Executive Summary
Managing personal finances refers to planning and executing the financial aspect of one’s life. Most people struggle with managing their finances efficiently due to a lack of financial knowledge and complexities. Developing appropriate financial habits can help make long-term plans the best financial decisions and keep bank accounts more balanced by preventing impulsive choices. Budget management has a lot of benefits. It can find ways to pay down debts, reduce costs, save more, reduce stress, and have more money for things important to families.
This startup intends to provide a platform for developing an application that can be used on mobile phones. Families can find their best economic policy, considering all the financial flows of a family sets the best example for them. With its existing capabilities, this application can provide comprehensive plans for the desired investments and give the role of a highly advanced financial and economic advisor for families. The founder of this startup is fully aware of the importance of budgeting for companies and institutions, considering his university education and the work experiences he has gained during his career. The purposes of designing and developing a budget management software based on AI and the use of Blockchain are creating satisfaction in families by providing a way to achieve their goals, providing custom financial advice and tips for families, making the right economic culture in families and especially their children, identify consumer behavioral patterns and help them to modify and improving the economic level of society in the long run.
The global personal financial software market is expected to reach $ 1576.86 million in 2027 and a CAGR of 5.7% from 2020, up from $ 1024.35 million in 2019. One of the main clues for the increase in this market is the increasing need to track and manage consumer income and mobile applications worldwide. In addition, increasing the focus of organizations on digitizing their financial services and increasing the number of Internet users worldwide is driving the market growth. However, security and compliance issues in personal financial software and the availability of open-source financial software may impede market growth, which solutions such as Blockchain can address. In addition, increasing the acceptance of personal financial software among developing economies is expected to provide profitable opportunities for market growth.
The marketing and sales plan of the company consists of some items such as sending an e-blast to the potential subscriber list for launch day, app-install campaigns (CPI ads), pay-per-click (PPC) advertising, paid social media ads, and app store optimization & SEO. Furthermore, engaging the services of marketing executives and business developers to carry out direct marketing, leveraging social media to promote the business, and advertising are other marketing plans.
Mr. Hamid Reza Abgharizadeh is the company’s founder and will serve as the company’s General Manager. He is an expert in the banking sector with more than 20 years of experience in different departments in business banking. He has the potential to bring about unique talents that he needs to develop through his creativity or the help of others. He has the required different knowledge of treatment to help the team grow the business based on the desired company plan. His capability, experience, and other characteristics such as teamwork, diligence, and a creative mind enable him to help design and establish pesticides production plants.
The total amount of capital required to set up this production unit is CAD 320,000, of which CAD 170,000 will be spent on investment in various stages of production, and the remaining CAD 150,000 will be considered for working capital for the first year. The founders estimate that the company will achieve remarkable growth over the next five years, generating an average of over 1,183,000 CAD in sales and approximately 575,000 CAD in profit per year in the next five years.