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Biofase’s Trailblazing Approach to Make India Plastic Pollution Free- Introduction of Biodegradable Plastic
1. Introduction
Forming a business plan is one of the key essentials to follow to ensure that the effectiveness of a business idea has been properly measured. Also, it can be evidently stated that, the presentable highlights that would instigate the operations of Biophase initiates their aims and objectives of working towards promoting the idea of sustainable measures. This business plan intends to highlight the importance of sustainable operations and understand the kind of possibilities that the Indian market holds for the organisation. At the initial stage, it would be extremely difficult to make India plastic free on an instant as people need to be far more educated about the ongoing situation and the impact of pollution. The business plan intends to cover all of the essentials starting from their key objectives and the kind of intuitiveness they have towards enhancing the use of sustainable measures in the country. According to the data released by Venkatesh&Kukreti (2018), it has been identified that an average Indian consumes almost 11 kg of plastics every year and there is a possibility that it will continue to grow at an intensified rate every year. The country generates almost 25,940 tonnes of plastic each day, thus, making it essential that the country must undertake substantial amount of initiative to discard this situation, given that it is still a developing country (Venkatesh&Kukreti, 2018).
2. Company and Management
2.1 Overview of the Organisation
Biofase is primarily a Mexican start-up company that is highly intended towards the use of biodegradable products and engage the world into takin proper care of the environment. The organisation Biofase makes proper utilisation of the avocado seeds to make bioplastics, which decomposes naturally within a few years. The organisation has been considered as one of the top 20 green companies in Mexico and are looking forward to expand in some of the regions where they can help the countries adopt sustainable measures for their businesses. The company is highly inclined towards the idea of eliminating the use of petroleum products and the use of avocado seeds is being considered as the agro-industrial waste, which has been highlighted as one of the most innovative and signature virtue of the organisation.
2.2 Ownership and History
The ownership structure of the organisation is Sole Proprietorship and is being owned by the individual named Scott Munguia. The concept of sole trader revolves around the idea of ensuring the fact that a particular business is being run by one individual and he would be solely responsible for all of the profit and loss situations that would be encountered in the organisation. The company begin in the year of 2011, with the help of one of the aspiring engineering students Scott, who is also the founder of this company (Solutionsandco.org, 2019). In the recent scenario, the company has achieved adequate amount of delinquent heights to ensure that they can expand in various countries around the world that need special attention. The creation of the entire product depends on the proper utilisation of the waste materials that makes the product highly unique and convenient.
2.3 Products/Services
The company has managed to create a complete line of disposable products out of agro-industrial wastes. Their wide range of products comprise of all kinds of cutlery items that are disposable and biodegradable. The use of these products has been regarded as highly suitable and convenient for the business operations of an organisation. Also, the company initiates the idea that anyone could be the authorized distributor if they want. Their range of products are extremely popular and subsequently justify the idea of proper innovation and sustainability measures that must be undertaken by an organisation.
2.4 Innovation
It is evident that the company has contributed enormously on the idea of innovation and has intended to promote the idea of incorporating innovation in almost every sector. They have been considered as the epitome of sustainable measures are being relinquished all around the world. In the recent scenario, the company is also looking forward to have multiple associations with fertilizer companies to make sure that the products are more biodegradable and can be used prominently by many. The company has also forwarded their interest in ensuring their association with majority of the retail organisations to enhance the distribution of their products. The use of the avocado seeds is one of the greatest innovative concept that has been instigated by this company, thus, leading to the idea that they can further cause improvement with the help of association with the others. This thought of the company officials are in line with the market demand and the financial condition of the organisation. Apart from that the management has analysed the initial costs and they have allocated fund for it.
2.5 Mission and Vision
The general mission of the company is to initiate the creation of an innovative idea that permits them to make valuable transformations such as the transformation of an avocado seed to a functional compostable bioplastic (Solutionsandco.org, 2019). In the recent scenario, the company has initiated the fact that they want to expand their business operations in India to reduce the use of plastics and rather encourage the use of biodegradable plastics to deal with the rising issue of environmental damage.
Their vision for the business in India is to make the country pollution free. The company also has the visionary prospect of becoming the international market leader for the development and production of bioplastic within the span of five years. The company has a strong commitment towards their concerns of the environmental situation and ensure that they can contribute as much as possible.
2.6 Objectives
The key objectives of the organisation are as follows:
• Make substantial amount of reduction in the use of conventional plastics in almost every trading sector
• Make enough association with the retail organisations to make sure that proper distribution method can be followed to enhance minimise financial wastage
• Ensure that they are way ahead of their competitors and use such kind of technological measures in the country to deal with the rising plastic issues. For this they have to make sure, that the financial system is well analysed.
• Use appropriate ways to communicate with the population and various business entities on them being used as a substitute of the plastics that are being extensively used for the daily practices
• Gain subsequent amount of profit from their business operations in India and instigate the idea that they would be benefited extensively and appreciated by the people in a proper manner
2.7 Key Operations
The key operations of the company would be to make sure that they have been able to set up an appropriate production unit for acquiring the rights of manufacturing and to convey the fact that it would reduce their subsequent amount of transportation cost. The use of the country based production unit would make sure that they have managed to initiate the use of the best features of the country and the technological advancements that has been identified. Also, it would be essential for the company to make sure that they first conduct a proper analysis of the market first and identify the suitability business range. According to Venkatesh&Kukreti (2018), the use of plastics has been increasing in India on a daily basis, thus, leading to the idea that subsequent amount of measures must be undertaken to deal with. Also, the company has to form associations with multiple range of retail organisations to ensure the proper distribution of their products properly.
2.8 Legal Consideration
For ensuring their business operations in India, the company has to make sure that they set a certain range of compliance with the legislative forums of the country. The company has to maintain a subsequent amount of relationship with the government and all of the constitutional measures in India to continue conducting their business operations properly. Some of the essential employment laws that needs to be covered by the organisation are the employment agreement, The Maternity Benefit Act of 1961, The Employee Provident Fund Organisation (EPFO), The Payment of Gratuity Act 1972, The Equal Remuneration Act, The Payment of Wages Act and many more (Subramanian&Megginson, 2018).
Also, for doing business in India, the company has to maintain a certain level of compliance with the already existing labour laws and the international business laws as well to make sure that they can continue their business operations properly. Some of them include, Limited Liability Partnership Act 2008, The FDI (Foreign Direct Investment) Policy, The Income Tax Act of 1961, India's Competition Act of 2002 among many others (Subramanian &Megginson, 2018).
3. Market Research and Strategies
3.1 Target Market
For an appropriate target market, it is extremely essential that the company is able to understand the market properly. In the recent scenario, it would be highly convenient for the organisation to make sure that they have managed to gain the attention of some of the major businesses and the customers alike. The company can go for both B2C and B2B business structure. For their B2C, structure, the company has to attract people belonging to all age groups, but it would be easier for them to attract the millennials and the centennials as they understand the value of sustainability measures and environmental concerns more. For their B2B structure, the company can attract small and medium sized restaurants alike from all over the country, to ensure that they can sell their cutlery items to avoid the use of plastic spoons. Also, being suggestive towards other prominent companies about the use of bioplastics would cause the company to perform more efficiently. Target market related advertisement is planned and for this purpose,the service providers have to think properly and the budget allocation will be done precisely. The advertisement and market is going to consume a good amount.
3.2 Environmental Analysis
For an appropriate environmental analysis, it is essential that the Indian market has been properly researched.
