Marriage Agency Business Plan

Executive Summary

Marriage remains a central part of contemporary society, even more so in China. After a prolonged period of the one-child policy that not only discouraged childbearing but also diminished the allure of marriage, the Chinese community is slowly warming up to the idea of marriage and family. Therefore, the region has experienced a major spike in marriages and courtship activities in the wake of this new reality. However, in the wake of contemporary socio-economic, cultural and technological changes, the nature of courtship and dating has dramatically changed. Unlike conventional approaches of courtship based on one’s family ties, social circles, or chance encounters in various activities, technological advancements have transformed how potential partners meet.

With the number of singles ever on the rise, the pressure to find the right long-term partner has since increased. The fast-paced nature of contemporary Hong Kong society does not help either. Therefore, Oryx Matchmaking Agency is a data-oriented match-making tool designed to provide an international platform that allows singles to find their ideal partners. While there is considerable competition in the match-making industry within Hong Kong, Oryx Matchmaking Services will rely on advanced artificial intelligence tools to increase compatibility rates for individuals who choose to utilize the platform.

1.0 Introduction

Dating can be a daunting task for most people, especially in contemporary society. As was the case before, the high-paced nature of contemporary life has made it hard for people to socialize and interact. This has further been hampered by the recent Coronavirus pandemic that has forced people to isolate themselves socially. People now have resorted to online dating, where most of them end up in marriages. Online dating is somehow efficient and effective in finding the most suitable partner as one can identify specific characteristics of someone before deciding to meet for further engagements (McKenzie, 2017). One also can get a partner from a diverse geographical area where it could have been difficult to meet physically.

The protracted prospects of internet dating are still shrouded in uncertainty. Emerging evidence suggests that connections that begin online may have a better basis than those that begin outside. According to a poll performed by McKeever (2018), persons who met on the internet are much more likely to be matched and have a better probability of having a successful marriage if they marry. If marriage is one’s goal, they will be happy to learn that a previous survey by Cohen et al. (2017) discovered that heterosexual people who met on the internet were more likely to marry than those who met physically. In any case, if it entails marriages or not, internet dating appears to be an excellent prescription for a pleasant, serious marriage. In light of this view, therefore, Oryx Matchmaking Service is a platform designed to offer the best dating service in Kwun Tong.

Success Factors

Oryx Matchmaking Service platform has two main success factors.

(i) In-depth market knowledge and understanding

For Oryx match-making as a starter, there is the aspect of a comprehensive understanding of the market to curate the platform in a way that addresses market needs. As Hance, Blackhart & Dew, 2018) depicts, online dating has been fully accepted in society in recent years, increasing the number of those using it. This will mean conducting extensive market research in a bid to gain accurate information regarding the target market will not be difficult. Of greater significance is ensuring that the platform users can get the right partners. Therefore, it will be easy for the organization to start and run its operations and gain a share in the market.

(ii) Use of advanced artificial technology in perfect matching

With the advanced technology of artificial intelligence, a steady and efficient operations model will be stationed. The technology will ensure that the organization reaches its customers easily and efficiently. Through their website, people’s characteristics and personalities will be posted where they can easily be seen for possible linkups.

Objectives

1. To become the leading dating service in Kwun Tong
2. To have a 55% success rate in pairing couples for long-term relationships
3. Fully leverage artificial intelligence capacities to enhance match-making experiences.

Mission

Oryx Matchmaking Service has the sole role of providing a unique match-making platform characterized by high rates of successful partner matching that is informed by advanced artificial intelligence analytics.

2.0 Company Summary

Operating from Kwun Tong, Hong Kong Oryx Matchmaking Service focuses on providing a unique match-making experience for its users. Starting as a new company, Oryx will rely on advanced artificial intelligence to build an active client database that will guarantee a one-of-a-kind dating experience for platform users. The platform’s database will comprise international elite and intelligent singles to cater to the dating needs of individuals living in a globalized era (Samiee & Chirapanda, 2019). The platform has two primary targets entailing young and middle adults, that is, 20-35 years old and 36-to-60-year-olds. The company will have to build a database consisting of clients within the two target categories from the ground up. Revenue generation will be possible through subscription fees and service charges for access to premium match-making models. In other words, platform users will be charged a fee to access advanced artificial intelligence analytics.

The organization will also have agents who monitor and guide meetings conducted after a successful connection to ensure that the meetings and dates are secure and not lead to abuse. Apart from the online dating and connections, the company will have consultative meetings and sessions where people are counseled and advised on the best way to go about dates and how to handle relationships. The company seeks to reach out to customers within Hong Kong and all over the globe. It seeks to make a revenue of HK$4 million within its three years of operations. Again, it targets to repay its loans and recover the used capital within the first six months.

3.0 Industry and Market Analysis

In 2022, revenue from the Online Dating category is expected to reach $3,677 million. By 2025, the number of individuals in the Dating Website market is estimated to reach 478.5 million (Wu et al., 2018). In 2022, internet penetration would be 5.4 percent, rising to 6.1 percent by 2025. The mean income per user is estimated to be $8.91. Tinder was projected to be the most prominent dating website in Hong Kong in 2020, as per a poll on smartphone apps (Ayalon & Gewirtz-Meydan, 2017). It has gained popularity over time, reaching a large number of individuals

The scope of the situation in Hong Kong is revealed via research done by (Tam, Asamoah & Chan, 2021). Four out of ten people (41%) have utilized the internet or dating websites and applications. Millennials account for over half (46%) of the population. Adolescents are more likely than boomers to recognize couples that met on the internet, with 48 percent of Hong Kongers knowing of such couples. Only 33% of the boomer generation clearly understand a couple who met over the internet, contrary to 53% of adolescents. The statistics show that online dating platforms have been effective in helping people get their desired partners in recent years. This makes the online dating industry more reliable and efficient in getting desired spouses, leading to lasting marriages.

Online dating looks to be a viable option for dating among most people. According to the research, around 60% of participants had favorable dating site experiences. The majority of online dating applications operate on a freemium basis. Tinder, for example, offers a ‘Tinder Plus’ membership that includes additional benefits such as unlimited swipes and the opportunity to search matches in various areas. Free users may only search for matches in one location and can scroll up to 25 times per day. Tinder Plus unlocks additional features and offers more premium plans. Bumble is another example of a freemium approach. A free user may upgrade to Bumble Boost, which unlocks a SuperSwipe function that indicates a user’s interest in their connection. Another advantage of Bumble Boost is the ‘SpotLight’ function, which allows users to move their profiles towards the top of the list, resulting in more searches.

Oryx match-making agency will find it easy to enter the industry because it is an online platform. With an appropriate marketing strategy, many people will know about its services. With the help of its app, special features such as consultations bookings will be featured to help people get better guidance on relationships. The organization will partner with other online advertising companies to help in branding, which will ensure that it gets a reliable share of the market in the industry.

4.0 Product and Services

Oryx Matchmaking Service is primarily an online platform offering singles with a unique dating experience in Kwun Tong. The goal is to ensure that platform users are matched up with the perfect partners to increase the chances of long-term relationships. The onboarding process of clients will involve the provision of comprehensive background information. For instance, platform users will need to provide information regarding their hobbies, favorite activities, ethnicity, family and educational backgrounds, health habits, educational backgrounds, occupations, and cultural dispositions and religious preferences. Artificial intelligence and data analytics will then be used to make comparisons and connections among applicants to be able to provide the perfect date for clients.

In terms of searching, Oryx match-making services have the ability to link its members to two billion individuals, giving them access to a previously unimaginable pool of possible spouses. This raises the chances of finding a spouse and lowers the expense of searching, especially for time-constrained individuals. The enormous pool of prospective partners, on the other hand, might lead to poor decision-making and option overload, wherein “persons refrain from making any choices,” lowering the user’s willingness to commit to one of the online pool’s potential mates. Furthermore, having a bigger courting partner pool leads to less cognitively taxing, and hence less sophisticated, comparisons and decision processes, thus lowering breeding decision-making. As a result, there will be a limit to the number of singles to which consumers have access. For example, one can only propose one match every day. Additionally, the company’s dating website will limit the options available by allowing access to select subpopulations, such as a specified age range, for instance, Senior People Meet, education, religious background, or specific interests. Computer-mediated communication may save money on searches and speed up the connecting process by allowing users to assess compatibility with other users before meeting in person. On the other hand, it cannot assess beauty or long-term adaptability.

The company targets middle-aged individuals, adolescents, and all other interested individuals. Apart from getting spouses, individuals are also offered counseling services before and after relationships. They are taught the best ways to handle relationships and dating processes to ensure a successful connection. It also aims to help individuals with wedding plans and services for those individuals who get matches and are willing to engage the company for wedding plans. With this, the company provides both before and after engagement services to ensure success in online unions.

5.0 Marketing Strategy

Raising awareness is essential in any business; hence Oryx match-making services will raise brand awareness among the target demographic. To construct it, the company must first determine the demographic profile of the people they wish to contact. Additionally, the company will aim at making the folks want to learn more. Once they have gotten the services, the Oryx services will generate buzz around it by piquing people’s attention and distinguishing the company brand from the competitors. Content marketing is a term that refers to the process of smaller firms can now advertise on television and radio on a local level (Wang et al., 2017). There will be the employment of advertisements in trade journals, local newspapers, and related publications, social media marketing, promotions, email marketing, influencer marketing, event sponsoring, referral marketing, offering refunds interest to the target audience.

While information communication technologies have been instrumental in mainstreaming the match-making entities, the COVID 19 pandemic has undoubtedly made it a mainstay in contemporary society. In the wake of the management and prevention measures put in place to curb the spread of the pandemic, such as social isolation, went a long way in terms of helping people appreciate the importance of digital match-making activities. Innovativeness, hip, coolness, and creativity will be emphasized to appeal to the young population. For the late adults, on the other hand, the platform will have to depict the effectiveness of the platform in helping people meet relationship needs.

6.0 Personnel Management

Personnel management exists to provide guidance and support to line managers on personnel issues. As a result, an organization’s recruitment team is a staff department (). Rather than developing long timetables, strategies, or work procedures, personnel management in Oryx Matchmaking services will focus on action. Logical personnel practices can more successfully address people’s concerns and frustrations at work. It is founded on the concept of human orientation (Pegan, Vianelli & Luca, 2020). It aims to assist employees in realizing their full potential in the workplace. It also inspires staff through efficient incentive systems, ensuring that they work to their greatest potential. Personnel management is concerned with a company’s human resources. In terms of human resources, it oversees both white-collar and blue-collar personnel. Workforce planning, selection, recruiting, development, and training are the responsibilities of personnel management.

Oryx match-making services presume that efficient company operations require a work environment where workers create appropriate limits between personal and professional relationships. Due to their status as mentors, access to private data, and power to impact the work opportunities of individual people in subordinate roles, participants in management positions and others with oversight over others’ conditions of service are subject to specific necessities under this policy. The rights of employees protected by the National Labor Relations Act or any other applicable legislation governing employment relations are not affected by such a policy. Influencer Marketing Manager for our Brand team, who will be reporting to the Director of Brand Strategy. Employment, compensation, and development are all activities of personnel management, which are generally conducted by personnel management in collaboration with other agencies. Personnel management refers to a subset of general management. It is focused on encouraging and motivating skilled employees to provide their maximum potential to the company.

7.0 Financial Plan

Financial predictions forecast one’s company’s future income and expenses using known or projected financial information (Li & Harkiolakis, 2020). Statistical predictions aid in planning an initial budget, determining when the firm would become sustainable, and establishing metrics for reaching financial objectives for those who are starting an organization. Financial projections also assist in determining when the company may require funding and the optimal periods to invest in capital. They also assist with cash flow management, pricing changes, and manufacturing schedule changes. A financial projection shows anticipated results based on the company’s required quality. The plan for the company entails important financial accounts and statements that can guide the company’s financial operations. They include a budget, balance sheet, cash flow statement, and a profit and loss statement.

8.0 Budget

A budget estimates income and expenditure for a determined period (Wiederhold, 2021). It is usually prepared and valued on a routine basis, basically at the end of a financial year. They can be created for an individual, a subset of the population, a company, a nation, or anything else that generates and spends money. It aids in financial management and ensures that activities function smoothly.

Oryx match-making

Budget

Balance Sheet

A balance sheet is a list of all the liabilities and assets of a company. It indicates the amount of money a company will be left with if they sell their goods and clear all of their creditors at any given period.

Oryx match-making

Balance Sheet

As At 31 December 2022

An income statement is an accounting report illustrating a firm’s income and expenses. It also displays if an organization is profitable or losing money over a given period. Together with the cash flow statement and the balance sheet, it aids in the understanding of a company’s financial performance.

Oryx match-making

Income Statement

For the period ending 31 Dec, 2022

Revenues

Sales          2910000

Cost of Goods Sold

Opening Stock          190000

Purchases          791000

Closing Stock          (186000)

Total          795000

Gross Profit          2115000

Expenses

Professional fees           36000

Wages          126000

Insurance          112000

Marketing          216000

Rent          81000

Equipment          60000

Interest          27000

Shipping and delivery          12000

Software maintenance          34000

Inventory shrinkage          10000

Income before tax          1401000

Tax          241000

Income after Tax 1160000

Cash Flow Statement

A cash flow statement is an accounting report that outlines how much-retained earnings are coming in and going out of a business. Income from activities, finance, and investments are all presented.

Cash Flow Statement for Oryx match-making

For the year ended 31 December 2022

References

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Hance, M. A., Blackhart, G., & Dew, M. (2018). Free to be me: The relationship between the true self, rejection sensitivity, and use of online dating sites. The Journal of social psychology, 158(4), 421-429.

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Pegan, G., Vianelli, D., & Luca, P. D. (2020). International Marketing Strategy. Springer.

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Tam, H. L., Asamoah, E., & Chan, A. Y. F. (2021). Developing Social Entrepreneurship as an Intervention to Enhance Disadvantaged Young People’s Sense of Self-Worth and Career Competence in Hong Kong. Applied Research in Quality of Life, 1-30.

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