Facesfactory is a social network founded in 2013 September by a Singaporeans, Ricky Khoo. The purpose of this business plan is to raise five million for the development of our social network within three years. This business plan will also showcase the expected financial and operations over the next three to five years. The social networking website Facesfactory is a Singapore based Partnership Company that allows users to make friends and stay connected, with our exclusive social mobile contact to search for people.
This company was started because there is a potential for social network in Singapore. Although there are many existing social network, we are still confident that our ideas will be able to bring this social network to a success. With more and more foreigners in Singapore, this social network can help them to integrate better into society and spread to their fellow countryman, turning it into a worldwide social network. It currently consists of a Website, Android and Apple App. However, our main target is mobile app as most people nowadays are using mobile phone to connect due to convenience.
Due to lack of funds, we are facing problem in improving our App although we already had the ideas. We had a team of IT partners from India who are working on our App at all times. However, we need funds for them to come to Singapore to set up office and increased efficiency.
Our audience/customer will become worldwide and we had three major components for revenue.
One, marketplace for people to come in to sell/buy things. For every transaction made, we will earn a transaction fee.
Two, business link for SME and big companies to come in and advertise their product/service. Online advertisements had become increasing popular over the years due to lower cost and it can reach out to people worldwide.
Three, implemented loyalty point system. Companies will pay for loyalty points and we will determine the number of points for each discount coupon based on the amount every company paid. Audience can accumulate the points and redeem discount vouchers from them. This system will attract more people to join in order to get discount coupons and companies that provided the coupons will enjoy higher exposure and more customers. It will be beneficial to both parties.
We had a social mobile contact which is currently not seen on any social network. This social mobile contact allows people to search for people via our search category. The search category will be filter out by name, gender, countries/cities, age, date of birth etc. People who want to search for long lost friends/families can do so as long as the other party had downloaded the same App. Facesfactory will use a high impact marketing campaign that will drive a tremendous amount of traffic to the website. These marketing strategies will be outlined in the fifth section of the business plan. The fourth section of the business plan will further describe the services offered by Facesfactory.
With the rising popularity of social media, social network like Facebook, Twitter and LinkedIn have enjoyed high human traffic. However, Twitter only allow short sentences of up to 140 alphabet per tweet and allow people to follow their favorite celebrities and athletes in order to keep up with their latest update. LinkedIn allows people to build their personal brand and network to engage with professionals. Clearly, this two popular network is different from us as our main focus is to connect people. Facebook is our main competitor. However, we are different from them as their main focus is news feed, by keeping people update on the latest news be it world news, entertainment news or friends update. Our main focus is social mobile contact which allows people to search for people and to contact them easily.
In the next three to five years, we will add in more things like news and video platform, photo-edit software system before uploading photos, unlimited upload of photos/albums/videos, upgrade our server to serve billions of people, check in location service via Google map, video call/walkies talkie/message and create sub-group page. We want to make this App a one stop App for everything, be it business or leisure.
Our company’s mission is aiming to provide the best social experience for users in Asia and worldwide. Starting from Singapore, we will slowly grow throughout Asia, Europe, Africa and USA. People would be able to use Facesfactory easily to connect with friends and families from overseas. We wanted to become a social platform which can provide opportunities for SME.
Facesfactory is a partnership registered company in Singapore by Ricky Khoo. Facesfactory was founded in 2013, September 11. It is a social mobile network to connect people around the world. It also provides business link and marketplace for users.
Our company is at the beginning stage of business. First, we need to rent an office and purchase necessary equipment like computers. Second, we need to hire IT designers, App programmers, technicians, business and marketing consultant. With the necessary workforce, we can further enhance our social network and bring it to the next level. After establishing our base in Singapore, we intend to expand to four countries – India, China/ Hong Kong, Malaysia and Taiwan by setting up regional office there.
We can achieve this because the fund will allow us to expand facilities in order to meet increased demand. By setting up regional office, we will have a better understanding of the country rules and regulations, making business opportunities easier for the local people.
In the future, with the growing number of users, we are looking at having our own data center to provide better trust and security purpose.
As our business develops, we will change when necessary to meet the demand of the market.
We are a social mobile network which provides service to connect people around the world. Be it families, friends or business partners. In the future, this App will be able to
– see what friends are up to
– share updates, photos, videos and events
– get notified when friends like and comment on your post
– get notified when friends text you
– group chat will be available
– connect to Facebook
– create sub page for followers
– create blog for followers
– location service
Although we provide somewhat similar service as other social network, we can still differentiate ourselves in the market because of social mobile contact list. This will enable users to search for friends by browser categories. Eg. Filter search by countries, gender, age or name. This allows users to connect worldwide at a fingertip and made finding long lost friends easier.
We had a business link which allows SME to post their advertisement or business web page. This service will be chargeable at an affordable rate to attract more SME and help to boost up the number of users.
We had a marketplace for users to buy/sell their product. Sellers can create an online shop via sub page through our Facesfactory. Setting up the online shop and listing will be free. This will attract many sellers to post and users will keep on returning as they know they can find everything in one place. Returning customers/users will become more familiar and trust this platform. Facesfactory will earn the transaction fee of each sale. Sellers and users can chat as well as sell/buy things at the same time. This will help to generate more users.
Advertising and PR
Capital requirement and Payback Strategy
We are requesting a start up amount of 5 million for 3 years. For the beginning, we need an estimate of $210,000. This amount will be used for renovation, purchasing computers, office equipment, and first 3 months office rental deposit estimated at $6000 per month and miscellaneous such as stationery.
As for monthly expenses, it includes rental, electricity bills (24hrs), and maintenance fee and internet and phone line. This will amount an estimate of $40,000. Next will be the people we need to hire. There are a total of 19 people amounting up to $76,560 per month including 16% CPF contribution by employer. Therefore our monthly cost will add up to $116,560.
Our main revenue will come from advertisement under our Bizlink. We will be using CPC also known as cost per click system. Companies will put up their advertisement on our website for free. Once a user click on the advertisement, we will earn money from there. The higher the cost per click, the higher the exposure will be for the company. Secondly, for marketplace when every transaction is made, we will earn a transaction fee of 5% of the total amount charged by the seller. Lastly, companies can use discount coupons to buy our loyalty points. The higher they paid, the easier it will be for users to accumulate points to redeem their discount coupons.
The expected payback depends on the number of users which will join Facesfactory. Based on marketing research firm e-Marketer published revenue for social network Ads, this is the revenues for 2012 and 2013 while projecting 2014 and 2015 revenue. This is a guideline as to how much we can earn from advertisement alone.
For 5 million invested in us, we will give a total of 10% of our share. As our company becomes more and more profitable, payout will be given according to percentage of share
Facesfactory aspire to become the largest social network in Singapore and we hope to inspire the future generation, by bringing up the social network industry in Singapore. Social networking website has become a business phenomenon in the last five years. We believed that there is a huge potential in this business and people will continued to grow as more people nowadays are exposed to internet.