21 Apr Part IV of the business plan is due in week 7. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I fee
Part IV of the business plan is due in week 7. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part IV Requirements
1. Financials Plan
a. Present an in-depth narrative to demonstrate the viability of your business to justify the need for funding.
b. In this section describe financial estimates and rationale which include financial statements and forms that document the viability of your proposed business and its soundness as an investment.
c. Tables and figures must be introduced in the narrative.
i. Describe the form of business (sole-proprietor, LLC, or Corporation).
ii. Prepare three-year projections for income, expenses, and sources of funds.
iii. Base predictions on industry and historical trends.
iv. Make realistic assumptions.
v. Allow for funding changes at different stages of your company’s growth.
vi. Present a written rationale for your projections.
vii. Indicate your startup costs.
viii. Detail how startup funds will be used to advance your proposed business
ix. List current capital and any other sources of funding you may have
x. Document your calculations.
xi. Use reasonable estimates or actual data (where possible).
2. Continuous Improvement System
a. Present a brief summary of the continuous improvement processes that you will utilize for quality management (Six sigma, TQM, etc).
T3 Embroidery LLC
BUSINESS PLAN
Prepared by:
Latasha N. Felder
304 Martin Luther King Dr.
Lonnie, Georgia 31095
9123972151
t3embroidery.com
I. EXECUTIVE SUMMARY
T3 Embroidery LLC (referred to from hereon in as the "Company") was established as a Limited Liability Company at 10406 GA Highway 26 E, Montezuma, Georgia 31063, with the expectation of rapid expansion in the manufacturing industry.
Business Description
The Company was formed on 03/01/2023 as a Limited Liability Company under Georgia state laws and is headed by Latasha N. Felder.
The Company currently employs 2full-time employees and three part-time employees.
Business Mission
"T3 Embroidery is dedicated to providing customized embroidery and unique sewn patches made with precision and passion, catering to everyone who loves embroidery while constantly offering new and fresh designs. "
New Service
The Company is prepared to introduce the following service to the market:
Stitch work: We specialize in custom embroidery, sewn patches, and design services.
The company offers products made with precision and passion, and they pride itself on its attention to detail.
II. BUSINESS SUMMARY
Industry Overview
The manufacturing industry presently makes 15 dollars in sales in the United States.
Research shows that consumers in this industry primarily focus on the following factors when making purchasing decisions:
T3 Embroidery plans to leverage social media networks by creating new content, launching new products, and running.
Campaigns that will be shared across their active channels. They also recognize the importance of motivating customers to advocate for their business by spreading the word to their friends and family.
As T3 Embroidery grows, they plan to build a team and employ more staff to help manage their orders and reduce turnaround times.
Business Goals and Objectives
Short Term:
1. Increase customer base by 20% within the next year through targeted marketing efforts.
2. Achieve a 90% customer satisfaction rate through regular feedback and improvement measures.
3. Increase production efficiency by 15% through process improvement initiatives.
4. Expand product offerings to include a new line of embroidery designs within the next six months.
Long Term:
5. Increase revenue by 25% next year through strategic pricing and promotion strategies.
6. Hire and train two new employees within the next six months to increase capacity and shorten turnaround times.
7. Establish partnerships with at least two small fashion brands within the next year to expand market reach.
8. Increase social media engagement by 30% within the next six months through regular posting and targeted advertising.
Legal Issues
The Company affirms that its promoters have acquired all legally required trademarks and patents.
III. MARKETING SUMMARY
Target Markets
The Company's primary target markets are as follows:
T3 Embroidery's target group is anyone who loves embroidery. Most of their customers are schools and small businesses, but they aim to expand their reach to other companies in the future.
The estimated number of potential clients within the Company's geographic scope is 20.
Table 1: Target Market Analysis
|
Target Market |
Potential customers |
location |
|
schools |
Students, staff, sports teams |
local |
|
Small business |
Owners, employees |
local |
|
Other companies |
varied |
Local and beyond |
Pricing Strategy
The Company has comprehensively analyzed its competitors' pricing and has decided on a pricing strategy based on the number of stitches required for each item while considering its customers' price sensitivity and ensuring that the margins would cover operating costs. The company will have fees ranging from $25 to $65 per piece, allowing buyers to select a price that fits their budget. This competitive strategy also enables T3 Embroidery to target diverse consumer categories, with some ready to pay a premium for superb quality merchandise while others are more budget conscious.
Table 2: Pricing Strategy
|
Stitch count |
Price per Piece ($) |
|
0-900 |
25.00 |
|
901-4000 |
35.00 |
|
4001-9000 |
45.00 |
|
9001-14000 |
55.00 |
|
14001-20000 |
65.00 |
T3 Embroidery would be considered a bargain choice and a premium brand compared to the company's competitors. This is because the company has considered the prices of the direct competitors and has set prices that are similar or slightly lower, depending on the product and level of customization hence meeting the needs of a broad audience.
T3 Embroidery's pricing strategy aligns with what was revealed in its competitive analysis. They have researched the prices of similar offerings and have established fair and competitive rates. T3 Embroidery will provide exceptional customer service and credit policies, guaranteeing that consumers are delighted with their products and services. For customers with limited financial resources, they will also offer payment plans and other forms of flexibility in pricing. These measures will boost customer loyalty and repeat purchases.
Promotional Strategy
T3 Embroidery intends to employ a comprehensive marketing plan to reach prospective clients and increase brand recognition. The firm has identified low-cost methods, such as social media marketing, email marketing, and referral programs, to maximize its promotional budget.
In addition to low-cost methods, T3 Embroidery intends to use targeted Facebook and Instagram ads for paid advertisements. This will enable the business to reach prospective consumers who may not follow its social media accounts. The firm will also exhibit its products and network with prospective customers at trade exhibits.
T3 Embroidery desires to project a professional and superior image to its clients. The company will spend money on designing logos, business cards, flyers, and signs to help make its brand more recognizable. The business’s interior will be designed to exude professionalism while being warm and inviting to customers.
T3 Embroidery intends to implement a system to recognize recurring clients and routinely get in touch with them via email marketing or tailored promotions to increase customer retention. T3 Embroidery aspires to promote customer loyalty and positive word-of-mouth recommendations by maintaining relationships with returning clients.
The Company aims to:
· Increase customer base by 20% within the next year through targeted marketing efforts.
· Achieve a 90% customer satisfaction rate through regular feedback and improvement measures.
· Increase production efficiency by 15% through process improvement initiatives.
· Expand product offerings to include a new line of embroidery designs within the next six months.
Distribution Strategy
T3 Embroidery intends to have a physical and online store to sell its goods. Customers will have the option of making purchases either in-store or via their website.
The Company intends to sell its products directly to clients and will not use distributors as part of its distribution network. However, they are open to collaborating with small fashion businesses to broaden their market reach.
T3 Embroidery will distribute its products through its own sales staff and agents. They will also use social media networks and targeted advertising to enhance customer involvement and revenue.
As the company expands, they intend to recruit and train two new staff within six months to boost capacity and reduce turnaround times. They also hope to raise social media engagement by thirty percent in the next six months through regular posting and targeted advertising.
Services
First-rate service is intended to be the focus of the Company and a cornerstone of the brand's success. All clients will receive conscientious, one-on-one, timely service in all capacities, be they transactions, conflicts, or complaints. This is expected to create a loyal brand following and return business.
IV. FINANCIAL PLAN
12-Month Profit and Loss Projection
Monthly expenses for salaries and overhead
(Projected): $7,000.00
Revenue and sales for the upcoming year of business
(Projected): $10,000.00
Gross profit for the upcoming year of business
(Projected): $20,000.00
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