Executive Summary
The proposed St. Georges bank will be located in Birmingham. An approximated profit of $ 200,000 in the first year and an increase to $1,000,000 is expected in the fifth year. The services the bank will offer include business and corporate banking, personal loans, home loans, on-line banking and credit cards. The majority of the customers are expected to be, initially, Birmingham residents. However, as the bank grows, we will extend to the wider English community.
The key to St. Georges Bank will be firstly, most efficient on-line banking services and secondly the best professional customer care services. Research shows that more people prefer on-line transactions since they are accessible to devices that can facilitate on-line banking.
The table below summarizes the amount of money needed each year to establish the proposed bank. The money will be used to construct the relevant rooms, purchase the necessary banking equipment and cover the yearly operating expenses.
Business Description
Mission Statement
our mission is to provide the most efficient and reliable services and offers in Birmingham. The Bank will improve and ease the lifestyle of the residents of the city and to the employees; a source of income and higher living standards.
Business Description:
I am venturing into the banking business because of tiring queuing up of clients on pavements and banking halls to be served. My dream is to ease banking to an exciting and effortless and less tiring issue.
Statistical analyses
Banking analyses show that currently, conditions are favorable for banking; more young people have saved in banks. The rate has been rising in the last 10 years. A sharp 8% increase in the number of young people banked since 2004. Technology eased the process and attracted the young people.
The table below illustrates the rapid rise of young bankers since 2004.
Trends
Taxation regulations
Interest rates have dropped evidently. The government has also lessened the laws and restrictions that hinder young people to bank.
Advancement in technology
rapid changes in technology has boosted the flow of information to the young people. They get exposed early and learn to use on-line banking facilities which are less hectic, less demanding and few restrictions.
Competitor analyses
the banking industry is highly competitive. St. George Bank expects a lot of competition from upcoming banks and also existing ones.
As clients have increased, existing banks have increased their branches and smaller financial companies have to come up.
Marketing Plan
Target market
The proposed St. Georges Bank targets clients who are wealthy, with little or no time to spare on queues and owning hand-held devices relevant in on-line banking.
Financial Plan
References
Allen, J. (2004). Marketing your event planning business: A creative approach to gaining the competitive edge. Mississauga, Ont: J. Wiley & Sons Canada.
May, G. L. (2010). Strategic planning: Fundamentals for small business. New York: Business Expert Press.
Pinson, L. (2008). Anatomy of a business plan: A step-by-step guide to building the business and securing your company's future. Tustin, CA: Out of Your Mind & into the Marketplace.
Press, E. (2010). Start Your Own Event Planning Business. New York: Entrepreneur Press.
