Queen Essays

Running head: CLASICA PRINTS BUSINESS PLAN 1

CLASICA PRINTS 2

Clasica Prints

Sarah Brennan

1.0 Abstract

To be completed in week 7

Table of Contents

1.0 Abstract 2

2.0 Company Description/History/Background 4

3.0 Mission Statement 6

4.0 Goals and Objectives 6

5.0 Stakeholder Analysis

6.0 Industry Analysis

7.0 Competitor Analysis

8.0 Marketing Strategy

9.0 Organizational Success Strategies

10.0 Financials Plan

11.0 Final Remarks

12.0 Appendix

13.0 References

2.0 Company Description/History/Background

2.1 Company Description

The company name for the startup will be "Clasica Prints." It represents several aspects of the business, including uniqueness, reflection of the brand, and simplicity. There is a uniqueness to the name in that the first name refers to the Spanish word for classical. In contrast to focusing on a generic term that would not stand out, the use of the Spanish translation makes the name unique. Additionally, the use of the word "Prints" in the name reflects the business's focus on creating custom-printed items. The use of the second name "Clasica" conveys a sense of sophistication and class, which is in line with the company's mission to provide high-quality products and services. Furthermore, the name will serve as a symbol of the brand, considering that the services that will be offered will be unique. A name that is consistent with the values and personality of the company is also appropriate. Search engine optimization (SEO) was also taken into consideration when deciding on the name. By having a unique name, customers will be able to locate the business and the website will be more visible to them. 

2.2 Type of Business

Our company is in the retail sector, dealing with the printing of t-shirts and caps. The retail industry is growing, which is one of the reasons for the selection of retail. According to Statista research, retail sales have increased after the Covid-19 pandemic, accounting for $27 trillion in sales in 2018, and are projected to reach over $30 trillion by 2024 (Sabanoglu, 2023). It is also easier to implement solutions to customers' problems when they are dealt with in the retail industry because it provides a better understanding of their needs. Additionally, the retail industry is an excellent platform for testing new ideas and products. This is because the customers can be directly consulted, and their opinions can be taken into account. Furthermore, the retail industry is highly diverse, with a wide range of products and services available. In the majority of cases, customers prefer to deal with retailers rather than wholesalers or manufacturers when it comes to buying items. 

2.3 Proposed Ownership / Legal Structure

The proposed legal structure for the business will be a sole proprietorship. This is a type of legal structure where the business is run by one person and there is no distinction between the business and the (Bernoster, et al., 2019). The choice of a sole proprietorship is due to the numerous advantages of such a legal structure. A sole proprietorship is easier to start and considered cost-effective for startups. The owner of the business also has control over the business making it easier to make decisions that impact the business, decisions can be made quickly as the business will be owned by one person. As a retail business, it will be both store-based and non-store-based leveraging on the internet and social media. 

2.4 Unique Product or Service

The business will offer unique products and services. It will deal with the printing of T-shirts and caps. It will offer both goods and services where companies and individuals can use their t-shirts and the company will only charge them for the printing services. The company will also sell customized t-shirts to the customers. Other unique services would include the customers using the business’ website to create unique messages they want to be printed on their t-shirts or caps. The company will also help the customers in coming up with unique messages they want printed on the t-shirts or caps. The business will offer companies branding services where they will ensure they print brand messages according to the orders of the company. This will be a unique way for companies to advertise and improve on their brands. 

3.0 Mission Statement

The mission statement is “At Clasica Prints, our mission is to provide efficient and unique fashion and printing solutions that increase brand loyalty and save time and money for businesses and individuals alike."

4.0 Goals and Objectives

The strategic goals and objectives of the business are divided into three groups. The groups are finance goals and objectives, customer-focused goals and objectives, and growth goals and objectives. These goals are important in the strategic plan of the business. Strategic goals are long-term goals that the business will set for itself to reach its intended future state. These goals are to be achieved over a specified period, usually the next three to five years.

4.1 Finance Goals

These are the goals that will center around different financial metrics like financial sustainability for the business, attaining and maintaining profitability for the new venture, and increasing revenue for the business. They include; 

1. The business should be able to increase its revenue by 20% annually after the third year of business.

2. The business should make profits by ensuring a net profit margin of 30% for the next five years.

3. The business should be able to reduce its costs by 20% to increase profitability by 2026 to enhance financial sustainability.

4.2 Customer-Focused Goals and Objectives

These are goals focusing on the customer. As a new business, these goals are supposed to help the business in breaking into new markets and territories. They are also supposed to help the business in developing a trustworthy brand. They are based on metrics like increasing the number of new customers, increasing customer retention, increasing the number of new markets, and offering customer value. The goals include;

1. The business should be able to provide the best customer experience in the local market by 2026 based on numerous factors like reaction time, customer feedback, and increased orders.

2. The business should ensure a customer retention rate of 5% from 2025.

3. The number of orders from new customers should increase by 30% from 2025.

4.3 Growth

These are strategic goals that show how the business will grow and expand over the next several years. They are based on metrics like increasing market share, entering new markets, and brand-building on social media.

4.3.1 Goals Chart

1. The business should be able to increase its revenue by 20% annually after the third year of business.

· Specific · The goal ensures business sustainability with an increase in revenue.

· Measurable · The increase in revenue should be by thirty percent.

· Achievable · This is achievable as it starts after three years of operations.

· Relevant · It is important for the growth of the business.

· Time-Bound · It is pegged from three years after the operation begins.

2. The business should make profits by ensuring a net profit margin of 30% for the next five years.

· Specific · It is specific on profit making for the business. It looks at the net profits of the business.

· Measurable · Yes, at metrics of 30%.

· Achievable · Yes, it is a financial measure of whether the business is doing well.

· Relevant · Yes, important as it will show whether the business is sustainable with a return on investment.

· Time-Bound · Yes, for the next five years.

3. The business should be able to reduce its costs by 20% to increase profitability by 2026 to enhance financial sustainability.

· Specific · Yes, to the costs the business incurs.

· Measurable · Yes, measuring a reduction of costs by 20%.

· Achievable · Yes, a reduction of 20% of costs can be achieved by budgeting and other strategies.

· Relevant · Yes, to ensure an increase in profits for the business and ensure financial sustainability.

· Time-Bound · Yes, to be measured starting in 2026

4. The business should be able to provide the best customer experience in the local market by 2026 based on a range of factors like reaction time, customer feedback, and increased orders.

· Specific · Yes, pegged on improving customer experience for the business in the local market.

· Measurable · Yes, measurable based on factors like reaction time, customer feedback, and increased orders.

· Achievable · Yes, this can be achieved by leveraging social media to communicate with customers and capturing feedback in real-time.

· Relevant · Relevant for increasing market share and number of customers.

· Time-Bound · Yes, by the year 2026.

5. The business should ensure a customer retention rate of 5% from 2025.

· Specific · Yes, customer retention rate to ensure the business does not lose existing customers.

· Measurable · Yes, based on the metric of 5%.

· Achievable · Yes, the business can ensure the customer retention rate is low for the business by implementing different strategies like excellent customer experience.

· Relevant · Yes, ensures the business maintains its customers.

· Time-Bound · Yes, by 2025.

6. The number of orders from new customers should increase by 30% from 2025.

· Specific · Yes, on the number of orders from new customers.

· Measurable · Yes, an increase of 30%

· Achievable · Yes, excellent customer experience will ensure the business can get orders from new customers.

· Relevant · Yes, relevant for the growth and expansion of the business.

· Time-Bound · Yes, from the year 2025.

7. The business should be able to capture 30% of the local market by 2026.

· Specific · Yes, capturing the local market.

· Measurable · Yes, by 30%

· Achievable · Yes, increasing market share can be done by increasing marketing activities.

· Relevant · Yes, for the growth and expansion of the business.

· Time-Bound · Yes, by 2026.

8. The business should increase its social media presence by 40% by 2025.

· Specific · Yes, to the social media growth of the business.

· Measurable · Yes, the metrics are at 40%

· Achievable · Yes, to ensure the business has a social media presence by increasing the number of followers on social media.

· Relevant · Yes, the goal is to increase the number of potential customers and new markets.

· Time-Bound · Yes, by 2025.

13.0 References

Bernoster, I., Khedhaouria, A., & Thurik, R. (2019). Positive affect, the entrepreneurial process, and the entrepreneurial success of sole proprietors. Management, 22(2), 273-296.

Sabanoglu, T. (2023). Retail Market Worldwide; Statistics and Facts. Statista. Retrieved from https://www.statista.com/topics/5922/retail-market-worldwide/#topicOverview .

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Part 2

Company: Clasica Prints Business Plan

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 a 3-year sales forecast in dollars and units.

e. Briefly outline your sales and advertising plans.