Idk. Apparel Planners/Owners: Haley Copeland, Madison Hortness and Reese Madsen Youth Biz 2017 Business Plan
Venture What is the business name and what kind of business is it? Our business name is idk. Apparel. The idk. Stands for inspire, dream, knowledge which is our company motto. We sell casual clothing such as hoodies, t shirts and sweatpants. What sets your business apart from the competition; why is your business special? Idk. Apparel is different from other companies because we donate a $1.00 from every item sold to the Women s Global Education Project in third world countries. The idea of the women s education project is to make sure all women are entitled to an education regardless of gender or economic status. This is so women and girls develop better lives. Where will the business be located? Will you need to buy or rent space and equipment? Our company will be based out of Crown Advertising Ltd. In Estevan, Saskatchewan. Crown has agreed to let us use their equipment for free as long as our marketing materials include Crowns logo somewhere on it. The clothing will also be sold out of crown and we will rent a rack and table for $75/month.
The Product/Service What will your business sell? Our business sells casual clothing for women of all ages. The items we will sell are hoodies, t shirts and joggers. All items will include our company logo on the front. Clothing sizes will be from youth XS to adult XL. What are the special features and benefits your product/service provides customers? Our business is special because it is locally based out of Estevan, Sk. Another reason is because people can feel good about buying our clothing because they know a part of their money is going to women s education. We will also do special edition hoodies which will be slightly different from our regular hoodie. Are there any add ons that will make a customer choose what you sell over competition? Something that will make people choose our business over competition is that they can feel good about buying our product because they know they are supporting a local business. Another reason to choose us is because you are donating money to women s education every time you buy an item.
Is your product/service a new invention? Our clothing line is a new invention because we invented the name and company motto. Idk. Apparel s motto is inspire, dream, knowledge. This motto plays in with our values because we donate money to women s education in Cambodia.
Marketing/Prices Who will buy from your business? Our business is mostly based for women because we are donating to women s education. We will sell our clothing to family, friends and the community of Estevan. If people wish to buy our clothing they will have to pick it up at Crown Advertising in Estevan Sk. What prices will your business charge for its products/services? We will sell t shirts, hoodies and joggers at our business. They will be priced at the following: T shirts $35.00 Hoodies $45.00 Joggers $50.00 How did you decide these prices? T shirts We buy these t shirts for 12.77 from Crown Advertising. The logo on the front costs us $6.00. So our total cost to buy and put the logo on the shirts is $18.77. We then mark the shirts up 40% which gives us a rounded off price of $35.00.
Hoodies We buy these hoodies for $23.13 from Crown Advertising. The logo on the front costs us $6.00. So our total cost on the hoodie is $29.13. We then mark the hoodies up 40% which gives us a rounded off price of $45.00. Joggers We buy these joggers at $23.21 from Crown Advertising. The logo on the left hip costs us $4.00. So our total cost on the joggers is $28.21. We then mark the joggers up 40% which give us a rounded off price of $50.00. What types of ads and promotions will you use to reach your customers? Our company is going to use posters (as attached at the bottom) we will also use social media, such as Instagram, Facebook and Snapchat. Social Media will help advertise our business because it is free of cost and most women use it. We are going to pop up promotions as the followed: February will be donate an extra dollar with every purchase over $50.00. May will be dancers appreciation month which will be if you re a dancer you will get 25% off your purchase. June will be 30 days of sale month which will be 10% 25% off every day of the month.
September will be back to school blowout which will be if you re a student under 18 years of age you will receive 15% off your purchase. December will be New Year clearance event which will be sales up to 50% off every day for the month of December. Will you sell your products/services outside of the local community that your business is located on? We will sell our products outside of the community at things such as trade shows and farmers markets. If someone outside of the community wants to order something they will either have to pick it up in Estevan or pay the shipping and handling.
Workers Who owns the business? If working in a group, what % is owned by each person? There are three individuals who will own and take part in our business. The names of these individuals are Haley Copeland, Reese Madsen and Madison Hortness. Each individual will own 33.33% of the business. Do you have employees? If so what will you pay them? Our business will have no employees, since will be doing all the labour ourselves. The only salaries we will be handing out is our own which will depend on how many shirts we sell individually and as a company. We won t pay minimum wage because it isn t a full time or half time position. What education and training do the workers need for their jobs? If our business did have workers the training requirements would be as followed: Able to operate a heat press properly and safely. Received one university/college degree. Resides in Estevan, Saskatchewan. Has at least 5 years of work experience. Must be over 18 years old.
Day to Day What are your business hours? Our business is open from 12:00 5:00 Monday through Friday. People can also buy items through Instagram, Facebook, and Snapchat after hours. Where do you buy the supplies for your business and what supplies do you need? We buy the heat press sheets from Crown Advertising where we make the clothing. We will also buy our office supplies from O.P. office supplies in Estevan Saskatchewan. Finally we are going to buy our business cards off of vista print. What are the different ways your business can sell to your customers? We have a couple different ways you can buy items from us: 1. Store front The easiest and cheapest for customers to buy from us is from our store front in Crown Advertising. 2. Social Media You can also buy from our social media pages such as Instagram, Snapchat, and Facebook. 3. Tradeshows The last way is from pop up tradeshows and stores which would be one of the hardest ways because there won t be a lot of early notice.
Money Plans How much money is needed to start up this business? Our business is going to start off by selling hoodies to Spruce Ridge School s senior volleyball team. They have all agreed to buy a hoodie for $40.00 to get our company started up. At the start we will only create hoodies on order, to do this we will have to have sizers in our store so we will have to buy one of every size. After the company is started up this is a breakdown of the money we will need: Business Cards 100 business cards $7.99 which is about $0.08 per card (www.vistaprint.ca) Packaging Bags 100 bags at $0.10 cents is $10.00 (www.alibaba.com) Stickers 120 stickers is $14.95 which is about $0.12 per sticker (www.vistprint.ca) Website One website domain is $29.99/month (ca.godaddy.com) To start our business we will need to take out a loan of This loan will pay for all of the above. 0 Where would you get the start up money from? Our company would get or start up money from another investor. We have talked and discussed this with an interested investor and said that he would give us a loan of $600.00 which would have to be paid back over a 2 year term although we hope to pay it back in one year. This investor has started their own
business in the past and has given us a couple tips on starting up your own business. What is your sales goal for the year? Our sales goal for the year is to pay back our loan and have started making money by the end of December 2018. Our goal until December 31 st 2018 is to make $4000 in profits which would mean we could have to sell approximately 275 items. What are your expenses for the year? Our total business expenses for the year are $29 036.58/per year. These expenses include clothing costs, marketing and ads, loan payment, rent, salaries and our donations to the Women s Global Education Project The business has a plan to have our loan paid back by the end of December 2018, which will be part of the expenses for the first year. The list of expenses is as followed: 1. T shirt expenses 335/ $6663.35 2. Hoodie expenses 335/ $9748.55 3. Jogger expenses 335/ $9450.35 4. Marketing and ads per year/ $674.33 5. Loan Payment per year/ $600.00 6. Rent per year/ $900.00 7. Donations $1000.00 Total: $29 036.58 We have created models of our clothing for this project:
If you are interested in our clothing feel free to contact us at one of the following numbers: (306)461 4242 Haley Copeland (306)421 8182 Madison Hortness