Financial Plan
Sale price: based on what I have found out about the cost of materials and the general cost of cheerleading uniforms, my sale price would be $70.
Production cost: I have found that if I factor in the cost of materials, and manufacturing costs, it would cost about $38 to manufacture my product. To ship the uniforms it would be a small parcel cost which is: $7
The profit from this would be $25.
Overhead costs: For at least the start of my business and product I wouldn’t have any employees. I could base my business at my house, so there are no rent costs. I would need a sewing machine (last 10 yrs) which is $300. I would also need a laptop (rent: $85 pm) and phone ($30 pm) which I already have so that I can set up a website.
Average per month:
sewing machine: $2.50
laptop: $2
phone: $0.60
website: $15
social media advertising: $0
All of this added together means I would have to pay: $20.10 a month. Meaning I would have to sell at least 1 uniform every month. However my goal would be to sell 5 uniforms a month so that my profit would be: $104.90 every month.
Potential Mistakes
Things that could potentially go wrong with my idea would be finding someone to make/produce my product for a reasonable price. Another problem might be the fact that uniform designers for cheerleading clubs already exist, so clubs might overlook my little business and instead go with the bigger ones that they know. Another potential problem could be that clubs might not want to change their uniforms design, and just keep it the same which makes my idea less unique.
Marketing Plan
Idea for a Partner:
I would try to partner with cheer clubs because they have the same values as me so they would make a good business partner. I would also try to partner with sports brands.
Product:
My product designs would be customisable so that each club will have unique uniforms so each set of uniforms vary in design. The uniforms would each come in plastic packaging to avoid damage, and then all the individually plastic wrapped and packed uniforms would be shipped in a stable box with good quality logos and other aesthetically appealing aspects.
Price:
My price for the uniforms would be around $60 and this would vary depending on what the clubs choose as add-ons (like diamonds etc.) After researching I found that the standard price for uniforms is $60 to $70 and so I went with the cheaper option because if I factor in the prices for material, how long it takes to make each uniform and potential add-ons then $60 is a reasonable price since I still make a profit as well as sensibly pricing the uniform.
Position:
I think the position of my company would be around mid-high end since it is a new business so it can’t be high end straight away and also because cheer uniforms are very important which boosts the status of the company up.
Promotion:
I would promote my product to my target market by using social media platforms, and also by contacting and talking with other cheerleading clubs so that they know about my company.
Communication strategies
Target market:
My target market is mainly cheerleading clubs and adults. Since the adults who own the cheerleading club are the ones who actually buy the product, then they are the target audience.
Communication objective:
My communication objective is rational, because cheerleading clubs need uniforms for their athletes and they would want my business to design them because they are customisable.
Media type:
I would get my message out there by advertising on the internet, with websites ad social media platforms such as instagram and by talking about it with other cheer clubs so that the word can spread about it.
Message source:
I would spread my message by telling cheerleading clubs about it, use social media and talk about it so hopefully it can spread by word of mouth.
Brand names/Ideas
The three potential brand names I have come up with are:
- CCDesigns (Custom Cheer UDesigns)
- All-star Uniforms
- ASCU designs (All-star Cheer Uniform Designs)
Out of these names, I’ll decide which one I will use based on which one sounds the best and represents the brand well.
Based on that, I think I’ll choose CCDesigns because It shows that the brand makes Custom Cheerleading Uniforms that you can design.
Strategies
My strategies to make this project successful are to:
- Research Cheer uniform designs to get a general idea of what they should look like
- Find a business partner that could help out
- Make sure my website and designs are unique, to make my business more appealing when going against competing businesses
| Strengths
– Affordable – Unique – Customisable
|
Weaknesses
– Hard to design – Shipping – Cost/profit
|
| Opportunities
– Starting a business – Making new ideas
|
Threats
– Other cheer uniform businesses – Competitors – Clubs not wanting to change their uniform look |
My mission and vision
Mission statement:
My mission is to help cheerleaders feel comfortable in their uniforms. If we feel comfortable, it will help us to perform better since we won’t have to fiddle with the uniforms. Improving the uniforms involves getting rid of unnecessary add-ons that get in the way, and instead replace those add-ons with similar things that are much more moveable. This will result in better performance because you can’t perform in something that gets in the way, so improving the uniforms might result in more successes fro cheerleading teams.
Vision:
My vision is to create a cheer uniform similar to ones we have now, except replacing unnecessary add-ons that get in the way while performing, with similar things that are more comfortable. Also, depending on what length of the top and bottoms each team chooses, it will be no problem since you can request different lengths of uniforms in my idea.
My Idea
This week we thought about what ‘our thing’ is. We wrote down lots of ideas and then narrowed it down to one idea that we would base our entrepreneurial project on.
For ‘My thing’ I wrote down lots of things such as:
- Cheerleading/tumbling/Airtracks
- Food
- Friends
- Family
- Being Active
- My Idea is to make uniforms (mainly cheer uniforms) that are more comfortable, agile and look similar between each gender.
It is desirable because the current uniforms are hard to be active in. Also because male uniforms are mainly long pants and girls uniforms are short skirts which makes it hard to tumble in. Alternatively, I could design a new uniform with comfortable shorts other than long pants or short skirts.
It is unique because all cheer companies I know of, all have uniforms that are like the ones I described above. So I want to suggest a new uniform and look for cheer clubs.
It will add value to customers lives because ultimately, you can perform better in something that’s easy fitting and comfortable than in something that’s not.
Entrepreneurship
This week we learnt about entrepreneurs, what it means to be one and how to become one. We watched 2 videos that taught us about this.
An entrepreneur is a person that finds a problem and thinks of an innovative and creative solution to it. They seek problems and then find ways to solve them. They think and dream big, and are productive learners. To be an entrepreneur you need to step outside of your comfort zone and interrupt the status quo.
Entrepreneurship is the process of designing, creating and producing a business/product. To become an entrepreneur, you need to create a team with similar views, values and opinions and work fairly with them.
OTAKU is also important in entrepreneurship. OTAKU means that you are an early adaptor and fast innovators.
Important qualities in an entrepreneur are:
communication
- listening
- trustworthy
- creative
- innovative
(to name a few.)
You also need to be able to sell products well. You need to talk and sell to people who want to listen.