Executive Summary
BD Skillup is an important online learning platform that is always ready to revolutionize the education landscape of Bangladesh by bridging the skill gap.BD SkillsUp whose aim is on the outstanding issue of lack of skill development training, has the ability to transform the process of education in Bangladesh. Our courses must be delivered with quality relevant and professional courses that cater to the needs and skills of professional job seekers and students. Our courses include Web Development, IT, Digital Marketing, Linguistics, Corporate, Vocational, and many more. However, the mission of SkillsUp Bangladesh is to promote skill development and get people ready for employment.
Mission Statement
Especially for the population of Bangladesh to educate them and make them employable through online education for human and career benefits.
Objectives
- At least 100 excellent courses must have been developed by the platform by the end of the year and the platform must have launched, at least one, after its launch.
- First: By the end of the first eighteen months of operations the website should achieve a use base of at least fifty thousand.
- In the first two years of the business, it should secure partnership agreements with at least 20 business entities and 10 institutions of learning.
Business Description
Market Need
Currently, Bangladesh is at the transitional age in terms of evolution where the country and economy are transitioning itself and becoming digital and tech-savvy. However, the conventional school leaves the pupils in an unfavorable position to be able to create a suitable environment at the workplaces which are changing at a very fast pace. Therefore, there is a deficiency in the availability of more relaxing, comparatively cheap, and legally acceptable opportunities for nontraditional education. Therefore to establish an institution that can offer online courses to address emerging issues in the workplace Skill Up Bangladesh has seen its mission in offering courses in meeting these needs.
Product Offering
Information Technology: HTML CSS, and JavaScript-Web Development, Cyber Security, Data Science & Machine Learning, Programming languages-Python, Java C++, and more.
Digital Marketing: There were more fine discrete courses that were offered, these included Analytics, E-Mail Marketing, Social Media Marketing, techniques of Search Engines, and how to write content.
Language Skills: Teaching business technical and professional courses, business communication, and English language business courses.
Business Management: Specifically, many of our graduates go into positions requiring professional competencies in such areas as human resource management, project and strategic leadership, new venture creation, and a number of specialized management and financial courses.
Vocational Training: Practical skills training through interaction where the learners are taught how to transform elements through cutting or bending, electrical work on conduits or cables, boat or automobile fixing or fabrication among others.
Market Objective
- Demographics: The aim is to achieve a group of millennials who are aged between 18 to 35 years, whether in college, college graduates, or have begun working. Secondary markets can be professionals who find themselves in middle age, therefore, seeking to enter the workforce at mid-forties, and may wish to change or progress in their career by re-training.
- Psychographics: Cohort of the millennials, aspiring IT professionals, start-ups, and super young businesspersons, knowledge workers, and individuals desirous of personal and/or career progression.
Market Division
- Students: Self-organized learners mentioned here include college and university students and they are expected to desire to develop certain competencies in order to effect knowledge into practice.
- Recent graduates: Those in the unemployed bracket or in a situation where they are provided with substandard, they are in a position to secure a better job or/and chance to get employed.
- Professionals: Those who still have early and middle Career-related experiences and are interested in a career change or upgrading their existing career.
- Job Seekers: The unemployed people who, for some reason, look for employment under circumstances that entail undertaking activities they assume will assist them find a job.
Target Market
- The need for flexibility in learning and technical enhancements are the key factors that have propelled the e-learning process.
- Over the last few years, stakeholders have become increasingly aware of the specific skills needed to excel in their roles.
- Digital transformation: the birth of new markets and opportunities that require digital skills and knowledge.
- Accessibility and Affordability: When it comes to education, rising demands for affordability and thus quality educational opportunities are especially present in developing countries.
Marketing
1. Brand Identity: An easily memorable name, logo, and slogan that would be effective in the eyes of the target audience as our vision prompts us to educate them in order for them to be empowered.
2. Brand Story: To gain their trust, we keep the focus on us by emphasizing our impact, purpose, and experience.
3. Online Advertising:
- SEO and content marketing is a way to prepare a site for better cooperation with a search engine and provide this engine with constant fresh and reliable information.
- Social media marketing involves communicating with the client base on web platforms such as YouTube, Facebook, Instagram, and LinkedIn.
- Email marketing covers sending out timely recommendations, course updates, and newsletters depending on the frequency chosen.
- Promotion:
4. Paid Advertising: Making sure that our message gets to the right people through adverts on such social media platforms as Facebook and Google AdWords etc.
Operations
Development of Operations Platform
Creation of Content:
- Course Design: From the above analysis it is clear that the need to work with professionals in the area of concern in order for an appropriate curriculum to be worked out.
- Multimedia Content: By way of motivating the students and as a method of improving the quality of instruction, developing interesting and compelling multimedia materials.
- If the task is about transforming the content of a certain article, designating it for the needs of a particular country, and translating it into the operational language of this state, such a process is called localization.
Customer Service
- Customer service: Usually, an active community that gathers people and enthusiasts who are devoted to tackling technical questions and problems.
- Help Center: An extensive library accompanied by regular user guides and instruction manuals; moreover, users can choose to submit a FAQ occasionally.
Assurance of Quality
- Content Review: The steps that need to be adhered to in order that you only post good and positive things on the site for the viewers.
- User input: This means that designers are always monitoring and evaluating the feedback that is received in relation to the design.
- Performance Metrics: The monitoring of key performance metrics in order to mainstream positive change over time.
Management
Core Management Team
- CEO/Founder: Below are the SMART goals, strategies, and tips that apply to all the employees The following show the SMART goals strategies, and tips for all the employees.
- CTO: It is supported by two divisions, namely: the division of infrastructure; and the development division of platforms.
- COO: Such as attending to the needs of the clients, moving goods from one place to another, and performing errands.
- CMO: Customer acquisition and marketing is another difficult area that most corporate firms fail to balance in today’s business environment.
- Director of Content: They have claimed and I quote ‘We have been creating content and interacting with our instructors.
Added Team
- Developers: DBMS, The development of the web and mobile platforms, and Additional back-end platforms.
- Designers: business promotional material, education, classroom instruction and visual learning aids, car control panels.
- Teachers: A professional who possesses extensive and profound knowledge about a specific subject matter or the area of the specialty that they work with.
- Customer service: Consultation in solving problems from them.
- Mentors and Advisors:
- Industry experts: relating to the type of topics to cover in certain courses and the market factors that exist for certain courses.
- Successful Business Owners: Sustaining businesses for Enterprise Development and Management for Growth.
Structure of Organization
- Leadership Team: Organizational behavioral management and strategic leadership are two very important management-related concepts.
- Functional Teams: Business-to-business, consumer product and service sales, advertising and promotions, education content and design, graphic design, and Internet/web.
- Cross-functional cooperation: Both of them are in support of the integration of according to a large number of corporate domains.
Financial
Initial Investment and Costs
- Platform Development:
- Website and mobile app development: 6,00,000 Taka
- Backend infrastructure: 3,60,000 Taka
- Initial content creation (20 courses): 2,40,000 Taka
- Total: 12,00,000 Taka
- Marketing and Launch:
- Marketing campaign (initial 6 months): 2,40,000 Taka
- Launch events and promotions: 1,20,000 Taka
- Total: 3,60,000 Taka
- Operational Costs (First Year):
- Salaries (team of 5): 4,80,000 Taka
- Hosting and maintenance: 1,20,000 Taka
- Office space and utilities: 2,40,000 Taka
- Customer support: 1,20,000 Taka
- Miscellaneous: 60,000 Taka
- Total: 10,20,000 Taka
Total Initial Investment: 20,00,000 Taka
Revenue Projections (in Taka)
Assumptions:
- Average course fee: 4,500 Taka
- Subscription fee: 9,000 Taka/year
- Corporate training contracts: 4,50,000 Taka per contract
User Growth:
- Year 1: 1,000 users
- Year 2: 2,000 users
- Year 3: 4,000 users
Revenue Streams
- Course Fees:
- Year 1: 500 users buying 1 course: 500×4,500=22,50,000500 \times 4,500 = 22,50,000500×4,500=22,50,000 Taka
- Year 2: 1,000 users buying 1 course: 1,000×4,500=45,00,0001,000 \times 4,500 = 45,00,0001,000×4,500=45,00,000 Taka
- Year 3: 2,000 users buying 1 course: 2,000×4,500=90,00,0002,000 \times 4,500 = 90,00,0002,000×4,500=90,00,000 Taka
- Subscriptions:
- Year 1: 100 subscribers: 100×9,000=9,00,000100 \times 9,000 = 9,00,000100×9,000=9,00,000 Taka
- Year 2: 200 subscribers: 200×9,000=18,00,000200 \times 9,000 = 18,00,000200×9,000=18,00,000 Taka
- Year 3: 500 subscribers: 500×9,000=45,00,000500 \times 9,000 = 45,00,000500×9,000=45,00,000 Taka
- Corporate Training Contracts:
- Year 1: 2 contracts: 2×4,50,000=9,00,0002 \times 4,50,000 = 9,00,0002×4,50,000=9,00,000 Taka
- Year 2: 5 contracts: 5×4,50,000=22,50,0005 \times 4,50,000 = 22,50,0005×4,50,000=22,50,000 Taka
- Year 3: 10 contracts: 10×4,50,000=45,00,00010 \times 4,50,000 = 45,00,00010×4,50,000=45,00,000 Taka
Total Revenue (in Taka)
- Year 1:
- Course Fees: 22,50,000 Taka
- Subscriptions: 9,00,000 Taka
- Corporate Training: 9,00,000 Taka
- Total: 40,50,000 Taka
- Year 2:
- Course Fees: 45,00,000 Taka
- Subscriptions: 18,00,000 Taka
- Corporate Training: 22,50,000 Taka
- Total: 85,50,000 Taka
- Year 3:
- Course Fees: 90,00,000 Taka
- Subscriptions: 45,00,000 Taka
- Corporate Training: 45,00,000 Taka
- Total: 1,80,00,000 Taka
Profitability Analysis (in Taka)
Operational Costs per Year:
- Salaries: 4,80,000 Taka
- Hosting and maintenance: 1,20,000 Taka
- Office space and utilities: 2,40,000 Taka
- Customer support: 1,20,000 Taka
- Miscellaneous: 60,000 Taka
- Total: 10,20,000 Taka
Net Revenue (Revenue – Operational Costs):
- Year 1:
- Revenue: 40,50,000 Taka
- Operational Costs: 10,20,000 Taka
- Net Revenue: 40,50,000−10,20,000=30,30,00040,50,000 – 10,20,000 = 30,30,00040,50,000−10,20,000=30,30,000 Taka
- Year 2:
- Revenue: 85,50,000 Taka
- Operational Costs: 10,20,000 Taka
- Net Revenue: 85,50,000−10,20,000=75,30,00085,50,000 – 10,20,000 = 75,30,00085,50,000−10,20,000=75,30,000 Taka
- Year 3:
- Revenue: 1,80,00,000 Taka
- Operational Costs: 10,20,000 Taka
- Net Revenue: 1,80,00,000−10,20,000=1,69,80,0001,80,00,000 – 10,20,000 = 1,69,80,0001,80,00,000−10,20,000=1,69,80,000 Taka
Return on Investment (ROI)
Initial Investment: 20,00,000 Taka
Net Revenue over 3 years:
- Year 1: 30,30,000 Taka
- Year 2: 75,30,000 Taka
- Year 3: 1,69,80,000 Taka
- Total: 30,30,000+75,30,000+1,69,80,000=2,75,40,00030,30,000 + 75,30,000 + 1,69,80,000 = 2,75,40,00030,30,000+75,30,000+1,69,80,000=2,75,40,000 Taka
Revenue Summary
Initial Investment: 20,00,000 Taka
Projected Revenue:
- Year 1: 40,50,000 Taka
- Year 2: 85,50,000 Taka
- Year 3: 1,80,00,000 Taka
Net Revenue:
- Year 1: 30,30,000 Taka
- Year 2: 75,30,000 Taka
- Year 3: 1,69,80,000 Taka
Total Net Revenue over 3 years: 2,75,40,000 Taka
ROI: Approximately 1277%
Critical Risks
Risks associated with operations
Content Quality: Consequently, assuring that the courses constituted relevant to higher education continue to be of high quality is paramount.
Risks to finances
- Finances: Intitle / limited amount of money to build operations and support the growth.
- Revenue Generation: A few years ago generated revenues were low and could not reach the expected amounts of revenues.
Risks related to compliance and law
- Regulatory Shifts: Transformations of statutes that affect the execution of trade and business ventures.
- Intellectual Property: On one hand, it is intended to proactively maintain the existing rights to intellectual property and to preclude tender offers from attaining such rights.
Risks to Human Resources
- Talent Acquisition: Sourcing and selections… differentiating between mere ability and identifying the cream of the crop that must be attracted and retained.
- Team Performance: By the time Genchi appears he encapsulates himself by a hegemonic position of responsibility for the output and performance.
Strategies for Mitigation
- Competitive Analysis: For this, the marketer consciously looks at the products and services to be promoted or a particular market and makes changes when they believe the changes are necessary.
- User input: Closely and purposely acquiring and processing user feedback consistently.
- Sturdy Infrastructure: Purchasing of such an IT infrastructure that is easily flexible and secured.
- Quality control as a concept encompasses the level of scrutiny of contents and the measure of the ceremony of quality check.
- As for asymptomatic expense control, fiscal management is oriented to the efficient applied use of financial resources.
- Legal Counsel: Legal consultation is a recurring and continuous matter.
Conclusion
Given what the organization BD SkillsUp has looked into, the organization has the capacity, at some point in the future, to revolutionize schooling in Bangladesh. The selection of great, convenient, and affordable online courses after improving the catalog to cater to the target market serves the noble and lofty objective of assisting people making them more employable, and contributing to the growth of the economy. BD SkillsUp has a good and vast market analysis with a Strategic Planning and Implementation Roadmap and with the continuation of the above enhancement BD SkillsUp is on its way to becoming one of the leading online education providing company in Bangladesh.