Entrepreneurship, Enterprise and Innovation

Title: Business plan for a new product or service

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Table of Contents
Executive Summary...................................................................................................................3

Introduction................................................................................................................................4

Business Start-up Process & Timeline.......................................................................................5

Innovation and Theoretical Frameworks...................................................................................6

Entrepreneurial Opportunities: Local, National & Global.........................................................7

Analytical Tools and Business Evaluation.................................................................................8

Financial Plan and Resource Allocation....................................................................................9

Product/Service Lifecycle & Growth Strategy........................................................................10

Challenges and Risk Mitigation...............................................................................................11

Success Measurement & KPIs.................................................................................................12

References................................................................................................................................13

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Executive Summary
HelpingHand is a user-centric digital platform to connect households with verified domestic
service providers for activities such as cleaning, meal preparation, and home organization.
The platform is meant for working professionals, families, and elderly individuals and serves
them with convenience, safety, and flexibility through its on-demand and scheduled services.

The idea is to modernize the domestic help industry with affordable, accessible, and reliable
solutions. The purpose is to make households more efficient and to offer respectable, flexible
employment choices for service providers.

Distinguishing itself from other platforms is its user-friendly booking system, transparent
pricing, verified providers, and real-time customer support through its team. Things kick off
by launching in prominent UK cities, striving to achieve something like 10,000 users in the
initial year, and developing a solid provider network.

To develop, market, and install, seeking £150,000 at this point. It is projected that
HelpingHand will be profitable within two years, and plans for national expansion establish
HelpingHand as a scalable and impactful solution in the home services sector.

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Introduction
Entrepreneurship is about spotting the opportunities, the scope of risk, and the putting of
value as a result of innovation. An enterprise refers here to the configured means of
conversion from ideation to marketable, practicable, and useful offerings to practical needs.

The crazy domestic conditions those households faced and all these organizations grappling
to deliver services remotely led to HelpingHand. At the same time, a large number of people
lost their jobs and started looking for work in the gig sector. This showed a market need for
accessible domestic support and supported scalable solutions for underemployed people.

HelpingHand offers a digital space that addresses these two needs by helping people find
trusted home service providers quickly and securely. As time is scarce for many and
reliability is vital, it is a must-have tool for the modern way of living. But it not only allows
users to improve the quality of their lives as well as the quality of their work, it also provides
practical help.

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Business Start-up Process & Timeline
The start-up path for the HelpingHand journey is structured from the very beginning, from
idea to execution. Responding to the growing social need to offer solutions to individuals and
families to manage home responsibilities while at the same time offering attractive, flexible
income opportunities to service providers, the business was developed (Himki et al., 2022).
The building blocks of the HelpingHand platform are based on this dual-sided value creation.

Starting from the conception stage, it actually started with the identification of the gap in the
market for a reliable and consolidated platform to connect users to genuine home service
providers. The need for this was further reinforced as the COVID-19 pandemic started
putting more strain on households (Himki et al., 2022). As market research, they validate
demand, doing so by using surveys, competitor analysis, and user interviews. It made key
findings with regard to the users and service providers, where there was a strong preference
for verified service providers, transparent pricing structures, and an intuitive interface (Bańka
et al., 2023).

Design thinking framework

Empathize: It was researched to know the requirements of the target users, i.e., busy
professionals, elderly individuals, and working parents. Pain points were uncovered,
including lack of quality service, no trust in informal help, and stress placed on the time
available to source help (Verganti et al., 2021).

Define: A problem statement was set out to develop to notify the need for a secure, user-
friendly platform that connects users with trustworthy service providers and provides flexible
and dignified employment options.

Ideate: The idea for a mobile app that would have features like real-time bookings, a tiered
pricing model, background-checked workers, etc., and a customer support system built in,
was generated in creative brainstorming sessions (Verganti et al., 2021). Mapped user
journeys were used to create wireframes that reflected that.

Prototype: Core functionalities of the basic prototype, consisting of user account creation,
service sign-up, and matching user provision, were designed (Verganti et al., 2021).
Necessary improvements were identified up front in the form of fixes on navigation, payment
integration, and verification processes.

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Test: The app was released in beta to a chosen user group. UX, interface design, and feature
set were improved on the feedback. It was a phased iterative testing to make sure it’s
operationally stable and trusted by users before launch.

Phase Key Activities

Timeline

Month 1–2 Ideation and Validation Personal reflection, identifying market need, user
research, initial idea framing

Month 3–4 Market Research & Surveys, interviews, competitor analysis, business
Business Planning plan creation (Verganti et al., 2021).

Month 5–6 App Design & Prototype UX/UI design, user journey mapping, wireframing,
Development MVP creation

Month 7–8 Testing & Service Beta testing, feedback collection, refining features,
Partner Onboarding recruiting service providers

Month 9 Beta Launch Limited release in Birmingham, focused marketing,

performance tracking (Verganti et al., 2021).

Month 10– Full Launch & Iteration Launch in three UK cities, monitor KPIs, implement
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Innovation and Theoretical Frameworks

According to Adeel et al. (2023).), innovation is the process of converting new ideas or
inventions into services that create value. Incremental innovation (nurtures existing solutions)
or disruptive innovation (repositions entire industries based on new approaches) can be
considered as a possible form of it. HelpingHand blends both forms of the industry by using
digital technology to transition the traditional domestic service sector to provide an all-in-one
mobile app with trusted cleaning, cooking, and organizing services. HelpingHand offers a
disruptive step forward within the gig economy by providing such services in an easy and
secure way in a way most people haven’t seen before, such as verified providers, secure
payments, real-time booking, and a customer support system.

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In addition, core theories of entrepreneurial behavior are represented in the business,
specifically its risk-taking and opportunity-seeking nature (Adeel et al., 2023). It is frequently
in the fields of uncertainty that entrepreneurs operate, and they have to be able to tolerate
calculated risks. This risk orientation comes to light with the decision to invest in developing
the app, its marketing, and its recruitment, even if don’t yet have the revenue needed for it
(Adeel et al., 2023). Moreover, HelpingHand’s model is rooted in two theories of enterprise
creation: opportunity recognition, resource orchestration, and value proposition development,
which have been the focus of enterprise creation theories.

The Business Model Canvas is a structured way to understand value creation and delivery.
Convenience, trust, and quality in domestic help are HelpingHand’s key value proposition
(Becker and Bröcker, 2021). It covers the working professionals, elderly, and a busy family.
It has also used channels such as a mobile app and a website and built relationships with its
customers through personalized service history as well as in-app communication. Service fees
and premium subscriptions are the sources of the revenue (Becker mand Bröcker, 2021). The
main activities are tech development, provider vetting, and then marketing. Credibility is
strengthened with strategic partnerships with background check agencies and training
services, and the cost structures include staff wages, app maintenance, and advertising.

This innovation and theoretical foundation jointly support HelpingHand’s important role in
addressing unmet needs in the digital services economy.

Entrepreneurial Opportunities: Local, National & Global

Its strategic position allows it to capitalize on growing market demand on local, national, and
global capacity, which now faces the need for providing reliable domestic services through
user-friendly digital platforms.

Local Opportunities: The demand for domestic assistants has also increased in the urban
areas of the UK, especially in London, Manchester, and Birmingham, as they have been
accompanied by dual-income households (Kah et al., 2022). Due to their commitments to
working full time, many households today find it convenient to outsource their tasks in
cleaning, cooking, and home organization, among other services. The median household
disposable income in the UK in 2022 stood at £32,400; thus, the UK can afford and has the
willingness to invest in time-saving services (Lee et al., 2021).

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National Opportunities: Quite honestly, the UK gig economy is growing fast. Gig work is an
increasingly popular type of flexible employment, as 15% of workers in England and Wales
were gig workers weekly in 2021. While in 2021 the cleaning industry alone employed 1.47
million people, it had a £59.8 billion market value. With the help of HelpingHand, gig
workers can be helped to hook up with opportunities for domestic work and thus make a
mutually beneficial ecosystem for both users and providers (Lee et al., 2021).

Global Opportunities: According to projections, the gig economy will be worth $455 billion
globally by 2023. Much of this will position countries like the US and also urbanizing nations
like India, Brazil, and South Africa as significant opportunities (Kah et al., 2022).
HelpingHand can become an international business exporting customizable services to
cultural and regulatory contexts with growing demand globally for trusted, on-demand
domestic services.

HelpingHand is well placed to grow and scale across all markets easily as they align with
trends in urbanization, digital convenience, and flexible work.

Analytical Tools and Business Evaluation

With three important analytical tools—SWOT, PESTLE, and Porter’s Five Forces—to assess
HelpingHand’s strategic potential, the internal strengths as well as external influences and the
competitive dynamic of the firm are evaluated.

SWOT Analysis

⮚ Strengths: Based on a tech-enabled model with convenience, flexibility, verified

reviews, and multiple services, HelpingHand uses a model to help. There are multiple
gig economy trends that it aligns with, thus attracting diverse service providers
(Benzaghta et al., 2021).

⮚ Weaknesses: It might have an early growth depending on limited brand recognition

and reliance on consistent app performance and service quality.

⮚ Opportunities: Market entry is enabled by the growing demand of dual-income

families, aging people, and digital adoption (Benzaghta et al., 2021). There is future
potential in geographic scaling, partnerships, and diversification of service.

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 ⮚ Threats: Competition from platforms like TaskRabbit and UrbanClap, along with

concerns around data privacy, labour supply, and quality assurance, presents
challenges.

PESTLE Analysis

⮚ Political: Clement noted that the UK’s approach to tech innovation and flexible

working eases entry, although changes to employment laws may influence the use of
gig models.

⮚ Economic: While post-pandemic spending on convenience services remains,

inflation, as well as wage shifts, may change pricing (Eierle et al., 2022).

⮚ Social: Dependent on people’s work-life balance needs and the population aging,

demand for outsourced domestic help increases.

⮚ Technological: Heightened tech upgrades and cybersecurity need to be continued,

which further propels app access via widespread smartphone use (Eierle et al., 2022).

⮚ Legal: GDPR and laws on working as a freelance worker are very important.

⮚ Eco: Users that are green in their practice may want to use a green positioning

service.

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 Fig: Components of PESTEL analysis
Source: (Self-created)
Porter’s Five Forces

Rivalry: While HelpingHand’s niche focus helps build brand clarity, the company’s
focus is moderate to high.
New Entrants: Barriers they have, low but quality trust and deter entry (Butarbutar et
al., 2023).
Customer Power: High strong service standards are essential.
Substitutes: Secondly, informal providers are present Helping Hand must emphasize
the reliability of its providers (Butarbutar et al., 2023).
Supplier Power: Availability is moderate through incentives that engage freelancers.

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 Fig: Components of Porter’s five forces
Source: (Self-created)

Financial Plan and Resource Allocation

Finally, a HelpingHand’s financial plan makes sure that strategic allocation of resources is
provided for sustainable and scalable growth. The initial upfront cost is app development,
costing £30,000 designed to include UI/UX design, server running, and security compliance.
In the first six months, digital ads, SEO, influencer outreach, and app store optimization will
require £15,000 to spend (Ni et al., 2023). This will include hiring an in-house customer
support and operations team worth approximately £50,000 per annum. Onboarding materials,
background checks, and cleaning kits, which will ensure brand consistency, can be allocated
around £5,000 (Vesna, 2021).

The revenue model features a monthly subscription (£9.99) with premium features or a fixed
service fee paying £15/hour for the booking. And at 500 users making two bookings per
month, by month six this income could be projected as £20,000 a month. It is estimated that
the monthly fixed costs are £10,000; the break-even point lies in 12–14 months (Ni et al.,
2023).

The £20,000 in personal savings, along with the £100,000 angel investment for development
and marketing, will provide the company funding. Scaling out for the future is considered,
and a government-backed loan is provided (Vesna, 2021). Knight’s theory of uncertainty
bearing is employed, namely, a 15% contingency budget, cash flow monitoring, and adaptive
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scaling so as to manage risk through financial robustness while engendering long-term
sustainability.

Product/Service Lifecycle & Growth Strategy

Following the product lifecycle theory, HelpingHand's lifecycle moves through an
introduction, growth, maturity, and finally renewal stages (Wang et al., 2021). During the
introduction stage, the goal is achieved through the execution of targeted digital campaigns
used to penetrate the market and gain some share of the market as well as to develop brand
awareness and attract the early adopters (Wang et al., 2021). Intensely, the service offerings
will be gathered from the user feedback, and the functionality of the app will be improved.

During the platform’s rapid growth stage, demand will increase as a result of word-of-mouth,
user reviews, and referral incentives. More service providers will be onboarded, and the
operational capacity will be expanded by entering into more urban markets (Wang et al.,
2021). Plans include integrating matchmaking and scheduling based on AI technologies that
will make it more efficient and more satisfactory to the customers because they will connect
the customers with the best helpers depending on the requirements and the availability.

At the maturity stage, the significance of service diversification will come in to ensure
interest and revenue. Things can include such things as launching its own services matching
features such as babysitting, elderly care, and pet care, and turning HelpingHand into a
comprehensive domestic services platform (Wang et al., 2021). It will also implement loyalty
programs and bundled service packages to retain customers.

It will be periodically upgraded with the technological and user experience to avoid decline
and stimulate renewal. Long-term strategy will also involve expansion into other geographic
regions, first into high-demand areas in Europe and North America (Wang et al., 2021).
HelpingHand plans to continually innovate and adapt to demand trends because it wishes to
remain relevant and competitive within its lifecycle.

Challenges and Risk Mitigation

While HelpingHand has potential, it will most likely encounter a number of disadvantages
that have to be pre-emptively bewitched to ensure that the company stays afloat in the long
run. There are many issues; high competition is a major factor in the gig economy and
domestic services sector, as there are established competitors such as TaskRabbit and Handy

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who command a large portion of the market share (Alzaidi and Agag, 2022). For this, they
will be differentiated on the basis of superior customer service, an intuitive interface in the
app, and flexible subscription and on-demand pricing models (Alzaidi and Agag, 2022). The
platform will continue competing by means of continuous innovation and service
diversification.

The other critical hurdle involves trust and safety concerns in particular when you have to
send service providers to the clients' homes. And in terms of the personnel, customers should
be confident that they will have the people there that are known to be reliable and put
integrity first (Haelterman, 2022). To tackle this, HelpingHand will follow strict checks on
service providers and will perform the following background verification protocols: identity
and criminal record checks. Moreover, the app will also integrate a customer feedback
mechanism that enables the users to rate and give feedback on the service experiences they
had, thus increasing transparency and accountability (Haelterman, 2022).

Data privacy (GDPR), worker classification, and employee rights are also legal and
regulatory compliance. In order to reduce this risk, HelpingHand will call on legal experts
during development and make sure all the operations follow appropriate labor laws and data
protection regulations (Haelterman, 2022). Also, to secure themselves, the business will
obtain comprehensive liability insurance in case accidents or disputes occur.

Last but not least, a training program will be given to all the service providers to keep up a
good standard of professionalism, hygiene, and etiquette, which will help in building clients’
trust (Haelterman, 2022). With these risk mitigation strategies, HelpingHand will develop a
platform that is a safe, working, and legally acceptable platform to combat the competitive
domestic services market.

Success Measurement & KPIs

The key financial milestones for HelpingHand will be a combination of consistently
delivering on the ‘buzz’ of having an app (as measured by downloads) and customer retention
and building toward or achieving certain revenue milestones (Indicators, 2021). The end goal
is to grow a loyal customer for the platform at the same time as financial sustainability and
scalability.

A number of Key Performance Indicators (KPIs) will be used to track progress. They
encompass user satisfaction rate, which is derived from the post-service feedback and Net

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Promoter Scores (NPS); average service rating as an indicator of the overall service quality;
the revenue growth measured quarterly to evaluate the financial performance; and service
frequency per user that represents customer engagement and value delivered (Indicators,
2021). Also, the insights into how long users will stick around will be given through metrics
like monthly active users (MAU) and churn rate.

The feedback loops would be given a strong emphasis. Actionable insights, which are going
to be derived from regular customer surveys and in-app feedback features, will help the team
to know where the pain points are and the areas of improvement (Indicators, 2021). The
feedback from these insights will go into a continuous improvement strategy to improve
service offerings, app interface, and training programs through real user experiences.
HelpingHand will evolve in this dynamic way in line with customer expectations and market
trends, which will result in long-term success.

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