Are you about starting a lottery business online? If YES, here is a complete sample lottery business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a lottery business. We also took it further by analyzing and drafting a sample lottery marketing plan template backed up by actionable guerrilla marketing ideas for lottery businesses. So let’s proceed to the business planning section.
Sports betting and lottery business remains one of the businesses that keeps evolving to meet the changing technology that is available per – time -especially when operated on an online platform.
Lottery remains one of the easiest ways of changing the financial status of a poor man to become a rich man within the shortest period possible, hence it is being patronized by loads of people who seek for ways to change their financial fortune.
Starting a sports betting and lottery company will require that you equip yourself with the laws that govern lottery and gambling business in the country or State that you intend establishing your own lottery company. Different countries have different laws that govern the establishment of lottery business and there are government agencies established with the sole aim to regulate the lottery industry so as to guide against fraud and money laundry.
The good thing about sports betting and lottery business is that it is open for as many people that want to start it, and it his highly profitable if it is well managed. Another good thing about this type of business is that you can easily create an online platform where people who live far away from your office location can easily play their lottery games on your platform from the comfort of their home.
If you are interested in starting a sport betting and lottery business, then the business plan template below will guide you on how to write yours.
A Sample Online Lottery Business Plan Template
1. Industry Overview
Lottery companies basically operate lotteries and sell lottery tickets. A lottery is defined as a prize draw that players must pay to enter, with winners drawn randomly by lot. Organizations that primarily operate lotto-style games and football pools are also part of the Global Sports Betting and Lotteries industry.
If you are conversant with the Global Sports Betting and Lotteries industry trends, you will realize that it was one of the industries that was worst hit by the economic slowdown and it has still been unable to reach the pre-recession levels. But with creativity, they are bouncing back gradually, while this has led to a steady revenue growth for sports betting and lotteries companies.
Research conducted by IBISWORLD shows that the Global Sports Betting and Lotteries industry has maintained solid growth during the last five years, as major markets, such as Europe and North America, experience economic recoveries.
In past, these markets have been held back by various events, including the European debt crisis, the united states government shutdown and structural economic shifts that have led to sustained high unemployment.
However, the United States experienced post – recessionary growth at the beginning of the five-year period, and European economies started slowly recovering during the latter half of the period. At the same time, developing regions of Asia, the Middle East and South America have recorded above-average growth in gaming activity
The Global Sports Betting and Lotteries industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Italy, United Kingdom, Hong Kong, Japan, China, Australia and Italy et al.
Statistics has it that there are about 79,917 licensed and registered international sports betting and lotteries companies globally and they are responsible for employing about 248,000 employees and the industry rakes in a whopping sum of $218 billion annually with an annual growth rate projected at 2.1 percent. It is important to state that there is no establishment with a lion share of the available market in this industry.
If you intend to run your own lottery business online, then you must work with software developers to help you build customized lottery software that you can use.
You should ensure that your website is user friendly and can easily be translated to different international languages. The good thing about online lottery platform is that it is open to people from far and wide to play, and it is highly profitable because loads of people play to win the few prizes available.
Lastly, when shopping for a location for your lottery office, it is important to choose a location that is in the midst of a densely populated medium and low income area. This is important because the people who play lotteries are basically found in this category of people in the society.
You should also ensure that your office is well equipped and easily accessible to the general public. The truth is that if your office is not well furnished and equipped, people might doubt if you have the capacity to pay them when they win your lottery prize.
2. Executive Summary
Lucky Stars Sport Betting & Lottery, Ltd is a standard, licensed and well equipped sport betting and lottery company that will be located in one of the busiest streets in Annapolis – Maryland. We have been able to secure a standard facility in a central and easy to locate location in Annapolis – Maryland. We are well equipped to services the whole of the community as well as visitors and tourists.
Lucky Stars Sport Betting & Lottery, Ltd is going to become the number one destination for lottery lovers and gamblers in the whole of Annapolis – Maryland.
We are well equipped and positioned to operate licensed sport betting and lottery business, and also to operate online legal sports betting and lottery services. Our sports betting and lottery center has enough parking space to accommodate the number of people we will accommodate per time.
We conducted a thorough market research and feasibility studies and we were able to come to the conclusion that Annapolis – Maryland is the right location to start our sports betting and lottery business. Our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the sports betting and lottery industry.
Lucky Stars Sport Betting & Lottery, Ltd will be opened 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays in order for us to be able to accommodate people with different time preference.
Which is why we have made provisions effective floodlight system and also to recruit enough staff and to run shift amongst our workforce.
Lucky Stars Sport Betting & Lottery, Ltd will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Lucky Stars Sport Betting & Lottery, Ltd is a family owned business; it is owned by Pearson George and his immediate family members. The business will be managed by Pearson George and his son Pearson George Jnr.
Pearson George is a graduate of business administration and he has well over 15 years of experience in the Global Sports Betting and Lottery industry working for some of the leading sports betting and lottery companies in Las Vegas – Nevada.
3. Our Products and Services
Lucky Stars Sport Betting & Lottery, Ltd is in the Sports Betting and Lottery industry to provide standard physical and online platforms for our clients and potential clients in the United States of America and all over the world to place bet on sports and also to play lotteries. We are optimistic that everyone who patronize of services will definitely derive huge value for their money.
We are well prepared to make profits from the Sports Betting and Lottery industry and we are going to do all that is permitted by the law in the United States of America to achieve our corporate goals and ambition. These are the services and amenities that will be made available to our clients;
- Offering horse racing betting
- Offering greyhound racing betting
- Offering live sports betting
- Operating draw lotteries
- Operating ticket lotteries
- Lotto operation
- Administering instant (scratch) tickets
- Lotteries – including lotto and instant scratch tickets
- Sports betting
- Keno and VLTs
- Bingo etc.
4. Our Mission and Vision Statement
- Our Vision of starting Lucky Stars Sport Betting & Lottery, Ltd is to build a world – class sports betting and lottery business that can favorably compete with leading brands in the Global Sports Betting and Lottery industry.
- Our mission for establishing Lucky Stars Sport Betting & Lottery, Ltd is to contribute our quota in promoting sports betting and lottery activities in Annapolis – Maryland and also to make profits from the Industry; we want to become the leading sports betting and lottery brand in the whole of Annapolis – Maryland.
Our Business Structure
Lucky Stars Sport Betting & Lottery, Ltd is in business to become the leading sports betting and lottery companies in the whole of Annapolis – Maryland and we are fully aware that it will take the right facility, management and organization – structure to achieve our goal.
We will ensure that we recruit only the best hands that can help us achieve all that we are set to achieve. The picture of the kind of the sports betting and lottery business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Annapolis – Maryland as long as they are willing and ready to work with us to achieve our business goals and objectives.
Our business will not be built only for the purpose of giving our customers value for their money, but also we will ensure that we make our work environment highly conducive for all our employees. We will provide them with facilities that will help them stay motivated and deliver on their various tasks and goals et al.
In view of that, we have made provisions for the following positions to be occupied by highly qualified and experienced staff;
- Chief Executive Office – CEO
- Sports Betting and Lottery Center Manager
- Accountant / Cashier
- Marketing and Sales Officer
- Information Technologists
- Sports Betting and Lottery Instructor / Assistant (5)
- Customer Care Executive / Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting
- Produces, connects, and implements the organization’s vision, mission, and overall direction.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Produces, connects, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Assesses the success of the organization
- Carries out staff induction for new team members
Sports Betting and Lottery Center Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Plans job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Preserves office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Confirms operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Appraises job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Supervises the smooth running of the daily activities in the sports betting and lottery center.
Sports Betting and Lottery Instructors / Assistant (5)
- Responsible for offering horse racing betting services
- Responsible for offering greyhound racing betting services
- Handles live sports betting services
- Responsible for operating draw lotteries
- Responsible for operating ticket lotteries
- In charge of lotto operation
- Orders instant (scratch) tickets
- Handles lotteries – including lotto and instant scratch tickets
- In charge of sports betting services
- In charge of Keno and VLTs
Marketing and Sales Officer (2)
- Responsible for the sale of tickets
- Recognizes, lists, and reaches out to new clients, and business opportunities et al
- Recognizes development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Grows, implements and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represent Lucky Stars Sport Betting & Lottery, Ltd in strategic meetings
- Helps to increase sales and growth for Lucky Stars Sport Betting & Lottery, Ltd.
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Delivers managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for the organization
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Guarantees compliance with taxation legislation
- Handles all financial transactions for Lucky Stars Sport Betting & Lottery, Ltd
- Aids as internal auditor for Lucky Stars Sport Betting & Lottery, Ltd.
Information Technologist
- Accomplishes the organization website and serve room
- Responsible for continuous update of our online security platform
- Guarantees that our payment platform is secured 24 / 7
- Responsible for installing and maintenance of “Private Automated Business Exchanges” (PABX), telephones, computer software and hardware for the organization
- Achieves logistics, Web servers and POS (point of sale) systems
- Responsible for continuous upgrade and maintenance of IT systems
- Responsible for generating tickets for the cyber café
- Handles any other technological and IT related duties.
Client Service Executive
- Welcomes clients and potential clients / clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the organization’s products and services
- Manages administrative duties assigned by the management in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
6. SWOT Analysis
Lucky Stars Sport Betting & Lottery, Ltd is in business to provide sports betting and lottery facility for residence of Annapolis – Maryland and at the same time to make profits. We know that there is competition in the Global Sports Betting and Lottery industry and that is the reason why we have come up with an effective SWOT Analysis before investing our hard earned money into the business.
We know that if we get things right before starting our sports betting and lottery company, we will be towing the right path and we will attract loyal clients and international clients to a level where we can easily breakeven. We employed the services of an HR and Business consultant who are versed in business structuring to help us conduct SWOT analysis for our organization and he did an awesome job for us.
Here is the result we got from the SWOT analysis that was conducted on behalf of Lucky Stars Sport Betting & Lottery, Ltd;
- Strength:
One of the strength for Lucky Stars Sport Betting & Lottery, Ltd is the fact that our facility is centrally located in a heavily populated – residential area in Annapolis – Maryland; our location is our major forte coupled with the backing from stake holders in the industry.
We equally have a team of highly qualified professionals who will work with all our clients and lastly we have both physical and online sports betting and lottery facilities that will enable us reach out to clients beyond the United States of America and we have varieties of payment options.
- Weakness:
We have carefully looked into our Business model and we were able to identify two major weakness. One is the truth that we are a new business and the second is that we may not have the financial resources essential to stand shoulder to shoulder up with leading sports betting and lottery companies in the United States when it comes to paying experts in the industry and creating the needed publicities that can drive movement towards our sports betting and lottery facility.
- Opportunities:
We are centrally located in one of the busiest area and densely populated area in Annapolis – Maryland, we run an online sports betting and lottery services and we are open to all the available opportunities that the city has to offer. We will be open 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays giving us the advantage to leverage on any available opportunity.
- Threat:
Some of the threats that we may likely face at confront Lucky Stars Sport Betting & Lottery, Ltd are unfavorable government policies, demographic / social factors, downturn in the economy, which is likely going to affect consumers spending and lastly, the emergence of new competitors within the same location where our sports betting and lottery center is located.
7. MARKET ANALYSIS
- Market Trends
If you are acquainted with the Sports Betting and Lottery industry trends, you will realize that it was one of the industries that were worst hit by the economic slowdown and it has still been unable to reach the pre-recession levels. But with creativity, they are bouncing back gradually, while this has led to a steady revenue growth for sports betting and lottery companies.
This industry is one where there are no dominant lottery companies, even as online sports betting and lottery is taking a greater prominence due to increasing technology and also an increase in smart phone ownership which has led to the internet being penetrated, reaching into areas that would otherwise have been impossible.
Another common trend in the Global Sports Betting and Lottery industry is such that if a casino and gaming center is well positioned in a very busy area or a place where people can easily access without much stress, there is the likelihood that such casino and gaming center will enjoy high patronage.
Globally, the sports betting and lottery industry has been pegged to grow at a CAGR of 8.85% over a five year period of 2014 – 2019. The global sports betting and lottery industry isn’t a rosy one as lottery has banned in the Middle East with the exception of Israel.
Another thing that the lottery industry is experiencing is the emergence of mobile lottery which has led to individuals being able to gamble with their mobile phones. This is part of what has led to the surge in the lottery industry. The gradual economic recovery worldwide which has seen to the income level of consumers increase has seen more customers spending on leisurely activities.
The internet has also brought about a change in the previous distribution model as geographic barriers have been removed. For instance, in the United States, before the rise of the internet, lottery ticket sales were restricted to within state boundaries.
This means that even tourists could play as long as they purchased tickets within the states. However, the internet has brought down those restrictions as someone in another country could now play whatever game they desire in another country.
Lastly, brick and mortar sports betting and lottery companies that have not evolved with the times are having difficulties especially as online sports betting and lottery companies are having the upper hand not only with innovative new games that keep customers hooked but in also having less overhead.
8. Our Target Market
The target market for sports betting and lottery services cuts across people of different walks of life. The fact that people love sports and would want to make cool and instant cash by being a sport fan makes marketing the business interesting.
Lucky Stars Sport Betting & Lottery, Ltd will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our bowling center to;
- Working Class Adults / Corporate Executives
- Sport Fans
- Business People / Entrepreneurs
- Government Officials
- Celebrities
- Applicants / School Leavers
- Sports Men and Women
- College Students
- Tourists
Our Competitive Advantage
No doubt, the Sports Betting and Lottery industry is certainly a prolific and highly competitive industry. Clients will only patronize your Sports Betting and Lotto Company if they know that you have a track record of promptly paying winners and you are credible.
Lucky Stars Sport Betting & Lottery, Ltd is centrally located in a heavily populated – residential area in Annapolis – Maryland; our location is in fact one of our major strength couple with the support from stake holders in the industry. We equally have a team of highly qualified professionals who will work with all our clients and lastly we have both physical and online sports betting and lottery facilities that will enable us reach out to clients beyond the United States of America and we have varieties of payment options.
We will be open 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays in order for us to be able to accommodate people with different time preference.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups sports betting and lottery businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Lucky Stars Sport Betting & Lottery, Ltd is a company that is established with the aim of maximizing profits in the Global Sports Betting and Lottery industry and we are going to go all the way to ensure that we do all it takes to attract both individual clients, groups and corporate clients on a regular basis.
Lucky Stars Sport Betting & Lottery, Ltd will make profits by offering the following services;
- Offering horse racing betting
- Offering greyhound racing betting
- Offering live sports betting
- Operating draw lotteries
- Operating ticket lotteries
- Lotto operation
- Administering instant (scratch) tickets
- Lotteries – including lotto and instant scratch tickets
- Sports betting
- Keno and VLTs
- Bingo etc.
10. Sales Forecast
We know that there are several business opportunities available for businesses like sports betting and lottery services; it is a line of business that can generate huge profits especially if it is done both offline and online.
We are well positioned to take on the available market in Annapolis – Maryland and on our online platforms and we are quite optimistic that we will meet our set target of making enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the Sports Betting and Lottery industry – market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Annapolis – Maryland.
Below are the sales projection for Lucky Stars Sport Betting & Lottery, Ltd, it is based on the location of our casino and game center facility and the wide range of related entertainment services that we will be offering;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $550,000
- Third Fiscal Year-: $950,000
N.B: This projection is done based on what is accessible in the industry and with the guess that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location.
- Marketing Strategy and Sales Strategy
Our
At Lucky Stars Sport Betting & Lottery, Ltd our marketing strategies will be consistent throughout the marketing mix and we will take into consideration product improvement, promotion, and price. As part of our sales and marketing strategies, we will pay attention to the promotion of our sports betting and lottery services both online and offline so as to encourage people to bet on our platform.
Our unique selling proposition is that we are well positioned, we have online sports betting and lottery services and people can easily access our facility, our various payment platforms are highly reliable. Parts of the marketing and sales strategies that we will adopt are;
- Open our sports betting and lottery business with a big party.
- Advertise our sports betting and lottery business on national dailies, local TV stations and local radio station
- Promote our sports betting and lottery business online via our official website and all available social media platforms
- Introduce our business by sending introductory letters alongside our brochure to sports clubs, fan clubs, schools, corporate organizations, households and key stake holders in Annapolis – Maryland
- Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
- Delivering consistent customer experiences to all our members; making our first impression count positively to those making use of our sports betting and lottery services for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our facility
- Adopt direct mailing coupon marketing approach
- Position our signage / flexi banners at strategic places in and around Annapolis – Maryland
- Create a loyalty plan that will enable us reward our consistent clients especially those that introduce their friends and family members to the business.
- Engage on road shows within our neighborhood to create awareness for our sports betting and lottery services.
11. Publicity and Advertising Strategy
We have worked with our branding and publicity experts to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and individual clients in the whole of Annapolis – Maryland which is why we have made provisions for effective publicity and advertisement of our company.
Below are the platforms we intend to leverage on to promote and advertise Lucky Stars Sport Betting & Lottery, Ltd;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based gaming or sport events and competitions
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Annapolis – Maryland
- Engage in road show from time to time in targeted neighborhoods all around Annapolis – Maryland
- Distribute our fliers and handbills in target areas all around Annapolis – Maryland
- Contact corporate organizations, social club and sports clubs by calling them up and informing them of Lucky Stars Sport Betting & Lottery, Ltd and the services we offer
- List Lucky Stars Sport Betting & Lottery, Ltd on local directories / yellow pages
- Advertise our sports betting and lottery services in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our corporate logo et al.
12. Our Pricing Strategy
Our pricing system is going to be based on what is available in the industry, we don’t propose to charge more (except for premium and customized services) and we don’t plan to charge less than what our competitors are charging their clients in Annapolis – Maryland and online.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they introduce their friends and family members. The prices of our services will be same as what is obtainable in the United States’ sports betting and lottery services open market.
- Payment Options
The payment policy adopted by Lucky Stars Sport Betting & Lottery, Ltd is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Lucky Stars Sport Betting & Lottery, Ltd will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via Point of Sale Machine (POS)
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a sports betting and lottery business; it might differ in other countries due to the value of their money.
However, this is what it would cost us to set up Lucky Stars Sport Betting & Lottery, Ltd in the United of America; These are the key areas where we will spend our start – up capital on;
- The Total Fee for Registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
- The total cost for hiring Business Consultant – $5,000.
- The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
- The total cost for leasing facility for the business – $300,000.
- The total cost for facility remodeling – $150,000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for Start-up inventory – $15,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, tables and chairs et al) – $4,000.
- The cost of Launching a Website – $600
- The cost for our grand opening party – $15,000
- Miscellaneous – $5,000
Generating Funding / Startup Capital for Lucky Stars Sport Betting & Lottery, Ltd
Lucky Stars Sport Betting & Lottery, Ltd is a family business that will be owned and managed by Mr. Pearson George and his immediate family. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Lucky Stars Sport Betting & Lottery, Ltd is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to ensure that we pay winners promptly and also make available several reliable payment options.
Lucky Stars Sport Betting & Lottery, Ltd will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring facility and remodeling the facility to fit into a standard sports betting and lottery office: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress