Business Name: Myside
Business Location: London
Team of 4 people
And One Investor
Commercial cost comes to £106,570
Amount need to finalize the project £12,000
Develop a social Network market place where users can either be seller or buyer and buyers can have multi cart feature and have capability to have social networking with sellers and buyer with feature of creating groups for either private purchase session or public buy and sell session.
Myside is the future of the market place.
Our users need a place to feel safe and where they can trust when to buy and sell products as much as other user’s aggregates like them in an easy and simple way.
The best solution will be to create a website (social network) in which the user can access by computer to view their profile. Mobile application is the most important and which focus more attention on its design to make the experience as simple as possible.
This business is a open platform social network search; people will be able to buy all kind of product and sellers to sell all kind of products.
Using social media is like attending a party.
People join social media communities to meet up, buy, share ideas and talk to each other.
To build a successful social market place media site like Myside you have to think of yourself as a good host at this party: listen to your guests, learn from their ideas, offer feedback and resources as needed and try to be entertaining! It’s about having a conversation!
Website/IOS Platform Development of the platform is naturally critical to the success of the business. I have often seen many entrepreneurs go with either Freelancers, individual developers or with small development companies to keep the development cost as low as possible, only for that approach to lead to serious problems in terms of quality, robustness and scalability of the platform. As a result, any effort spent on marketing and developing the business gets wasted, but more importantly, adversely affects user opinion about the site. As a result, I prefer to use what I think is the best, it’s certainly not as ‘cheap’ as a Freelancer or smaller development company, I also use a development process called Agile – which increases the overall quality of the development process.
The business also is developing affiliate marketing programs that will allow the business to generate additional income from the sale of products from associate vendor’s websites, also a shop online.
Users in the system
Seller and company An users can either be a seller or a buyer but the users has to sign up as different user roles like register as a customer or register as a seller during the website registration process.
Via integrated form with validated fields with email verification
Users will use email id as users name
Users will insert password with a password confirmation field.
Users will confirm email and login
Using email and password
With password recovery option via users email id
With any start up, having a controlled launch strategy is vital. For me, this first phase is always about proving that the concept of the business works whilst being brutal on costs. A lot of our initial effort will involve directly engaging what I call gatekeepers/hubs that can help drive traffic to our website without us having to spend money on marketing. Marketing at this stage is about being smart rather than having deep pockets that going to be our second part of this strategically marketing. Having said all that, we cannot get away from some online marketing effort. It is certainly important is to have a good social media profile with research showing that a high proportion of potential clients/users will check social media profiles before proceeding with any interest. As such, I would recommend we run an online marketing campaign to really drive awareness and converted traffic to the platform. I have therefore allowed for three months of marketing effort through Facebook, Twitter, LinkedIn or whatever other Social Media avenues we think will be needed. This would enable us to run a prelaunch marketing campaign (about 6 weeks before we launch) as well as have an intensive launch campaign after we launch.
- Exceptional growth
By any measure, the Internet is one of the fastest-growing commercial phenomena ever witnessed by society. Host computers, or servers, have exploded from 3.2 million in 1994 to roughly 56.2 million as of July 1999. During the same time period, the number of websites roared to more than 5 million from only 3,000.
A key factor in the recent growth of the Internet is the popularity of the sub-£1,000 PC. Rapidly falling component prices have allowed PC manufacturers to pass cost savings on to their customers, resulting in a more attractively priced product. Computers sold at or below the £1,000 level have appealed to first-time PC users and lower income families. Because of the more affordable prices, PC penetration in the United States is now approximately 50%, according to Dataquest, a market research firm based in San Jose, California.
As a result of the Internet's historical roots in the U.S. Department of Defence, as well as the rising penetration of PCs, the United States accounts for more than half of the world's total Internet users. The European market, by contrast, has been held back by the high cost of Internet access. Consumers are typically billed twice in these markets, once by the ISP and once by the phone company. However, the forces of telecommunications deregulation in Europe finally appear to be having an effect, as several phone companies have recently eliminated access fees and now bill only on a per-minute basis. Such moves should eventually increase the penetration of the Internet in Europe.
In the United States, less than one-third of the population is connected, leaving plenty of room for growth. In 1996, people asked colleagues and friends if they had an electronic mail address. In 1997, people were asked what their electronic mail address was. When consumers today are asked why they purchased a personal computer, the most common answer is to connect to the Internet to get their email.
- The Management has planned for three possible exit strategies. The first strategy would be to sell the Company to a larger entity at a significant premium. Since, Myside and online advertising content industries maintains a very low risk profile once the business is established; the Management feels that the Company could be sold for ten to fifteen times earnings.
- The second exit scenario would entail selling a portion of the Company via an initial public offering (or “IPO”). After a detailed analysis, it was found that the Company could sell for twenty to thirty times earnings on the open market depending on the business’s annual growth rate and strength of earnings. However, taking a company public involves significant legal red tape. Requirements set forth in form S1 of the Securities and Exchange Commission. The Company would also have to comply with the Securities Act of 1933 and the Exchange Act of 1934.
The last exit scenario would involve the use of a private placement memorandum to raise capital from private sources. This is also a significantly expensive process that requires the assistance of both an experienced securities law firm and an investment bank. Funds would be raised from private equity and merchant banking sources in exchange for a percentage of the Company’s stock.
OTHER INFORMATION Viewable by accredited investors and candidates only
Website’s average client will be a young middle to upper middle class male of female that has a broadband internet connection.
Items may be added will be distributed in the following folder.
• If you are a person who sells from home.
• A self-contained with a business and want to sell some of their products with us.
• A company that wants to pitch your tent in our social network ... etc
Common traits among end users will include:
• Annual household income exceeding £50,000
• Between the ages of 12 and 55
• Has high speed internet access
• Is familiar with social networking websites
• Marketing and Networking (getting the name out there).
• Relationships (developing loyal repeat customers - retainers).
Technology: Sale, booking and management posts online
Ability to judge different products, most welcoming social res, creation of different mode of sale.
• Greater view of the conversation in social media
-Unify and solidify the voice of the company within the social channels
• A more complete overview of the opportunities and challenges presented by the customer
- Integrated vision of social networks and other channels of communication with the client.