Dialect We are a design agency thats primary focus is in branding and identity. Our mission is to be a dynamic design agency that specialise in branding and identity. Creating a platform for emerging talent we provide a unique solution to any creative problem. Business objectives We are going to adopt the 4 pâ€™s approach so that we can achieve our sales targets. Our product is primarily our service. Product - We are offering a service that primarily focuses on co-operate branding. Place - We have decided to base our business in the QU2 creative area of Leeds. Not only is this cheap and easy for us to set up our business (rent, elec. etc) but it is in a good location in the centre of leeds. To attract local clients and clients further afield. Promotion - We will promote our business through web and mailshots as-well as networking events where we showcase our work and unique skills to businesses invited from the local area and other contacts from the top 500 companies in the north. Price - We will be charging ÂŁ549.79 a day on an average 9-5 day. After we are financially stable and well known in Leeds and the local area we will bring in emerging talent from universities all over the country. Applicants will have to be selected by us to work on existing and new clients. This will add a unique selling point to our company and added value through keeping our work constantly current and exciting. Our 5 year goal will be to move to a bigger premises, and expand to a larger team.This will allow us to expand the client base and take on more clients at a time which will increase revenue. Further plans include expansion geographically allowing us to tap into companies in the south of england.
Dialect Business Plan
The people in the business Four people will be employed for the first year. After this a fifth member will join our team for limited periods helping us to expand, take on more clients and stay current within the industry. What are their roles? Ben Harwood - Accounting/Finance/Designer Sam Edwards - Senior Designer Chloe Wilkinson - Creative Director/Designer Emily Fairbank - Client Liaison/Designer Despite reviewing porters matrix we believe that the success of our business will be through adopting a hybrid strategy combing elements of differentiation with cost/price competiveness. We will be a Private Limited Company - Limited liability will allows to have financial security which will be ideal as we are a new business and the risks can be high. Due to being a separate entity it allows the company to continue even if members for whatever reason leave/die. Also as a limited company we will only be charged on our profits at 21% However if we were to be a partnership or sole trader the more the business were to earn the more we would be taxed. upto 50%. Resources Our service is primarily branding and identity; we will provide Brand strategy, Brand Language, Corporate Design and Packaging Design. Each of these areas will equate to 25% of the income of the business. We will require the following resources; Luckily we are all equipped with MacBook Pro laptops and so will not need to purchase this resource. Due to our premises, things like office equipment, furniture and printng resources are prodivded for us so this is another cost that can spared. The main resources that need to be purchased are the Adobe software packages, paper, pens and broadband internet. Overhead costs will be around ÂŁ3000 No stock will be needed for our business.
Prices Our pricing strategy will be to charge ÂŁ548.04 per day. (See daily charge rate document attached.) Dialect Business Plan
We found it very difficult to obtain prices of our competitors but received an email from one company saying that they would charge ÂŁ450 for basic logo development and further prices would be discussed with the client. On this grounding our charge rate would be slightly more expensive than theirs, but i am sure if they had relaeased details regarding the charge for a full project with a client our prices would work out the same if not cheaper. Three of our major competitors are: Fuse8 BML Creative The Engine Room Customers Everybody needs a brand in a market so competitive as todays. The service is popular and is provided from lots of other people so a uniqe selling point is key. The idea of branding and identiy is not completely new but the concept of creating a platform for new designers is. There is an increasing design for our service as more and more companies struggle to stand our from their major competitors. Due to economic change many companies are struggling and see a re-brand as the perfect way to increase sales and profit. Our typical consumer will be businesses in the yorkshire area. The businesses will be successful but will need our services to improve their image and reputation. With in yorkshire there are 1000â€™s of small businesses, however we will be focusing primarily on the top 500 companies in terms of turnover with in Yorkshire. This will also allow our work to be put to use in large markets allowing it to be noticed and as a result increase promotion and revenue. Below is a SWOT analysis outlining our different attributes so that we can effecitvley compare ourselves to customers. Strengths - Intimate, Innovative, Committed, Transport Links, No reputation Weaknesses - Lack of experience, Unknown in the industry, No reputation Opportunities - Economy is effecting businesses so they want something to diversify them from the rest therefore it is a prime opportunity for a branding company. Also brands are always in need so no matter what there will always be business. Threats - Lots of competitors within the market will be a threat as it gives consumers a lot of choice. Generating enough cash flow within the first year to stay afloat. Every customer that comes to us will spend a different amount. The price will vary according to the size of the project in question. The demands of the customer will always alter the price of a project also. The more demands that are included in correlation to the time given to complete a project will also determine the price. It is likeley that due to the nature of branding and identity if our job is done well enough the company will not need to come back to us. However, due to the success previously they may come back for other smaller projects/products. Larger companies with subsidiaries may also choose to use our services. Technological changes could effect our sales due to us having to be at the top of our game when it comes to software and print processes. Promotion: Our service will be advertised on a number of different platforms; Dialect Business Plan
Print - We will mail out mailshots to a database of the top 500 companies in the surrounding area. The mailshot will include all the information regarding us as a company aswell as a 10% voucher that can be used with the first project We hope that this mailshot will entice companies into choosing us for all of our design needs. Further way of advertising through print will be a press ad in the Leeds Life Magazine that has over 100,000 subscribers. This means that our audience will be perfect in attracting business. We also wish to advertise in the guardian on sunday which will be read by over 1,000,000 people. Web - Various social networking sites are vital in the current market for promoting your business. We hope to create twitter, Facebook and tumblr accounts to communicate with our customers and give us a platform to inform our ideas and showcase our previous work. Events - We hope to host events where local business will be invited. At these events the mission statement and ethos will be communicated to these businesses along with our work being showcased. Competitions - As a company we will enter various creative competitions so that we can win awards and call ourselves an award winning company this will earn an invaluable reputation.
Total set up costs Legal costs Companies house will be a ÂŁ20 charge. Our overheads for the first year can be seen on the daily charge work sheet attached. Total overhead costs = ÂŁ15448 ÂŁ3000 will be spent on promoting the business within the first year. We will finance our business start up through borrowing money from close relatives. Parents of all members of the business have agreed to split the overhead costs with a 2 year pay back scheme. Financial control We will use the quickbooks software to analyse our finances. This costs a small fee but will be invaluable allowing to monitor things like VAT. We will use the PEST market analysis system to monitor our position in the market. By analysing political, economical, social and technological changes within the market we will be able to see how our business compares. This will allow us to realise whether we have to adapt to the market so that we can continue to be successful.
Dialect Business Plan