Business Plan for Shoesholic Enterprise - Essay Example

?Topic: BUSINESS PLAN 9th December Table of contents Introduction 3 Mission ment 5 Objectives of Shoesholic 5 Business strategies 6 Location 6 Management and ownership 7 Organizational structure 7 Market situation 7 Market share of Shoesholic and competitors 8 SWOT analysis 9 Strengths 9 Weaknesses 10 Opportunities 10 Threats 11 Target market and positioning 11 Shoesholic targeted market segments 12 Marketing Strategies 13 Price 13 Place 13 Product 14 Promotion 14 Legal and information technology aspects 15 Sources of finance 17 Relevant rules and regulations and their applications 19 Potential risks and ways to administer the risks 19 Conclusion 20 References 21 Introduction As a result of the population increase globally and the elimination of trade barriers, local and international market for women cloth has significantly expanded. In addition, the technological development has resulted to production of modernized wears that have become a source of attraction for women and young consumers in the developed countries as well as in the developing nations. Of all the factors that have initiated the high demand for cloths in the global market, technological improvement contributes approximately 60% of the total sales (Joshi, 2005). Based on the effectiveness of the online selling techniques in terms of expanding the customers base, companies that have gone global emulates e-commerce and social sites such as face book and twitter to market their products. Being focused to meet the increased demand for women wears, we are establishing a business referred to as Shoesholic enterprises (Gartner, 1985). Shoesholic allows working women and young ladies in colleges to shop for quality and well designed jewelry, shoes, earrings as well as handbags right from our outlets. It is essential to note that selling a modern and well fitting outfit that makes women feel special is our purpose. Shoesholic aims to make celebrities as well as other women to feel proud and enjoy the red carpet treatment. This achievement is based our commitment to emulate product diversification that entails products that comes with a personalized services and styles that are only experienced by celebrities (Richard, 2010). In our research we have realized that women can shop for their shoes anywhere. But unless a lady customer walks into a high priced boutiques located in Major UK cities, they cannot get personalized services during their shopping. We are therefore determined to end this buying pattern by providing online offers that offers personalized attention to all our women customers (Needham, 1996). This paper analyses our business plan by discussing our main business objectives, strategies, finances and other major aspects that Shoesholic will adopt to retain a competitive edge. Mission statement The mission of Shoesholic is to sell high quality women outfits that include leather bags, jewelry and shoes among others. Based on our affordable prices, we are aimed at attracting large number of customers regardless of their social and economic status. As a way of enhancing a positive product-customer relationship, we are setting up a physical shop in UK (Abell, 2009). In this way, all the customers’ queries and feedback will be received thus ensuring that our products meet the needs of every customer. Shoesholic is focused at proving adequate and regular training to all employees as a way of ensuring that they acquire relevant skills to deal with the customers. This is a key role that our customer care department under the leadership of an external public relationship officer will undertake. Objectives of Shoesholic 1) To increase the company sales by 60% in the next five years. 2) To open at least 50 retail outlets in various parts of the world in the next five years as a way of effectively serving our customer base. 3) To increase monthly wages or employees by 50% in the next 2 years. This will improve their productivity thus enhancing the profitability of Shoesholic. 4) To expand our customer base in major world markets such as Europe, Asia and Africa by 100 % in the next five years. 5) To expand our investment portfolio in order to increase our annual revenue profits thus increasing shareholders returns. 6) Expanding advertising expenditure by 25% in the first two years to increase customer awareness and loyalty. 7) To expand our market share by 40% in the next two years Business strategies Location Shoesholic will be located in the city of London. As depicted by Han (1989), this location offers various advantages that will make our company to attain a competitive edge and increase its sales. First, London has numerous suburbs in addition to a huge metropolitan area (Ackroyd, 2001). As a result, the demand for consumer’s goods as well as wears is on high demand. According to Boris Johnson, the London mayor, new business ventures are significant in improving the economy of London. In this regard, the government is focused at supporting entrepreneurs to start up businesses in the city thus allowing them to achieve their goals. This implies that our business will enjoy the support of the government leading to the progress of the company. In the same way, the study conducted by Barclays Business Regional Impact Index indicated that all businesses located in London lead in innovation, level of profitability, employment as well as growth projection (Calder, 2007). Another notable advantage of London as our location is that there is a wide range of information that is available for new business operators. For example, Daud (2012) argues that entrepreneurs who are focused at making wise decisions can contact City of Westminster website or London Development Agency among other sources on how to start a profitable venture. Management and ownership Shoesholic will initially start as a local company. A business development manager and human resources personnel who have extensive skills and necessary qualifications will be hired (Armstrong, 1996). This will be followed by hiring other employees after the establishment of various departments that includes sales department, information technology department, accounts department, customer care, and legal department among others. Organizational structure The leader of Shoesholic will be the Directors. Under him there will be an information technology personnel, legal expert, human resources manager, finance manager and marketing manager (Armstrong. 2006). Market situation In the shoes industry, women are the majority customers. Abell (2009) argues that of all the various design of shoes bought in any year, women account for 70%. In this regard, Shoesholic will explore the opportunities that are available in the developing countries by providing quality products at affordable prices. For only, US$ 30, our customers will purchase a pair of shoes or any other substitute item from our outlets. One of the aspects that will make our customers to trust our products is that if any customer is dissatisfied with any product that he or she purchases from our shops, he or she is at liberty to return the products for an exchange. One of the major challenges that we expect to face is the stiff competition in the shoe industry. Been faced with key competitors such as Amazon, Zapoo limited and Alibaba Company who control over 50% of the UK and US markets, it is imperative to emulate effective marketing strategies to face them in the market (John, 2007). Despite their establishment in the wear industry, none of our competitors specializes in the selling of women shoes. In addition, our competitors do not put in mind the changing needs of women wears. Even though they have been in the market for a long period of time, our competitors have not adopted comprehensive marketing policies as compared to those that we will put in place in the first year of operation. To ensure that our customers are eager to do repeated purchases, our fashion stylists will be choosing new model shoes that will be displayed in our shops as well as in our websites. One of the strategies adopted by our competitors is that most of them use a complex distribution channel. For example, most of the companies selling their products online links with distributors located in different cities. Sometimes such distributors are late in notifying the customers on the arrival of their products an aspect that makes buyer not to trust such companies. To avoid such a scenario, Shoesholic will create a direct contact with its customers. This will be achieved by ensuring that we contact the customer via their telephone once their products are released from the headquarters (O'Brian and Montazemia, 2004). Through the retail outlets that Shoesholics will establish, our customers will easily access our products without waiting for long. Market share of Shoesholic and competitors Table 1 SWOT analysis Strengths We offer personalized services to our customers regardless of their social status. It is vital to note that in most cases, it is only executive women and celebrities that receive such services during their monthly shopping in high valued ladies boutiques. After our customers purchase their products in any of our shopping outlets, we are focused to undertake a follow up process. This is aimed at determining the level of satisfaction by our customers. In this way, we will win customers trust and loyalty. The establishment of strong customer care department with experienced fashion designers is another notable strength of our business. Through such department as noted earlier, all the complaints from our customers will be thoroughly addressed and any adjustment done promptly. Shoesholics offers wide range of quality products thus making it to be differentiated from the competitors. By establishing a website that will be updated on monthly bases, new products will be advertised. In the same way, customers will be notified on any upcoming launching of new products and promotions (Tim, 2012). In this way, our business communication system will be enhanced thus making our customers to feel part and parcel of Shoesholic. To undertake marketing and administrative duties, our new venture will employ skilled and experienced personnel. These include marketing managers, business development managers, legal experts, financial managers, external and internal auditors, information technology experts, sales executives and fashion designers. Weaknesses Our competitors are not only well established but they also have a wide distribution network an aspect that is lacking for Shoesholic. Similarly, we lack adequate financial resources to counterattack the managerial and marketing strategies that are put in place by our competitors. Despite the available opportunities, lack of adequate resources to employ experienced marketers and legal experts among other employees may jeopardize our operations thus making our competitors to remain in control of the market. To offset such weaknesses, we are focused at putting more investors in board including undertaking an initial public offer. Opportunities Majority of the women customers complain of high prices for their wears, delays in the delivery of their products by our competitors as well as lack of modern design from major women wear shopping malls. By addressing such issues, Shoesholic has an opportunity to expand. For example, by employing skilled fashion designers, our products will be updated without raising our prices. Additionally, the use of direct contacts without engaging third parties will ensure that our clients receive their orders in time. The ever-evolving technology is another vital avenue that will ensure that will reach our clients regardless of their destination (Jakobs, 2004). One of the major developments in the communication sector is the innovation of social sites such as face book and twitter. In this regard, Shoesholics will open a group account with the social sites thus inviting our customers to be our friends (Burns and Stalker, 1961). Through such sites we are focused at undertaking an extensive advertising of our products. The unexploited market especially in the developing countries is another major opportunity for the company. Threats The offer of substandard products by our competitors has resulted to lack of trust by women consumers thus making them to buy substitutes from other countries. This implies that our initial operations may experience challenges in the sense that customers may associate our products with those of competitors (Jolly, 2003). To address the problem of lack of trust, Shoesholic will launch extensive advertising programs that will include roadside shows and fashion competitions. Through such programs, our customers will have an opportunity to compare our products with those of our competitors. Additionally, Shoesholic will initiate an interactive website through which our customers will be allowed to make immediate feedback once they receive their products (Harris, 2002). As most consumers are now focused at addressing the challenges caused by the recent economic downturn, their purchasing power for luxuries has gone down. This implies that it may take time for our sales to meet the initial costs of establishment an aspect that may hinder our expansion strategies. To address the initial low demand, especially by the low income earners, our alternatives will be to reduce our prices further thus making us to take a longer time to breakeven. Target market and positioning Shoesholic targeted market segments Age-Seniors, young employed women, ladies who are at the marriage age, college ladies and female workers of all ages. Family unit-We appeal to families with young and mature girls. Most of our family units are composed of two salary earners. Gender-We target female consumers (Koc, 2002). Income-We target female workers regardless of their income. This is done by providing various products with different prices without compromising the quality of our brands. Occupation-We target executive women, women working as housewives and those working in informal sector. Education-University graduates, high school graduates and individuals with college qualifications Shoesholic is determined to effectively position itself by undertaking regular promotion and participating in corporate social responsibilities. For example, the company will sponsor fashion shows held locally and at the international level. In the same way, our enterprises will emulate attractive colors that will make it easier for our customers to identify our products during their shopping. By use of our marketing slogan “Shoesholic makes us similar but has no equal” our customer will notice how much we provide quality brands that equalizes them regardless of their social class but which our competitors cannot offer (Miles, 2003). Marketing Strategies Shoesholic will employ appropriate marketing strategies including the 4Ps (price, place, product and promotion) that make up the marketing mix. Price To remain competitive in the UK women cloth industry, Shoesholic will offer low prices for its products. The retail prices of ladies shoes and other related products will range between ?20 and ?30. In addition, the company will sell its products to the wholesalers and individual customers who wish to buy in dozens (Quinn, 1993). Each dozen of our products will range between ?300 and ?360. The table below indicates the prices of various products and the discounts that Shoesholic will offer to its customers. Table 2 Products   packaging Retail price in Percentage discount given Wholesale   packaging Whole sale price Percentage discount given Shoes Dozen ?300 9 50 boxes ?15,000 10 Jewelry Dozen ?360 6 50 boxes ?18,000 12 bags Dozen ?350 10 50 boxes ?17,500 20 Place Place is another element of marketing mix that firms cannot overlook. This is based on the fact that despite the extensive advertisement that companies emulate, customers like products that are easily accessible. To ensure that our customers easily access our products in the market, we are focused at selling directly to our clients as shown below. Shoesholic Consumer As the company continues to expand its services in the UK market and the neighboring markets, more retail shops will be established to ensure that customers in the rural areas access the products in a timely manner. Product Shoesholic is a firm that specializes in the selling of quality women cloths including shoes, handbags and jewelry. Among the various brands of shoes that the company will launch in is inception includes peep toes, boots, stiletto, gladiators and flat form among others. In order to ensure that our customers easily recognize our products in the London shopping malls among other stores, our packaging will be unique (Bennis, 2009). This will entail wrapping the products in water proof nylon papers and then packing them in boxes. In this way, the products will be protected from damages caused by water and sunlight especially during transportation. With a warranty of one month for each of our product, we are focused at ensuring that customers will have opportunity to compare the quality of our products with those of the competitors (Hochbaum, et al, 2011). Promotion In our efforts to gain customer attraction, we will use fashion magazines within London city to promote our products. Additionally, Shoesholic will use local television stations, weekly complementary, brochures, roadside shows, banners, celebrities and international actors (Sinisalo et al, 2007). As a way of engaging our customers in our operations, Shoesholic will undertake annual competition where winners will win fabulous prizes including free shoes among other prizes. The table below indicates our annual budgetary estimates for promotion strategies. Table 3 Promotion avenue Amount (?) Local television 600,000 Magazines and brochures 150,000 Roadside shows 200,000 Weekly complementary 150,000 Banners 450,000 Total 1,550,000 Table 4 Legal and information technology aspects In their initial stages, new business ventures must ensure that they comply with the government regulations. For example, Shoesholic will need a trading license as well as the certificate of legislation. To ensure compliancy of the business activities, Shoesholic will hire a legal expert based in London (Fieser, 2000). The hiring process of a lawyer will be undertaken by the human resources manager. Other duties of the legal personnel will be to draft the memorandum of association, initiating copyright laws and handling court cases. In its effort to raise more capital, Shoesholic will engage its lawyer as well as internal auditing department in organizing and overseeing the initial public offer. One of the key qualifications that the lawyer will need to posses is knowledge in international law. This will be beneficial once Shoesholic intends to go global. Based on the high demand for our products in the local market, most of the customer order will be received online (Charlesworth, 2009). This implies that an effective information technology department will be established. Being under the control of four information technology experts, other duties of the department will be to ensure that all the computers used in the company are in appropriate condition as well as attending to any breakdown that may interfere with the receiving of payments or preparation of customer’s orders (Allen and Morton, 1994). In addition, the department will ensure effective communication with our customers via email and other social sites. Based on the technological advancement that are currently been experienced in the international market, Shoesholic will use the information technology department to ensure that on line adverts and promotion reach a huge number of audience (Statt, 1977). The table below indicates annual expenditures that will be incurred in the legal and information technology departments. Table 5 Department Amount (?) Legal department Wages and benefits 860,000 Legal process 250,000 Training of assistant legal personnel 450,000 Information technology department Purchase of new computers 700,000 Wages and benefits 800,000 Internet connection 30,000 Training 150,000 Computer maintenance 75,000 Total 3,315,000 Sources of finance One of the major sources of finance that Shoesholic will adopt is the contribution of local investors. Through this business plan, the company would appeal for the local business people and individuals to invest in the company (Dayananda et al, 2002). By use of the financial resources from investors, well-wishers and grants we will acquire vital equipments such as office furniture, computers and office space. As the company expands in the first two years of operations, our main focus will be bank loans using our assets as the collateral (Mishkin, 2011). To ensure that we accomplish our 5 years objectives, our aim will be to borrow ?5million from local banks payable in 1-2 years and another loan of ?100 million payable in 5-10 years. Another source of funds that Shoesholic will emulate will be the public contributions through initial public offer. In this way, the company aims to raise approximately ?500 million that will be useful in our endeavors to enter international market and establishment of branches in foreign countries (Tim, 2009). Based on our objective to increase shareholders returns, we are focused at expanding our investment portfolio by investing in real estate. The revenue generated inform of rents from the real estate will significantly assist the company in its future expansion strategies. Estimated expenditure: Amount in ? Table 6 Promotion 1,550,000 Legal department 1,560,000 IT department 1,755,000 Licenses and registration fees 65,000 Training of employees 100,000 Auditing fees 500,000 Office rent 550,000 Flexible benefits (insurance, gifts among others) 1,000,000 employees wages and salaries 2,000,000 Office expenses 750,000 Recruitment and training 150,000 Other expenses 850,000 Total 9,280,000 Sources of funds Table 7 Short-term sources Grants 1,500,000 Investors contribution 2,000,000 Sale and lease back 500,000 Bank credit 1,500,000 Bank loan 5,000,000 Sub-total 10,500,000 Long-term sources of funds Initial Public offer 500,000,000 Bank loan 100,000,000 Mortgage 4,200,000 Retained profits 1,350,000 Selling assets 2,000,000 Government grants 1,500,000 Secondary public offer 200,000,000 Sub-total 809,050,000 Total 819,550,000 Relevant rules and regulations and their applications As discussed above, Shoeholic must adhere to the regulations set by the government including trading license, certificate of incorporation, health certificate, VAT certificate, safety measures in the work places among other rules. It will be the duty of the legal department with the assistance of the external affairs department to ensure that the company applies for all the necessary legal documents (Elcock, 1994). To be compliant with the regulations of the London local government is one of the major aspects that will make our business to benefit from the government support (William, 2010). As argued by Hazard and Dondi (2004) compliance will be vital especially in all our procurement process. This is based on the fact that most of corporate customers and suppliers would request for a proof of our compliance with government regulations before delivering or ordering our products. Potential risks and ways to administer the risks One of the potential risks that we may face is lack of enough customers based on the fact that our competitors are well established and to convince customers to purchase our products will be a challenge. To address this risk we will undertake a market share analysis within the first 3 months of our operations (Baker, 2008). After identifying the percentage of our customers and the market share as compared to our competitors, we will undertake an extensive advertisement to expand our customer’s base. An additional risk is lack of proper financial management based on our initial financial challenges and increased start-up costs (Ichak, 2011). Such risks can jeopardize our efforts to attract more investors since majority will be keenly watching on our performance in the first few months. To have a control of the financial risks, Shoesholic will employ the services of Pricewaterhouse Coopers, an international auditing firm to regularly evaluate our performance as well as books of accounts after every six months (Aaker, 2008). With the assistance of the finance department, Pricewaterhouse Coopers will provide necessary advice on where to invest and the various sources of funds that are cheap. Conclusion Pugh (1990) stipulates that for a business to be successful, it is fundamental to make a business plan that encompasses all areas of the operations. For example, a new company should come up with objectives that are specific. Being a new venture located in the city of London, Shoesholic aims at achieving most of its objectives within 5 years. These objectives include increasing shareholders returns, expanding our market share, increasing employee’s wages among others. Through the introduction of various departments such as finance, human resources, marketing, IT and legal, the company will adequately deal with the challenges and risks that may arise during the initial stages of our operations (Cooperrider and Whitney, 2005). For example, human resources managers will take the responsibility of hiring and training all new employees while the legal personnel and information technology experts will deal with legal aspects and information issues respectively (Heller, 2003). Entrepreneurs face financial challenges during their establishment. Taking this into consideration, Shoesholic will explore all the opportunities to attain a significant capital. This includes borrowing from well-wishers, grants, investor’s funds, bank loans and public funds through initiating a public initial offer that will raise approximately ?500 million.   References Aaker, D. 2008. Strategic Market Management. London: Sage. Abell, K. 2009.Defining the Business: The Starting Point of Strategic Planning. Oxford: Oxford University press. Ackroyd, P.2001. London: The Biography. London: Vintage. Allen, T and Morton, S.1994. Information Technology and the Corporation of the 1990s. Oxford: Oxford University Press. Armstrong, M. 1996. 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Appendices Table 1 Table 2 Products   packaging Retail price in Percentage discount given Wholesale   packaging Whole sale price Percentage discount given Shoes Dozen ?300 9 50 boxes ?15,000 10 Jewelry Dozen ?360 6 50 boxes ?18,000 12 bags Dozen ?350 10 50 boxes ?17,500 20 Table 3 Promotion avenue Amount (?) Local television 600,000 Magazines and brochures 150,000 Roadside shows 200,000 Weekly complementary 150,000 Banners 450,000 Total 1,550,000 Table 4 Table 5 Department Amount (?) Legal department Wages and benefits 860,000 Legal process 250,000 Training of assistant legal personnel 450,000 Information technology department Purchase of new computers 700,000 Wages and benefits 800,000 Internet connection 30,000 Training 150,000 Computer maintenance 75,000 Total 3,315,000 Table 6 Promotion 1,550,000 Legal department 1,560,000 IT department 1,755,000 Licenses and registration fees 65,000 Training of employees 100,000 Auditing fees 500,000 Office rent 550,000 Flexible benefits (insurance, gifts among others) 1,000,000 employees wages and salaries 2,000,000 Office expenses 750,000 Recruitment and training 150,000 Other expenses 850,000 Total 9,280,000 Promotion 1,550,000 Legal department 1,560,000 IT department 1,755,000 Licenses and registration fees 65,000 Training of employees 100,000 Auditing fees 500,000 Office rent 550,000 Flexible benefits (insurance, gifts among others) 1,000,000 employees wages and salaries 2,000,000 Office expenses 750,000 Recruitment and training 150,000 Other expenses 850,000 Total 9,280,000 Table 7 Short-term sources Grants 1,500,000 Investors contribution 2,000,000 Sale and lease back 500,000 Bank credit 1,500,000 Bank loan 5,000,000 Sub-total 10,500,000 Long-term sources of funds Initial Public offer 500,000,000 Bank loan 100,000,000 Mortgage 4,200,000 Retained profits 1,350,000 Selling assets 2,000,000 Government grants 1,500,000 Secondary public offer 200,000,000 Sub-total 809,050,000 Total 819,550,000 Read More