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Business Plan Jessica Debenham Charna Cole

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Contents Company/ Financial Projections

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Organisational Structure

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Business Oppurtunity/ Mission Statement

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Funding/ Funding Requirements

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Overview of the Industry

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Funding Requirements

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Projected Position of the Future

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Logo and Brand Name

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What our Customers Want

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Business Card

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Customers and Consumers

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Website

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Customer Interview

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Website

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Wedabou Customer/ Pen Portrait

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Social Networking

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Customer Moodboard

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Social Networking

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Customer Moodboard

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Financial Projections

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Direct Competiton

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Financial Projections

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Wedabou SWOT

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- Year One

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Direct Competiton

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- Year Two

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Other Compotition

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- Year Three

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Basket Analysis

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Photo

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Basket Analysis

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Break Even Charts

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Positioning Map

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Break Even Charts

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Company Strategy

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Five Year Plan

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Benetrix Matrix/ Ansoffs Matrix

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Conclusion

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Core Operations

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Back Page

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Company Company Name: Wedabou Website Address: http://wedaboubouquet.wix.com/wedabou Social Networking Facebook: https://www.facebook.com/wedabou Twitter: https://twitter.com/wedaboubouquets Instagram: http://instagram.com/Wedabou Contact Details Email: wedabou.info@gmail.com Mobile: 07791490505 Ownership: Charna Cole and Jessica Debenham

Financial Projections

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Business Oppurtunity Wedabou is a wedding bouquet company that specialises in personalised, handmade bouquets, buttonholes and posies. The target customers for the business are brides-tobe, aged 20-35. The store is primarily an online based platform. This allows customers across the United Kingdom to access and view the products available. Wedabou will attend craft and wedding fairs, around the south coast of England, (the most popular area in the UK for weddings) to further advertise and sell our wedding products. The goal is to create beautiful handmade bouquets for brides, that they will be able to love and cherish forever. Wedabou will also offer outstanding customer service, treating each bride as an important individual, rather than “just another customer.�

Mission Statement To create the perfect memory; Once wedding, One bouquet, One bride at a time. Forever and always.

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Overview of the Industry Over the past 4 years, there has been an increase of 25,000 UK marriages. Since the recession, weddings have increased in popularity, as people have higher family values over material goods. This also suggests that they would rather spend money on something that will last and hold the memories over something that will die within the week. On average, a UK wedding will cost around ÂŁ15,000. While the average cost of flowers is roughly ÂŁ800. 16.9 million adults have purchased a crafted item and a further 9.6 million would consider buying a crafted object. They are more likely to be female than male. This shows that there is a popularity for handmade items for special occassions/weddings, particularly bridal bouquets. It is safe to conclude from these facts that there is a solid customer base that will increase for years to come. In the last year, there has been a large increase in button bouquet businesses. However, research shows that brides do not know that these bouquets are available to them. Wedabou is a unique company that can offer a wider range of services. Wedabou will concentrate on advertising in the south of England (the most popular wedding destination.) This will be carried out by attending as many craft and wedding fairs as possible and joining the main social media networks. Wedabou offers the bride to own a lasting, personalised memory of her wedding day.

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Projected Position for the Future Wedabou focuses on creating the perfect bouquet for each individual bride. There is a growing selection of button bouquet stores in the UK online. To be successful in this growing market, Wedabou are going to offer better customer service and really push for the company to be acknowledged. From looking at competitors websites and social media networks, they are not updating as regularly as they could do, to keep their customers interested in their products. Wedabou will concentrate on communication with their customers, new and existing. This requires regular updates on social media sites, such as Facebook, Twitter and Instagram. These updates will include, exclusive offers and behind the scenes photographs of products being made and the company developing. This will make the customers feel part of the Wedabou family. Wedabou will have a large online presence, this will include a website where people can either purchase pre-made wedding bouquets, posies and buttonholes. Or they can contact the company for bespoke products. This will require great customer service, fast replies (within 1 working day) aswell as helping the bride recieve the perfect bouquet for her wedding. This will make the brides feel like individuals, who have had their own unique shopping experience. Wedabou will use the most beautiful packaging available, as Wedabou wants to portray themselves as a luxury brand, but with affordable prices. This will consist of a handmade wooden box, with the logo cut out of the side (as a window, to see the product inside) as well as a congratulatory letter on the customers wedding- using their names. This will make the customers and the product feel exclusive.

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Customers and Consumers Customer research shows that brides are becoming older, as they are more likely to marry after they have lived with someone, as opposed to previous years, when they would get married then live together. This increases the age bracket to 20-35 years. Wedabou’s customers are also more likely to purchase a handcrafted item, because they are interested in the arts and crafts industry already. Wedabou’s customer is from Generation Y and is therefore are more confident and comfortable with technology. Because of this, the store location online, will be more popular with customers than a bricks and mortar shop. The advertisement through Facebook, Twitter and Instagram will also be much more popular, due to customers always social networking. Customers will be looking for us after they are engaged, this is on average 18 months before the wedding date. This is the time Wedabou need to inspire and convince their customers that they are the brand they want. Wedabou can reach their customers at this time by advertising at wedding fairs and in wedding magazines, as these will be the things that they will be looking at and attending in these 18 months. Wedabou’s customers are going to be one time buyers, as they will potentially only have one wedding in their life. This means that the customers will be Wedabou’s most important advertisers, by spreading the word about Wedabou. This will encourage their friends and families to purchase from Wedabou as they have seen the photographs and bouquet. However, in the companies five year plan, Wedabou would like to try and keep these customers by adding a gift range, including photo frames, etc.

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Wedabou’s Customer An existing customer, Amy. She lives in Surrey and is getting married in November. She has asked for a bridal bouquet, two posies and 6 buttonholes. She is getting married in the same church as her parents, grandparents and great-grandparents. A real traditionalist, yet a very quirky character. Her bouquet scheme will be burgundy

Pen Portrait Wedabou’s Pen Portrait of the customer. “Jade is a 25 year old costume design graduate, currently working at ITV as a costume assisstant. She live with her fiance who is also a full time worker. They are currently renting a flat, but trying to save for a wedding and eventually a house. She aspires to one day be a costume designer, but is content with working her way up the ladder. During their days off, together they will mostly spend time watching movies, relaxing or going for a walk in the local woods. However, every so often they like to treat themselves and go to a museum or historic house and then for a meal in a local Indian restaraunt or country pub. She spends a lot of her evenings talking to family and friends on Facebook and reading popular novels, such as, Game of Thrones. She likes to shop in charity shops to find quirky statement pieces, that her friends won’t have but at a cheap price. She also shops at Matalan and Primark for other clothing but sometimes purchases from New Look or Topshop if she sees something extra special. This is mainly because she is saving for a house, a wedding, along with rent and bills. When she has less outgoings, she will be able to purchase higher priced items. She enjoys customising and making clothes. She likes to feel individual and enjoys the compliments she gets for having interesting items. She looks forward to her wedding, she dreams that it will be fun and personal, as well as something her friends and family will talk about for weeks after.”

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Customer Mood Board

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Direct Competition In England, there are a number of online alternative bouquet shops. This is the industry that Wedabou want to capitalise on. However these shops are under-established and unknown to alot of their target market. Wedabou wants to improve on this with a bigger concentration, by marketing and interacting with our potential customers. Weddings are normally on a strict budget. This means that brides will shop around until they find the perfect product they are looking for. Wedabou need to convince their brides to purchase from them, rather than a cheaper company. Wedabou will achieve this by offering fast responses and customer service, ensuring their bride feels comfortable and individual.

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Wedabou SWOT

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Direct Competition When researching the possible competitors, Wedabou found that they are struggling on marketing. (Questionnaire showed that not one person could name a brand that sold alternative bouquets.) Their customer service, wasn’t as fast as expected, making the customer wait up to a week for a response. None of the competitors sell their products inside of a handmade gift box, that can be used to display or store their bouquet after the wedding. The closest competitors are, Pumpkin and Pye and I Heart Buttons. These companies are both based in the south of England and have a high number of customers. They are also very popular on social networking sites. They have a strong brand and social networking presence, which is what Wedabou aims to achieve.

Pumpkin and Pye

I Heart Buttons

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Other Competitors Other competitors include, independent florists, up and coming alternative bouquet shops, such as Love is Vintage (only one year old) and companies such as, The Finer Details, who are in a higher price bracket and are based in London. However, these companies will have more experience and history than Wedabou. This could make the bride feel that these companies are more reliable.

Love is Vintage

The Finer Details

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Basket Analysis To find where Wedabou sat in the market, compared to the competitors, a basket analysis was created on similar products.

Bouquets

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Posies

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Buttonholes

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Positioning Map From these basket analysis’, Wedabou could determine where the company would sit within the market. Wedabou aim to sit between Pumpkin and Pye and I Heart Buttons, as shown in the positioning map below.

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Company Strategy Wedabou is capitalising on the bouquet industry which is currently majoritively run by independent florists and faux flower bouquets. However in the past three years, handmade bouquets have started to become a popular alternative to regular flower bouquets. These bouquets are created from, brooches, leaves, wood, buttons, toys, etc. As they are still new to the market, there is still space in the industry to open up a handmade, alternative bouquet business, due to the majority of customers not knowing that this is available to them, as Wedabou have found in their customer research. Wedabou’s handmade bouquets are a perfect alternative to flowers, if the consumer has allergies, such as hayfever. A bride would not want to risk feeling under the weather on their special day. Wedabou want their company to be a high end brand but still affordable to their target market. This will be achieved by high quality branding, for example, professional leaflets, business cards, their website and through their products looking beautiful and luxurious. In the future, Wedabou plan to have a Simplicity range which will be standard buttons and colours and not as big as their current bouquets. This will appeal to brides who have a strict budget for their wedding, but don’t want to miss out on having an alternative bouquet. This will work because in the present day, people don’t want to spend a lot of money on anything that won’t last. However, they are more likely to spend money on items that will hold alot of sentimental value- such as bridal bouquets. The companies product will last forever and becuase of Wedabou’s luxury gift boxes, they can be stored forever. Wedabou offer brides a choice of having a bespoke personal bouquet, to their requirements, or they can purchase a choice of pre-made, themed bouquets. These include, technology, nautical, musical and masquerade. Wedabou concentrates on giving 100% customer service to all of their brides. Wedabou feel that this lacks in some of their competitors. Wedabou will write a letter to send their congratualtions to the happy couple in with their bouquets. The company will also strive to reply to any queries or issues as soon as possible, directly, even if it’s through social networking, texting/phone calls or emailing. Wedabou priority is to keep their bride as happy and comfortable as possible. Wedabou do not want her to stress about delivery and the appearance of her products.This involves keeping her up to date, for example, sending pictures of the product as it’s being made and guaranteeing delivery one week before the wedding day, at the very latest.

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Benefits Matrix

Ansoffs Matrix

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Organisational Structure Wedabou’s structure, for the first five years, will consist of a partnership between Jessica Debenham and Charna Cole. They will both take the job roles of Creative Directors. This job will involve the general running of the business, making, packaging and posting the products and the overall quality control. They will both be involved with answering customer inquiries through different forms of communication. For example, if two potential brides emailed at the same time, they would both take a bride and work with them individually. This would avoid confusion and gives each bride their undivided attention. They will both attend every fair, this way it guarantees there is always someone on the standinteracting with potential customers. If Wedabou increases in popularity and is making an income in the next five years, the business may consider hiring a maker to help out with orders and also an accountant to help out with finance. Charna Cole- Financing Director. The finance job involves keeping an eye on all the income and outgoings of the business. This involves ordering new stock, replenishing old stock and keeping an eye on all the products being used and how much it takes to make each. This will also involve accounting and working out costs on new or bespoke products based on how much time and money it will take to make them. Charna will also need to book fairs, photographers and order marketing supplies, such as leaflets and business cards. Jessica Debenham- PR and Marketing Having this job role gives alot of responsibility for this company. Jessica will be in control of all social networking and website platforms. Jessica will respond to messages through social networking and share orders and queries with Charna. Jessica will be designing the leaflets, business cards, packaging and photo shoot layouts. Jessica will be also designing table layouts and pop-up shops for fairs and events. It is important to Wedabou to have a consistant style throughout all of their products. There will be no mis-communication of the brand image through colleagues.

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Core Operations

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Funding Jessica Debenham and Charna Cole will fund the company, Wedabou, out of their own pockets. They will divide the start-up and funding costs between the two of them, evenly. Their goal is to avoid banks/loans completely, as they are not guaranteed a constant flow of income. This would make repaying bank loans difficult. Because of this, they have decided to fund it as they go, both having a job alongside Wedabou, until they start making a profit. To keep costs low, they are going to use sites such as, Freecycle and using supplies they already own, such as, computer, glue guns, needles, etc. If they cannot fund Wedabou by themselves, they will ask friends and family for loans; as these do not require paying interest and are more leanient when it comes to repayments. In the second year of running, they hope to use the profits to fund the business.

Funding Requirements Total start up cost estimates are shown in the following table and charts. The most significant costs are initial purchase on buttons, stems, etc and monthly costs. The start-up costs will be financed through owner investment, dividly evenly between Charna Cole and Jessica Debenham.

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Funding Requirements

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Logo and Brand Name Weabou’s marketing strategy is to advertise as much as possible. This will be done by having a strong brand name/image. Wedabou will create business cards and leaflets to hand out at fairs and events. To advertise, the company will use popular social media networks; Facebook, Twitter, Instagram and have a high quality website. The social media networks will be updated regularly with promotions, special offers and photographs/ sneaky previews of up and coming ranges. There will be constant interaction with customers - potential and existing. The website will also be updated frequently- changing the photographs to the latest season trends and adding new and removing old stock.

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Business Card

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Website

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Website

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Social Networking

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Social Networking

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Financial Projections

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Financial Projections

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Year One

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Year Two

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Year Three

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Break Even Charts This graph shows the break even point for an average of our products at a ratio of 5:8:23. This means that each month we need to sell 31 products divided by the three products by the ratio, roughly around 4 bouquets, 6 posies and 21 buttonholes.

The following graphs show how many of each product we would need to sell to make profit (assuming we didn’t sell any other type of product) per month. 9 bouquets to break even, 21 posies and 100 buttonholes.

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Break Even Charts

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Five Year Plan In five years’ time, Wedabou plan to have their own high-end bricks and mortar store in the south of England. This will have it’s own consultation room where bespoke products are discussed with the customer. These customers will be served, champagne, tea and cakes during the consultation. During the consultation, the designer will sketch/paint the design and this will be delivered with the final product as another keepsake. Wedabou will release their own catalogue/art book that has all of their newest ranges inside. This will be shown in their shop and at wedding fairs. Wedabou would like to be delivering their products around the world. They would also like their product packaging to be developed into a more personalised style that will suit the theme of every bouquet, for example, a nautical themed bouquet would be delivered in a boat shaped/styled keepsake box. As the company progresses, they would like to open up and produce different products and ranges. For example, bridal gowns, flower girl baskets, prom corsages, jewellery and supplies such as, buttons. Wedabou think that it is very important to help the charity, Wedding Wishing Well Foundation. Wedabou would like to offer their bouquets to the charity, which they would use when organising and giving wedding for terminally ill patients.

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Conclusion By following this plan, Wedabou will meet its financial and product goals. Wedabou will become a top competitor in the growing, alternative, bouquet industry. Wedabou wants to give brides a chance to be individual and stand out as much as possible. Wedabou want to give them the oppurtunity to have a great bouquet and wedding. Wedabou create beautiful, personalised, handmade bouquets, packaged in keepsake boxes to match. To complete the mission: Creating the perfect memory, One wedding, One bouquet, One bride at a time. Forever and always.

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Wedabou Business Plan  
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