Crafts And Embroidery Business Plan

1.0 Executive Summary

COMPANY NAME is an existing family apparel retailer. The store offers on a year round basis items such as jackets, shirts, sweatshirts, sports apparel, hats, and promotional items. They also customize the garments they sell by embroidery, silk-screening, monogramming, and lettering.

The store is in [CITY], [STATE] and is centrally located to the tri-county area it serves ([COUNTY], [COUNTY], and [COUNTY] counties). The area is growing in population and demographic information indicates it may be faired better than many other parts of the United States through the ongoing economic downturn. According to U.S. Census data, the tri-county area is home to over 614,000 people and 47,640 businesses. The area appears to be highly diversified with no single industry dominating the area's economy.

The store has been in existence at its present location since 1999. The previous owners sold the business and building to OWNER'S NAME in May 2007. They operate the business through a limited liability company structure. OWNER'S NAME, who handles the day-to-day operations of the business and is an active hands-on owner, had eight years of previous experience in retailing, embroider, and silk-screening prior to owning the store.

The store is the only embroidery and silk-screening business within a 30-minute radius, so they have no local competition. Internet companies are the main competition for the store with price and the convenience of ordering being the two competitive factors they must overcome. Its primary marketing focus is toward privately owned businesses in the tri-county area with a staff of face-to-face customer service providers, or with a vision of "branding" their business by providing their employees with uniforms or coordinated logo apparel. Its secondary marketing focus is the teams, groups, and organizations in the area seeking lettered uniforms.

The store's competitive edge is its location, its focus on excellent customer service, and the experience and knowledge of the owners who have already identified key factors that they must achieve to make the store successful. Increased sales can be achieved by developing an outside sales force, by expanding their retail hours, and by exploring the advantages of a more sophisticated website with shopping cart capabilities. These are immediately possible with the addition of two new employees. Increased profitability can be achieved by continuing to maintain their gross profit margin and by developing a diligent expense control system.

The future for COMPANY NAME appears bright. The store has far more strengths than it has weaknesses. It has opportunities for growth and profitability by simply following this business plan and by finding a source of funds to restructure their business debt. The only serious threats are a prolonged and worsening economic downturn or a competitor decision to move into their immediate area to compete head-to-head.

1.1 Objectives

1. Achieve profitability by year-end 2012 and in future years by increasing sales and diligently controlling expenses

2. Design and implement strict financial controls to help ensure future success

3. Increase sales to local area businesses, teams, groups, and organizations through more aggressive marketing

4. Determine whether the development of a more robust website would result in more effective competition on the internet

5. Obtain additional capital required to consolidate existing business debt

1.2 Mission

The mission statement of COMPANY NAME is "Professional Quality, Hometown Service".

1.3 Keys to Success

1. Focus our marketing efforts on businesses, teams, groups, and organizations in the tri-county area

2. Continue our heritage by exceeding customer service expectations every time

3. Grow sales and diligently control expenses to again become profitable

4. Improve cash flow by consolidating existing business debt

5. Complete a study on whether an improved website will increase internet sales