Part II of the business plan is due in week 3. Together with this part, you must show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part II Requirements
1. Stakeholder Analysis
a. Actual personal experience, education and training in the area/ industry of proposed business for all key stakeholders
2. Industry Analysis
a. A brief overview and long-term outlook for growth
b. Review industry size, trends, and target market segment.
c. Identify who leads the industry in terms of:
i. Price
ii. Quality
iii. Market share
3. Competitive Analysis
a. Discuss the strengths and weaknesses of each primary competitor.
b. Consider sales, quality, distribution, price, production capabilities, reputation, and products/services.
c. Outline how your product or service measures in the area of pricing and identify your competitive advantage.
d. Prepare a first-year and 3-year sales forecast in dollars and units.
e. Briefly outline your sales and advertising plans.
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
In the United States, the manufacturing industry presently makes 15 dollars in sales.
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 their current 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.
Pricing Strategy
The Company has completed a thorough analysis of its competitors' pricing. Keeping in mind our competition's pricing and the costs of customer acquisition, we have decided on the following pricing strategy:
It is based on how many stitches your item need.
Promotional Strategy
The Company will promote sales using the following methods:
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.
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): $2,000.00
Revenue and sales for the upcoming year of business
(projected): $1,000.00
Gross profit for the upcoming year of business
(projected): $1,000.00