Mercury Textile Industry Business - Term Paper Example

Mercury Textile Industry Business Plan Name: Institution: Executive Summary Mercury textile industry is a state of art industry that will deal with the production of all types of clothing such as men’s and women wear, schools, and college uniforms and games kits. The business is expected to start its operation when all the necessary requirements are in place. Upon establishment, the industry will be under American textile industry. To make sure that the business entry is recognized, it will ensure that people are aware of its quality product through media advertising and read shows (Abrams, 2003). The business is viable due to the availability of high demand, ready market, raw materials, Labour, and high return on investment. Its main goal is to have the largest market share and to establish itself as a major textile dealer in United States of America (Lee, 2011). Opportunity and Entry Strategies Mercury textile industry aims at achieving both the short-term and long-term goals. This will be put into practice by ensuring that the product is of high standards, and the products are affordable to every American citizen. The reason for venturing into the business is the experience that the owner has acquired from the same kind of business; the motivation and interest is a driving force to have his own textile industry. Apart from this interest, the owner has also acquired some basic knowledge from colleges and acquiring management skills. The Target Market The industry targets school going children, sports club, college and university students who need appropriate dressing code. The business also targets the entire population of America to supply every age group with quality and well-designed clothing. Competitive Advantages Mercury textile industry will ensure that it capitalizes on the competitors weaknesses to win a large percentage of the customers. The initial stage of the business wishes to serve a market share of 30%. The farm will use different ways of promotion and advertisement such as campaign rallies, promotions, calendars, E- marketing, and free T-shirts. The distribution of its product will be done daily directly to the individual customer’s premises. The changes that are likely to affect the business are changing in product and services, Government policies, technology and prices. The Management Team The business organization structure will be short and cost effective. The proprietor will serve as the manager. Other employees will include assistant manager, accountant, cleaners, Sales / purchases officer, secretary, craftsmen / women, guards, salesmen, drivers. The industry will recruit only qualified personnel for the job to maintain product quality and standards. Financial Plan The business will acquire its material and equipment by purchase them from specific distributors. $ 122,000 will be required for purchasing necessary materials while $ 149,500 will be required for purchase machinery and equipment. The business will abide by all the laws and regulations enacted in the state laws. The production cost for goods will be calculated, and good profit margin allowed making sure that the business makes a good profit. Table of Contents Executive Summary 2 Opportunity and Entry Strategies 2 The Target Market 2 Competitive Advantages 2 The Management Team 3 Financial Plan 3 Table of Contents 4 Business Description 6 Type of Business 6 Objectives 7 Short-term objectives 7 Long-term objectives 7 Market and Competitive Analysis 7 Customer Analysis 8 Market Share 8 Competition 8 Product / Services Strategy 8 Pricing Strategy 9 Sales and Promotion Strategies 9 Organization Structure 10 Operation Plan 11 Production Facilities and Capacity 11 11 Raw Materials Required Per Month 11 Production Strategy 12 Production Process 12 Regulation Affecting Operation 13 Financial Plan 13 Pre-Operational Costs 11 Working Capital Requirement (Year 1) 11 Proforma Income Statement 11 Proforma income statement for the year ending 31st Dec, Year 1. 11 Proforma Balance Sheet 12 Proforma balance sheet as at 31st Dec, Year 1 12 Projected cash flow (year 1) 13 Break Even Analysis 14 Total Contribution Margin 14 5.5.6 Break-even revenue 16 Contribution Ratio % 16 Break even turn over 16 5.5.9 Break Even Units 17 Desired Financing 17 Capitalization 17 Profitability 17 Return on equity 18 Return on Investments 18 Conclusion 19 References 20 Business Description The name of the business is MERCURY TEXTILE INDUSTRY whereby MERCURY comes from the first planet while TEXTILE INDUSTRY indicates the type if the business venture. The main objective of the industry is to produce high-quality products using state of art technology to produce quality and affordable clothing for America’s citizen and later for export. The location of the industry is yet to be decided by the owners, but the proposed location is near the supply of raw material such as cotton and wool (Covello & Hazelgren, 2006). The opportunity of justification of this type of business comes after a market study and research finding that most clothes are designer made and are very costly for average Americans to afford. The rise in number of schools going children, and sports clubs that require proper and affordable outfits is rising in America too (Pinson, 2008). This is the reason for having the desire to come up with this investment in the near future. Form of Ownership / Business Status The plans is to start the new business as an entrepreneur. This means that I am the sole manager of the business and will manage all the profits of the business and eliminate cases of delay in decision making since there will be no consultations in making business decisions. He will also be in direct contact with his customers hence creating a good relationship with them. As a matter of enhancing market and maximizing profits, the owner will link to other textile industries within the region. As the business owner, the business must be registered legally to the state authorities and be issued with relevant trading documents (Ogunkoya & Shodiya, 2013). Type of Business The business will include manufacturing part whereby it will have to make all types of clothes including uniforms, suits, counter-suits and all women and gents wear. Moreover, the business will include servicing part, which will include recycling of old clothes (Taslak, 2004). The use of highly qualified experienced and competed human resource plus modern machines and facilities will ensure the production of high-quality goods under a state of art technology. This will enable the business to enter the field of competition with other pertinent businesses hence expanding the market, maximize sales and profit (Maiyo & Imo, 2012). The business will be unique because it will not target a certain class of people but targets all kinds of people living in America. This gives it the advantage of selling their products to anybody who would want them. The availability of high quality and experienced marketing staff will ensure that customers are handled cautiously and with great concern of customers’ needs and standards in order to attract more customers’ and expand the market (Cebeci, 2009). Objectives Short-term objectives i. Acquire customers: -The business aims at dominating its area of operation and the state by capturing large market share in the region. ii. Customer satisfaction: - The business must take into account the need of its customers and satisfy their quality and standards. iii. Making / maximizing profits: - As it is usual that the aim of any business is to make a profit from the sale of goods (Mlambo & Phimister, 2006). Long-term objectives i. Employment: - The business will create job opportunities employing workers, experts, and different kinds of human resource to work in the industry. ii. Expansion: - In future, the business intends to maximize profits and build stores for its products in major cities within America and export products to other countries (Singletary & Winchester, 1998). Market and Competitive Analysis One of the major targets of Mercury textile industry is to dominate the market by producing quality clothing. The market and competitive analysis will focus on: a) Pricing: - The business will sell its products at a price percentage below other competitors. This will ensure that it attracts more customers, maximize sales and make great profits by retaining customers (Dubrovski, 1994). b) Promotions: - The business will use strategic and affordable ways to create awareness of its existence and the products it process. The business will be giving discounts and incentives to customers who buy a certain amount of its products. This will encourage customers to buy in large quantities and increase sales (Gleissner & Femerling, 2013). c) Free transport facilities: - The business will transport goods free of charge to the premises of its customers who buy in large quantities (Nikabadi et al., 2013). d) Advancement on product variation: - Mercury textile industry will vary its products depending on the style and current trends in the market. This will make sure that the needs of the current generation are met as per the current fashion (Megan, 2015). Customer Analysis The customers that are expected to buy the products are considered as follows; A. Institutional / corporate customers: - These are the business’ major customers in the area such as schools and sports clubs e.g. Football, tennis, and basketball that will require uniforms for their activities. They are approximately to take 60% of the products. B. Individual customers: - The local’s individuals that will be buying the products for their own use and are to take 25% of the sales. C. Commercial customers: - the customers who buy goods for retailing in order to sell to others for a profit. The business expects that they will take about 12% of the total customers. D. Other customers: - Customers who are not expected but they happen to pass through the business shops and buy the products. These include travelers and people on holidays, and they account for 3% of the total customers (Divita et al., 2012). Market Share The research conducted by the business indicates that the business can have a market share of 30% against other competitors. The aim of the business is to increase this market share from 30% to 48% within the first year. Intensive advertisement, quality products, and commendable services in addition to reasonable prices will achieve this increase. Statistics shows that the business still have a growth potential of about 25% and in future it is expected to cover the largest area or market share possible despite stiff competition from the other related firms (Jin et al., 2012). Competition Although the business is expected to grow rapidly, it will be facing stiff competition from other related firms that have been enjoying a monopoly in the region. The state of art machinery will ensure the delivery of products of high quality and standards that will attract customers. The business unique target markets are schools because in the region there is no other business that distributes uniforms to schools. This is where the business targets to monopolize and in future will lead to its growth and attain the expected target (Nikabadi et al., 2013). Product / Services Strategy Following the main point of the business of enhancing the market and maximizing sales, the business is targeting to offer goods of high quality which will be achieved through the following ways: - Using the latest / most recent technology in producing its goods and offering quality services. Using materials of high quality to make durable and valuable goods. Employing trained people to produce better and high-quality products. The business intends to offer produce varieties of textile products to enable customers have varieties products. Pricing Strategy 1. Production cost: - The products require these costs in changing raw materials to final products. It includes the cost of raw materials, fuel, and Labour required in for the production process. 2. Transport costs: - The process caters for total costs in transporting the materials to the business plus cost of distributing the products to customers. They may include charges of advertisement cost and dispatching goods to various destinations. 3. Demand and supply: - Selling price will depend on the market force on demand, supply and quantity, durability and the prevailing market prices. Discounts can be offered to people buying in bulk and hire purchase services will be offered. Sales and Promotion Strategies The business target is to get maximum sales possible when it became operational. In order to achieve this, various sales strategies applicable will include: Appropriate working hours: - All the business sales outlets will open at 0630hrs and closed at 2000hrs on working days. This will make sure that goods are available to customers whenever they need them. The production is expected to run 24hrs to ensure that goods be produced adequately and are available to customers. Cost reduction: - The business will reduce the cost of the products by a definite percentage Lower than the competitors’ prices. This will attract and retain more customers to the business. Use of sales representatives: - sales representatives will ensure stock in the market is maintained as at the same time promote the brands produced by the company. Selling at hire purchase: - It is the plan of the business to employ hire purchase system of selling to sell large quantities of goods at increased prices due to monthly installments. Offering discounts: - Customers who will be buying large quantities and paying immediately will be offered a discount in the products purchased. Product promotion: - the company sales department will ensure the products are promoted in the market through advertisements in media sources e.g. magazines, newspapers and television, sales promotion and E- marketing. Distribution strategy: the company will ensure an adequate supply of the products in the market to meet the market demands (Porembka, Carnes & Georgetown University, 2013). Organization Structure The following is the organization structure for mercury textile Industry. Each personnel/ staff will have various responsibilities and roles allocated to them. Team leaders will closely supervise production team at various lines of production. The management team will decide on salaries and allowances after monitoring the market trend, and further calculations made on the company income level. Operation Plan Production Facilities and Capacity Mercury Textile Industry plans to have advanced equipment’s, which will work efficiently for a long period. The table below shows such facilities and their costs for a start. EQUIPMENT QUANTITY UNIT COST (KSH) TOTAL COST ($) Sewing machines 20 4,500 90,000. Over lock machines 1 6,000 6,000 Knitting machines 2 8,500 17,000 Iron boxes 10 450 4,500 Ironing tables 2 5,000 10,000 Tape measures 10 40 400 Knitting needles. 10 Pairs 200 2,000 Sewing needles 50 Pairs 300 15,000 Thimbles 20 30 600 Pairs of scissors 20 Pairs 200 4,000 GRAND TOTAL 149,500 Raw Materials Required Per Month A grand total of $ 149,500 is required to purchase equipment’s and an amount of $ 122,000 for the purchase of raw materials per month. Before the production process starts, survey has to be conducted to access the preference and likes of the customers available in the market. The table below shows the raw materials required per month and their estimated costs. description specification quantity unit cost ($) total cost ($) Dress making / tailoring materials Cotton Polyester Linen Lining ply 400 meters 200 meters 200 meters 100 meters 100 100 100 80 40,000 20,000 20,000 8,000 Zippers XL L Medium 10 Kg 10 Kg 10 Kg 100 100 100 1,000 1,000 1,000 Buttons Mixed 20 Kg 50 1,000 Knitting straps Blue Yellow Green White 100 rolls 30 rolls 100 rolls 20 rolls 100 100 100 100 10,000 3,000 10,000 2,000 Sewing straps Mixed colors 100 rolls 50 5,000 GRAND TOTAL $ 122,000 Production Strategy Mercury Textile Industry will be dealing with production of all categories of human clothes. By use of the qualified and skilled staff the current technology, the business will acquire its raw materials from the available sources and import some of the raw materials. Due to change in technology, the firm will be updating the skilled men by offering vocational training and seminars to build capacities of the staff. This will make sure that the firm can cope with the advancing technology and meeting consumer’s taste hence attracting and retaining customers (Burns, Bryant & Mullet, 2011). The stock level will be maintained by balancing between stock inflow and stock outflow. This means that the management will make sure that the stock is maintained in a level such that stock used will be immediately replaced thus ensuring enough supply of goods and services to customers whenever they need them. Filling of questionnaires and also direct interviewing will be used to evaluate customers. This will make sure that the business knows the areas to improve on, fashions to be introduced and, above all, know the demand in various goods. Through this, the business will be able to provide first class goods that are in demand and thus attracting and retaining its customers and, above all, meet the customers demand (Porembka, Carnes & Georgetown University, 2013). Production Process The production process includes steps followed right from getting raw materials to marketing of the products. First, the business will be placing an order for raw materials from the available sources. This will be followed by payment of the ordered goods that will be done through either banker’s cheque or any other appropriate means of payment. Once raw materials reach the business premises, they are to be stored temporarily in the company warehouse or storage facilities. The production process will include first making a rough sketch of the necessary sketch of the cloth followed by measuring, marking, and cutting of the material. The already cut materials will be joined and stitched accordingly to make the finished product and then finishing carried on the product. This will include putting buttons, zippers, ironing and all necessary activities which will need to be carried on the products. It is also during this finishing process when the products will be starched (Wang & World Scientific, 2014). The finished products will be kept in the store awaiting distribution. The business vehicles will do the distribution of the finished products to the customers. These products will be sold either to the final customers or to the other business entrepreneurs in order to enhance market and distribution. The income from sales will be used to continue the production process, acquire raw materials, and paying the workers. Regulation Affecting Operation The investors will have to meet all the state requirements before starting the operation process, such as, Public Health Act, Factory Act, and Trade Licensing Act etc. these statutory requirements will ensure the eligibility of the company and its full compliant to operate within the land. The factory act will ensure for occupational health and safety of the workers and ensure they are provided with personal protective equipment’s while at work (United States., and Stern, et al. 1990). Financial Plan This is to cover all the investments required for the proposed business and analysis to determine the viability and technical feasibility of the business (Walter, Katsuni's & Carosio, 2009). This section is to cover the following: - Pre-operational costs. Working capital requirements. Proforma income statement. Proforma balance sheet. The projected cash flow statement. Break-even analysis. Expected profitability ratios. Desired financing. Proposed capitalization. A proposed capitalization of $1,000,000 is required for the running of Mercury Textile Industry. This is to be financed by owner’s equity of $ 400,000 and a bank loan of $60,000 as the source of capital. The pre-operational requirement costs required for the start of Mercury Textile Industry sums to an amount of $51,200, and the business expects to generate a total profit of $ 652,386 in the first quarter of its operation. The business is expected to break even at $2,486,000, $2,983,200, and $3,578,480 for the first three years of its operation respectively. The return on equity for the first three years is approximated to be at 48.3%, 62.36%, and 56.71% respectively. Return of investments is to be at 65.2%, 74.38%, and 85.4% for the first three consequent years of its operation Pre-Operational Costs NO. DESCRIPTION AMOUNT ($) 1 Transport 10,000 2 Market research 15,000 3 Registration 4,200 4 License and permit 5,000 5 Installation 16,500 6 Photocopying 500 TOTAL COST 51,200 Working Capital Requirement (Year 1) NO. DESCRIPTIONS AMOUNT ($) 1 Stock of raw materials 271,500 2 Stock of finished goods 293,000 3 Debtors 110,000 4 Cash 125,000 TOTAL WORKING CAPITAL $800,000 Proforma Income Statement Proforma income statement for the year ending 31st Dec, Year 1. ITEM AMOUNT ($) Sales Cost of goods Gross profit 5,688,000 2,108,160 3,578,840 Expenses Wages Rent Water Telephone Electricity Advertising Stationery Postage Transport Insurance Interests on loans Repairs 1,354,200 60,000 8,640 10,368 7,200 28,800 1,440 1,368 172,800 5,000 120,000 14,400 Net profit before tax Tax 1,794,624 287,140 NET PROFIT AFTER TAX $1,507,484 Proforma Balance Sheet Proforma balance sheet as at 31st Dec, Year 1 DESCRIPTIONS AMOUNT ($) ASSETS Current assets Cash Debtors Stock of finished goods Stock of raw materials Total Current Assets 245,000 215,600 575,260 532,140 1,568,000 Fixed assets Machinery and equipment Furniture Fittings Office equipment Total Fixed Assets 253,820 78,400 34,300 25,480 1,960,000 TOTAL ASSETS $3,528,000 LIABILITIES Current liabilities Creditors Long-term liabilities Bank loans – American Bank - SHBC Owner’s equity 510,000 240,000 120,000 2,658,000 TOTAL LIABILITIES AND EQUITY 3,528,000 TOTAL FINANCED BY $3,528,000 Projected cash flow (year 1) YEAR THREE MONTHS 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Beginning balance Add cash sales Debtors CASH RECEIPTS 1,816,199 2,622,400 255,120 4,693,719 2,126,976 2,946,880 306,144 5,380,000 2,385,000 3,336,256 367,310 6,088,626 2,538,228 4,803,500 440,850 7,782,578 CASH PAYMENTS Purchases Creditors Wages Rent Water Telephone Electricity Transport Stationery Postage Interests Repair Advertising Taxes Depreciation\ 1,368,576 39,720 338,550 15,000 4,440 4,200 3,732 96,240 1,248 1,440 30,000 20,760 50,840 690,995 -------- 1,642,300 47,664 338,550 15,000 5,330 5,040 4,480 115,488 1,500 1,730 30,000 24,910 62,200 700,800 -------- 1,970,750 57,100 338,550 15,000 6,390 6,048 5,375 138,585 1,800 2,080 30,000 29,890 74,650 874,180 ------- 2,365,000 68,650 338,550 15,000 7,672 7,260 6,450 166,300 2,160 2,490 30,000 35,870 89,580 1,045,212 -------- TOTAL CASH PAYMENTS 2,566,741 2,994,992 3,550,398 4,180,194 NET CASH FLOW 2,126,976 2,385,000 2,538,288 3,602,384 ACCUMULATED CASH FLOW $10,254,653 $12,639,661 $15,177,889 $18,780,273 Break Even Analysis Total Contribution Margin Contribution margin = sales – total variable costs Year 1=3,950,000-294,414 = $3,655,586 Year 2 = Contribution margin = 4,740,000 - 402,551 =$ 4,337,449 Year 3 = Contribution margin = 5,688,000 - 532,156 = $ 5,155,844 Contribution Margin percentage Contribution Margin% = Contribution Margin X 100% Sales For the 1st Year = 3,655,586 x100% 3,950,000 =92.5% For the 2nd Year =4,337,499 x 100% 4,740,000 =91.5% For, the 3rd Year = 5,155,844 x 100% 5,688,000 = 90.6% 5.5.4 Total fixed costs NO DESCRIPTIONS YEAR 1 YEAR 2 YEAR 3 1 Wages 1,354,200 1,354,200 1,354,200 2 Rent 60,000 60,000 60,000 3 Insurance 5,000 5,000 5,000 4 Interests on loans 120,000 120,000 120,000 TOTAL COSTS 1,539,200 1,539,200 1,539,200 Total fixed sales are: YEAR 1 = $1,539,200 YEAR 2 = $1,539,200 YEAR 3 = $1,539,200 Break-even levels Break-even levels = Fixed costs Contribution margin % Year 1 = 1,539,200 92.5% =1,539,200 x 100 92.5 = $1,664,000 Year 2 = 1,539,200 91.5% = 1,539,200 x 100 91.5 = $1,682,185 Year 3 = 1,539,200 90.6% = 1,539,200 x 100 90.6 = $1,698,896 5.5.6 Break-even revenue Break even revenue = Total sale – Cost of sales Year 1 = $3,950,000 – $1,464,000 = $2,486,000 Year 2 = $4,740,000 – $1,756,800 =$ 2,983,200 Year 3 = $5,688,000 – $2,108,160, = $ 3,578,840 Contribution Ratio % Contribution Ratio % = Contribution x 100 Total sales Year 1 = 2,486,000 x 100 3,950,000 = 62.94% Year 2 = 2,983,200 x 100 4,740,000 = 62.94% Year 3 = 3,578,840 x 100 5,688,000 = 62.92% Break even turn over Break even turn over = Fixed costs Contribution ratio % Year 1 = 1,539,200 62.94% = 1,539,200 x 100 62.94 = $ 2,445,504 Year 2 = 1,539,200 62.94% = 1,539,200 x 100 62.94 = $ 2,445,504 Year 3 = 1,539,200 62.92% = 1,539,200 x 100 62.92 = $ 2,430,388 5.5.9 Break Even Units Break Even units = Contribution margin Fixed Costs Year 1 = 3,655,586 1,539,200 = 2.375 Year 2 = 4,337,449 1,539,200 = 2.82 Year 3 = 5,155,844 1,539,200 = 3.35 Desired Financing ITEM AMOUNT ($) Pre-operational costs 51,200 Working capital 800,000 Fixed assets 148,800 TOTAL DESIRED FINANCING 1,000,000 Capitalization ITEM AMOUNT ($) Total Investments 1,000,000 Owners contribution 400,000 Borrowed funds 600,000 Profitability Gross profit percentage Gross profit percentage = Gross profit x 100 Sales Year 1 = 2,486,000 x 100 3,950,000 = 62.94 % Year 2 = 2,983,200 x 100 4,740,000 = 62.94% Year 3 = 3,578,840 x 100 5,688,000 = 62.92% Return on equity Return on equity = Net profit after tax x 100 Owner’s equity Year1 = 652,386 x 100 1,350,000 = 48.3% Year 2 =1,041,499 x 100 1,670,000 =62.36% Year 3 = 1,507,484 x 100 2,658,000 =56.71% Return on Investments Return on investment = Net profit after tax x 100 Total investments Year 1 = 652,386 x 100 1,000,000 = 65.2% Year 2 = 1,041,000 x 100 1,400,000 = 74.38% Year 3 = 2,586,000 x 100 3,028,000 = 85.4% Conclusion Clothing is one of the basic human wants that need to be met. Mercury Textile Industry is an art of state industry that, when established will try to meet this critical human want by producing quality and fashionable clothes to the people of America and later spreading wings to other parts of the world after a full establishment. The industry can capture the market by supplying affordable clothing to every age and class of people (Burns, Bryant & Mullet, 2011). It is my great hope that the industry meets all the set objectives and succeeds in meeting the market demand for clothes and uniforms. References Abrams, R. M. (2003). The successful business plan: Secrets & strategies. Palo Alto, Calif: The Planning Shop. Burns, L. D., Bryant, N. O., & Mullet, K. K. (2011). The business of fashion: Designing, manufacturing, and marketing. New York, New York: Fairchild Books; London, England: Bloomsbury Cebeci, U. (July 01, 2009). Fuzzy AHP-based decision support system for selecting ERP systems in the textile industry by using a balanced scorecard. 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Oak Ridge, Tenn: Distributed by the Office of Scientific and Technical Information, U.S. Dept. of Energy Walter, L., Katsuni's, G.-A., & Carosio, S. (2009). Transforming clothing production into a demand-driven, knowledge-based, high-tech industry: The leapfrog paradigm. Dordrecht: Springer. Wang, J., & World Scientific (Firm). (2014). Institutional change and the development of industrial clusters in China: Case studies from the textile and clothing industry. Singapore: World Scientific Pub. Co. Read More