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Question:

Topic: Create their own Business Plan on any product or service they wish.

Task:

An Entrepreneurial Venture - groups are to develop an entrepreneurial product or service that could be commercialised. The group is to assume it is seeking funding of $100,000.00 to add to the existing funds of $100,000.00 (which you saved or were loaned) and include a financial plan for the use of these funds for the first financial year. The product, service or process should be original and producible (i.e. no science fiction).

The primary target market should be local, although secondary markets may be reached via the internet. Pricing, distribution and promotion strategies should reflect this.

To assist groups in managing their progress, pairs of students should be finalised by week 4 and advise the tutor of their chosen product or service and primary market for approval.

The proposal should be communicated in a  2500 word report, containing all relevant detail and supporting evidence (in attachments), and a presentations as if to a potential financer.

 

Answer:

Background To The Idea

The core idea behind the concept of starting a home décor business is to provide customer latest fashion home decor and satisfy their needs and expectations by delivering quality and lavish products. Also, there are various home décor business opportunities present in the market that will support our growth and help in attaining commendable success.  The key concept of business is to compete in the market by selling luxury products at premium prices and be the most preferable and favourite home décor brand of customers.

Mission

To design, create and render a variety of quality and premium home essentials to customers. The mission of Thinkers & Dreamers is to provide quality and premium products to middle-upper customers in the home décor industry.  The business aims to offer products varying from the home décor items, decoration accessories fashionable interiors according to the latest trend in the market. The business believes in providing the best services with the product quality while ensuring that the delivered products with higher prices are made of a top-notch quality that meets the expectation of customers.

Product Offering

The business offers products based on quality and premium aspects. Its product offering will be particularly based on the latest trend, fashion and market demand. Its product will be inclusive of modern home accessories and decor; it will provide a vast selection of contemporary home decor and essentials. Thus, the business core product offering is strengthened by their superior quality and market trend.

Introduction

Present report emphasizes on the business plan of Thinker & Dreamer is done. The store deals with products and services related to stationery such as calendar, notebooks, planner, stencils etc. In order to create an effective business plan, the market research is exercised so that the competitors, trends and fashion prevailing in the market can be determined. Further, the SWOT analysis and marketing strategies are made to satisfy the consumer needs in the best possible manner. Since nowadays consumers prefer more of online shopping due to which Thinker & Dreamer will provide products and services of the best quality so that the consumers get satisfied and visit the shop again. The mission statement of the store is to offer graceful, attractive, simple products at a rational price.

 

Operations Of Thinker & Dreamer

Lui (2016), specified that stationery is considered as a niche industry which is engaged in steep competition, particularly with the commencement of the online market. As in present times, people are very busy in their works due to which they prefer shopping the products from online since they can order their products according to their convenience at any time and at any place (Eicker and Cilliers, 2017). The store produces embossing, printing of letter, producing items concerning decoration of office, home, calendar, notebooks, planner, and journals and all those items which are related to stationery. This industry is comparatively a small component in the whole Retail Trade division. Furthermore, Hilland Hill (2017),states that the industry is shrinking continuously in size. Thinker & Dreamer target market is students as well as corporate employees ageing from teenager to old, white collar as well as University students in the metropolitan area. In order to differentiate the products from competitors, the store keeps on innovation in products as well as in their marketing strategies. Reinartz, Wiegand and Imschloss (2018), asserts that providing attractive products can lead an increase in the number of consumers, boost up in sales as well as in highlighting new influxes. Along with this, the vision is, to be a leading producer of stationery items for high reliability across the globe. The same will be attained by creating trust in consumers by offering products of high quality. As if the customer's loose trust in the products of Thinker & Dreamer, it will be difficult for them to gain it again (McArthur, Weaven and Dant 2016). Further, by providing effective and trustworthy products,the prevailing marketing position of the company could be enhanced. The development of the company will be done conscientiously through harmonizing short as well as long term goals, efficiently administration of risk, executing sustainable practices along with enhancement in performance. Moreover, the business activities will be performed in an ethical manner through contributing to the society under it is operating, showing deference towards environment through producing eco-friendly products and treating the workers reasonably through respecting their ideas while making any strategy or policy as at the end they are the one by whom it will be followed. Proper training will be given to them so that they can exercise their activities efficiently and the objectives can be attained.In accordance with Witek-Hajduk, and Napiórkowska (2017), fulfilling the mission will produce long term values in the shareholders. The strategies and the method of producing will be changed according to the change in the environment so that the production can be done speedily (Schaper et al. 2014).

Financial Plan

By considering the overall idea, $100,000.00 will be invested in the following assets:

Start –Up Cost for Thinker & Dreamer Business

Initial cost

Amount in ($)

Equipment/ Capital Cost

 

 

The amount in ($)

Business Name

Thinker & Dreamer Business

Initial Capital

$100,000.00

Registration charge

1000

Assets and Equipment’s

 

Trademark fees

200

 

 

 

 

Inventory

20000

Utility Fee

10000

 

 

Rental Lease Cost

6000

 

 

Phone Connectivity

200

Office Equipment

 

Internet Connection

600

Furniture and furnishing

30000

Human Resource

2000

 

 

General expenses  

3000

 

 

Asset

50000

 

 

Promotional Cost

2000

 

 

Total initial Cost

75000

Total Equipment Cost

50000

 

With the investment project income statement and financial position of the business in the next three years will be as follows:

Thinker & Dreamer Business

Projected income statement Amount in ($)

 

0th Year

1st year

2nd year

3rd year

Sales

 

80000

85000

90000

Fixed cost

75000

30000

10000

10000

Variable cost

 

32000

34000

36000

Depreciation

 

3000

3000

3000

Total cost

75000

65000

47000

49000

Profit

 

15000

38000

41000

Taxes

 

4500

11400

12300

Net profits

 

19500

26600

28700

 

Thinker & Dreamer Business

Projected Balance sheet Amount in ($)

Assets

1st year

2nd year

3rd year

Current assets

 

 

 

 

Cash

25000

16100

24100

 

Inventory

39000

25000

30000

 

Fixed assets

30000

27000

24000

 

Debtors

50500

60500

65500

Total Assets

144500

128600

143600

 

 

 

 

[42]

Liabilities and equity

 

 

 

 

Creditors

25000

16500

23800

Total Liabilities

25000

16500

23800

 

Capital invested

100000

106500

112100

 

Profit earned during the year

6500

5600

7700

Total capital

106500

112100

119800

Total liability and equity

131500

128600

143600

 
 

References

Eicker, T. and Cilliers, J.O., 2017. Equipping small business retailers to manage logistical supply chain drivers: A theoretical guideline. Journal of Transport and Supply Chain Management, 11(1), pp.1-12.

Hill, A. and Hill, T., 2017. Essential operations management. Macmillan International Higher Education.

Lui, A., 2016. Financial stability and prudential regulation: a comparative approach to the UK, US, Canada, Australia and Germany. Routledge.

McArthur, E., Weaven, S. and Dant, R., 2016. The evolution of retailing: a meta review of the literature. Journal of Macromarketing, 36(3), pp.272-286.

Reinartz, W.J., Wiegand, N. and Imschloss, M., 2018. The Impact of Digital Transformation on the Retailing Value Chain. Forthcoming in International Journal of Research in Marketing.

Schaper, M. Volery,T. Weber,P,. & Gibson, B. 2014. Entrepreneurship and Small Business 4 th ed. Cornwall: Wiley

Witek-Hajduk, M.K. and Napiórkowska, A., 2017. A Framework of Retailer-Manufacturer Cooperation and Coopetition: Consumer Durable Goods Retailers' Case Studies. Entrepreneurial Business and Economics Review, 5(1), p.59.

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