VIDEO EDITING SERVICE BUSINESS PLAN

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OVERVIEW

Video is the most powerful communication medium. Video Editing service has an in-house team of experts in video creation bringing with them varied interests and skill sets that collaborate to document weddings in a unique and cohesive way. Video Editing service creates the video in a way that it feels like a person is actually enjoying that event in real-time. The professional team and state-of-art equipment make some versatile videos.

With its master editors and cutting-edge tools, the Video Editing service add the finishing touches to the film. Video Editing service accounts for a wide variety of elements including color correction, graphics packages, sound engineering, animation, voiceovers, and more, ensuring your final content is nothing short of stunning.

1. EXECUTIVE SUMMARY

In the executive summary, you describe the purpose of the business plan. It could be to present to investors, or go to a Government body for a grant or simply seek funding from the bank.

 

This plan covers details about the Video Editing service to scale up its operations, what it offers, management and talented team, market analysis, Sales and Marketing Plan, and Financial projections.

 

Video Editing service is a video production agency based in Ireland. What is unique about the business is it takes the videos already captured by the users and converts them into a high-standard interesting film. The main clientele of business is weddings, social events venues, and corporate. The main feature of the Video Editing service is that it uses the videos already captured by the guests and participants during the event (whether its a wedding, social or Corporate event) and then leverages on converting this into a professional film in a week’s time.

 

Video Editing service has a team of professionals that include video editors, web developers, software and full-stack developer, marketing manager, and UX designers. Video Editing service has been working with creative and technical advisors as well.

 

Video Editing services believe that there is a problem which the society whereby the cost of hiring a professional wedding videographer is very expensive these days which is the reason newly married couples are not able to record and save the memories of the most important day of their life. That was the moment when the Video Editing service came to the business and decided to provide video editing services. Video Editing service has made it easy for the public to save their memories and now they have to just record videos informally and send the collected videos to the Video Editing service app which will create professional videos out of that by providing a wonderful experience.

Video Editing service believes there is a need of a service provider who edits informal videos for bride and groom which is made by their guests so that they don’t need to hire expensive videographers for their wedding. If people get the services of Video Editing service, they no longer need videographers as their self-made video clips are converted into a professional video by Video Editing service qualified video editors.

The main focus of the Video Editing service is to cover weddings. As business is in its growth phase, it sees a market for editing videos for business activities outside Ireland, notably in the UK and Australia. The service is borderless and with only a digital input a unique video is created. Video Editing service also specializes in wedding anniversaries as people also want a short video when they celebrate their wedding anniversary. Video Editing service also grabs the attention of the people who got recently engaged as they start making plans to get the services for the video of their wedding.

Other clientele is businesses that require videos for marketing and website content creation. Video Editing service uses Amazon Web Services (AWS), a secure cloud services platform. It offers computing power, database storage, content delivery, and other functionality to help these businesses to grow. In simple words AWS allows Video Editing service to do the things like running web and application servers in the cloud to host dynamic websites.

 

Video Editing service aims to get a funding of €100,000 to support its growth as a  High Potential Start-Ups (HPSU)  and Competitive Start Fund (CSF) for the future marketing campaigns, bearing the cost of web services and targeting the broader market to increase the customers of Video Editing service successfully.

 

Careful and conservative projections anticipate growth in profit after 2 years. The results are summarized below.

MISSION STATEMENT

The mission of the Video Editing service is to enhance lasting memories captured by people of their special moments with passion and enthusiasm in a way that has never been done before and is also determined to provide the best editing services to their customers.

 

Video Editing service takes client’s footage and turn it into an amazing video that they just love to share.

KEY TO SUCCESS

To succeed in this business, a Video Editing service must:

  • Provide 100% satisfaction to their customers.
  • Have Good Equipment.
  • Maintaining an excellent level of
  • Produce a Solid Product
  • Deliver value, not just another value
  • Be Flexible and Easy to Work With
  • Educate People- Showing people what this business can offer

 

2. Service Description

Video Editing service is a business that offers video editing services to People and Corporates. It creates content for Weddings as well as businesses from any industry by covering their marketing and social events in a video format. None of the videos in an event are actually recorded by the Video Editing service but instead, they are edited based on inputs of participants of events during their attendance in the event. The benefit of this is people at events just have to record informal videos and forward them to the Video Editing service App. Video Editing service then converts into a unique video from this input.

 

Video Editing services balance commercial and art in a way that generates results without sacrificing the overall experience.

2.1 PROMOTERS AND SHAREHOLDERS

Mr. Joe is the founder of the Video Editing service. He is a main shareholder and director of the company.

2.2 Legal Status

Video Editing service Limited is a company limited by shares registered under the laws of Ireland.

2.3 Main Products and Services

Video Editing service specialises in Wedding Editing videos. It believes a wedding video should capture the romance, excitement and happiness of the occasion. Video Editing service help as a video editor for clients wedding footage. On whatever device video is captured by customer even if it’s an old video, Video Editing service creates a lasting memory of the day that will always be treasured.

Business believes to enhance the life experiences of their customers by providing best video services to them. Families can also send their recorded videos which they capture on the occasion of celebrating Christmas. Video Editing service brings these videos a new life and converts into a footage which users may not have experienced before.

Wedding is the most important event in someone’s life. People want to preserve this experience for the rest of their life. With the passage of time, these memories become more important. The wedding day goes so fast and people spend a lot of months for preparing for their wedding but it goes by within no time. People gets so much busy in their relatives wedding as they have to manage the wedding event so they cannot enjoy the event at its best. Many relatives are also not able to attend the wedding event because of their other work commitments. This is the opportunity when guests record their videos of the moments in their phones which Video Editing service converts them by editing those videos so that people can preserve those memories and later on in their life, they are able to witness the experience of professional video.

Construction videography provides a permanent record of changes in construction. Video Editing service offers corporates to enhance their videos or pictures and creating it into a professional and formal video package for business entities for their projects.

Video Editing service also produce marketing editing videos for helping companies in branding and boosting their sales. It works with mid-sized businesses across different industries. It also specialise in editing videos that produce results in social media platforms.

2.4 Opportunity

Hiring a videographer is quite expensive in Ireland as it costs around €2,000 to €4,000 for a wedding which is quite expensive. In Australia, it costs around € 3,000 to hire a videographer. The average cost of hiring a videographer in the UK is around €1,500.

 

3. Market Analysis

The value of the Irish Weddings Industry is not understood from a government perspective. It is grossly undervalued as an industry in its own right in terms of employment and contribution to the economy. The industry as a whole has historically been viewed as a bonus or an add-on element to many other industries including; the hotels and hospitality sector, the events industry, the restaurant business, the entertainment industry, the visual arts industries, the retail jewelry industry, and the clothing and apparel sector – to name but a few.

 

Wedding planners believe the industry is in crisis due to Covid as Lockdown situations across Ireland and the UK have to make weddings to be postponed.  There are frustration and anger due to the current state of Ireland’s Covid-19 cases. Ireland’s wedding industry is estimated to be worth €2.3 billion. With the present pandemic situation, it is feared to take years to recover from it.

 

As per statistics of Pre Covid, 20,000 couples are wedded annually. The latest wedding trends see people choosing to have two weddings, a smaller one in keeping with restrictions and a bigger celebration further down the line. Others are opting for a much more streamlined approach with guests attending virtually.

 

Below we have performed PESTLE and SWOT Analysis.

3.1 PESTLE ANALYSIS

POLITICAL

Wedding planners call for clarity from the Irish government during Covid to save Ireland’s wedding industry.

 

ECONOMICAL

Although the economic condition of Ireland is challenged due to Covid-19 which also increased unemployment.

Ireland’s economy has passed through a strategic shift as it is emerging as a high-tech and knowledge-based economy from an agricultural economy. This means there is a significant shift in lifestyles resulting from the increase per capita income of Irish people. This has a good resultant impact on people to have more income to spend on wedding videography and camera equipment which will eventually give more orders to Video Editing service.

SOCIAL

Video Editing service mode of communication is the English language so no major communication barrier for international clients as well

Social media allows Video Editing services to build more meaningful relationships and get to know future customers better. Video Editing service built a fan base and receive feedback from their target audience. It creates new avenues of traffic that lead people to their products and solidifies their identity to the consumer.

TECHNOLOGICAL

Mobile phones are playing a huge role in the usage of applications and websites. Video Editing service gets to benefit from that as well. The study says, of the devices used n 2017 to capture images, 85% of people used smartphones, 10.3% used digital cameras and 4.7% used tablets.

LEGAL

EU data protection rules, also known as the EU General Data Protection Regulation make sure to protect the privacy and security of the customers of Video Editing service.

 

ENVIRONMENTAL

Video Editing service has an online business that interacts through website and application to its customers which is an environmentally sustainable business practice.

 

3.2 SWOT Analysis

3.3 COMPETITOR Analysis

3.4 COMPETITIVE Advantage

Hiring a videographer is quite expensive in Ireland as it costs around €2,000 to €4,000 for a wedding which is quite expensive. In Australia, it costs around € 3,000 to hire a videographer. The average cost of hiring a videographer in the UK is around €1,500.

 

3.5 Target Market

Video Editing service targets weddings as well as wedding anniversaries because people also want a short video when they celebrate their wedding anniversary. Video Editing service also looks forward to grabbing the attention of the people who recently get engaged because people start making plans after their engagement to get the services of video editors for their wedding. Video Editing service also provides video editing services to people who want to preserve the memory of celebrating Christmas. The construction Industry is also the target market for Video Editing services as businesses want their project videos to be edited in a professional way.

3.6 Market Valuation

The videography market has a lot of potentials as the market is expected to grow to $110.79 billion by the year 2021 in the world. In the UK, the market value is around 600 million GBP which means the industry is growing. VIDEO EDITING SERVICE believes this is a great opportunity to capture this market. These days young boys and girls like to create a lot of content through their smartphones. This will help VIDEO EDITING SERVICE to capture more clients in the future as people will only have to send their videos and photos to the VIDEO EDITING SERVICE app will edit the videos.

3.7 Market Growth

Wedding videography services increased in Ireland as the weddings increased to around 21,0000 last year. The spending on the advertisement has also increased around 17% before the outbreak of Covid-19 has hit the spending this year but the spending will likely to increase in future. Video Editing service is hopeful that the spending on the advertisement will help them to make more corporate clients for editing their videos.

3.8 Market Research

Video Editing service has done market research when they started their business by taking feedback from 211 brides/grooms which is as follows:

4. Marketing and Sales

4.1 MARKETING PLAN STRATEGY

Video Editing service is targeting social media influencers who have a huge following on social media. In this regard, the step Video Editing service going to take is to increase organic views on their website and to grow their own social accounts following. Video Editing service is expecting that their social accounts following will increase this year which will help them to get more clients.

Video Editing service is currently working to improve their website for the better experience of the clients and viewers so that they get satisfied responses for their queries and concerns. Video Editing service will be increasing their website’s rank on Google through working on Google SEO which will help them to get more traffic.

4.2 SALES STRATEGY

Video Editing service sales channels will be mainly from referrals and their website. Word of mouth will play an important role in increasing the sales of Video Editing services. Video Editing service’s goal is to increase the awareness of their mobile app so that the customer can go through the complete cycle on the mobile app as well as the web application.

Video Editing service is working with few event planners which is helping them to make customers for themselves which will subsequently help them to create brand awareness as well.

4.3 PRICING STRTEGY

Video Editing service provides video editing services to clients related to wedding events for €300 only which is very affordable. Video Editing service enables their clients to save their money by not hiring expensive videographers. In other business projects, the Video Editing service charges €500 from them which is also affordable for them. Video Editing service also provides customized plans for their clients if the project is on large scale or when the client demands extra requirements which are not included in the package.

4.4 INCOME SOURCES

Video Editing service revenue will be generated by providing edited videos to their clients.

5. DETAILS ON IT/SECURITY

The Video Editing service team believes that it’s their responsibility to make this app more secure with the passage of time as the security of the app is most important because it has the video collection of customers in the app’s database which needs to be protected. With one break-in, hackers could know the name of customers, age, home address, account numbers, and even their current location precise to a few meters. With that kind of information at stake, Video Editing service makes sure that they protect their users and clients. Video Editing service app developer-built security through these steps.

1. WRITING A SECURE CODE

Bugs and vulnerabilities in a code are the starting point most attackers use to break into an application. They try to reverse engineer code and tamper with it, and all they need is a public copy of the targeted app for it. Research shows that malicious code is affecting over 11.6 million mobile devices at any given time.

Hence, the Video Editing service keeps the security of code in mind from day one and hardens their security code, making it tough to break through. Video Editing service tests repeatedly and fix bugs as and when they are exposed. Video Editing service designed its code in a way that is easy to update and patch.

 

2. ENCRYPTING ALL DATA

Video Editing service makes sure that every single unit of data that is exchanged over the app must be encrypted. Encryption is the way of scrambling plain text until it is just a vague alphabet soup with no meaning to anyone except those who have the key. This means that even if data is stolen, there’s nothing hackers can read and misuse.

3. USING AUTHORIZED APIS ONLY

APIs that are not authorized and are loosely coded can grant hackers an opportunity that can be misused instantly.  For example, caching authorization information locally helps programmers easily reuse that information when making API calls. Experts recommend that APIs be authorized centrally for maximum security so the Video Editing service uses authorized APIs only.

 

4. USING HIGH LEVEL AUNTHENTICATION

It is important to note that some of the biggest security breaches happen due to weak authentication and it is becoming increasingly important to use stronger authentication. Authentication refers to passwords and other personal identifiers that act as barriers to entry. Indeed, a large part of this depends on the end-users of our application. Video Editing service has designed its app to only accept strong alphanumeric passwords as it helps to tighten the security of the app. Multi-factor authentication is gaining prominence in the IT—Security industry which involves a combination of static passwords and dynamic OTP.

5. DEVELOPMENT

Video Editing service uses AWS platform. Amazon Web Services (AWS) is a secure cloud services platform, offering computing power, database storage, content delivery, and other functionality to help businesses scale and grow. In simple words AWS allows Video Editing service to do the things like running web and application servers in the cloud to host dynamic websites.

FUNDING REQUIREMENTS

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