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Business Feasibility Report
The report offers research on Helpmewrite.ai software, which is a product that helps writers, lawyers, and paralegals to compose distinct legal pamphlets promptly. The software aids consumers by producing documents that are fluent and align with the sectors writing guidelines and with every legal companys unique in-house writing technique (Stevenson & Wagoner, 2015). The report will play a vital role in assessing the feasibility of the business plan by identifying possible challenges before, thus preventing them from occurring through preparing for their precautions. The feasibility examination will also enable users to produce self-confident writings and comply with the industry writing fundamentals and their respective organizations writing styles. Helpmewrite.ai Companys product is exceptional since it is driven by modern innovations in Artificial Intelligence (AI) technology. Specifically, an AI capable of developing human-capacity written content (Stevenson & Wagoner, 2015). Moreover, technological innovation is employed by leading mass media firms comprising the New York Times, The Washington Post, and Reuters to automate article writing. Therefore, the theoretical plan of having legal businesses alongside various iconic ideas, including enhanced writing, will lead to clarity in the softwares structure. The approach supports this feasibility report recommended for aligning shareholders and users to a designed plan and the businesss motivation.
Business Idea
The helpmewwrite.ai is revolutionary software that tackles the needs of lawyers and paralegals that entails coping with the increasing capacity of tasks they undertake daily. It further presents the consumers with a competitive edge over their competitors as it increases work efficiency. Similarly, the industry and OCED groups in the law career recommend that legal companies should adopt innovations to sustain and enhance their productivity and revenue capabilities (Open, 2019). Helpmewrite.ai Firm is the parent organization behind the invention of the software, which intends to be documented as a limited enterprise in the Singaporean marketplace. The business will execute lean software as a Service (SaaS) firm and blue ocean strategy and leverage cloud computing services to realize operational efficiency and cost-effectiveness.
Market Pains and Segments
Considering the chilled water system analysis technique (CWSAT), the Helpmewrite.ai Company is easy to operate since it is fixed as an add-on to the Microsoft Word document processor using Google Docs integration networks. Consequently, the users conversant with the word interface will get a parallel experience when using the product. To use the helpmewrite.ai software, the consumers is expected to input and highlight texts and click the menu icon, which allows the software to generate sentences that explain the models demonstrated in the texts (Radford et al., 2019). On the contrary, regarding the 1MR tool, the Helpmewrite.ai firms software produces different output based on the legal companys body of digitized documents that require consumption by helpmewrite.ais vital AI plan. The consumption phase occurs at any time through the users upon activation of the business subscription to the product (Nash, 2019). Therefore, with enough information employed, the helpmewrite.ai software appreciates the case facts specific to the law firm and permits the central AI to imitate the law firms unique writing techniques.
Macro Market and Drivers
The legal industry in the Philippines and Singapore is shaped by various economic aspects, including macroeconomic developments, innovation, administrative events, and climatic conditions, among other factors. As income rises and the preference for consumers also changes, the demand for writing software in expected to increase (Almarabeh & Majdalawi, 2019). To understand the economic conditions of the target markets and how they are likely to impact thee productivity and sustainability of the Helpmewrite.ai Company, it is vital to conduct a PESTEL analysis.
Political Aspects
Political stability is substantial in defining the success and sustainability of a business plan. In Singapore and the Philippines, the government has an intense regulatory framework for each aspect of the legal industry. The framework comprises the safety of consumer data, the standards of information transmission, and the viability of products. These regulations make the legal industry one of the most regulated sectors in Singapore and the Philippines, thus implementing the blue ocean strategy will help the business meet these requirements to sustain future competition in the industry (Keskar et al., 2019). While the advantage of such expensive guidelines is that it ensures that customers in the countries are not exposed to poor quality of services, the complexity of the set directives certainly requires a strategy, such as the blue ocean approach.
Economic Aspects
In Singapore and the Philippines, various economic factors influence the success and stability of the Helpmewrite.ai Company, including the increasing labor cost in the nations. The disposable income of employees in the markets is growing thus, they earn more in the current days. Consequently, the cost of hiring employees in the economies is increasing due to the surging demand for workers but also because of the strict government expectations for minimum wages (Floerecke & Lehner, 2019). Therefore, as in several other sectors, the increase in the labor expenses will substantially reduce Helpmewrite.ai income margins.
Sociocultural Factors
The main sociocultural factor in the Philippines and Singapore that affects the legal industry is the safety of consumer information. Customers in the economies are becoming more knowledgeable concerning their personal data. They appreciate the negative influence of leaking data to the public. However, the implementation of the blue ocean strategy allows the company to curb the challenges presented by sociocultural issues (Kigwiru, 2019). Therefore, adopting the Blue ocean approach will enable Helpmewrite.ai Company to remain prosperous and stable in the industry.
Technological Aspects
The central technological aspect evident in the Philippines and Singapore economy that has an impact on the business is the automation of services. The economies are experiencing numerous automation in commerce, such as the online payment of benefits. Moreover, the international incidences in the trade markets where consumers prefer online payment methods are growing substantially. While the use of technology is linked to various setbacks, the adoption of the blue ocean strategy separates Helpmewrite.ai Company from its competitors (Graessley et al., 2019). The organization uses the Microsoft App Marketplace for the management of acquisition and subscription to the software, thus consolidating its services for the consumers.
Environmental Aspects
The impact of technological services consumed is a widespread environmental factor that is candid in the assessment of Singapore and the Philippines economy. Not only are the countries experiencing an increasing awareness for the repercussion of the health of consumers, but they also care for the consequences of the technical services to the environment (Agrawal et al., 2018). The concerns are instigated by the radiations emitted through the production of technical services and products. However, the environmental securities implemented by the Helpmewrite.ai Company have enabled it to produce the helpmewrite.ai software that protects both its consumers and the environment from radiation.
Legal Factors
Legal aspects are the last factors assessed under the PESTEL analysis that impact business aspects in the technology services industry. The evident legal in Singapore and the Philippines is the set safety standards. The two countries have strict regulations on consumer security, especially in the legal practice industry. There are laws in the states that govern how legal data is transmitted, stored, and prepared, including guidelines on how every company should streamline its operations to meet such standards (Tyagi, 2019). While these restrictions may seem like political concerns, they become legal factors when they are breached. However, since the Helpmewrite.ai Company has implemented the blue ocean strategy, it has enabled the company to align its services and products to such laws since data security is its key priority.
The aforementioned macro market assessment was conducted using the study methodology tools, such as PESTEL, CIGARS, WISPA, DENTS, PosiNeg, and ROAR. Through the macro market analysis, the size and vital drivers from the vast legal population with disposable salary to serve, changing case needs with technological innovation as an emerging service preference propelled by the up-surging transformation in legal practice (Smith et al., 1999). Therefore, the proposed business plan with the aim of improving the generation of documents as a differentiation strategy to capture the legal market will significantly help in boosting the productivity and sustainability of Helpmewrite.ai Company.
Barriers to Entry
Million Dollars of Investment
Considering the business plan for Helpmewrite.ai Company, significantly high amounts of capital will be required to establish the infrastructure comprising technology, marketing, and supply chain networks. With a lucrative e-business landscape, to create a sustainable commerce value proposition, it is projected Helpmewrite.ai will require a business partner will strong financial networks to secure the investment funds needed (Semple, 2019). However, the organizations effective implementation of the blue ocean strategy enables it to deal with such barriers since it has unique products in the marketplace. Helpmewrite.ais management also intends to invest personal funds into the business, thus making them sole owners suitable for the accomplishment of the blue ocean strategy.
Overhead at Head Office
Considering that helpmewrite.ai is an e-commerce venture, there will be high overheads of the fixed operating costs, including labor, equipment, and rental in sectors of technological development, advertisements, and supply chain. Furthermore, there will be vast traffic of consumers where significant capacities of retails to be produced will be required to transfer to all the overheads (Abrardi et al., 2019). The headquarters for Helpmewrite.ai Company will be situated in Singapore, where the e-business growth is rapid in the state due to high legal activities. However, entrance into the rural regions will increase the distribution channels to scale the attraction of new legal practitioners.
Learning and Experience Curve
Having a group of innovative developers that are ahead in technological developments and have a good grasp of marketplace appreciation is vital for the establishment of a website and software that accommodate the consumers experience and needs. The move is specifically essential in the legal industry, where the lawyers expect satisfactory creation of case documents (Schafer, 2016). Therefore, user and marketplace behavior to be attained through consumers acquisitions and usage patterns to create the statistical analytics for regular enhancements to the user experience is vital. The legal practitioners expectations have changed fast for the digital needs, thus the adoption of the blue ocean strategy has enabled Helpmewrite.ai company to identify these needs and serve the market with unique products.
Market Analysis
Supplier Power
Supplier power is the analysis of how easy it is for suppliers to control prices. The aspect of Porters five forces is propelled by the number of dealers each vital input; exceptionality of their products and service, comparative size, the influence of the vendor, and the cost of switching from one supplier to another. In this case, the number of suppliers in the market that Helpmewrite.ai Company operates is low as the company is the sole supplier (Porter, 1985). The feature will make the organization the favorite candidate for numerous consumers considering its unique products. Furthermore, the clients will face increased charges when they opt to shift to other suppliers since the other players in the industry have high rates compared to Helpmewrite.ai Company.
Buyer Power
The buyer influence is the examination of how buyers can easily control the prices of commodities. The number of consumers usually drives the aspect in the marketplace and customer impact on the company. It charges the client will incur by switching from one supplier to another. Considering that the Helpmewrite.ai Corporation targets few buyers in the two target economies, the business will dictate the terms related to the pricing of products (Porter, 1985). Consequently, the firm will hold significant control over the shift of product pricing, thus maintaining a competitive edge, realizing significant market share, and reducing threats from new entrants.
Competitive Rivalry
The key driver of business success is the number and capacity of competitors in the marketplace. Numerous competitors offering consumers homogeneous services and merchandise will minimize the market attractiveness. The helpmewrite.ai software is a unique innovation that has limited competition in the market with no competition (Mullins, 2010). Consequently, the businesss success and growth probability are high since it pursues an attractive market.
Threat of substitution
In markets where close alternatives of products and services are present, there is a probability of consumers switching to substitutes in reaction to the price increase. Consequently, there will be a reduction in the influence of suppliers and the attractiveness of the marketplace. The helpmewrite.ai software, in this case, is a unique product with no similar substitute in the target market; thus, there will be increased supplier power and market attractiveness for other players (Carlson, 2015). Therefore, the risk of substitution is a minimal threat to the business considering the helpmewrite.ai distinctiveness.
The threat of New Entrants
Profitable marketplaces attract new players, thus reducing the profitability and sustainability of businesses. However, if the existing enterprises have strong and durable restrictions to entry comprising economies of scale, patents, and government regulation, there will be an increase in competitive rates (Carlson, 2015). The industry that Helpmewrite.ai Company operates is a unique market with low competition. However, the government policies in the target markets will present challenges to new entrants, allowing the company to remain profitable. The Helpmewrite.ai Company also focuses on economies of scale, making it an attractive company to consumers, unlike other players with a high rate for their products.
Cash Flow Analysis
Helpmewrite.ai Companys Estimated Cash Flow
The table shows Helpmewrite.ai organizations anticipated annual cash flow for the first three years of active business (Godin, 2018).
Projected Balance Sheet for Helpmewrite.ai Company
The table illustrates the helpmewrite.ai business yearly balance sheet for the first three years of active business (Flanagan & Dewey, 2018).
Recommendation
Considering the above discussions, it is recommended to push with the adoption of the business plan since the marketplace is lucrative as there are virtually zero competitors. The sector is attractive because of the high barrier to new entrants, which requires competitors to invest significantly in the deep technical understanding of the software and entry to the marketplace. Furthermore, the overall addressable market is substantial for the conception, sustainability, competitiveness, and growth of the business within the economy. The merchandise is software that is delivered online and hosted on affordable cloud computing facilities. However, there is the absence of production, inventory, supply chain, and other expenses linked with the organizations that produce tangible products (Mullins, 2010). Time as the first mover in the marketplace, can create a lead in product enhancements and develop the trademark as the pionees in the field.
References
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