Hello Everyone!!

First of all I would like to congratulate @dove11 and @aviral123 for selecting as teaching team. Most interesting topic for all and hopefully we'll learn good things about creating new business.

Lets move on to the lesson tasks.

Question #1- Are you planning to start a business or already in business?

I have great interest in business, im a hard-working, loyal and honest so if i start a business again it'll grow more.

Before Covid-19 i was running small online clothing business and it was growing but during lock down my business stopped and i lost my overseas clients. I was mainly earning from out of country clients. My health issues also started that made me lazy then i joined Steemit. Meanwhile I took order from our old client occasionally and then I stopped every thing from last 2years.

Now, I'm going to start a business of Rental Cars in partnerships with my elder brother. My two brothers are doing this business . This will be new branch of their previous rental business KTN Rental Car. My brother started this business at very low level but alhumdulilah he grow it in 3-4years . I'm involved in this business from start as short term investor. Actually my husband always refused to do any work in partnership. Now i have started as partner in new branch of Rental Cars.

Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

As I have mentioned above that my brother is doing this and now I'm partner in new branch of the company. For new wing we decided our percentage of sharing and work strategies. Im sharing some basic of our business

Here is a business model for my KTN Rental Car Company:

Business Name: KTN Rentals

Model: partnership

Objective: To offer economical, dependable, and convenient car rentals to people and groups

Key Components:

1. Fleet Management: Start off with a minimal fleet of 5-10 vehicles, made up of sedans, SUVs, and vans, acquired upon lease or financing.

2. Target Market: Target the local population in need of temporary transportation.

3. Marketing Strategy: Past customer history, online booking sites, social media, and local advertising.

4. Operations: Easily navigable website, mobile application to book your services, vehicle care and cleaning, and day-and-night customer service.

5. Partnerships: Partner with local hotels, travel agents, and businesses to create package deals or other special offers.

6. Growth Plan: Expand fleet, new markets, and franchisee/partnership deals to increase reach and revenue.

7. Initial Investment: Approximately 7-8 Vehicles-needed, office-renovation work started

8. Projected Annual Revenue: starts, growing at 15% per annum for three consecutive years.

This model can be further adjusted and fine-tuned in tune with growth and development.

Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

A partnership business model involves two or more people coming together with the goal of operating and managing some kind of business. It's key advantages would include shared responsibility, pooling of resources, and leveraging on complementary skills and expertise. Each partner has his own strengths he brings to the table, enhancing business operations, decision-making, and problem-solving. In addition to this, the partnership model further allows sharing of financial burdens, hence facilitating raising capital and consequently distributing profits as such.

The downsides to partnerships are very real, however. Decision-making is slower because it requires consensus among the partners and thus sometimes disagreements or conflicts may arise. In most types of partnerships, the liability is shared, meaning if one partner makes a bad decision or takes on debt, all partners bear equal responsibility. This can be a very large risk, especially when partners do not have a solid, transparent understanding of their roles and responsibilities.

Every partnership business requires an agreement in which the contribution of each partner, profit sharing, and ways of dispute resolution are made very clear. For any form of partnership to be effective and productive, regular communication and trust will be quite vital. In sum, a partnership model works great when strong goal alignment with mutual respect occurs among the partners, ensuring long-term success and growth.

Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

My long-term strategy, since business is currently booming, would entail sustainable growth, innovation, and market expansion. This includes diversifying the product or service that I sell into new segments of the market and enhancement to keep other products competitive. I would also enter new geographical markets either locally or internationally to expand my base of customers.

What I mean is, I will strike a balance between internal capabilities and hiring professionals. I build internal capability first because one has deep knowledge of all single aspects of the business. However, for those issues that demand high-order and specialized skills-say, marketing, law, financial planning, technology-I will hire professionals or consultants. Bringing in experts will free me to attend to core business operations, as they take care of some areas efficiently and precisely.

In addition, my focus will shift to the establishment of strong partnerships and collaborations in order to further extend resources, networks, and market reach. Greater emphasis will also be placed on investment in technology and automation to further streamline operations and ensure that processes are scalable. From a leadership perspective, this involves training and development for my team so that when the business scales, the team is better prepared to meet new challenges and opportunities.

Conclusion

In my opinion every kid of business plan would be successful (alone/partnership) if you adopt good marketing strategies with innovation .

Through strategic planning, marketplace research, and directed investments in technology and talent, it became easy to achieve long-term success. With a good partnership in place, this business will only see ongoing success and expansion and sets the example for how to be mutually beneficial.

At the end ,I would like to invite @aaliarubab, @rashid001 and @artist1111 for the contest.