Scan Lab Medical Imaging (a start-up) offers a variety medical image scan tests for New Bedford and the surrounding communities.
The Market
Scan Lab is targeting insurance carriers. To set up contracts for medical scanning service providers, insurance companies will use a process called a submittal. These contacts are crucial in today’s medical environment, as 99% of scans are billed to insurance. The gatekeepers are insurance companies. Scan Lab realizes the importance in getting insurance carrier approval and will work hard on all plans.
Once Scan Lab is approved by insurance companies, it will depend on physicians referring their patients to Scan Lab. Doctors refer patients based on many factors, including their geographic location, convenience, insurance accepted, scan type, and who they know. It is important to create strong marketing campaigns that alert doctors to Scan Lab’s services.
Services
Scan Lab offers a range of radiology based medical scanning tests. Scan Lab has the latest equipment and the expert medical training to interpret and provide valuable consultations to the physicians who make the patient referrals to Scan Lab.
Management
Dr. Carolyn Jones leads Scan Lab. Dr. Jones received her medical degree with a specialization in radiology from the University of California San Diego, a nationally recognized medical school for radiology. John Hopkins is also nationally recognized for its radiology program. Dr. Jones completed her residency there. Dr. Jones was a radiology physician for 13+ years at a large Boston hospital.
1.1 Mission
Scan Lab’s goal is to be the leader in New Bedford medical scanning technology. This will be possible through friendly service and flexible acceptance of insurance plans.
1.2 Objectives
To capture 40% local physicians’#8217’ business in two years.
To achieve profitability in two years.
To double sales by the end of year three.
1.3 Keys to Success
Only purchase equipment for medical use that is in demand.
Fast, friendly and accurate service.
For medical imaging equipment that requires high-end capital, strict financial controls are necessary to manage them.
The Pacific Valley Sport Medicine Center in Southerlin will soon open. Dr. John Meeks, who has been a chiropractor with the Nichols Wellness Center for six-years, will be opening his own practice at the Center. Dr. Meeks is joining the Center that will have the city’s best and most respected sports injury specialists. The Center’s founders sought out Dr. Meeks as a specialist.
These physicians are responsible for 70% of Dr. Meek’s referrals. In his new practice, Dr. Meeks will be able to focus exclusively on sport injury referrals which will increase in his new location in the Center.
1.1 Mission
Sports Chiropractic’s mission is to promote the health and well-being for Southerlin athletes by providing quality, accessible chiropractic care. We use a service that emphasizes trusting, respect, confidentiality, compassion. Quality chiropractic care is our goal. It’s provided in collaboration with a physician’s overall health strategies. We are further committed to the philosophy that we exist for the customer/client.
1.2 Objectives
To continue developing, strengthening, and improving the Center’s chiropractic services.
To increase the Center’s commitment for chiropractic services.
Referring more patients to the Center’#8217;s doctors is a better way to go.
Inspect A-bode is a residential home inspection service serving Eugene, OR and the surrounding community. Inspect Abode provides home inspections that are complete. They also offer additional services like radon testing, electromagnetic field testing, and asbestos testing. The service will be available to both buyers and sellers. Most of the sales will be made by real estate agents that have formed strategic relationships with inspect A-bode.
In order to reach projected profitability, the company’s two major goals are the utilization/reference of Inspect A-bode in at least five of the top 15 real estate brokers in the area, and to increase the number of clients sold by 20% per year.
The Company
The company will operate as a sole proprietorship, owned and managed by Mr. Chek. Domisile, who has 12 years’ industry experience, will be the sole-proprietor of the company. This will allow Mr. Domisile to leverage his 12 years of industry experience and provide a competitive edge.
Selle Domisile, Chek’s wife will be a paid consultant. Selle has worked as a residential agent for the past 10 years. Selle will leverage her existing connections to generate referrals for Inspect A-bode. The company does not plan to hire any additional employees and will have all accounting and bookkeeping subcontracted.
Services
The company offers many different inspection services. These services include foundation analysis for cracks and settlement, as well as moisture influx. These inspections check for water pressure and look for any signs of deterioration or leaks. The company’s electrical inspection looks for loose wires, shorts, shock/fire hazards, and proper functioning of Ground Fault Interrupt (GFI) receptacles. A house’s interior inspection will determine whether it has adequate heating and insulation, ventilation as well as vapor barriers, dry-rot, pest infestations, and other carbon dioxide hazards. Asbestos testing, radon and electromagnetic field testing are all options.
The cost of the full service is $200-$400, depending on size of home, layout, and any areas such as a swimming pool requiring special attention.
The Market
The home inspection industry in Eugene is decent sized, about 20 different companies. Most companies are small outfits and offer a fairly standardized service. The items that are inspected are the same as their price.
Inspect Abode will be focusing its efforts on two broad groups of customers. The first is real estate agents. A financial incentive will be offered to the agents for referring Inspect Abode customers through their strategic relationships.
Individual sellers and buyers can also be targeted by inspect A-bode. Each group has something to gain from having an inspection performed on the property they wish to buy/sell. Inspect A-bode will target these groups through focused advertisements providing visibility of Inspect A-bode.
The company will launch an advertising campaign in magazines that home buyers read, as well the Yellow Pages.
1.1 Objectives
Inspect A-bode’s objectives for the first three years of operation include:
To create a service-oriented business that surpasses customer expectations.
The utilization/reference of Inspect A-bode in at least five of the top 15 real estate brokers as listed in the Eugene Chamber of Commerce book of lists.
Superior performance is required to increase the number and sale of clients by 20% annually
To develop a sustainable home business.
1.2 Mission
Inspect Abode’s mission, is to provide quality home residential inspections. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
Wright’s Dental Laboratory is being established with the goal of providing dentists with restorations of superior quality and value. We have all the top-of-the-line esthetic material. Our services and product quality are outstanding.
Wright’s Dental Laboratory recognizes that every practice is unique and each doctor is special. We will take the time to listen to casework problems. Examine the individual circumstances of each doctor. Before we offer a solution, we first get to know their needs. As their partner, then we put all of our resources to work for them.
It is a result that provides practical and creative solutions for their casework requirements on a regular basis. All this is backed by over 25 years of expertise and an investment in techniques that improve patient care quality, such as Product C* and Brand B Model 2, Product E and all the leading implant systems. Wright’8217;s Dental Laboratory offers products and services that complement well-established restorative plans that encourage aesthetics, tooth strengthening, and conservative preparation.
*Registered trademark brand and product name have been hidden in this sample program.
Keys to Success
Wright’s Dental Laboratory has the following keys to its success:
The dental laboratory has to adapt its methods in order to keep up with the changing demands of dentistry and the aspirations of dental professionals.
The dental laboratory must be committed to CONSISTENT product excellence.
People are the only source of dynamic resources in our dental lab. It must give everyone the chance to maximize their abilities.
Objectives
The objectives of Wright’s Dental Laboratory are as follows:
Each year, increase sales.
Increase the number of dentists using lab services aggressively each year.
Expand service area so that it covers the entire LochJaw Tri-County area.
Grassroots Wireless a startup company that offers wireless broadband Internet connection to many Chicago areas, is an innovative start up. Grassroots is able to connect large areas with broadband Internet connections by using Wi Fi technology and their own repeaters.
Steve Teche is the founder of Grassroots. Steve Teche has a MBA and a Bachelor’s in Computer Science. He is well equipped to implement this well-researched business strategy. Steve spent two years with the Peace Corps. This experience gave him a solid foundation in project management and gave him a boost in confidence.
There is a large market for broadband Internet connections via wireless broadband. The demand for traditional broadband connections exceeds conservative forecasts. Due to significantly lower delivery infrastructure costs, the wireless market has become even more attractive. As GrassrootsՉ۪s customer base expands, so do costs. This creates a compelling argument for GrassrootsՉ۪ existence.
Grassroots focuses on three groups. The first group is students. This market segment uses the Internet most frequently and has high expectations about the speed of their connection. The second is professionals. These people have disposable income, a limited time frame, and use the Internet for both personal and professional purposes. Techies are the last target group. This group is the early adopters of any type of technology and spend incredible amounts of time immersed in Internet technology.
Grassroots is a compelling business concept that leverages advances in technology and proprietary tools to offer a market need at below market prices. Margins can be increased as customers increase, which allows for great margins. This innovative business plan is likely to succeed, with Steve Teche in charge of its execution. The business will earn modest profits in year two, increasing exponentially in year three. Net profit is forecasted to be commensurate in years two and three.
1.1 Mission
Grassroots Wireless is committed to providing fast, reliable wireless Internet access at a fair price. We must ensure that every customer is satisfied with our services.
1.2 Keys for Success
Practice disciplined growth.
In the second year, reach profitability
Ensure that the customer’s needs are met and maintain a 90% customer retention ratio.
1.3 Objectives
Provide, fast, reliable, wireless Internet access.
PRfect Greens, an environmental PR firm based in Eugene, Ore. PRfect Greens’s areas of focus include crisis management. Image creation and management of publicity events. All of these activities ensure the proper management of sensitive environmental concerns by companies who are not typically seen as environmentally friendly.
Mining companies, natural gas extraction firms, and lumber companies are some of the typical clients. These clients are seeking professional assistance to improve their perception of the environment. PRfect Greens will quickly grow market share with their innovative and specialized customer service.
PRfect Greens will grow its customer base quickly by taking advantage of its competitive advantages. PRfect Greens will benefit from a unique skill set and experience in environmental PR work. This will allow them to provide valuable insight that is not available to other PR firms. PRfect Greens is known for their flexibility, which allows PRfect Greens seamlessly to meet any client’s needs.
PRfect Greens is the result of a partnership between two industry professionals, each with years of experience. PRfect Greens will leverage their skills, experience, and innovative approach to reach profitability by month 10, generating noteworthy revenues by year three.
1.1 Mission
PRfect Greens’ mission is to provide the customer the highest quality of environmental PR consultancy. Our mission is to maintain and attract customers. This maxim will guide everything else. Our services will exceed the expectations of our customers.
1.2 Keys for Success
These are the keys to your success:
Attention to detail.
Be creative.
Professionalism.
Results.
1.3 Objectives
These are the objectives for the first three-years:
To establish a start-up business whose primary goal it to exceed customer’s expectations.
Superior performance and referrals are key to increasing the number of clients that we serve by at least 20% each year.
To create a sustainable business that can survive on its own cash flow.
Watching sports is a group activity. Going to each other’s houses get tedious. It is difficult to find a place where people can watch, cheer, eat, or drink their favorite games and favorite beverages. After a great night, they are ready to go home.
Solution
Take Five Sports Bar and Grill strives for the title of Southeast Region’s premier sports restaurant. Our goal: To be a step above the rest. We want our customers having more fun with their leisure time. We provide more televisions showing more sporting events than any other region. Every table is equipped with state-of the-art table-top microphones that allow customers to hear the program they are interested in without any background noise. In order to achieve our ultimate goal of providing entertainment/dining experience that is both memorable and affordable, we mix menu selections, ambiance, atmosphere, and service.
Market
Bars and Taverns are local gathering places where customers can eat bar food and drink alcohol-based and non-alcoholic drinks. Bars and taverns have historically been places that were able to establish a relationship with specific suppliers or vendors in order to market or increase awareness of particular brands. Bars, taverns, and other casual spaces often have bar stools and tables. Entertainment can include music, comedy, and dancing.
To draw specific audiences or increase attendance, you may offer specials. Cocktail bars offer light snacks or h’, and generally serve light meals. It can be attached as a part of a restaurant or hotel. Individuals who like high-end wines will find wine bars. Martini bars caters to those who enjoy martinis. There are gay bars, bars for lesbians, bars for bikers and singles, as well as gay bars, bars for lesbians, bars that cater to alternates and singles. The adjective used to describe the person is the person who attends. Minors can be granted restricted access, depending on whether they are accompanied by an individual or a specific time. Most municipalities have policies regarding hours and zoning.
Concurrence
Technomic’s BarTAB (Trends in Adult Beverage), report revealed that the Top 100 Nightclub & Bar venue venues in 2013 earned $1.5 billion in total revenue. Over two-thirds, or 68.2%, of the operators surveyed saw revenue growth in 2012 and almost three-quarters (31.4%) of them reported revenue growth exceeding 10%. Again, top nightclub and bar venues outperformed overall industry. Bar and nightclub sales grew 3.9% in 2012. The industry will continue to face competition from other industries, such as restaurants and people who prefer to drink at home through 2023.
While the distilled spirits industry has been lucrative, Federal and state excise taxes play a significant role in the industry. According to the National Center for Policy Analysis (NCPA), thirteen states had requested an increase in tax and other fees on alcoholic beverages. The taxes on distilled spirits averaged $0.21 per ounce. According to the Distilled Spirits Council in the United States, “distilled spirit is one of most heavily taxed products in the United States.” More than half of the price that consumers spend on a typical bottle of distilled spirits goes toward a tax of some kind.” This has a wide-reaching impact on the hospitality industry. The DSC states that “When beverage alcohol taxes rise, it causes a devastating ripple effect on all jobs in the industry.”
The Distilled Spirits Council reported that total U.S. sales increased 2.2% to 210,000,000 cases in 2014. Supplier sales rose 4 percent to $23.1 billion in 2014. The U.S. market for distilled spirits is worth nearly $70 Billion. This is enough to support hundreds of thousands in the hospitality sector and produce more than $20 billion in tax revenue for all levels.
The U.S. Department of Commerce reported a 5.2 percent increase in adjusted alcohol sales to nearly $9.2Bn in June 2008, compared to the same time last year. The NCPA also reported that the Federal excise tax collected on distilled spirits for 2006 was $4.4 Billion. This includes $3.6 Billion from beer, and $800 M from wine. State taxes also reached almost $5 billion during the same period.
The total number of establishments at 58 829 in 2009 was 20.2 per cent. These establishments accounted for 11502 establishments and $4.
2009 revenues were 1 billion. Of the 71.7 percent of places classified as bars and lounges, 6.2 percent fell under the general classification with 3,523 firms and $858.9 million 2009 revenues; 31.2 percent were classified as taverns with 17,732 establishments$3.7 billion in 2009 revenues; 20.4 percent were classified as bars with 11,569 establishments and $3.11 billion in 2009 revenues; 11.6 were classified as cocktail lounges with 6,599 establishments and $1.61 billion in revenues. A smaller portion of this segment was made up of wine bars and beer gardens. Finally, night clubs, cabarets, and discotheques combined for an 8 percent market share, or 4,541 establishments, and combined 2009 revenues of $1.89 billion.
Why Us
Take Five Sports Bar and Grill aspires to be the best sports themed restaurant in the Southeast Region. Our goal is to be a step ahead of the competition. We want our customers having more fun with their leisure time. We provide more televisions with more sporting events than anywhere else in the region. The tabletop audio control system at every table allows the customer to enjoy the selected program in a clear and uncluttered environment. To achieve our ultimate goal of providing entertainment/dining experiences that are both enjoyable and affordable, we combine the best of atmosphere, ambience, food, and service.
Expectations
Forecast
A net profit of $445,000. will be realized in the first year. Since 10 months of operations have already been completed the confidence level for final first year numbers is extremely high. Actual figures are available for the first ten months of start-up expenses, sales revenues, operating expenses, and other costs.
Double Decker Tours of Washington, LLC, (DDTOW) is a brand new sightseeing company that has just begun its operations. The company is trying to fill a gap in the local sightseeing tours market. The gap exists in high quality, reasonably-priced sightseeing trips in the nation’s capital, away from the center of the city. This indicates that a new entrant to the market could be expected.
The Company’s Mission
Double Decker Tours of Washington’s mission is to provide safe, reliable and fun sightseeing tours to the visitors of Washington, DC using London-style double-decker buses. Three of the buses are closed to inclement and cold weather. Nine of the buses will open their tops for sunny and warm days.
Product and Services
DDTOW will offer daily sightseeing tours and charter service in Washington DC. We will visit the White House, Capitol Building and Supreme Court, Senate Office Buildings, House Office Buildings and Museums, Library of Congress, Adams Morgan, Catholic University, and other important sites in the city.
Sales and Marketing Strategy
DDTOW is going to spread the message that travelling with us can be fun. Comcast Cable System is our first platform for promoting our message. In the Washington region, we also plan to host parties for tour association decision makers as well as media. We expect to spend $80,000 on marketing before the opening. As we earn, we will spend 1% of our gross revenues on marketing and advertising. We will also distribute survey cards to assess what we are doing right and identify what we are doing wrong.
The Competition
We are the main competitor in Washington’s sightseeing market.
Tourmobile: Tourmobile is located at East Potomac Park. It is authorized to offer sightseeing tours along Arlington National Cemetary’s National Mall. Tourmobile has a shuttle service which uses 120-passenger trams in Arlington and 85-passenger Trams on the Mall. They’ve been in business for more 25 years. Tourmobile, Inc. was founded in 1969 by Universal Studios as a subsidiary. They provide interpretive services along National Mall. Tourmobile, Inc., a Washington DC-based company, was purchased by Tom Mack in 1981. Tourmobile has over 42 vehicles and serves upwards of 2 million riders annually.
Historic Tours of America: HTA operates in Washington as the Old Town Trolley and DC Ducks. HTA operates in all 50 states. HTA is similar to Tourmobile and uses a shuttle for passengers. The trolleys can carry 35-60 people.
Grayline International: Grayline International has offices and tours worldwide. Grayline contracts out its services to local bus lines and runs multiple tours. Grayline runs the Lil Red Trolley as its service in Washington.
Zohery Tours: Zohery Tours, a local company, operates 15-passenger vans as well as 45-passenger coach busses. Zohery tours take approximately three hours.
Target Market
In recent Washington Convention and Tourism Corporation figures, it showed that 17.6 million people came to visit Washington, DC, spending over $10 billion dollars; $4 billion of that on sightseeing and tourism related activities. Although overnight leisure travel increased significantly while day-trip volume was down, the good news was that average trip expenditures increased to levels of $480 per day per trip. Many of the trips that were made to the city centered around visiting historical places and museums (36%) and shopping (24%). Leisure travel saw 36% more solo travelers than 80%, and 23% more leisure travelers brought their children than 6%. Many of our visitors were over 75K in income, married, had no kids, and held advanced degrees. Visitors from abroad fell by 19% three years ago and by 14% two year ago. But, Washington was visited by over 1,000,000 foreign tourists, ranking it 8th among US destinations by foreigners.
Management
Michael Frank Coleman* will serve as member manager. He is now the member manager.
A wealth of experience in Washington sightseeing. This includes working with Tourmobile and leading walking tours. Mr. Coleman has a knack for recognizing opportunities and developing staff members to take advantage of those situations. Coleman will hire a team consisting of experienced professionals to run operations and market the services.
Paul F. Williams* has more than 30 year experience in international business development. He will now act as DDTOW’’s business development director.
This sample plan excludes confidential and proprietary data.
Operation
The MCI Center, 601 F Street in Northwest Washington, will be the place where tickets can be purchased and buses boarded. This location is a great place to have foot traffic, ample parking, and easy access to public transportation. The buses will be stored and serviced by Peter Pan Bus Service in Tuxedo, Maryland thereby reducing staff cost and insuring top notch services for our customers. As administrative offices, a small office will be situated on Third Street in Northeast Washington.
Financial
Our research and projections indicate that the demand for sightseeing tours in and around Washington is sufficient to provide Double Decker Tours of Washington, LLC with revenues of over $14 million dollars in its first full year of operations, utilizing 15 used London-style double-decker tour buses and selected routes throughout the city. These sales figures were based on 453,000 customers from a potential customer base that could reach 22 million. With additional advertising and expanded tours, second year revenues are expected exceed $17million to serve over 500,000 customers. DDTOW’s plans could lead to a greater growth rate, in part due to the opening of new memorials in Washington and other venues. DDTOW’’s market share will increase by more than the demand for tours in the target market. These sales figures will result in net profits of $13million dollars in the first year and $15million in the second year. The net profits for year one will exceed 60% of sales, and they will remain at that level in the second year. The due diligence package includes a company’s long term plan. The initial months of formative operation are costly. (See the Start-up table at the end of this document) Revenue will not be possible until then. This is due to new tour operators’ regulatory and organizational obligations. However, aggressive marketing and promotion can easily make up the slow start.
Long-Term Development & Exit Plan
Goals
We will continue to expand our presence in the area through the use of double-decker buses and tours that target new routes. Our goal is to establish a reputation of safety, quality and enjoyment that will make us the top-rated tour operator in Washington.
Milestones
We will closely monitor sales and profit after our service begins. We will continue to look for new markets, if we achieve our goals by year two.
Risk Evaluation
Risk is inherent in any new venture. The success of the project depends on the acceptance of our new tours or buses. We anticipate that we will face stiff competition from established tour companies after year 1.
Exit Strategy
DDTOW would love to expand its reach into the Baltimore and Richmond markets, Atlanta, Miami, and Atlanta over the next ten-years. We will be open to the possibility of being bought out by larger Sightseeing/Tour operators or to selling to a new owner.
Funds Needed and Used
DDTOW is looking for financing in the amount of $800,000. This will be in the form of five-year loans. In decreasing value, most of the expected start-up cost are allocated to these areas:
Purchasing twelve 70-passenger London-style double-decker sightseeing buses, nine of which are open top for beautiful days and nights and three closed top for cold or inclement weather.
Provisions of a sufficient cash reserve to assure timely payment of operating costs of the buses for the first three months.
Costs of recruiting, training, as well as paying operational crews.
Marketing, advertising, public relations, including costs for setting up a website that can offer tour information, make online sales, and reserve tours, as well conventional print and broadcast advertising and public relations activities.
Administrative and legal expenses incurred for the establishment of the business and tour operations.
A reserve is a fund that covers all operating costs (except bus operating costs) for the minimum three months of operation.
The following chart shows highlights of our first three year business plan.
1.1 Objectives
Double Decker Tours Washington’s primary objectives will include the following:
To create and manage a tour company that will focus on touring the monuments, museums, and government buildings in the capital city, as well the historic neighborhoods beyond the city.
Implementing an organizational and marketing strategy to achieve an average load per bus between 65-85 percent and 75-100% depending on the season. This will maximize revenues and return on investments while reducing risk.
Our first year of operations saw us earn approximately $14 million in revenue. We hope to reach $20 million our third year. Expanding into new markets within the Baltimore-Washington corridor.
To achieve net operating profits of 60-70 percent within the first 12 months of tour operations and steady growth enabling rational expansion of the company thereafter.
To achieve these results, twelve 70-passenger London Doubledecker buses were purchased in Washington to serve the touring public. As demand grows, the fleet was gradually expanded.
To gear operations and present professionalism, serenity, and growth-oriented images from the outset. This will set up the conditions for a rational, planned expansion.
In order to realize DDTOWՉ۪s other main objectives, it is important to establish and maintain strategic alliances through Washington Convention and Tourism Corporation, Greater Washington Board of Trade and other Washington associations and groups.
Success Keys 1.2
In decreasing order of importance the following five key factors are crucial to Double Decker Tours’ success in Washington:
Experienced, highly professional management team who combine vision; realism and financial ability; solid know-how of Washington’s sightseeing market; familiarity, and belief, in the utilization and benefits computer information technologies. Realization of the critical importance to success of an organization personnel; total commitment to the overall goals and mission of Double Decker Tours Washington.
A company that uses intelligent, innovative and aggressive marketing to identify itself as a different type of player. This is a company that is smarter and more professional than what is expected in Washington. Key pillars of the strategy’s marketing strategy are safety and professionalism. They will also care about the customer’s needs and provide straightforward pricing.
Identification, through careful market research, of unserved or under-served routes in the city that may be of interest to our customers and enable high load factors and profitable operations.
Use of a fleet of London-style doubledecker buses that offer an unobstructed view of the city from the top deck and offers a high level of comfort, safety, and fuel and operational efficiency.
Information technology can be used for reducing staffing and other operational costs; expanding the potential market base; capturing sales opportunities easily; and improving customer convenience.
1.3 Mission
Double Decker Tours of Washington, LLC, has the goal to provide affordable, professional, and safe sightseeing services to customers. We aim to fill a gap in Washington’s sightseeing market. Our goal is to show the most popular sites and highlight those that are well-known to millions of tourists. We will operate and maintain the best fleet of buses available and we will never skimp on safety or customer service. We will always have and promote fun tours
So that the customer will be able to recall the great experience and refer us to friends or family when they leave us. From the moment they meet us, to the moment they leave, we provide courteous and friendly service.
With a combination of clean buses, friendly and informative and helpful driver guides along with outstanding customer service, DDTOW intends to lead the other companies and make our standards their ambition.
Malone’’s Maternity is an up-and-coming boutique retailer of baby and child clothing and accessories. Malone’s Maternity has a broad range of high-end products that it will be able to offer its customers. Sandy Malone has formed the business as an Ohio corporation. By offering a nice selection of upper-end merchandise with benchmarked customer service, Malone’s Maternity will quickly gain market share.
The Market
Malone’s Maternity has identified two distinct market segments to target. The parents are those who purchase the products either for themselves or their spouses. This segment, which includes 135,457 potential clients, is growing at an astounding 9% per year. This second group includes friends and people who are buying gifts. This market segment sees a 8% annual increase rate with 299.454 potential customers.
The Concept
This is what you can imagine. You walk into a new retail space and it is an upscale boutique, as if you were on Fifth Avenue or Beverly Hills Drive. You’d be wrong to think that the clothes were made for celebrities, but they are meant for moms who are expecting their kids/babies. This may sound a little unusual but it is essential. It is important for fashion-conscious women to find upscale boutiques where they can purchase chic clothes for themselves, as well as stylish clothes for their toddlers. While there is one other store in the Cleveland Metropolitan area that sells clothes at a similar price point, the store itself does not communicate the feeling of an exclusive boutique. Malone’s Maternity hopes to prosper by offering upscale items to upscale clients.
Management
Sandy Malone, the founder of Malone’s Maternity, will lead it. Sandy is a Sociology major. Sandy started her career at Saks Fifth Avenue after graduation. Sandy was the primary buyer for the whole chain within four years. A job that gave her unparalleled insight into the retail business. Sandy worked in this role for several years, gaining valuable knowledge and important skills. Sandy gained the necessary experience and had three children. Sandy was keenly aware that the Cleveland area did not have many high-end options for expectant mothers and children. With this insight, industry experience, and important skill sets, Sandy will lead Malone’s Maternity to become the premier boutique in the area. Malone’s Maternity will achieve strong sales for years two and three while earning moderate net profit for those years.
1.1 Objectives
To create a maternity clothes and accessory boutique.
Gain market share quickly by addressing the high-end price points of infant and maternity clothing.
To become financially independent in two years.
1.2 Mission
It is Malone’s Maternity’s mission to become the premier maternity boutique for the upscale expectant mother and her child. The boutique will offer the most current fashions and customer service at its best.
1.3 Keys To Success
Provide the best maternity clothes, accessories and gifts for moms and babies.
Pamper your customers
For your business, establish a strict financial control program.
Popular culture does not have to be local anymore. Cable television, syndicated radio broadcasts, and internet have enabled a world where fashion statements from New York City can be made in just days in small cities across the country. The rapidity of our telecommunication system has raised young customers’s expectations and increased their demand for products that express their cultural identity.
This plan describes how SmokeJumpers will offer youth customers products and clothing that are both popular in large cities but not locally.
The target customer is “Generation Y,” age 11-18, who listens to alternative music, participates in youth sports like skateboarding and snowboarding, and looks toward alternative clothing trends in large urban areas for inspiration. SmokeJumpers will bring you the latest fashions in clothing, footwear and other products.
Mission
The mission of SmokeJumpers is to offer distinctive youth-oriented fashion and products to our target customers.
Keys to Success
Accessible store that will always have something you need.
A strong vendor relationship will enable you to ship your orders quickly.
Advertising to target customers should be a successful strategy.
Create a store image our target customers find attractive and fashionable.