New Owner Business Plan: Swim in Greek | Free Essay Example

New Owner Business Plan: Swim in Greek

Words: 1482
Topic: Business & Economics
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Statement of Purpose and Mission

Swim in Greek (SIG) is an organization that sells sorority and fraternity Greek swimsuits. It offers its products online, which ensures that students from different locations are able to purchase them. This very business is likely to be rather successful because it does not have many competitors but it exists in the market, the environment of which presupposes constant demand. Many universities in the USA and abroad have Greek sororities and fraternities. Students prefer wearing special clothes with emblems that reveal their membership. As they can hardly be bought in a usual store, learners are likely to become loyal clients of SIG. Moreover, sororities and fraternities continue existing even if students graduate becomes freshmen are enrolled every year. Thus, the number of clients will not reduce with the course of time.

Mission Statement

SIG’s mission is to provide an opportunity to be both unique and representative even when swimming. SIG is going to sell high-quality sorority and fraternity Greek swimsuits at the best prices online. It presupposes that the company is focused on the delivery of those products that are likely to appeal to the target market due to their quality and price. This combination is the one that is often preferred by clients. With time, SIG is willing to become a leader in the existing market.

Methods of Distribution

SIG will provide its services at the client’s location, which is expected to appeal to the majority of customers because they will not face the necessity of going to the shop. When purchasing a product online, clients will provide their address so that their orders will be brought by a delivery agent. It is possible that when the company reaches sustainable success, it will also open several retail stores in the locations popular among students, such as Fort Lauderdale.

Advertising

For a company to become successful, it is significant to pay much attention to advertising and ensure customer awareness. SIG, for instance, will consider the use of different types of advertising, but the major focus will be made on social media. In particular, the organization will use its web site, Facebook, Twitter, and Instagram. The company’s web site will be mainly used to describe provided services and special offerings, such as discounts or additional options (the possibility for users to create their design of swimwear, using provided samples).

Facebook and Twitter will make it possible to get in contact with clients and to understand their needs. SIG will make regular posts to attract the client’s attention. Instagram will be used to show SIG’s products and attract customers, as they will be encouraged to post their photos in SIG’s swimwear with an appropriate hashtag and a positive comment. Each month some prize (a discount or a product with the company’s emblem) will be at stake.

Pricing

SIG’s products are of the average price. They seem to be more expensive than regular swimwear that can be found online but remain cheap, considering their unique features.

Products:

  • Swimming costume for men – $27;
  • Swimming shorts for men (long) – $25;
  • Swimming trunks for men (medium) – $22;
  • Swimming trunks for men (short) – $22;
  • Swimming costume for women – $30;
  • Solid girls’ swimwear (shots and T-short) – $24;
  • Solid girls’ swimwear (dress) – $26;
  • One-piece swimwear for women – $22;
  • Two-piece swimwear for women – $24.

Service:

  • Personal design – 10% of the product’s price.

Description of Business

Legal Structure

SIG will be Limited Liability Company (LLC) owned and operated by Nick Black. This very structure is likely to be rather beneficial for the discussed online business because it has those features that are peculiar to S- and C-corporations while providing more opportunities to be flexible. This type of organization is not treated as one for tax purposes, which presupposes that it will not be taxed directly.

Its members will have a right to determine whether they want to be taxed as a sole proprietorship (focus on the return of one member), traditional partnership, or corporation. In addition to that, the amount of obligatory paperwork in LLC is rather limited. Its owners can state how their organization should be governed1. Finally, the major advantage is associated with protection from liability. It means that the member’s assets are not at risk.

Products/Services

SIG will offer its clients an opportunity to purchase different types of swimwear for men and women. This product will be unique, as it will contain emblems and colors of Greek sororities and fraternities. In addition to that, SIG will offer a possibility to create personalized swimwear design. Potential customers are expected to be attracted by these products and services, as students often want to be recognized as the members of Greek sororities and fraternities. Moreover, it makes them look more united and friendly. SIG can be confident regarding its future because current trends reveal that the target market is willing to obtain offered products while such possibility is not widely provided.

Location

SIG will be placed in Fort Lauderdale, Florida (1924 SE 10th St, 33310). This location is the best for the desired business because it is close to the sea and many students come here to swim or surf.

Management

Nick Blake is the owner of SIG. He is a CEO, responsible for all operations and the ability to take SIG’s offerings to the market.

Liza Nelson is a COO, who ensures that the company controls expenses and operates efficiently. She focuses on the quality and timing of operations.

Bill Young is the Marketing Manager. He deals with the marketing experience of SIG, ensuring promotion and customer awareness.

Sean Leonard is a CFO who seeks funds and attracts investors. He manages money for SIG.

Linda Jonson is a Production Manager. She ensures that the manufacturing process is under control.

Financial Documents

Uses of Funds Statement

Item Price
Computers $450*3 = $1350
Printing Machine $650*2 = $1300
Swimwear (raw material) $120*10 = $1200
Inks $84*1 = $84
Total $ 3,934

Computers are needed for online business, as they serve as a key tool required for all operations. They provide an opportunity to get in contact with clients and to take orders, they make it possible to prepare reports and share information between the staff members. In addition to that computers are needed to make a printing machine work.

A printing machine is required because it allows SIG provides its unique product. With the help of this tool, professionals can put emblems on swimwear.

Swimwear as raw material should be purchased for it to be then improved with the help of a printing machine.

Inks of different colors are needed to print various images.

Personnel

In addition to the management team, SIG will employ several workers for them to prepare ordered products. Professional staff will deal with prints and packing. A receptionist will take orders online and provide information to the rest of the employees2. Other operations will be presented by the management, but special professionals will be hired when the company expands (including quality control manager, supervisor, and purchasing manager, etc.).

Market Analysis

Target Market

The target market for SIG includes those students who are members of Greek sororities and fraternities. In particular, these are individuals of both genders who are about 18-27 years old. Even though many people start receiving their first or second education over this age, they are less likely to become on-campus students who are members of Greek sororities and fraternities. The focus will be made on those learners who obtain their education in locations close to the seaside because they are more likely to use swimwear regularly.

Competition

The first competitor of SIG is Pylon Press T-shirt Screen Printing (“4769 NE 11th Ave, Fort Lauderdale, FL 33334”3). Its strengths include customer awareness and loyalty, stability, use of customers’ products, competitive prices. Its weaknesses are the absence of unique features and a lack of possibility of online ordering and design. Products: provided by clients. Services: prints for about $40.

The second competitor is U Design It (“5201 Ravenswood Rd, Fort Lauderdale, FL 33312”4). Its strengths include the possibility of fast printing and the use of customers’ products. Its weaknesses are delays associated with product delivery, presence of extra fees, and poor customer support. Products: provided by clients. Services: prints for about $20-40.

SIG will be able to compete with these organizations as it focuses on particular customers and their demands offer unique features, maintains online orders, and delivers products timely.

Research of Industry

The very possible to obtain clothes with personally designed prints are very popular nowadays. Numerous organizations provide an opportunity to obtain such services. There are several companies in Fort Lauderdale, Florida, as well. However, they are not so focused as SIG. All in all, the revenue of this industry is about $450 million, and annual growth is constant5. Thus, the possibility of creating such a company as SIG is worth discussing.

References

Dixon, C. (2018). Why start an LLC? Web.

Hagaman, G. (2017). Duties of key personnel. Web.

Industry threats & opportunities. (2017). Web.

Pylon Press t-shirt screen printing. (2018). Web.

U Design It. (2018). Web.

Footnotes

  1. Dixon, C. (2018). Why start an LLC? Web.
  2. Hagaman, G. (2017). Duties of key personnel. Web.
  3. Pylon Press t-shirt screen printing. (2018). Web.
  4. U Design It. (2018). Web.
  5. Industry threats & opportunities. (2017). Web.