Summit Security 2021 Business Plan
Miles Morris
Department of cybersecurity at Old Dominion University
CYSE 494: Entrepreneurship in professional studies
Professor Loretta Beavers
Due: 11/17/21
Table of Contents
Pg.3 Executive Summary…
Pg.6 Company Description (your business proposal) …
Pg.8 Market Research…
Pg.10 Product/Service…
Pg.13 Marketing and Sales…
Pg.16 Operations…
Pg18 Management…
Pg.20 Financial Statements—Profit/Loss, Cash Flow, Balance Sheet, and Breakeven Analysis…
Pg.21 References…
Executive Summary Summit Security Company
Miles Morris
Company Introduction:
Summit security aims to secure and develop computer systems for residential, small business, and large corporations. With a safe and secure user-friendly interface our customers can monitor their systems 24/7. Through a detailed analysis of the client’s system, we can see what vulnerabilities the system already has, how to minimize that vulnerableness, and what we can do to protect their systems even further.
Ownership introduction:
My name is Miles Morris the CEO and owner of Summit Security. From Northern Virginia Earning my masters from ODU With my background in network security as a network security specialist for ten years and managing three different companies for five of those ten years. My certifications include CISSP, Security +, CASP+ to name a few with these certifications I was able to gain the necessary knowledge to a team and myself up in the work field. This led to me starting a company of my own and bring with me a team of highly skilled individuals. Under this business model a sole proprietorship there are three managers overseeing the three levels of clients we provide service to, Residential, Small-business, and corporation.
Target market:
Summit security offers three levels or sectors of service, Residential, Small business, and Corporation. In a world where everyday task and jobs are being executed through the internet the threat of cyber-attacks become more real. An attack to a residential network may cause loss of personal data and information along with damaging the home system itself. For small and large corporations an attack can mean a mass loss of customer and employee data with loss of finances as well. With a safe and secure network security system along with an incident preparedness plan the chances of an attack and the affects it will have on the systems will be greatly reduced.
Competitive advantage:
Our competitive advantage over other companies is that we gain an understanding of our clients’ needs specifically rather than them just choosing from a package offered from another company. We scan their test and scan their systems to see what vulnerabilities are there then adjust from there and tell them the best plan of action moving forward. Along with implementing an incident preparedness plan for the company in the event an attack happens. This helps the client feel and know their security needs are being prioritized.
Sales strategy/pricing method
Our sales strategy is focused at reaching our target market through word of mouth, internet advertisement specifically with social media and webpages. Our pricing is determined by the sector or level residential, small business, and corporation and what level of security the client needs vs what they already have in place.
Financial status/ Company goals next three to five years/ Financial needs
Our company’s current financial status is in good standing, 1.5:1 ratio as seen on the balance sheet. Our company goals within the next three years are to expand another location preferably California and gain a customer basis there, along with increased number of services we can offer to our customers. In five years, we aim to provide service outside the United States and help less fortunate countries secure their system as well. Financial needs would just be to keep up maintenance and payroll other than that updating equipment.
Opening day
Opening day will include a product giveaway free (in home security system, four cameras, ring doorbell, and surround sound speakers to three customers. We will have a live, interactive demonstration of how our systems defend attacks and start getting clients system setup.
Thank you for taking the time to read this business plan and hope that you were able to see the vision we have for our company along with where we plan to go in the future.
Business plan proposal
Miles Morris
Introduction:
This proposal will highlight the problem, solution, and potential value added by a company that specializes in software/penetration testing, premium software development, for small business and large corporations. Businesses are not only vulnerable to physical attacks but ones online as well.
Goals:
The added value of a company that includes these services fulfills the need that many businesses small and large need to secure their inventory and information online and physically. The objective is to develop top notch antivirus/defense software compatible with a multitude of systems as well as test/upgrade existing software within the company. Alongside of the services we offer an incident preparedness plan which is vital for companies to get their operations back at 100% after an attack.
Industry:
A credibility is a huge factor in this business and our team is made up of top-level security professionals with lengthy experience in testing, development, and troubleshooting. We are consistently researching and testing the best way to secure systems as methods of attacks are constantly evolving. The advantage our company has over others is that we employ multiple tactics to ensure the best protection for our customers through securing all systems. We not only secure software for computers but secure physical monitoring for systems as well. We will gain a larger customer basis through sales opportunities along with membership opportunities for returning customers.
Features that help us provide top level security include weekly and monthly updates and automatic updates if our software is installed. Our software scans systems 24/7 including emails, sites, and stored files for viruses and or potential attacks. If a vulnerability is recognized admin is instantly notified and the incident preparedness plan is implemented. Patch management is used to fix damages in the firewall. We use cloud technology with special keys to back company information. The interface for our software is user friendly and secure. Small business is just as vulnerable to cyber threats as larger companies, their systems are not as tough as larger companies making them susceptible to more attacks, they ca also be used to gai access to larger companies. According to expert insights “Business with less than 500 employees lose on average $2.5 million per attack.” A loss of this amount can be extremely detrimental to a small business and make getting back a long straining process. With the proper incident preparedness plan time and money can be saved. Financial information, Personal customer records, and other files are also highly vulnerable to attacks and need to be protected. Attacks that lead to this information being stolen are phishing attacks (where attacks are sent through email), weak passwords access through brute force attacks, ransomware, and insider attacks. Weak procedures and lack up updates can also lead to these attacks. Without systems being regularly monitored attackers have the time to get in and gain access to information and get out with little to no trace. Through using top tier authentication systems paired with trusted defense systems, cloud backing, and secured networks we can provide our customers with reliable security for their systems.
Market research/analysis
Miles Morris
Industrial description: The industrial description of our company is to build and maintain the reliable defense of systems for residential, small businesses, and corporations. We also educate our consumers along with a 24hr representative on each level.
Target market:
The target market for antivirus software is divided up into four major categories. Home users, small to medium-sized companies, governments, and big companies according to orielly.com. The truth is anyone who has a device that can be connected to the internet is susceptible to getting some form of a virus. From wanting to protect home systems to wanting to protect large company databases antivirus protection is needed.
Market need:
The need for our product/service is vital to smooth operation within companies without anti-virus protection computers and systems will be shutting down left and right. Alongside system will not run properly causing slower machines and or loss of data on that machine.
Market growth:
We plan on growing in the market through rewards/membership programs, special offers for new customers. The QR code scan to our website also comes with a 1-month free trial. Using methods like these will help us expand into the market at a rapid pace.
Market trends: According to Raj Naagar senior digital marketing executive the anti-virus software package market is expected to grow around 9% during 2021-2026. As COVID changed the marketplace online usage is booming and needs more protection than ever before.
Market research testing: Our product/service is tested in marketing pools to see which techniques or technique Is most productive for what consumers. Example QR codes posted in NYC gained the attention of mostly start-up companies allowing us to target startup companies in NYC.
Competitive analysis:
We are at a competitive advantage our price point is right below competitors without seeming “cheap” along with the services that we offer along with our products. We remain in contact with our customers throughout their time being with us making sure we understand their needs and adjust accordingly.
Barriers to entry: Barriers to entry include accreditation. Customers want to know they can trust us to handle their systems furthermore being comfortable with our software on their systems. Money and lack of knowledge could also be a barrier to entry. Not having the right tools or knowledge to trouble shott where needed can make the company lose value and appearance. Unprofessional.
Regulations: It is vital to make sure we are in regulation and ordinance with all the online and government antivirus protection laws. We make sure all our employees have the necessary certifications and applicable knowledge to make sure we implement the best products into the field.
Products and Services Section
Miles Morris
“Summit security” offers an array of services including product instillation, antivirus software testing, incident response preparedness just to name a few. The main service our company offers is software defense systems for residential small business and large companies. With the purchase of security in one of these three levels comes an installation fee, where we not only install the products on customers equipment but share with them the knowledge how the system works throughout the instillation process. Additionally, we offer an incident preparedness plan for all three levels where we help the client prepare a proper response plan for after an attack. This plan is vital so that companies don’t lose revenue and or valuable customer information and records.
How we differ from other companies is that we offer protection for residential, small business, and corporation all while being able to maintain a close relationship with our customers and giving them the knowledge to protect their own systems.
Sales literature-Sales literature includes QR codes in tech stores and online sites, since most people always have their phones on them it’s an easily accessible way to reach the masses without a hand help brochure which is likely to be lost.
Orders from customers will go as follows.
- The customer will come to the site regardless of how they were referred. They will then select which package pr plan works best for them residential, small business., corporation. After the customer has selected their respective plan. And which price point best suits them they will be led to check out. In the event they have a discount code (through rewards points, memberships, others.) they will be prompted to enter the code. After the checkout process, they are paired with a representative that will guide them through the instillation of the product on their devices.
All devices that our products are installed on should be up to date and reliable, we will also scan the device for any prior infections.
We trademarked not only our name, but our methods of codes well therefore other companies will not have the capability to defend how we do keep our operation unique to us. Future products include schools and or government contracts brooding our horizon, network, and defending capabilities.
Strategy and Implementation Summary of the business plan/Marketing and Sales
Miles Morris
Purpose:
The Goal and objective for this business “Summit Security” is to fulfill the need for top-notch security for not only small and large businesses but residential systems as well. We offer high-level antivirus/defense software compatible with a multitude of systems as well as test/upgrade existing software within the company and home. We also offer services that help with incident preparedness plans which are vital for companies to get their operations back at 100% after an attack.
Competitive Edge:
Advantages our company has over others is that we employ multiple tactics to ensure the best protection for our customers while securing all systems at a maximum level. We offer Cloud Security, Application Security, and Network security. We offer services to secure physical monitoring systems as well cameras, alarms, etc. We have three sectors here at Summit Corporate, small business, and residential. This way we can give clients the best we have to offer in each space. Once the client has chosen their sector our support teams will assist each client in finding a security plan that works best for them. Our team is with clients every step up the way up to installation, this helps the process move swiftly while also giving the client a solid understanding of their system. Customers want credibility within the company knowing that our systems and team are up to par. Our software is tested in a multitude of applications, ranging from home networks to systems that are vital to large corporations putting them to the test to withstand and block the most brutal attacks on client’s software. We have a specialist in each area Application Security, Network Security, Cloud Security with years of combined experience in intrusion detection, and more.
Marketing Strategy:
Our marketing strategy involves reaching prospective consumers and turning them into customers while incorporating our values and goals. Our stagey details how we package, distribute, promote, advertise, and deliver our customer services. The first step in our strategy is to launch a tour in which we will go state to state and give consumers a preview of our products in an array of conventions and seminars. At the conventions open to the public will engage with prospective customers on a personal level getting to know and understand their security needs and how our products can assist them. We will also host seminars for large corporations to come to see first-hand how we can defend their systems and how our systems can save them from financial loss. Next, we will launch an ad campaign on security pages, blogs, ad videos. We will also explain the various bundles we offer for each sector in a simple to understand way.
Pricing strategy: Our Pricing is dependent on each sector and the bundled in that sector. Our pricing is value-based for the consumer while being coming just below competitors’ prices. Using value metrics, we get a good gauge on how pricing fits our overall revenue. Our pricing will reflect the value of our company while not being perceived as cheap. We will give customers confidence in our product by offering demos or trial periods to gain customer attention. We observed the prices of competitors and placed our prices with a good cushion between being affordable and overpriced.
Sales Forecast:
Bundles for the Corporation sector range from ($1000-10,000/yr) dependent on the package and covers 200+ devices lowering the price per device. Small Business pricing $500-$1000 dependent on package 50-100 devices and residential from 50-450. We plan to sell to at least 15 corporations, 30 small businesses, and 100 residential services the first year with a goal of 500,000 I sales this gives us a chance to exceed our goals. In the second year, we want to ramp up the number of customers we take on projecting 2 million in sales. 3rd -4th and 5th year we should be clearing 5-15 million in overall sales.
Milestones in pricing:
Our pricing will stay firm for the first year according to the market we will raise or drop prices according to customer’s needs. For constant customers membership opportunities are available. Initial prices will be low to gain the eye of customers then will slowly rise to a fixed priced for a year.
Operations
operations
General tasks -General tasks of our operation include installing and managing software protection for our consumers. Tasks also include customer-related events where we get to interact with our customers face to face and understand their needs.
The value -The value of our company is based on the quality of service, additionally our value is based on the level of service we provide to the community. The value of our business is not only based on the product, but on the knowledge, we are giving our customers about the potential harm on their network and how to observe threats through emails, calls, etc., and how the system works to defend it.
Website -Our website displays the different products and services we offer to clients. includes a dynamic homepage front lining our systems packages and the different sectors/levels we offer. On the left hand, there will be a tab labeled sectors, installation, customer service, and protective plans the customer will be able to find the necessary information in the respective space.
Equipment -equipment need to execute our service are monitors, test computers and systems, penetration testing tools, a platform to test before deployment.
Service manufactured-The service is manufactured through a series of test runs on code with experienced testers and a sound team with high years of combined knowledge the team creates the code that will defend against business attacks.
-We create our code in 3 months max gives just enough time for us to keep up with new codes they are tested from month three-six then released.
-Cost depend on put can range from 500-10,000 in individual equipment cost.
-We run our code and defense systems through an extremely rugged test throwing the most malicious code at our firewalls and other defense systems and seeing how they withstand then adjusting accordingly till it’s secure.
– Computers, servers, monitors, power plugs desks, testing programs will be needed to execute company goals.
Management section
We will initially start as an LLC. Our mission statement is to provide the vest security among customers residential and businesses giving them the knowledge on how to monitor their systems and what kind of attacks they may experience.
The owner of the company is Miles Morris a graduate from ODU in cybersecurity, he has helped positions in leadership in various paces within the cyber field lead a network cyber specialist at amazon along with many other leadership roles in smaller companies. Miles is the sole owner of SUMMIT with three managers
Ronnie MIT graduate leader corporation sector manager
Cyber awards topmost influential tech genius helps corporate understand what they want.
Aaron- grad of ODU small business sector manager young cyber genius created code that stops intercepted information on certain platforms
Kacey- no college graduate cyber nomad residential manager top-notch cyber specialist
8-10 workers in each sector no college background needed, need c++ proficiency in Linux 3+ years in application. Managers 150-200k, workers 80-100k a year.
FINANCIAL SECTION
BY: Miles Morris
| MONTH 1 | Revenue -Residential protection -small business protection -Corporation Protection Instillation | Total Revenue/mo $200k | Expenses -Programming and development -$7,000/mo -payroll/training -equipment updates | Expenses cost/mo 50k | |||
| MONTH 2 | Revenue -Residential protection -small business protection -Corporation Protection -incident preparedness plan | Total Revenue/mo $250k | Expenses Programming and development -$7,000/mo -payroll -equipment updates | Expenses cost/mo 70-75k | |||
| MONTH 3 | Revenue -Residential protection -small business protection -Corporation Protection -general maintain/upkeep revenue | Total Revenue/mo $275k-300k | Expenses Programming and development -$7,000/mo -payroll -equipment updates | Expenses cost/mo 75-80k | |||
| TOTAL NET PROFIT/LOSS | Gross margin $725,000 Operating cost -$195,000 | Gross margin – Operating Cost $530,000=operating income |
Initial startup cost
$500,00
Projected Balance Sheet/Projected Break-Even Analysis
Miles Morris
Summit Security
Projected Balance Sheet
Quick ratio: 1.5:1
Formula: Assets = Liabilities + Equity/capital
—Assets
Network security tools, Summit security Hq(building/land), company transportation vehicles, software on client systems.
-Total Assets $1,
—Liabilities and Capital
Liabilities- up front cost, building utilities, putting client systems back online after an attack (avg cost of $200,000 for small business (managed cost through enforcement of security protocol, unpaid expenses, accounts payable
Capital: Money from investors (500.000), total profits ($500,00)
-Total Liabilities and Capital
Capital ($1,000,000+$700,000) -$1,700,000
—-Total assets must always equal total liabilities and capital (that’s why it’s call a balance sheet)
Projected Break-Even Analysis:
How much we need to sell to “Break Even”
Cost to develop and run firewall service
Cost-$100-1000 + labor hours
Residential- $50-500
Small business – $500-1000
Corporation- $1,000-10,000
We break even for 1 code after selling 2 residential packages
References
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