Global Business Plan: Taskrabbit Essay

Task Rabbit is an online and mobile marketplace that connects people to accomplish certain tasks. Some may be tedious, such as errand running and others maybe be more engaging, like planning a large event. Their â€Å"network of background checked TaskRabbits can handle everything from laundry to graphic design,† (â€Å"About†). Thus far, the company engages in the domestic service market only. Subsequently, the following global business plan was developed to illustrate how Task Rabbit can enter the international business arena, starting in Australia. This plan will demonstrate why, in time, it is good idea for Task Rabbit to seek out the foreign market in an attempt to sell these services. Some of the key points it will cover are: the potential competitors currently in the Australian market, influential demographic trends, and geographic, economic and cultural factors that could influence this global business opportunity. There has been a multitude of personal concierges popping up in Australia since the early 2000’s. Professionals are busy people and time is everyone’s most valuable asset. Thus, it is the only thing we cannot buy, until now. Some of the potential competitors that Task Rabbit will face are: One Concierge, Someone Lifestyle Services and Concierge Connections. All of these companies are based in Sydney or Melborne but will service the whole area of Australia. Task Rabbit will overcome any barriers having to do with these competitors because their operations are slightly different from the rest. They allow the client to post the task or errand that needs to be completed and Task Rabbit â€Å"employees† bid on the job and the client can choose which person they want to go with. They can choose based on the reputation of the person or by the cost of their quote. It gives the clients options, which empowers them and puts in control. Australia currently does not have a service-based business like this, so Task Rabbit would thrive for this reason only. Not only does Task Rabbit grant the client power, they have had so much success in the United States since their inception so their positive image will serve as a benefit to them as well. When one is attempting to enter into the international business arena it is important to look at any demographic trends that could influence the success and effectiveness of the organization. Utilizing a personal concierge can be viewed as a luxury service, and it is to most people. Some people in Australia may not be able to afford this service, but when the overall demographics of Australia are observed, it is clear that there is a market for this type of personalized concierge service. About 54% of Australia is made up of individuals ages 25-64 years of age and these are the majority of the people who would be using Task Rabbit (Australia). The following graph shows some of the wealth and distribution of Australia (â€Å"Australian†). It also notes that the median household income and net worth is comparable to that of the American median household income. This is another good indication that Task Rabbit has the potential to succeed in Australia given it has flourished thus far in the United States. The Australian economy is a capitalist nation and is a large driver and support for entrepreneurship and innovation. The growth of their economy can partly be attributed to entrepreneurs who have created many jobs with their start up companies. With all these jobs and more people having less time to take care of their personal and administrative tasks, warrants a need for additional help. This claim further solidifies why Task Rabbit will be profitable in Australia. Variables one must examine when looking at geographic factors are mostly natural resources and the distance from world markets (Willkie). Fortunately, Australia is a developed nation and they have roadways and infrastructure to allow Task Rabbit to be successful. Furthermore, natural resources will not have any bearing on the success of Task Rabbit. As previously stated, the culture of Australia is highly innovative with a entrepreneurial business acumen. This is why their culture will lend a hand in the success of the Task Rabbit venture. Australians are receptive to new businesses developing around them and are willing to try new things. In the United States, Task Rabbit has set a high standard for delivering quality service to its customers. Part of Task Rabbit’s purpose is â€Å"connecting busy people who need a little extra time with entrepreneurial people who need a little extra money. It’s an elegant, singular solution to two big problems. Participating in the TaskRabbit community provides people on both sides of the marketplace with the resources and freedom to do what they love,† (â€Å"About†). Task Rabbit is booming in the United States and it seems as though there is a willing market in Australia, which seems simply enough it has a great chance of success in Australia. There would be many challenges Task Rabbit would face if they were to seek out the foreign market. Despite those challenges, I believe Task Rabbit will succeed based on the success and support they have received in the United States. The market in Australia demonstrates a need for this service-based business and it is auspicious time for Task Rabbit to capitalize on.