The report presents extensive feasibility research of Helpmewrite.ai, which is writing Software that aids paralegals and lawyers to promptly constitute high-quality legal documents. The report will help significantly examine the feasibility of the proposed innovation plan by recognizing probable complications prior, thus averting them from happening by preparing for their precautions. The feasibility analysis will further help substantially in developing and testing the business design for law firms. The Software will help consumers by producing self-assured documents and aligning with industry writing standards and each law company’s writing style. Helpmewrite.ai’s Software is distinct since it is powered by current advances in Artificial Intelligence (AI) technology, particularly AI capable of creating human-level textual content (dos Santos, 2021). The technology is utilized by leading media companies such as the New York Times, Reuters, and The Washington Post to automate news periodical production. The theoretical idea of having law firms alongside numerous marking perceptions such as improved writing will instigate clarity to the Software’s framework, which eventually backs this feasibility research proposed on aligning stakeholders and investors to a detailed plan and the project’s motivation.
Project Idea
The helpmewrite.ai addresses the requirement by paralegals and lawyers to cope with the ever-up surging volumes of work they handle daily. The product also offers legal experts a competitive advantage over other law companies since it increases their efficiency. Furthermore, the OECD and sector groups in the lawful profession endorse that the legal organizations embrace technological innovations and improvements to maintain and improve their competitive positions. Helpmewrite.ai Company is the organization behind the helpmewrite.ai Software and will be registered as a limited liability business in Singapore. The company will implement lean Software as a Service (SaaS) enterprise approach and leverage cloud computing technology to achieve cost optimization and operational effectiveness.
Additionally, considering the chilled water system analysis tool (CWSAT), the healpmewrite.ai Software is easy to operate as it is installed as an add-on to the common Microsoft Word document processor through Google Docs incorporation works. Therefore, consumers familiar with the word interface should also expect a similar experience with the helpmewrite.ai Software. To utilize the Software, the user should type and highlight a sentence, which acts as the input, and click a menu item (dos Santos, 2021). The helpmewrite.ai Software will then produce sentences that elaborate on the models exemplified in the input sentence. Furthermore, regarding the 1MR tool, the Helpmewrite.ai Company’s Software generates unique content centered on a law company’s body of digitized official papers that need to be consumed by helpmewrite.ai’s fundamental AI ideal. The ingestion stage is conducted at any period by the legal institution upon activation of the organization’s subscription. With adequate data utilized, the Software understands the case facts particular to the enterprise and allows the primary AI to mimic the corporation’s original writing style.
Economic Analysis
The legal industry in the Philippines and Singapore are shaped by various economic aspects including macroeconomic developments, innovation, administrative events, and climatic conditions among other factors. As income rises and the preference for consumers also changes, the demand for writing software in expected to increase. To understand the economic conditions of the target markets and how they are likely to impact thee productivity and sustainability of the Helpmewrite.ai Company, it is vital to conduct a PESTEL analysis.
Political Aspects
Political stability is substantial in defining the success and sustainability of a business plan. In Singapore and Philippines, the government has an intense regulatory framework for each aspect of the legal industry. The framework comprises the safety of consumer data, the standards of information transmission, and viability of products. These regulations make the legal industry one of the most regulated sectors in Singapore and Philippines, thus implementing the blue ocean strategy will help the business meet these requirements to sustain future competition in the industry (Smith et al., 1999). While the advantage of such expensive guidelines is that it ensures that customers in the countries are not exposed to poor quality of services, the complexity of the set directives certainly requires a strategy, such as the blue ocean approach.
Economic Aspects
In Singapore and Philippines, various economic factors influence the success and stability of the Helpmewrite.ai Company, including the increasing labor cost in the nations. The disposable income of employees in the markets is growing thus they earn more in the current days. Consequently, the cost of hiring employees in the economies is increasing due to the surging demand for workers but also because of the strict government expectations for minimum wages (Smith et al., 1999). Therefore, as in several other sectors, the increase in the labor expenses will substantially reduce Helpmewrite.ai income margins.
Sociocultural Factors
The main sociocultural factor in Philippines and Singapore that affects the legal industry is the safety of consumer information. Customers in the economies are becoming more knowledgeable concerning their personal information. They appreciate the negative influence of leaking data to the public. However, the implementation of blue ocean strategy allows the company to curb the challenges presented by sociocultural issues (Smith et al., 1999). Therefore, adopting Blue ocean approach will enable Helpmewrite.ai Company remain successful and stable in the industry.
Technological Aspects
The main technological aspect evident in the Philippines and Singapore economy that has impact on the business is the automation of services. The economies are experiencing numerous automations in commerce, such as the online payment of services. Moreover, the international incidences in the trade markets where consumers prefer online payment methods are growing substantially (Smith et al., 1999). While the use of technology is linked to various setbacks, the adoption of blue ocean strategy separates Helpmewrite.ai Company from its competitors. The organization uses the Microsoft App Marketplace for the management of acquisition and subscription to the Software, thus consolidating its services for the consumers.
Environmental Aspects
The impact of technological services consumed is a widespread environmental factor that is candid in the assessment of Singapore and Philippines economy. Not only are the countries experiencing an increasing awareness for repercussion of the health of consumers, but also care for the consequences of the technological services to the environment (Agrawal et al., 2018). The concerns are instigated by the radiations emitted through the production of technological services and products. However, the environmental securities implemented by the Helpmewrite.ai Company have enabled it to produce the helpmewrite.ai software that protects both its consumers and the environment from radiation.
Legal Factors
Legal aspects are the last factors assessed under the PESTEL analysis that impact business aspect in the technological services industry. The evident legal in Singapore and Philippines is the set safety standards. The two countries have strict regulations on consumer security especially in the legal practice industry. There are laws in the states that govern how legal data is transmitted, stored, and prepared including guidelines on how every company should streamline its operations to meet such standards (Agrawal et al., 2018). While these restrictions may seem political concerns, they become legal factors when they are breached. However, since the Helpmewrite.ai Company has implemented the blue ocean strategy, it has enabled the company to align its services and products to such laws since data security is its key priority.
Market Analysis
Supplier Power
Supplier power is the analysis of how easy it is for suppliers to control prices. The aspect of Porter’s five forces is propelled by the number of dealers each vital input; exceptionality of their products and service, comparative size, the influence of the vendor, and the cost of switching from one supplier to another. In this case, the number of suppliers in the market that Helpmewrite.ai Company operates is low as the company is the sole supplier (Almarabeh & Majdalawi, 2019). The feature will make the organization the favorite candidate for numerous consumers considering its unique products. Furthermore, the clients will face increased charges when they opt to shift to other suppliers since the other players in the industry have high rates compared to Helpmewrite.ai Company.
Buyer Power
The buyer influence is the examination of how buyers can easily control the prices of commodities. The number of consumers usually drives the aspect in the marketplace and customer impact on the company. It charges the client will incur by switching from one supplier to another (Caserta, 2020). Considering that the Helpmewrite.ai Corporation targets few buyers in the two target economies, the business will dictate the terms related to the pricing of products (Keskar et al., 2019). Consequently, the firm will hold significant control over the shift of product pricing, thus maintaining a competitive edge, realizing significant market share, and reducing threats from new entrants.
Competitive Rivalry
The key driver of business success is the number and capacity of competitors in the marketplace. Numerous competitors offering consumers homogeneous services and merchandise will minimize the market attractiveness (Taraate, 2017). The helpmewrite.ai Software is a unique innovation that has limited competition in the market with no competition. Consequently, the business’s success and growth probability are high since it pursues an attractive market.
Threat of substitution
In markets where close alternatives of products and services are present, there is a probability of consumers switching to substitutes in reaction to the price increase. Consequently, there will be a reduction in the influence of suppliers and the attractiveness of the marketplace (Taraate, 2017). The helpmewrite.ai Software, in this case, is a unique product with no similar substitute in the target market; thus, there will be increased supplier power and market attractiveness for other players. Therefore, the risk of substitution is a minimal threat to the business considering the helpmewrite.ai distinctiveness.
The threat of New Entrants
Profitable marketplaces attract new players, thus reducing the profitability and sustainability of businesses. However, if the existing enterprises have strong and durable restrictions to entry comprising economies of scale, patents, and government regulation, there will be an increase in competitive rates (Mohiuddin, 2017). The industry that Helpmewrite.ai Company operates is a unique market with low competition. However, the government policies in the target markets will present challenges to new entrants, allowing the company to remain profitable (Rivkin, 2020). The Helpmewrite.ai Company also focuses on economies of scale, making it an attractive company to consumers, unlike other players with a high rate for their products.
Business Strategy
The lucrative niche of helpmewrite.ai is venturing can be regarded as a Blue Ocean strategy. Currently, there is virtually no competition in this industry, making the product unique and an appropriate venture. However, various businesses offer almost similar products in the market. For instance, TextIO helps the Human Resource experts promptly write involving and targeted employment descriptions to expedite talent acquisition. Similarly, ArticleForge focuses on making it easy for bloggers and web content writers to harness ideas for Search Engine Optimization (SEO) purposes promptly. Both companies above are located in the United States, as TextIO is based in Seattle, Washington, whereas ArticleForge is situated in Baltimore, Maryland (Radford et al., 2019). Despite their establishment in a lucrative and flourishing marketplace, neither of the corporations offers products that serve the needs of a legal practitioner. TextIO’s monthly subscription per user is $59 or SGD 82, while ArticleForge charges $ 77 monthly or SGD 107 per user. Helpmewrite.ai intends to set monthly pricing at SGD 100 per user, aligned to the companies mentioned above’ price (Radford et al., 2019). Therefore, the charges anticipated by helpmewrite.ai will be suitable for the business to attract users and compete effectively in the market.
Despite the projected success rate of the business upon its establishment in the marketplace, the company is likely to face challenges. Helpmewrite.ai’s real challenge is competition from legal writers who charge steep amounts yet need long turnaround periods. For instance, legitimate freelance essayists available on the Upwork website offer hourly rates from $ 13,125. On the contrary, legal writers accessible from the WriterAccess organization charge an average of $0.1 per word, additional to the monthly membership fee of $ 39 (Nash, 2019). Consequently, helpmewrite.ai will realize a competitive edge by becoming the first company to promote such products, thus allowing the business to develop a strong technological lead and create the trademark as the leader in the industry. Likewise, being a Software oriented enterprise enables the firm to implement cost optimization approaches linked to its computing infrastructure. These strategies will further help helpmewrite.ai to save approximately 90 percent in cloud computing infrastructure expenses (Nash, 2019). Contrary to traditional commerce, helpmewrite.ai will not expect to sustain distribution, production, inventory, and logistics expenditures.
Marketing Strategy and Sales
Helpmewrite.ai Company will retail its merchandise using a single channel, specifically online trade through Microsoft App Marketplace and the organization’s platform. Helpmewrite.ai will further promote online retail via its website through aggressive online advertisement campaigns. Furthermore, the business will develop brand awareness using print ads and audiences at trade expos while aiming at legal technology. Helpmewrite.ai presents free test accessibility for one month to potential consumers to analyze the product’s structures. After that, the clients will be expected to pay a monthly SGD 100 to utilize the Software (Tyagi, 2019). Furthermore, considering the sales projection, Helpmewrite.ai Company is projected to attract 919 paying consumers within the first year of operation. By the second year, the organization estimates that it will have attained 2,355 clients, and by the third year, helpmewrite.ai will gain 4,939 customers (Tyagi, 2019). These consumer statistics will translate to incomes of SGE 653,368 for the first year, SGD 2,109,558 for the second year, and 4,652,929 for the third year of active operation (Tyagi, 2019). The figures indicate a projected success and productivity of the business and probable competitive edge in its industry.
Key Metrics
The Helpmewrite.ai Company intends to use its funding to maximize development and productivity efficiently. As a service business relying on Software, Helpmewrite.ai will pursue optimizing various metrics comprising Life Time Value (LTV) which is the overall income derived from every client over the consumer’s general involvement with the organization. Similarly, the Customer Acquisition Cost (CAC) denotes the related cost based on marketing expenses in gaining every client. Following the SaaS industry benchmark, Helpmewrite.ai will focus on realizing LTV to CAC ratio approximately three times to attain sustainable development (Eling & Lehmann, 2018). The table below shows the key performance metrics, which Helpmewrite.ai Company as Software and a service firm will observe closely.
Financial Analysis
Considering the projected revenue, Helpmewrite.ai projects low revenue within the first year of operation, preceded by a modest income upsurge in the second year. However, from the third year, Helpmewrite.ai Company estimates a high growth as the business ramps sales and promotion efforts and expenditure. The firm’s revenue is mainly from Online Retails from the enterprise’s platform and the Microsoft App market (Eling & Lehmann, 2018). Finally, a significant increase in sales is probable from the third year of operation onward as the product’s popularity is projected to surge, as shown in the chart below.
Revenue Chart
The charts below show the gradual increase in income for the Helpmewrite.ai Company from the first year of operation. On the contrary, the tables below further illustrate the revenue details for the business period (Godin, 2018).
Revenue Details
Operating Expenses
Personal Expenses
Expenses
Personnel Expenses
Estimated Profit and Loss for the Company
The table below illustrates Helpmewrite.ai Company’s yearly profit and loss for the first three years of operation.
Helpmewrite.ai Company’s Estimated Cash Flow
The table shows Helpmewrite.ai organization’s anticipated annual cash flow for the first three years of active business (Agrawal et al., 2018).
Projected Balance Sheet for Helpmewrite.ai Company
The table illustrates the helpmewrite.ai business’ yearly balance sheet for the first three years of active business.
Working Investment
The table illustrates Helpmewrite.ai Company’s yearly working capital for the first three years of active business. The organization’s seed capital is SGD 800,000, which was centrally sourced through the founders’ funds (Agrawal et al., 2018). The finances sourced will be spent on the business establishment, production, and institutional expenses, including employee remuneration, cloud computing, office facilities, software creation, sales and marketing, and other operational expenditures. The firm expects the capital to be recovered by the end of the ninth quarter of functioning. Helpmewrite.ai’s operation will be cash positive at the end of the sixth quarter of the procedure.
Capital Schedule
Risks and Mitigation
Additionally, the key risk for the business is aligned to the acceptability of Artificial Intelligence technology by the marketplace. Even though the possibility is minimal, state administrations may restrict the consumption of AI. The move is an existential threat for the firm, which can be mitigated by transferring to an economy that is more permissive of AI. The company also faces the risk of consumer dissatisfaction, staff turnover, and issues connected to data security and privacy (Agrawal et al., 2018). Finally, the probability of widespread service supply concern due to difficulties with the cloud computing infrastructure can be addressed by involving numerous redundant cloud computing retailers. However, the probable threats can be addressed through various ways, as shown in the table below, to enable the company to operate effectively in every marketplace.
The table indicates the primary threats and their mitigation recognized by Helpmewrite.ai at this point.
References
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