VIEWS: 172 PAGES: 9 POSTED ON: 8/7/2011
Business Plan 1. The Business Company Name: Jodhaa Akbar Bridal Wear Team Members: Shamini Gopidi and Kaitki Gupta “Jodhaa Akbar Bridal Wear will provide the brides and grooms affordable bridal wear by helping them choose the perfect look for their special day.” 2. Market Opportunity The market need for the Jodhaa Akbar Bridal Wear is the grooms and brides and consumers who want henna done. The market size can depend on how many wedding being held during that time. There are many places to purchase bridal wear or jewelry on both the internet and in stores, but Jodhaa Akbar Bridal Wear will provide a unique solution that will attract consumers instead of driving them away to other companies. The henna service is a plus for us because most of the bridal companies online do not offer it. Our site will include bridal wear that is in style while being traditional or modern and will allow our consumers to easily find what they are looking for. Demand will be created for the Jodhaa Akbar Bridal wear because there is a need for what we provide. Most online clothing companies carry both wedding wear and other party wear together on the same website, which makes it harder for the consumers to distinguish between the two. Jodhaa Akbar Bridal Wear, on the other hand, will be focusing on just the groom and the bride. Another advantage we have is that we carry jewelry to go with the bridal wear along with henna services, available in limited states, which most websites do not offer. The consumers that we expect to find a solution at Jodhaa Akbar Bridal Wear are the soon-to-be grooms and brides. They are the people who know what they want for their special day and are willing to pay for it. They probably have already researched what it is they want and are determined on exactly how it should look like. This is a website for the people who want their special day to be a dream come true, with exactly what they want at affordable prices. 3. Targeted Market(s) The two most important segments of the market for Jodhaa Akbar Bridal Wear are: 1) Grooms and Brides and 2) People who want henna. Grooms and Brides: People getting married are our primary market for Jodhaa Akbar Bridal Wear. These are the consumers who are getting married in the near future and they are in the average age range between 21 and 40. They can get their outfits, either traditional (South Indian) or modern (North Indian), custom made from us. They can also get affordable designer and non-designer wear, as well as jewelry, delivered to them. People who want Henna: The market of the people who want henna is not as big as our primary market of the people getting married. This market consists of not only the people who are getting married but also anyone who wants to get henna for any occasion and it mostly consists of women. 4. Competitive Positioning Inertia: In order to get our consumers to change what they are using/doing today and come to Jodhaa Akbar Bridal Wear, we will fulfill our consumers needs better than what they are using now. Once they visit our site, we will offer certain services that are different from their current users. Our competitors currently offer services that are similar to the services that we will be offering. A competitor that is a direct competition for us is Millionairebombay.com. They offer many designer wear for the weddings, including designer wear for different religions. But, they do not offer jewelry or henna services like we will offer. Our other competitor is Homeindia.com. They not only offer bridal wear, but they also offer other party wear for all occasions. They also offer jewelry and kids wear, but they do not offer henna services. Both of these competitors only offer limited custom tailored wear, limited to certain size and color, but we will offer custom tailored wear where the consumers provide us with their unique measurements instead of us limiting them to a certain range of sizes. We plan to attract our consumers by offering the lowest prices possible for all the designer wear and also for the custom tailored outfits. We will also provide low shipping costs, certain discounts, and good quality clothing. Also, if the measurements are wrong, they can always send it back to us with no cost to them and we can tailor it to their size and send it back. Barriers to Competition: There are many other websites selling Indian bridal wear that are considered substitutes. This makes it hard for the consumers to choose where to go because they all offer similar services, with more or less based on what each website wants to offer. If the consumers do not like the services offered from a certain website, then they will move on to other similar websites that will fulfill what they are looking for. Since there are so many Indian bridal wear websites, it becomes harder to be recognized by the consumers and if they do not see it as a brand worthy then they will not buy it. “Embedded Value” Once a consumer visits the Jodhaa Akbar Bridal Wear website, all they have to do is to pick what they like and we will do the rest from picking the right materials and designs to making it and shipping it. We will prove to our consumers that they can ultimately save both time and money by shopping at our website. They will not have to visit various websites in order to find what they are looking for because we only focus on grooms and brides rather than other occasions. Jodhaa Akbar Bridal Wear will only carry items that are special and unique to make it personal for the groom and the bride. We hope that if a consumer makes a purchase from our site after finding what they want, they will continue to spread the word to their family and friends because they know that they will always find what they need for their special day. 5. Management Team Jodhaa Akbar Bridal Wear will be partnership owned and operated by Shamini Gopidi and Kaitki Gupta, who are also the co-founders of this website. Both of them have a background in business and marketing. They are both Indian so they have a rough idea of what Indian fashion is like and know what to offer to their consumers and connect with them. Ranbir Kapoor and Anjali Sharma are our distributors and designers for our non-designer Groom and Bride clothing. They are both co-partners and have been in the distributing and designing industry for over 20 years. They have distributed to many of the top bridal wear companies. By working with them, we know that we can trust their quality of products and their work because they are well known in the industry for their products, work, and fashion sense. Manish Malhotra, Ritu Kumar and Neeta Lulla are our three famous fashion designers whose collections can be found in our website other than non-designer clothing. They are top Indian designers who have designed for top Indian celebrities. Manish Malhotra and Neeta Lulla are both known for modern wear, whereas, Ritu Kumar is known for her traditional wear. Together they will be able to provide an ultimate experience for our consumers in picking their favorites. Nikhil Shah, Ashok Kumar, Pia Chopra are our tailors. Pia and Nikhil both have ten years of experience and Ashok has 15 years of experience. They will be tailoring both of our non- designer and designer clothing. We will have a studio located in New York where we will store all of our clothes and jewelry. This is where our non-designer and designer clothes are shipped to from our designers. Then our tailors, who will be working at the studio, will stitch or custom make them according to consumers’ preferences. At the end, we will ship our final products to consumers from this studio. If, for any reason, our consumers do not like the product that they purchased because it is not what they ordered, they can send it back to this studio, free of charge. Imran Khan is our distributor and maker for our jewelry. He has been in the industry for the past five years. He is known for his creativity and the quality of the authenticity of the jewelry he provides. He has a way of crafting the jewelry the way that it will appeal to both traditional and modern consumers. Jodhaa Akbar Bridal Wear will hire five full-time managers to manage each of our five salons located in five different states in East America. These five salons will be located in: New York, New Jersey, Massachusetts, Pennsylvania, and Virginia. We will also hire a team of professionals with creativity and customer service skills to apply henna. They will be both part- time and full-time positions. We will also need to hire a web designer to update and maintain our website regularly. We will stress quality over quantity when selecting these employees. 6. Product Development The Jodhaa Akbar Bridal Wear website is not yet up and running. We are working hard to develop and test the site and make it as effective as possible to suit our needs. We also want our consumers to easily find what they are looking for with minimal clicking. We want to make it easier for our consumers to know how much they are paying for the product and the shipping from the beginning so that there are no surprises when it is time for them to pay. Our major challenges include: getting the product made on time, making sure that the resulting product matches according to the consumers preferences and getting it to the consumer safely without any damages. 7. Business Strategy Brief history of the company: The Jodhaa Akbar Bridal Wear website is founded and co-owned by Shamini Gopidi and Kaitki Gupta. Their combined knowledge of Indian culture will help the company in selling the right products to the consumers. This company was started because the founders felt that too many bridal companies were not focusing on just wedding outfits. The other bridal companies were offering products for other occasions and not just for weddings which made it confusing for the consumers to determine the difference between the two. Therefore, the founders decided to start a company where it only focuses on the groom and the bride, thus, the start of the Jodhaa Akbar Bridal Wear. The business and the goal: We are an online retailer in the bridal clothing industry. Our goal is to connect with the future grooms and brides by understanding what their needs are and providing them with what they want. Steps to achieve positive cash flows: We have to build a fully functioning and attractive website that offers our unique selections of products. We have to keep our costs as low as possible by keeping our inventory and our tailors working in one place instead of renting a separate place for our tailors to make our products. This will make it easier for us to distribute the products to our consumers and also for the distributors to ship the finished products to us. Steps to achieve IPO or acquisition readiness: Recognizable brand name Continuous annual sales growth Strong customer loyalty Key Steps Timeline: Week Tasks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Business Plan Marketing Agreements w/Distributors & Designers Rent Five Stores Hire Managers/Henna Appliers Buy Studio for Storage Hire Tailors Create Website Advertisement Period Acquire Customers 8. Marketing and Sales Marketing: Jodhaa Akbar Bridal Wear will use search engine marketing to appear first in major search engines, such as Google and Yahoo. Search engine marketing is about matching key words, such as Indian bridal wear, in potential consumers’ searches to our website. It is important for Jodhaa Akbar Bridal Wear to appear in major search engines in order to differentiate from competitors. This will create awareness for our website. Our five henna salons will also attract customers who might be non-brides. We will also market our website through a banner in Indian blogs or Indian website where it is most visited by our target age range. We also plan to send flyers to every consumer that makes a purchase with us, along with their shipment. We will also advertise through Indian grocery stores in East America. Sales: Buying decision-makers will be able to view the prices of all the products on the website. We will only sell our products online because our website will be the primary point of sales for all purchases. We will not have a physical location for clothing or jewelry but we will have salons in five states for henna in East America. There will be a place for a shopping cart on PayPal, where all the items that will be purchased can be seen and also the total amount before shipping. We will accept all major credit cards and PayPal on our website. Before their credit card is charged, the consumer can view the breakdown of their purchase with clear understanding of their charges. Shipping will be handled by UPS and FedEx and the items will be packed in the best way possible so they won’t be damaged. If the items are damaged once the product reaches the consumer, then they can ship the product back to us, free of charge. We will then try to help the consumer find an alternative that is similar to what they previously ordered. Support: Jodhaa Akbar Bridal Wear will provide 24 hours customer service via personal email to the founders of the website. The founders will provide the consumers with the support they need immediately and will try to resolve any questions or problems they might have regarding the products. They will also email the consumers a day before their products will be shipped and expect a reply once the consumer gets the product. This will allow us to know how the consumer feels after the purchase of their product, either satisfied or not. 9. Projected Financials Revenue 2010 2011 2012 Expected Visitors 5,500 11,000 21,000 Expected Customers 2,200 8,000 12,000 Average Dollar Spent per Customer $ 200.00 $ 600.00 $ 1,000.00 Total Revenue per Year $ 440,000.00 $ 4,800,000.00 $ 12,000,000.00 Expenses 2010 2011 2012 Website Domain Purchase $ 75.00 $ 35.00 $ 35.00 Advertising $ 5,000.00 $ 5,000.00 $ 5,000.00 Insurance $ 2,000.00 $ 2,000.00 $ 2,000.00 Legal Fees (Contracts) $ 10,000.00 $ - $ - Labor $ 3,000,000.00 $ 3,000,000.00 $ 3,000,000.00 Fixed Costs Rent (5 salons) $ 120,000.00 $ 120,000.00 $ 120,000.00 Studio $ 186,666.72 $ 160,000.08 $ 53,333.36 Variable Costs Shipping Costs $ 12,000.00 $ 16,000.00 $ 24,000.00 Internet $ 400.00 $ 400.00 $ 400.00 Electricity $ 1,000.00 $ 1,000.00 $ 1,000.00 Total Expenses per year $ 3,337,141.72 $ 3,304,435.08 $ 3,205,768.36 Profit $ (2,897,141.72) $ 1,495,564.92 $ 8,794,231.64 10. Requested Funding/Use of Funds Year Founders Investors Total Amount 1 $ 105,475.00 $ 3,231,666.72 $ 3,337,141.72 2 $ 89,435.00 $ 3,215,000.08 $ 3,304,435.08 3 $ 54,435.00 $ 3,151,333.36 $ 3,205,768.36 11. Design Plan Style Guide: o Wireframe Home Page Men's Women's Jewlery Henna About us Contact Wear Wear North North Bangles Feedback Indian Indian South South Necklace Indian Indian Designer Designer Earrings Wear Wear Other Accessories o Navigation Design The sidebar is on the left side o Visual Design Brown background color with a picture of the Taj Mahal o Editorial Style The font is Cursive throughout the website Technical Specifications o You would need Internet Explorer, Mozilla Firefox, or any Web Browser o We used weebly.com to create the website. Any Windows or Mac can use it 12. Test Plan In order to make sure that our website is working properly we will utilize both internal and external testing methods. Internal method will involve expert testing. We will get website experts to look at our website and make suggestions that we need to fix. For external method, we will have consumers that are between our products age range test usability of our website. Consumer Testing: o Design/Interface Testing Ensure navigation links are working properly Ensure all content is viewable by the end user o Navigation Testing Ensure users can get to where they need to go in the fewest number of clicks Ensure customers can always find their way back if they need to o Usability Testing Test if customers can actually use the site to purchase an item Test if customers can request support if needed Business Testing: o Content Checking Ensure content is relevant and up to date and there are no typos Ensure nothing on the site is confusing or misleading o Functionality Testing Check for broken links Ensure links take customers to their intended targets 13. Marketing Plan Marketing Strategy: We will market our site using a variety of methods. Jodhaa Akbar will be positioned in the Indian bridal wear market. We will utilize this market to target our advertising. We will use search engine marketing to guide potential customers who are utilizing major search engines to our site. We intend to utilize marketing strategies to expand our brand message around the internet. Threats to Substitution: We could be substituted by brick and mortar bridal wear stores that allow customers to view the products in person. This is a threat because the customers would feel that actually see the product before purchasing it. This is better than buying something online when they don’t know what it’s going to look like when it arrives to them. Other online companies, such as our competitors, can also pose a threat to us because they provide similar products and can satisfy our customers. Online Sale Strategy: We will advertise on Indian blogs and websites that are used every day. We will place ourselves first in the search engines. Channel Management: We will use the internet channel for communicating with our customers via email and use the telephone channel via phone. Brand Management: We will use special material for all our clothes and unique items for our jewelry that will make it different from our competitors. We will also offer Designer wear, which is not offered by most of the other companies. Customer Relationship Management: Customers can contact the owners for any questions or concerns through email and phone found on the website. Their questions will be answered in 24-48 hours. We will provide support for our customers prior to and after their purchase. We will email them once their products are shipped out so they know that it’s on the way to them. We will offer them with the excellent service and shopping experience that we promised them to offer.
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