2. To attain a net worth of not less than 50,000 within 24 months of operation after getting investor funds.
3. To acquire a market share (CRM software) of about 1% within 24 months.
3 Norma is a software development company located in London. Founded in 2012, we specialise in the development of software, specifically, customer relationship management (CRM) software.
This business plan presents an exciting business opportunity. Recent occurrences in the legal landscape have opened an opportunity in our chosen market niche (UK law firms).
The legal industry has been traditionally slow to adopt technology compared to other industries. Issues such as Brexit and impending legislative changes to some laws will create restructurings that will ultimately lead to heightened competition.
Industry commentators and researchers have indicated that leaders of legal firms have realised the need for adopting technology to improve their performance.
Among this is CRM (customer relationship management), which many executives have realised portends great potential in the management of assorted customer relationship.
The legal services sector is worth about $1.06 billion (£0.81 billion). Out of this CRM software industry is about £63.5 million and set to grow at 5.7% per annum.
We have decided to pursue this niche not only because of recent occurrences but also because carving out this niche means we will become masters of the segment and ultimately acquire a sizeable market share therein.
We project sales of £420,000 in the first year of operations, which will rise to about £1.6 million by the 5th year of operations.
Net profit for the first year will be negative but will rise gradually but steadily to about $0.6 million by the 5th year. Cash balance will generally be positive.
We have set the goal of acquiring 5% of this market in 5 years’ time. For this to happen we consider our primary success factors to be aggressive & sustained marketing, world-class customer support and maintaining low operational costs.
We are confident that apart from meeting all our financial obligations, the investor will receive a healthy return on their investment.