Do you want to start a hair bow production company? If YES, here is a detailed sample hair bow production business plan template & FREE feasibility report.
If you are interested in producing beauty accessories especially for women, then you should consider settling for a niche idea such as hair bow production. The truth is that there is a huge market for hair bow, but you must be ready to come up with unique designs, trust me, if you are able to carve a niche for yourself in this line of business, then you will be able to penetrate not just the market in the united states, but the global market.
A Sample Hair Bow Production Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
Hair bow production business is part of The Wig and Hairpiece manufacturing industry and players includes production companies that mainly specialize in manufacturing wigs, hairpieces and hair extensions for both aesthetic and medical purposes.
The Wig and Hairpiece manufacturing industry, just like most businesses in the manufacturing industry, depends on strong consumer spending to spur the demand for industry products. Over the last half a decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing.
Going forward, as the economy of the United States continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to thrive.
The Wig and Hairpiece manufacturing industry is indeed a major sector of the economy of the United States of America and they generate a whooping sum of well over 1 million annually from more than 61 wigs and hairpiece manufacturers scattered all around the United States of America.
The industry is responsible for the employment of well over 1,107 people. Experts project that the industry will grow at a 4.0 percent annual rate. No player can boast of having a lion share of the available market in this industry.
A recent report published by IBISWorld shows that while the Wig and Hairpiece Manufacturing industry has grown over the five years to 2018, it has experienced volatile conditions. As the US economy continued to improve, higher employment and an improving financial outlook caused both disposable income and consumer confidence to increase.
Furthermore, increased health expenditure and an aging population helped fuel demand for industry products. Typically, older citizens are more likely to experience balding, while increased health expenditure may imply more cases of sicknesses that induce hair loss.
However, the trade-weighted index, which measures the strength of the US dollar, is expected to increase during the five-year period, making domestic goods less desirable to consumers. The number of industry manufacturers has also increased slightly over the five years to 2018 due to a rise in demand for wigs and hairpieces, driven by the aging populace.
Over the five years to 2023, the industry is expected to continue growing at an accelerated pace, due largely to a decline in total import values. Overall, import competition will remain intense and limit overall growth. Domestic demand will continue to be satiated by the import of Chinese and Indonesian wigs and hairpieces, which are more affordable.
Over and above, the wig and hairpiece manufacturing industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale manufacturing only on demand customized hair bows or you can chose to start on a large scale with world class production factories and distribution outlets in key cities through the United States of America and Canada
2. Executive Summary
Zoe & Zara® Hair Bow Productions, Inc. is a standard and registered hair bow and accessories production company that will be located in one of the largest industrial estates in Charleston – West Virginia.
We have been able to lease a facility that is big enough (a 25 thousand square foot facility) to fit into the design of the kind of standard hair bow and accessories production company that we intend launching and we have been able to secure all the relevant permits and license to operate in the city.
Zoe & Zara® Hair Bow Productions, Inc. will be involved in the production of different designs and types of hair bows and related hair accessories for both babies, children and adults that will be retailed in the United States and abroad.
We are aware that there are several large and small hair bow and accessories production companies all around Charleston – West Virginia, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet is well secured with various payments of options.
Zoe & Zara® Hair Bow Productions, Inc. will ensure that all our customers are given first class treatment whenever they visit our hair bow and accessories production company. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to.
We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions. Zoe & Zara® Hair Bow Productions, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.
Zoe & Zara® Hair Bow Productions, Inc. is a family business that is owned by Mary Adolphus and her immediate family members. Mary Adolphus has a B.Sc. in Business Administration, with well over 5 years of experience in the wigs and hairpiece manufacturing industry, working for some of the leading brand in the United States.
Although the business is launching out with the aim of producing hair bows and order hair accessories for customers in Charleston – West Virginia, but there is a plan to open our distribution outlets all around major cities in the United States and Canada.
3. Our Products and Services
Zoe & Zara® Hair Bow Productions, Inc. is in the wigs and hair bow and accessories production industry to service a wide range of clients and of course to make profits and we will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business.
Our product offerings are listed below;
- Mass – producing different designs and types of hair bows
- Production of customized hair bows
- Production of other related hair accessories
4. Our Mission and Vision Statement
- Our vision is to become one of the leading brands in the hair bow and accessories production industry in West Virginia and to establish a one stop hair bow and accessories production company in Charleston – West Virginia with distribution outlets in other key cities in the United States of America and Canada.
- Our mission is to establish a world – class hair bow and accessories production company that will manufacture different types and designs of hair bows and other related hair accessories at affordable prices to the residence of Charleston – West Virginia and other key cities in the United States of America and Canada where we intend opening of chains of distribution outlets.
- Our Business Structure
Zoe & Zara® Hair Bow Productions, Inc. do not intend to start a hair bow and accessories production company like the usual mom and pop business around the street corner; our intention of starting a hair bow and accessories production company is to build a standard and one stop hair bow and accessories production company in Charleston – West Virginia.
Although our hair bow and accessories production company might not be as big as multi – million dollars wigs and hairpiece manufacturing companies, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Factory Manager
- Human Resources and Amin Manager
- Merchandize Manager
- Sales and Marketing Manager
- Hair bow and hair accessoriess Designers and Makers
- Accountants / Cashiers
- Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
- Responsible for managing the daily activities in the hair bow and hair accessories manufacturing factory
- Ensures that proper records of raw materials and hair bow and hair accessories are kept and warehouse does not run out of finished products
- Ensures that the factory is in tip top shape and easy to locate
- Interfaces with third – party suppliers (vendors) of raw materials
- Controls hair bow and hair accessories distribution and supply inventory
- Supervises the workforce in the hair bow and hair accessories manufacturing factory.
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of hair bow and hair accessories making raw materials are purchased and used
- Responsible for the purchase of hair bow and hair accessories raw material for the organizations
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
Hair Bow and Hair Accessories Designers and Makers
- Responsible for designing and manufacturing customized hair bow and hair accessories
- Responsible for designing and mass – producing hair bow and hair accessories
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries.
6. SWOT Analysis
Our intention of starting our hair bow and accessories production company in Charleston – West Virginia is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open distribution outlets all over major towns in West Virginia and key cities in the United States and Canada.
We are quite aware that there are several hair bow and accessories production companies all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Zoe & Zara® Hair Bow Productions, Inc. employed the services of an expert HR and Business Analyst with bias in manufacturing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
This is the summary of the SWOT analysis that was conducted for Zoe & Zara® Hair Bow Productions, Inc.;
Our main strength lies in the high quality of our finished hair bows and hair accessories, the power of our team and the state of the art and well – equipped hair bow manufacturing factory that we own. We have a team of highly trained and experienced hair bow and hair accessories designers and makers and support staff members that can go all the way to produce top notch and durable hair bows and hair accessories.
We are well positioned in the heart of Charleston – West Virginia and close to source of raw materials and we know we will attract loads of clients (distributors) from the first day we open our factory.
A major weakness that may count against us is the fact that we are a new hair bow and accessories production company outlet in Charleston – West Virginia and we don’t have the financial capacity to compete with multi – million dollars hair bow and accessories production companies when it comes to retailing at a rock bottom prices for all their hair bows and other hair accessories.
The fact that we are going to be operating our hair bow and accessories production company in one of the largest industrial estates in Charleston – West Virginia provides us with unlimited opportunities to sell our hair bows and other hair accessories to a large number of individuals and retailers.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our hair bows and other hair accessories outlets; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new hair bows and other hair accessories production company in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
If you are conversant with the Wigs and Hairpiece Manufacturing industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever – changing trends are major growth drivers for sales in this industry.
No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Wigs and Hairpiece Manufacturing industry.
So also, the rising demand for trendy hair bows and hair accessories, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as hair bows and hair accessories production factories keep prices low to attract more sales amid growing competition.
A close watch on the industry activities reveals that, concentration has increased slightly over the past five years, as merger and acquisition activity has become more prominent. Additionally, companies that have enough funds to invest in multichannel operations have benefitted more than smaller operators with minimal resources.
As part of marketing strategies, hair bow and accessories production companies engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.
Lastly, the Wig and Hairpiece Manufacturing industry is projected to continue its trajectory of growth at an accelerated pace. Economic conditions are expected to remain positive and will encourage consumers to spend more on discretionary cosmetic items, including wigs and hairpieces.
Furthermore, higher incomes will enable consumers to invest more in domestically manufactured, custom wigs and hairpieces with a higher price tag. Moreover, a continuation in the aging of the US population and rise in health expenditure is expected to further increase the pool of potential industry customers. However, import competition is expected to remain fierce, particularly from China and Indonesia.
8. Our Target Market
We are aware that loads of females (babies, children and adults) make use of hair bows and hair accessories. In view of that, we have positioned our hair bow and accessories production company to service the residence of Charleston – West Virginia and every other location where franchise cum distribution outlets will be located all over key cities in the United States of America and Canada.
We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to manufacture different types and designs of hair bows and hair accessories for females in and around the location where our hair bows and hair accessories will be distributed and retailed.
A close study of the wigs and hair bow and accessories production industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.
We are aware of the stiffer competition and we are well prepared to compete favorably with other leading hair bow and accessories production companies in Charleston – West Virginia and throughout the United States and Canada.
Zoe & Zara® Hair Bow Productions, Inc. is launching a standard one stop hair bow and accessories production company that will indeed become the preferred choice of residence of Charleston – West Virginia and every other location where our distribution outlets will be opened.
Our hair bow and accessories production company is located in a corner piece property on a busy road directly opposite one of the largest industrial estates in Charleston – West Virginia. We have enough parking spaces that can accommodate well over 30 cars per time.
One thing is certain; we will ensure that we produce a wide range of hair bows and hair accessories at all times. It will be difficult for customers to visit our hair bows and hair accessories production factory and not see the type of hair bows and hair accessories products they are looking for.
One of our business goals is to make Zoe & Zara® Hair Bow Productions, Inc. a one stop hair bows and hair accessories production company for all class of customers. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups hair bow and accessories production companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Zoe & Zara® Hair Bow Productions, Inc. is in business to manufacture different designs and types of hair bows and hair accessories for the residence of Charleston – West Virginia. We are in the hair bow and accessories production industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.
In essence, our source of income will be the supplying and retailing of a wide range of hair bows and hair accessories at affordable prices. Zoe & Zara® Hair Bow Productions, Inc. will generate income by;
- Retailing different designs and types of hair bows
- Retailing of customized hair bows
- Retailing of other related hair accessories
10. Sales Forecast
One thing is certain when it comes to hair bow and accessories production business, if you are into the production of different designs and types of hair bows and hair accessories and your outlet facility is centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Charleston – West Virginia and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the hair bow and accessories production industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – West Virginia.
Below is the sales projection for Zoe & Zara® Hair Bow Productions, Inc. it is based on the location of our business and other factors as it relates to hair bow and accessories production business start – ups in the United States;
- First Fiscal Year (FY1): $150,000
- Second Fiscal Year (FY2): $250,000
- Third Fiscal Year (FY3): $450,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor manufacturing same designs and types of hair bows and hair accessories and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Zoe & Zara® Hair Bow Productions, Inc. we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Charleston – West Virginia. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the hair bow and accessories production industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – West Virginia.
In other to continue to be in business and grow, we must continue to sell the hair bows and hair accessories that we produce which is why we will go all out to empower or sales and marketing team to deliver. In summary, Zoe & Zara® Hair Bow Productions, Inc. will adopt the following sales and marketing approach to win customers over;
- Open our hair bows and hair accessories production factory in a grand style with a party for all
- Introduce our hair bows and hair accessories brand by sending introductory letters alongside our brochure to beauty and hair accessories retailers and merchant, households and key stake holders in and around Charleston – West Virginia
- Make use of attractive hand bills to create awareness and also to give direction to our hair bows and hair accessories retail outlets
- Position our signage / flexi banners at strategic places around Charleston – West Virginia
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage on roadshows within our neighborhood to create awareness for our hair bows and hair accessories brand
- List our business and products on yellow pages ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Despite the fact that our hair bows and hair accessories production factory is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our hair bows and hair accessories brand.
Zoe & Zara® Hair Bow Productions, Inc. has a long – term plan of opening distribution outlets in various locations all around West Virginia and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Zoe & Zara® Hair Bow Productions, Inc.;
- Place adverts on community based newspapers, radio stations and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms other platforms to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around Charleston – West Virginia
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Advertise our hair bows and hair accessories production business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and distribution trucks and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
Aside from quality, pricing is one of the key factors that gives leverage to hair bows and hair accessories production business, it is normal for consumers to go to places (hair bows and hair accessories retail outlets) where they can get hair bows and hair accessories at cheaper price which is why big player in the Wigs and Hairpiece Manufacturing industry will attract loads of corporate and individual clients.
We know we don’t have the capacity to compete with big players in the industry, but we will ensure that the prices and quality of all the hair bows and hair accessories products that are available in our distribution outlets are competitive with what is obtainable amongst hair bows and hair accessories production businesses within our level.
- Payment Options
The payment policy adopted by Zoe & Zara® Hair Bow Productions, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Zoe & Zara® Hair Bow Productions, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for the purchase of hair bows and hair accessories without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a hair bow and accessories production company; it might differ in other countries due to the value of their money. In view of that, here are the key areas where we will spend our start – up capital;
- The total fee for registering the business in the Unites States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of Zoe & Zara® Hair Bow Productions, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The cost for hiring Business Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $55,600.
- The cost for remodeling and equipping the factory with the needed production equipment and machines- $80,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory (stocking with raw materials for the production of hair bows and hair accessories) – $150,000
- The cost for counter area equipment – $9,500
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs – $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a Website – $600
- The cost for the purchase of distribution vans – $20,000
- The cost for our opening party – $7,000
- Miscellaneous – $10,000
We would need an estimate of three hundred and fifty thousand dollars ($350,000) to successfully set up our hair bow and accessories production company in Charleston – West Virginia. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funds / Startup Capital for Zoe & Zara® Hair Bow Productions, Inc.
Zoe & Zara® Hair Bow Productions, Inc. is a private registered business that is solely owned and financed by Mrs. Mary Adolphus and her immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
Part of the plans we have in place to sustain Zoe & Zara® Hair Bow Productions, Inc. is to ensure that we continue to manufacture different types and designs of quality hair bow and other hair accessories, improvise on how to do things faster and cheaper. We are not going to relent in providing conducive environment for our workers and also the required trainings that will help them deliver excellent services at all times.
From our findings, another factor that kills new business is financial leakages. In order to plug financial leakages, the management of Zoe & Zara® Hair Bow Productions, Inc. adopt the use of payment machine and accounting software to run the business.
We are quite aware that our customers are key component to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better. We will not waste time in adopting new technology, best practices and diversifying our services; expand our product and service offerings once the need arises.
Our key sustainability and expansion strategy as a business is to ensure that we only hire competent and technically sound employees, create a conducive working environment and employee benefits for all our staff members. We know that if we implement our business strategies, we will grow our hair bow and hair accessories production company beyond Charleston – West Virginia to other states in the U.S in record time.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the production factory: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed production machines and equipment, furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – manufacturers and suppliers of hair bows and other hair accessories: In Progress
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