these teenagers is because they understand the current trends and always in-tune with social want and needs. In addition, the teenagers rarely need technology training. Thus, student workers will minimise on training cost and wages which will assist the business is able to cut on its start up capital. Student workers will also be encouraged to work from home. Besides, customer service complain department is all online. This will enable them to use their extensive social skills and expertise to promote the business. The customer will enquire with the company through the website and the student worker will replay to complain within an hour.
Top Scholars Students will be managed by the owner of the business with help from professional manager employed by the business. The owner has previous experience in managing a business from her parent’s store where he gained experience in management. From this experience, the owner will be able to exercise full control over the business. The owner will also undergo a brief training on how to manage online business to ensure that the right skills are utilized in running the business. However, the owner will work fulltime for ideal. Some of the responsibilities will include, generating contracts with tutors, training new employees, payroll, customer service and other back office tasks. As the business progress the owner will bring in new specialist to assist in supporting the business. The head count of the business will be ten employees as it is a small company. In the first five months, support stuff will be paid $10 an hour. The rate is competitive compared to the prevailing market rates. The main aim of implementing this rate is to ensure the company remain competitive and attract the best support stuff in the market.
Our business will open seven days a week. Shifts will be distributed with availability of both students and tutors. The shifts will also be adjusted to fit lunch breaks and leaves, sick off, maternity and paternity leaves. Every day schedule will begin at seven in the morning and run through to six in the evening. The schedule will also allows increase or decrease of hourly labor according to students demand to maintain a consistent labour cost control. Proper website with easy manipulation will be utilized for the business operations. During off pick hours the website will be organized and maintained to ensure it does not fail during pick hours. The business manager will be responsible for facilitating all materials required for the business. This includes ensuring internet is available through in the offices, providing office supply, receiving and maintaining sufficient inventory and meeting customer demand. The manager will rely on the operational checklist to verify each work shift is properly prepared. By doing this, the business will ensure that the set standards and customer policies and quality remain high.
9. Financial Summary
This section will outline the importance of financial assumption critical to our mission.
|Total Start-up Expenses||$11,060|
|Start up Assets||$50,000|
|Break even analysis|
|Monthly Revenue Break-even||$15,000|
|Assumptions : Average Percent Variable Cost||15%|
|Estimated monthly Fixed cost||$12,750|
|Year 1||Year 2||Year 3|
|Current Interest Rate||10%||10%||10%|
|Long-term Interest Rate||10%||10%||10%|
Projected profit and loss
|Pro Forma Profit and Loss|
|Year 1||Year 2||Year 3|
|Direct Cost of Sales||$15,000||$35,000||$40,000|
|Gross Margin 1%||85%||85%||85%|
|Sales and Marketing||$3,000||$2,000||$1,000|
|Utilities (Electricity, Wifi, etc)||$1,500||$1,500||$1,500|
|Total operation costs||$133,850||$160,850||$179,850|
Expected profit growth
To conclude, Top Scholars Students Company is an online company is established in NY city aims at encouraging in-class attendance through online platforms. The business will collaborate with the U.S. Department of education and ministry, teachers, and students. Its main aim is to improve the performance of students to 80% plus failure to which money back guaranteed is given. The business is a start up and thus it is expected that the business will face stiff competition from the existing organization. However, the business has a competitive edge as it utilises advance technology in its operation. The business also uses student workers who understand the technology industry well making it easier to reach teenagers who are the main source of customers in this business. The businesses rely on word of mouth for marketing and promotion which reduces on its operation coast. Besides the business employ students worker which saves on operation cost until the business is able to make profit. The business is expected to be slow in its first year making loss. This is due to high operation cost and slow growth as it is a start-up. However in the second year, we expect Top Scholars Student Company to start picking up slowly by rapidly growing in profit into the third year.
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Home | U.S. Department of Education. (2020). Retrieved 11 December 2020, from https://www.ed.gov/
Yadav, A. (2020). Impact of Online Teaching on Students’ Education and Health in India during Pandemic of COVID-19. Coronaviruses, 01. doi: 10.2174/2666796701999201005212801
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