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Business plan Description of the Business - The business idea Jewelry and Co is a sole proprietorship Jewelry store dedicated to consistently providing high customer satisfaction by rendering quality jewelry, diamond settings and providing customers with excellent service. Jewelry and Co offers quality jewelry at significant discounts because of direct buying channels. Our mission: Jewelry and Co strives to be the premiere jewelry store in Brooklyn. Our goal is to be a step ahead of competition. We provide customers with quality jewelry at reasonable prices than any other jewelry store in the region. Our mission is to be the lowest cost jewelry store in Brooklyn area. - Major products and services Jewelry and Co will offer wide range of products and services that include: Quality custom jewelry (14 kt & 18 kt Gold Jewelry, Platinum jewelry, etc) Pearls Wedding bands Handcraft jewelry (bracelets and necklaces) Diamonds (independently certified loose diamonds, engagement rings, earrings, etc) Jewelry full-in-store repair - Ownership structure Sole proprietorship.
Jewelry and Co is owned by one person. This means the owner of the business reports business income and losses on her personal tax return and is personally liable for any business-related obligations, such as debts or court judgments (Ownership structures, n. p. ) - Strengths and weaknesses Strengths: a) Location. Jewelry and Co has an easily accessible location for customers.
b) Convenience. Jewelry and Co offers clients a high range of services and quality jewelry at moderate prices c) Over half of the residents in our marketing territory are people with high income. Weaknesses: a) We are not the first jewelry store in the area b) Our competitors give customers excellent service c) The independent contractors we use are difficult to control from the quality standpoint. -Long and short term goals - To increase revenues from new customers - To establish financial condition sufficient to support planned growth of Jewelry and Co through profitability. - Grow the jewelry store to the $ 1 million annual sales level - To maintain tight control of quality and operations - Develop and market jewelry full-in-store repair Description of the Competition - Industry characteristics This industry is part of the Retail Trade sector in the US. Operators in this industry retail a range of jewelry and watch products. Operators within this industry do not cut and set gemstones (see NAICS 33991), retail costume jewelry (see NAICS 44815), retail antiques or used jewelry, silverware, and watches and clocks (see NAICS 45331), retail jewelry via electronic home shopping, mail-order, or direct sale (see NAICS 45399), or, provide jewelry, watch and clock repair without retailing new jewelry, watches and clocks (see NAICS 81149) (Market Research Report, n. p. ) - Condition of the economy US jewelry industry enjoys a leading position.
US retail sales of diamond jewelry increased by 8. 2 percent last year The main competitors for Jewelry and Co will be: - Touch of Luxury Inc - Fine Silver for Nana & Eur Inc Both of them are specializing in high-fashion expensive jewelry - Strengths and weaknesses of competitors Strengths: - Excellent service to customers - Boutiques specializing in high fashion jewelry Weaknesses: - High prices for jewelry - Dont have wide range of service (jewelry repair) Marketing Plan - Description of marketing activities Our marketing strategy is satisfied clients. Our marketing activities will be: - Advertizing (TV, radio advertising, shirts, bumper stickers with Jewelry and Co logo, etc) - Grand Opening Event - Emphasizing exceptional service - Description of resources needed Radio and TV advertising will precede the grand opening event for two weeks. The budget of the event will be $ 5. 000 - Schedule of marketing activities Grand Opening Event date: June 2006 Customer Analysis - Description of customers Target market major customer groups and key customers: due to our reasonable prices we expect to serve customers with mid and annual low income (60 % of the potential customers). Potential Customers
Growth
2005
2006
Customers with low income
5 %
100, 000
105, 000
Customers with mid level income
8 %
500, 000
540, 000
Total
13 %
105, 000
645, 000 - Location Jewelry and CO store will be located in Brooklyn.
The customers base is growing. All the potential customers are located in Brooklyn. - Sales forecasts Sales Forecast
Sales
July 2006
August 2006
September 2006
Quality custom jewelry
$ 70, 150
$ 92, 530
$ 128, 631
Pearls
$ 25, 670
$ 48, 840
$ 84, 150
Diamonds
$ 85, 230
$ 90, 400
$ 120, 600
Total Sales
$ 181, 050
$ 231, 770
$ 333, 381 Operations Plan Operations is the process through which resource inputs are converted into useful outputs. Inputs include raw materials, capital facilities, equipment, labor, and management talent. Outputs include manufactured products, services, information, and anything else the customer values.
The operations function creates what the business will sell and the operations section of the business plan describes the inputs, processes, procedures, and activities required to do so. (E-business plan: Operations, n. p. ) - Organization of the company, description of major operations, analysis of resources needed, human resources plans Jewelry and Co declares a legal form of ownership (sole proprietorship). Organization of the company will be as follows: Administration Research and development Sales and Marketing (this department includes service and customer relations) Financial Plan - Start up costs, long and short term financial needs, source of financing, budgets and financial statements Jewelry and Co jewelry store will be acquired at $ 600, 000 via investors funds. We will be leasing a 400 square foot store in Brooklyn. The monthly rental will be $ 700. Jewelry and Co will be assuming an initial capital start-up of $ 50, 000 for operating expenses.
The investment will be used for the majority of start-up expenses. These purchases will include security deposit of an office (jewelry store), small business education, software products, Our projected sales figures are realistic in terms of the Brooklyn jewelry market and operations based on current pricing research. Bibliography Ownership structures. Retrieved September 12, 2005 < web > Jewelry Stores in the US. (May 2005). Market Research Report.
Retrieved September 13, 2005 < web > E-Business plan: Operations. Retrieved September 13, 2005, < web >
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Research essay sample on Sole Proprietorship Grand Opening
