Do you want to start an ice cream business and need to write a plan? If YES, here is a sample liquid nitrogen ice cream business plan template & feasibility report.
One of the first steps to take when it comes to starting a new business is to carry out findings to know if the location you are about to launch the business is favorable enough for the business. This is very important if you don’t want your business to die a natural death.
Table of Content
- Why Start a Liquid Nitrogen Ice Cream Business?
- 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
Why Start a Liquid Nitrogen Ice Cream Business?
For example, if you intend starting a liquid nitrogen ice cream or any ice cream related business, you are expected to launch the business in a location with the right climatic condition; a place where there is some measure of fair weather. If you make the mistake of launching this business in a city known to snow all through the calendar year, you are likely not going to make headway with such business.
Good enough, people are beginning to embrace the new concept of ice cream known as the liquid nitrogen ice cream. If you can successfully launch this type of business in the right location and if your shop is located in an area with good human and vehicular traffic, and you have different flavors of ice cream and other ice desserts, you may not have to struggle to get people to visit your shop and make a purchase.
Below is a sample liquid nitrogen Ice cream company business plan template that will help you write yours without much stress.
A Sample Liquid Nitrogen Ice Cream Business Plan Template
1. Industry Overview
In its simplest term, an ice cream is an emulsion that contains air, fat, and ice. The smaller the ice crystals, the smoother the ice cream and better chance of achieving a velvety, creamy, smooth texture. The flavor is also elevated given the smaller crystals.
The concept of liquid nitrogen when it comes to making ice cream is becoming generally accepted because of the advantages it brings to the industry. Liquid nitrogen creates a fog when exposed to air. The main point is that liquid nitrogen must be fully evaporated from the meal or drink before serving.
In the production of ice cream, there are two big advantages to using liquid nitrogen over an electric machine. First, it’s faster. Second, because it’s faster, there’s less likelihood that your cold confection will develop those pesky ice crystals that form when the ice cream freezes too slowly.
The Ice Cream Production industry has come a long way and it is still evolving with loads of ice cream makers are bringing in creativity in terms of flavors and packaging into the industry. Ice creams and have been around for many years and can be found in various flavors in all the countries of the world including countries in the Polar Regions.
Players in this industry do not just make ice cream, but also frozen yogurt, sherbet, frozen tofu and other frozen desserts, with the exception of frozen bakery foods.
Ice cream is consumed by almost everyone on our planet as such, anyone who chooses to establish an ice cream business in any part of the world especially in tropical regions is sure going to get good returns on his or her investment.
Between 2010 and 2015, the Ice Cream industry’s performance has declined as repressed disposable income in the years following the recession caused consumers to purchase a smaller volume of industry goods at retail stores and food service related businesses.
In addition, the growing health concerns around us have caused many people to cut down their consumption of ice cream, which is naturally high in fat and sugar. Largely, the industry revenue is projected to decline by 0.3 percent per year on average to $8.0 billion in the next 5 years.
It is on record that many players in the Ice Cream Production industry were able to successfully beat the economic downturn and grow strongly over the last five years, as healthy and nutritious ice cream became one of America’s favorite frozen desserts.
No doubt, the increasing popularity of the dessert has enabled the speedy franchise growth of well-known brands in the industry which has made this industry one of the food service sector’s biggest success stories of the past decade. The ice cream production industry has remained resilient even as other food segments waned during the recession period.
The Ice Cream Production industry a major sector of the economy of the united states of America and they generate over billion annually from more than 470 registered and licensed ice cream production companies. The industry is responsible for the employment of well over 21,662 people.
Experts project that the industry will grow at a 0.8 percent annual rate between 2014 and 20169. Establishments with a lion share of the industry are Unilever, Nestle SA, Dean Foods Co. and Wells Enterprises Inc. If you are contemplating starting your own liquid nitrogen ice cream business in the United States, you should ensure that you carry out a thorough market survey and feasibility studies.
States in the southern region in the United States such as Texas and Florida et al can be ideal for this business because of the climatic condition/weather there. If you get some key factors wrong before starting your liquid nitrogen ice cream business, then you are likely going to struggle to stay afloat.
2. Executive Summary
Tony Lee® Liquid Nitrogen Ice Cream, Inc. is a standard liquid nitrogen ice cream making company that will be based in Wichita Falls – Texas, USA. Tony Lee® Liquid Nitrogen Ice Cream, Inc. is a custom-order ice cream shop that uses liquid nitrogen to flash freeze ice cream, instead of the traditional churn method.
Our process produces a smoother, fresher, more flavorful, individualized bowl of ice cream, that will leave our customers satisfied and yearning for more. We have put plans in place to also sell our franchise and offer consultancy services in line with our area of business.
Tony Lee® Liquid Nitrogen Ice Cream, Inc. is established by a Texas awarding winning food nutritionist – Mr. Tony Lee who has a B.Sc. in Food Science Technology and a Master’s Degree in Business Administration (MBA) from Harvard Business School.
He has a robust experience in the food and confectionaries industry having worked both in the public sector and the private sector prior to starting his own business. We are in the Ice Cream Production Industry to favorably compete with other leading and brands in the industry and our corporate business goal is to be among the top 5 ice cream production brands in the United States of America.
As a company, we are willing to go the extra mile to invest in some of the finest professionals we can find in and around Wichita Falls, Texas and also, we have set plans to acquire the best of equipment for our production plant. Our cold – rooms (Freezers) are customized to fit into the kind of ideas we have of how a first – class ice cream production business should look like.
When it comes to hygiene and proper packaging, we have put plans, process and structures in place that will ensure that we are always at the top of game. We have been able to secure permits from all relevant departments in Wichita Falls, Texas.
We have put plans in place for the continuous training and retraining of our staff members at regular intervals and also liaising with stake holder in the industry to contribute our quotas in the way liquid nitrogen ice cream making equipment should be designed.
The demand for frozen desserts is not going to plummet any time soon, which is why we have put plans in place to continue to explore all available market around the cities where our liquid nitrogen ice cream outlets are going to be located and ensure that we create a wide range of distribution channels via franchising.
Our strongest selling point at Tony Lee® Liquid Nitrogen Ice Cream, Inc. is the unique taste of the ice creams that we will produce and sell. There is hardly any customer that will taste any of our products who would not want to come back and make more purchase.
Tony Lee® Liquid Nitrogen Ice Cream, 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.
Our plan is to position Tony Lee® Liquid Nitrogen Ice Cream, Inc. to become the leading brand in the ice cream production industry in the whole of Texas, and also to be amongst the top 5 liquid nitrogen ice cream production brand in the United States of America within the first 10 years of starting our business.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are confident that Wichita Falls – Texas is the right place to launch this type of business before spreading to other cities all across The United States of America.
3. Our Products and Services
At Tony Lee® Liquid Nitrogen Ice Cream, Inc. we deal in all forms and flavors of liquid nitrogen ice cream and frozen desserts. As part our strategy to create multiple sources of income in line with our core business concept, we will run a consultancy service too.
Our intention of starting Tony Lee® Liquid Nitrogen Ice Cream, Inc. is to make profits from the ice cream production industry and we will do all that is permitted by the law in the US to achieve our aim and ambition. Here are some of our products and services;
- Liquid nitrogen bulk ice cream
- Liquid nitrogen novelty ice cream
- Regular retail liquid nitrogen ice cream
- Consultancy Services
4. Our Mission and Vision Statement
- To be amongst the top 5 leading liquid nitrogen ice cream production companies in the United States of America before our 10th anniversary.
- To build a liquid nitrogen ice cream business that will meet the needs of all our customers in the regions/cities where we have our outlets and to sell franchise all across the United States of America.
Our Business Structure
As part of our plan to build a standard liquid nitrogen ice cream making company in Wichita Falls – Texas, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent and hardworking employees to occupy all the available positions in our company.
The kind of liquid nitrogen ice cream production company we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in the industry. Below is the business structure that we will build Tony Lee® Liquid Nitrogen Ice Cream, Inc.;
- Chief Executive Officer
- Plant Manager
- Food Technologist
- Human Resources and Admin Manager
- Sales and Marketing Officer
- Casual Workers
- Customer Service Executives
5. Job Roles and Responsibilities
Chief Executive Officer – CEO (Owner):
- 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
- Creating, communicating, and implementing 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
- Responsible for overseeing the smooth running of the liquid nitrogen ice cream production plant
- Part of the team that determines the quantity of ice cream to be produced
- Maps out strategy that will lead to efficiency amongst workers in the plant
- Responsible for training, evaluation and assessment of plant workers
- Ensures that the steady flow of both raw materials to the plant and easy flow of finished products through wholesale distributors to the market
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Ensures that the plant meets the expected safety and health standard at all times.
Human Resources and Admin Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defining job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversee the smooth running of the daily office and factory activities.
- Responsible for the production of all flavors of liquid nitrogen ice cream and other desserts produced by the company
- Ensures that the organization follows due process
- Serve as the quality assurance officer of the organization
Sales and Marketing Manager
- Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers (retailers) and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
- Responsible for carrying out all casual or unskilled jobs in the plant
- Responsible for operating sealing and packaging machines
- Handles any other duty as assigned by the plant manager
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Distribution Van Drivers:
- Delivers customer’s orders promptly
- Runs errand for the organization
- Any other duty as assigned by the manager
Client Service Executive
- Ensures that all contacts with customer (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
- Manages administrative duties assigned by the plant manager in an effective and timely manner
- Consistently stays abreast of any new information on products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
- Responsible for cleaning the plant facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the plant facility
- Any other duty as assigned by the plant manager.
6. SWOT Analysis
Because of our drive for excellence when it comes to running an liquid nitrogen ice cream production company, we were able to engage some of the finest business consultants in Wichita Falls – Texas to look through our business concept and together we were able to access our Business model to be sure we have what it takes to run a standard liquid nitrogen ice cream production company that can compete favorably in the ice cream production industry.
In view of that, we were able to take stock of our strengths, our weakness, our opportunities and also the threats that we are likely going to be exposed to in Wichita Falls – Texas and even in the United States of America as a whole. Here is a of what we got from the critically conducted SWOT Analysis for Tony Lee® Liquid Nitrogen Ice Cream, Inc.;
Our strength lies in the fact that we have a wide range of ice cream flavors that can appeal to a wide range of customers. We have state of the art facility and equipment that has positioned us to meet the demand of products even if the demand tripled over night or if we have a massive order to meet and emergency need.
Another factor that counts to our advantage is the background of our Chief Executive Office; he has a robust experience in the industry and also a good academic qualification to match the experience acquired which has placed him amongst the top flight professionals in the United States of America.
We are not ignoring the fact that offering consultancy services and running a standard and accredited training center is definitely going to count as a positive for us.
The fact that we are setting up a liquid nitrogen ice cream production business in a city with other ice cream plants might likely pose a challenge for us in breaking into the already saturated market in Wichita Falls – Texas. In essence our chosen location might be our weakness.
But never the less, we have plans to launch out with a big bang. We know with that; we will be able to create a positive impression and we have a proper handle when it comes to building on already gather momentum.
It is a known fact that as disposable income increases, consumers are more likely to purchase discretionary items such as ice cream. In addition, greater disposable income enables consumers to purchase either a greater volume of ice cream or opt for premium varieties, boosting industry revenue and profit margins. Per capita disposable income is expected to increase in 2021 and beyond, representing a potential opportunity for the industry.
Aside from the fact that people are still skeptical when it comes to consuming ice cream made from liquid nitrogen, sugar is a primary ingredient used to produce ice cream. Therefore, an increase in the price of sugar will raise input costs for producers.
Typically, producers can pass on input price increases to consumers; however, if prices remain high for long periods of time, demand for specific products may weaken, ultimately harming industry revenue growth. The price of sugar is expected to rise in 2019, posing a potential threat to the industry .
7. MARKET ANALYSIS
- Market Trends
Shifting consumer tastes have hampered the performance of the Ice Cream Production industry over the years. In response to growing preference for healthier, premium food, industry operators have introduced new brands or reformulated their existing frozen dessert lines with higher-quality ingredients.
Operators have also experimented with new flavor combinations and launched single-serving varieties that appeal to a wider range of health-conscious consumers and that was when liquid nitrogen ice cream was birthed.
No one knows when liquid nitrogen was first used to make ice cream because this practice has been going on for decades by science teachers who wanted to teach elementary chemistry to their students in a fun, delicious way. Some term the process molecular gastronomy. Molecular gastronomy is using scientific tools and techniques to make amazing culinary creations. Such tools include centrifuges, liquid nitrogen, microscopes, or lasers.
When it comes to ice cream and other frozen dessert et al, everyone will quite agree that the market trend changes from time to time. Ice cream production companies are seriously researching and creating flavors and varieties that will keep them afloat in business.
Any liquid nitrogen ice cream production company who wants to remain relevant in the industry must be willing to explore the ‘ice cream world’; he or she must be able to come up with a product that tastes unique from what is available in the market.
Another trend is that some liquid nitrogen ice cream production companies and frozen dessert stores have gone beyond only selling their products in their stores to taking it out to people in parks and other public places through vans and mobile food trucks. Others have even started retailing their products to the public through vending machines; it is one of the strategies that is helping them gain a huge market share.
8. Our Target Market
When it comes to liquid nitrogen ice cream, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just a group of people, but all those who love ice cream and other frozen desserts. In view of that, we have conducted our market research and we have ideas of what our target market would be expecting from us.
We are in business to engage in wholesale distribution and to retail a wide range of ice cream and frozen yogurt flavors to the following groups of people;
- Everyone who resides in our target locations.
Our aim of starting Tony Lee® Liquid Nitrogen Ice Cream, Inc. is to build a business that can grow within the first 10 years of establishing it to be listed amongst the top 5 ice cream companies in the United States of America. With that in mind, we have been able to come up with competitive strategies that will help us compete favorably in the industry.
Another competitive advantage that we have is the vast experience of our management team, we have people on board who understand how to grow business from the scratch to becoming a national phenomenon. So also, the wide varieties of liquid nitrogen ice cream flavors that we produce, our large national distribution network and of course our excellent customer service culture will definitely count as a strong strength for us.
One thing is certain, we will ensure that we open our outlets in various cities in the United States of America and also sell our franchise. With that our brand will be well communicated and accepted nationally.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Tony Lee® Liquid Nitrogen Ice Cream, Inc. is established with the aim of maximizing profits in the Ice Cream Production industry in the United States of America and we are going to go ensure that we do all it takes to sell our tasty fare to a wide range of customers.
Tony Lee® Liquid Nitrogen Ice Cream, Inc. will generate income by selling the following products;
- Liquid nitrogen bulk ice cream
- Liquid nitrogen novelty ice cream
- Regular retail liquid nitrogen ice cream
- Consultancy Services
10. Sales Forecast
One thing is certain when it comes to this business, if your ice cream are well – packaged and branded and if your store/outlet is centrally positioned and easily accessible, you will always attract customers.
We are well positioned to take on the available market in Wichita Falls, Texas and every city where our product will be sold and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.
We have been able to examine the ice cream production industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Tony Lee® Liquid Nitrogen Ice Cream, Inc., it is based on the location of our business and other factors as it relates to small and medium scale ice cream startups in the United States;
- First Fiscal Year (FY1): $200,000
- Second Fiscal Year (FY2): $350,000
- Third Fiscal Year (FY3): $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and the arrival of a competitor in same location as ours within the period stated above. 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 to launch Tony Lee® Liquid Nitrogen Ice Cream, Inc. and also the kind of ice cream flavors to produce, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market in the cities where we intend positioning our business.
We have detailed information and data that we were able to utilize to structure our business to attract the customers we want and also for our products to favorable compete with other brands in Wichita Falls – Texas.
We hired experts who have good understanding of the ice cream 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 Wichita Falls – Texas.
In summary, Tony Lee® Liquid Nitrogen Ice Cream, Inc. will adopt the following sales and marketing approach to sell our wide range of liquid nitrogen ice cream flavors;
- Introduce our acai bowl bar brand by sending introductory letters to residents, merchants and other stakeholders both in Wichita Falls, Texas.
- Open our liquid nitrogen ice cream store with a party so as to capture the attention of residents who are our first targets
- Organize health-oriented workshops where we show people what they can do to live a healthier life
- Have in-store ads to promote the fact that people can get a discount if they share a photo of our liquid nitrogen ice cream on Instagram and mention our brand. We will also put a sign outside our store and have our staff mention this to customers.
- Let existing customers redeem 2 liquid nitrogen ice cream if they bring along a friend and also if they make a social media post about this with one of our hashtags.
- 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 liquid nitrogen ice cream production store is a standard one with a wide range of flavors and products that can favorably compete with other leading brands in the United States, we will still go ahead to intensify publicity for all our products and brand. We are going to explore all available means to promote Tony Lee® Liquid Nitrogen Ice Cream, Inc.
Tony Lee® Liquid Nitrogen Ice Cream, Inc. has a long term plan of opening outlets in various locations all around the United States of America and also to sell our franchise which is why we will deliberately build our brand to be well accepted in Wichita Falls – Texas before venturing out to other cities in the United States of America.
Here are the platforms we intend leveraging on to promote and advertise Tony Lee® Liquid Nitrogen Ice Cream, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, et al to promote our brand
- Run Instagram contests where customers can share their photos of our liquid nitrogen ice cream. The photo that receives the most “Likes” can be rewarded with a discount or a free large liquid nitrogen ice cream
- On certain days of the week (ideally in areas where we have low foot traffic), let people know they can get a reward (like a free liquid nitrogen ice cream) if they post an Instagram photo of our products and mention our brand’s hashtag(s).
- Install our Bill Boards on strategic locations all around major cities in the United States of America
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting customers to start patronizing our products.
- Ensure that all our staff members wear our customized clothes, and all our official cars and distribution vans are customized and well branded.
12. Our Pricing Strategy
When it comes to pricing for ice cream and frozen desserts, there are no hard and fast rules, the prices depend on the size and packaging. Generally, the prize for ice cream and frozen desserts are affordable hence there is no need to employ any detailed strategies when it comes to pricing.
In view of that, our prices will conform to what is obtainable in the industry but will ensure that within the first 6 to 12 months our products are sold a little bit below the average market price. We have put in place business strategies that will help us run on low profit margin for a period of 6 months; it is a way of encouraging people to buy into our brand.
The payment policy adopted by Tony Lee® Liquid Nitrogen Ice Cream, 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 Tony Lee® Liquid Nitrogen Ice Cream, Inc. will make available to her clients;
- Payment with cash
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our clients make payment without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
When it comes to starting a standard liquid nitrogen ice cream production business, one is expected to spend the bulk of the startup capital on building the plant/cold – room. Aside from that, you are not expected to spend much except for purchasing distribution vans, paying of your employees and utility bills.
This are the key areas where we will spend our startup capital;
- The Total Fee for Registering the Business in Texas – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Tony Lee® Liquid Nitrogen Ice Cream, 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.
- Cost for hiring Business Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- Cost for construction of a standard ice cream production plant – $50,000.
- 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) – $80,000
- The cost for start-up inventory (raw materials and packaging materials et al) – $30,000
- Storage hardware (bins, rack, shelves, food case) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- Cost for liquid nitrogen ice cream making equipment – $20,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase of distribution vans – $30,000
- The cost for the purchase of 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 our opening party – $10,000
- Miscellaneous – $10,000
We would need an estimate of $450,000 to successfully set up our liquid nitrogen ice cream production company in Wichita Falls – Texas.
Generating Funds/Startup Capital for Tony Lee® Liquid Nitrogen Ice Cream, Inc.
Tony Lee® Liquid Nitrogen Ice Cream, Inc. is a family business that is owned and financed by Mr. Tony Lee. They decided to restrict the sourcing of the startup capital to 3 major sources.
- Generate part of the startup capital from personal savings and sell of stocks
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $350,000 from our bank. All the papers and documents 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 Tony Lee® Liquid Nitrogen Ice Cream, Inc. is to ensure that we continue to make available a wide range of liquid nitrogen ice cream flavors, deliver quality services and 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 such as ours is financial leakages. In order to plug financial leakages, the management of Tony Lee® Liquid Nitrogen Ice Cream, Inc. adopted 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 and the products they want to see in our store. We will not waste time in adopting new technology, best practices and diversifying our services.
Tony Lee® Liquid Nitrogen Ice Cream, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- 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 construction of standard ice cream production plant: 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
- Printing of Packaging and Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of equipment, machines, 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 – wholesale suppliers/merchants: In Progress
- Purchase of delivery vans: Completed
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