Running Head: SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER

Screening the Business Idea and Business Model Paper Students Name Instructors Name Course Title Date

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER Business Idea

My business idea would be to open a private investigation and process serving business. I thought of this as a business idea because I am a police detective and have observed that the detectives that we have working for the police department alone are not enough to go out and investigate matters (ie. missing persons, cold cases, misdemeanor crimes, etc.). Additionally, there are other things that people would like investigated but because it is a misdemeanor or not of a criminal nature there is no one to conduct the investigations. Therefore, I feel that if a private investigation agency is opened retired officer and investigators can be hired to assist in matters that need to be investigated. There would not be that much training needed based on the fact that these individuals already have the necessary training and may just need a refresher. Furthermore, these individuals can also be hired on contract for example with our local police department to investigate various crimes. The second aspect of the business is process serving. I think that this to will be an asset as well because as law enforcement individuals you are trained to know your area(s), neighborhoods and the people that live there. Although we may not know everyone but we can know how to find someone or people that maybe able to assist in locating an individual. In the Virgin Islands, there is no private investigation business. This business will be bonded and licensed by the Department of Public Safety. Moreover, we will also have updated training on civil rights, laws and court decisions so that we can be able to provided the best investigative services possible (Barringer, 2010). Description of service or product Private investigation and process serving business will provide services such as debt collection, tracing, process serving, internal theft investigation. Thus list has been extensive.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER Membership of the trade association and professional body permits the investigators country wide network about agents who may act on his and her behalf in that scenario.

In the Venture Screening Inventory, my concept has been opening up the process serving business providing services like debt collection, tracing, process serving, and internal theft investigation. However, the event of licensing, investigation businesses must in addition associate with the customer Credit Act licensing, when implemented; registration as per the Data Protection Act that has been legal need along with implemented to all businesses such as professional indemnity insurance (not necessary however advisable) along with another professional qualifications applied to services provided (for instance the bailiffs, accountants). Any business is intended towards delivering such a product through giving the above described services for attaining their goals of creating the culture. I feel that through giving several restorative opportunities to those on road to recovery would find their service information along with directive towards its entire successful recovery Value Proposition Several successful process servers have been quite included in its domestic company and also the National Association of Professional Process Servers (http://www.napps.com). National Association of Professional Process Servers has been the nonprofit company, which has shown process serving industry for last twenty three years. This has made greater strides while establishing as well as enforcing the ethical standards along with professional rules of conduct.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER There has been arguably no better method of building the network of colleagues along

with enhances our incoming referral business apart from through joining those associations. The yearly membership fees for those associations have been nominal along with have been sure of paying for themselves several times on.

Through joining those associations, we generate newer business along with introduce the bigger level of the professionalism towards our organization, when giving support for company, which have been preserving as well as advancing our profession. Associations have been regularly lobbying against the legislation designed for minimizing process servers role within the civil procedure. Companies like the National Association of Professional Process Servers assure that our profession has been safeguarded. It has been felt that through having required functions applied in our services like the large option of the healthy considerations that it would ensure value, which we have been promising to the clients. Our services would ensure that their approach has been on forefront of the technological advances (Shirley Davey, 2011). Business Model Our organizational structure has been consisting of the known successful techniques about meeting requirements along with delivering intended service in that we would gather value of both services that we would give along with clients, which would advantage from their services. Our provided business model has been obtained from known techniques of forming the successful road maps like impact along with direction (Chatterjee, 2013). We in addition would be involved in networking function of forming the extra relationships with several of our competitors along with the surrounding communities. We feel

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER that such a technique would permit this venture for flourishing as well as becoming profitable and also giving us with the level of sustainability. Appropriately built along with marketed web site may enhance the perceived professionalism of our business that generates the newer consumer when sustaining loyalty of our present clientele. Our web site serves like our online identity. It has been where we separate our self from our competition along with focus reasons why consumers must choose our services.

In mean while, when we do not presently have the web site, securing our domain name like as soon as feasible. In addition, this has also been called as our web address and URL.

To buy compulsory equipment and starting with the basic PI (Private Investigator) techniques like the camera, tape recorder along with home computer having higher speed Internet access. Like our revenues build, adding much more sophisticated techniques like equipment for detecting while the office has been bugged so we may work on the industrial espionage cases. Obtaining the private investigator software, online research has been one of tricks of PIs trade. Online services may in addition help us to perform tasks such as searching the missing persons along with finding the unlisted phone numbers. We would require private investigator's license that needs us to have experience in same area i.e. law enforcement within public and military sector, collections, claims adjusting, many times investigative journalism and also the background in the private investigative agency.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER

For setting up our office along with getting going, we would require the computer having the laser and the inkjet printer, routine office software, internet access along with fax machine. We must in addition have the camera or the video camera, the tape recorder as well as the pocket organizer or the notebook to keep track of the expenses that we would bill to our clients. Market Size and Growth Market size has the vast wide range of ages along with situation. This has been such a fundamental aspect, which would ensure the growth in between this market. Market size associated with growth of investigation industry would continue to flourish. Requirement of having restorative techniques for enhancing the security of clients are also increasing. Challenge here has been to ensure regular growth once the market is saturated with our services. We would be overcome that through ensuring that we have a viable business plans about continuity and also protocols to sustain the venture. We would in addition seek out extra avenues to extend the growth potential in rest of the fields like the communities as well as advance technologies. Our clients may in addition be attorneys who handle the criminal along with civil cases, insurance organizations, apartment complexes, corporations along with private parties having several of mysteries of solving. Solicit all of those entities, except the individuals, through sending our sales letter as well as brochure within the direct mail campaign, afterwards following up having phone calls. Best method of reaching the individuals has been by the advertisements in Yellow Pages. We may in addition develop clients through networking in between professional along with civic groups as well as giving talks and seminars.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER Competitive Advantages We feel that having applied the advantages of investigation functions, which our

establishment would be uncommon in their design along with serviceability. We in addition have considered importance of having the well equipped facility for the targeted population along with coupled that with best professionals, which would give the services in the newer developmental approach. Such a competitive edge is not been introduced in that way, therefore, having just facility of such type has already setting us apart of competition. Finally, our philosophical approach has been to promote the organization, which that supplies each & every requirement of the patients in the facility, which has been equipped of doing so, therefore, supplementing our business approaches. Several process serving organizations have been successful as they monetize each & every call that they got. They have also established the network of the reliable process servers in their entire state, or in many states. When consumer calls, they have the concept of what would be charged through its colleagues along with offer competitive rate.

When we have been capable of developing the network of the trusted servers, we may enhance our business tremendously through positioning our self being the one stop shop for the lawyers along with rest of the legal professionals.

Other method of enhancing our organizations professional appearance along with potentially enhances our business has been through having the toll free (or 800) number. When we have been positioning our organization being the statewide or nationwide provider along with

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER main number we have been marketing has been our domestic phone number, we have been

running risk of localizing our self. The consumer visiting our site and seeing your advertisements may see that we have not been in particular field in which service has been needed along with move on to our competition. Management My leadership skills being the entrepreneurial individual would be required to be building; but, having that highly qualified team would ensure that such a direction has properly been attained. The team would ensure that our organizational context has been well applied in our approach towards servicing the requirement of the community (10 Rules to Managing Global Innovations, 2012). My management staffing would be inclusive of the educated individual all with focus of encouraging as well as motivating clients. Those described key players would ensure that we have the required guidelines applied to the future attain the objective of giving the excellent investigation along with services. Revenue or Growth Projections As described, I would required to consider how much funding could be important to construction of building, operational cost, equipment cost along with the residual monthly expenses for having the sustainable operation. Capital would be one of needs for regular operations and also having the investors for helping with contributions about financing.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER In addition financial needs would be by business loans for extra security. We would in

addition employ technical function of investment period that has to acquired along with allocated that funding for coming 5 years (Hogg, 2013). For several parts, provided that investigation requirements have been regularly increasing and options for expansion, we feel that revenues along with projection of the growth would continue to increase like history has shown. Projection along with revenue has been tied along in regard to business option. But, challenge would be to ensure that once we have served community in hand, we would be required expand our services through introducing newer facilities within the neighboring communities for staying competitive along with viable within the industry. Financing Requirements While beginning any business the upcoming business owner have been willing to know what potential cost about doing the business every year would be. Start up cost to begin business for me had been small as I had few equipment required prior I pursued my individual business license. Private Investigation License For getting my Agency License I would pay around $600. It had been the start up fee for license. I continue paying $350 each year for renewing my license. Insurance Several investigation organizations have been needed for either having the bond and the errors along with omissions insurance. Errors along with Omissions insurance would protect us

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER in event, which we cause the financial loss to the client. I carry $1,000,000.00 covering my

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business. I pay around $763.71 for coverage every year. Rather than of paying that all in single sum lump I make the down payment about 266.49 along with afterwards making the payments of $58.44 more than 9 month period. Computer In the year 2010/2011 I have bought Toshiba Satellite L645 laptop for my office computer. I feel that I paid approximately $650.00 for the computer at that point in time. Video Camera I would be expecting to pay not lesser than $200.00 for the decent camera. Private Investigation Website I have bought my domain name for just $12.00 (I really bought three as I had been trying to figure out what name of my organization had been moving to be). I hosted my website. I feel I pay approximate $75.00 every year for hosting my website. Phone I have used my cell phone just like my business phone. I do not consider this the business cost as I could have single regardless of having the business. Fax I have used the Ring Central for my faxing requirements. It may be final year that I use the Ring Central like I do not have much requirement to fax. However, when we do I would suggest those services being this has been the virtual meaning we may get faxes straightly to our

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER computer. I presently pay approximately $8.00 in one month for the services that comes out to approximately $96.00 I one year. Misc Office Equipment We would find our self requiring several kinds of office equipment that may involve printer ink, printer paper, pens, and batteries along with whatever else we may think of. You would probably spend well more than $100.00 for getting everything we are required to get going with our business. Summary Even with compulsory business implication related with the longevity, this has been

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actually tougher for deciding the kind of related risk, which can happen. Best course of action for diminishing their impact has been to have the viable opportunities for such a unforeseen risk, for example, having extra key player like attorneys would ensure that we might mitigate potential loss because of negligence and rest of the accusations. In addition application like regular market research for the newer along with improved techniques of handling venture in regard to care, and also employing known best techniques of practicing in medical industry as well as financial planning would ensure that we diminish extra risk.

SCREENING THE BUSINESS IDEA AND BUSINESS MODEL PAPER References 10 Rules to Managing Global Innovations. (2012, October 1st). Ensco Host , 86.

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Barringer, B. &. (2010). Entrepreneurship: Successfully launching new ventures (3rd ed.). Upper Saddle River, N.J: Pearson Education. Chatterjee, S. (2013, Febuary 1st). Simple Rules for Designing Business Models. Ebsco Host , 99. Hogg, S. (2013, April 1st). Money. Ebsco Host , 74. Shirley Davey, M. B. (2011, October). A Framework to Manage the Early Value Proposition of Emerging Healthcare Technologies. Ebsco Host .