Executive Summary
A business plan is a success in implementing a business. A business plan contains all the essential elements of a business. Bliss balloon party shop is a small business venture that is in its initial stages of actualization. The business venture will be registered as a private limited company with unlimited liability. The company will deal with the sale of decorated balloons. In September, business operations will commence while running as a manufacturing business with B2C as a product delivery strategy.
Bliss Balloon Company intends to expand its operations by increasing the number of employees, changing its management, and moving out from a residential area to a commercial space. The company intends to maintain competitiveness through company differentiation and product pricing and quality. All business transactions will be documented in books of account to ensure financial accountability. Further, the company will hire auditors in the future to monitor business accountability.
Human resources are the driving force for all business operations. Bliss Balloon Shop has seven employees during its startup. The number of employees is expected to increase with the expansion of business operations. Employees will be sourced through internal and external sources of recruitment. Employee retention will be through promotion and considerable compensation.
In general, the business analysis provides an overview of all operations expected to unfold during the actual business operations. It allows investors to have a clear perspective of what to expect in the business venture. It also stipulates financial expenses and expected investment returns. Thus, making possible changes and plans to deal with any financial issues.
Part 2
Business description Bliss Balloon Company is a new business venture that is in its initial stages of formation and actualization. The company deals with the sale of customized decorated balloons depending on the client’s demand. The company’s mission and objectives guide the company’s operations. The mission is providing quality balloons with real a connection to reality’.
- Company’s Mission and Objectives of the Company.
Company’s objectives are;
- Earning profits
- Providing quality goods and services
- Increase sales
- Earn a considerable market share.
Ethical and moral considerations guide the objectives of the company. The company’s primary goals are;
- Secure maximum profit margins
- Provide employment
- Establish excellent customer relations.
- Business Ownership and Legal Structure.
Bliss Balloon Company is registered as a private limited company, which is a separate legal entity. The company is currently owned and operates as a family-based venture. The company has seven members who are the current shareholders and partners in the enterprise. The seven family members work jointly in running the business and making business investment decisions.
- Necessary Skills, Experience, Academic Preparation, and Training
Running the business requires expertise and skills to ensure the effective and smooth running of business operations. Owners should undertake a short managerial course that will enable them to run the new venture through its initial stages of growth and actualization. Further, they must have problem-solving skills to find an amicable solution to any problem that may arise in the business. Delegation and time management is another essential skill. Delegation improves the process of operations and decision making while timekeeping ensures that production and the product delivery is in time. Bliss Balloon Company is a new venture with seven partners only. With time, there may be a need to increase the number of partners. Partners who wish to join the business venture must have managerial skills. The company is expected to grow and thus change administrative roles from family-based to more professional. Managers who wish to take up new roles must have managerial skills and training. The candidate must have a bachelor’s degree in any business-related course with at least three years’ experience in an administrative role.
Part 3: Nature of Business
- Product Characteristics
Bliss Balloon Company is a new entry in the industry. Already established competitors in the business venture have a series of marketing advantages. For example, they already have a considerable market share, and their products are more popular. Bliss Balloon Company intends to use differentiation as a marketing advantage. The distinction is through the sale of decorated balloons where each package is customized depending on the consumer’s preference. The company intends to have an array of balloons and decorations. Besides, each package will be uniquely designed for a specific event and clients.
- Differentiation With Respect To the Competition
The company specializes in the sale of decorated balloons. Balloons come in different shapes, colors, and sizes. Messages printed on the balloon differ depending on customer needs and events. The company intends to differentiate its products by offering three different packages. Packages vary since the company plans to accommodate all types of consumers. Bronze package has 20 mediums sized balloons that come in a single shape but different colors with three words printed on each balloon. Silver package has 50 balloons that come in two various forms and in different colors. Each balloon has a separate five words message on each balloon. The gold package, which is a premium package, comes with 100 balloons with different shapes, colors, and each balloon has a different image and five words message on each balloon. The packages will be used as a competitive advantage over other competitors in the market.
- Daily Business Management
The family currently manages Bliss Balloon Company. The company intends to change managerial roles from family-based to professional management. The new administration will oversee the daily operation of the company. Further, the management will keep records of all production and sales made every day. Expenses accrued will also be documented for purposes of accountability and transparency.
- Goals and Objectives
The company aims to achieve its long-term objectives by aligning them with company goals. The company’s objectives are to earn a profit, provide quality goods, and bridge the market gap. The aim is to be aligned with the company goals, which are to provide employment and establish excellent customer relations. Clear company goals and objectives will enable the company to develop a clear path to achieve them.
- Operations
Bliss Balloon Company operates in a residential area in Miami, FL. Operations involve the purchase, printing, and decorating balloons. The process of printing and decorating balloons is through the use of an automatic balloon printing machine. The primary target market is residents of Dade County. With time the market is bound to expand to other neighboring counties.
- Equipment and technological application
Bliss balloon shop uses modern technology in its operations. The company uses an automatic balloon printing machine in printing and decorating balloons. The company also intends to use social media as a marketing tool to create product awareness and attract more clients.
- Type of business
Bliss Balloon Company is a sole proprietorship business. Family members manage it. The company has unlimited liability since it is registered as a private company. The primary source of capital is savings and donations from family members. The company operates as a manufacturing business, with its main product being the sale of decorated balloons.
Part 4
- Current Marketing Plan
Bliss Balloon Company has adopted integrated marketing as its marketing campaign. Integrated marketing is a combination of traditional and the use of technological methods as marketing tools(Thomas Martin Key, 2017). Bliss Balloon Company uses direct referrals as traditional methods. Also, the company intends to use social media as marketing platforms.
- Projection of the Possible Demand for the Product
Currently, the company has managed to secure 150 clients as a startup. The company expects to have 70% repeat customers. Now, the market is unstable due to Covid 19. With time, normal operations will resume and stabilize the market. A stable market will lead to an increase in the demand for goods since people will go back to the tradition of conducting various events without fear of contracting the disease. The use of social media to create awareness is also likely to increase demand for balloons.
III. Business Type Marketing
There are various types of marketing. The kind of product influences the choice of business operations, number of clients, and consumer needs. Bliss balloon company will use business to clients (B2C) marketing. Business to consumers is advantageous and suitable for company since it offers a connection between consumers and the business(Lina Pilelienė, 2019). Further, it provides a communication platform where the client can share their concerns and expectations with the company, thus giving room for improvement.
- Determination and Calculations of Prices
Bliss Balloon shop offers three product packages.
Each package comes with different provisions and prices, as mentioned earlier. The three packages are bronze, silver, and gold. The prices are $30,000, $60, 000 and $100, 000 respectively.
In this case, product pricing is in consideration to cost of production, product demand, current market share, and government regulations on pricing.
Part 5: Financial Aspects
- Financial Management
The primary source of capital was through savings and donations from family members. The initial investment was $10,000, which was used in legal registration, electronic installation, communication charges, insurance subscription charges, purchase of balloon, and other fixed assets such as automatic balloon printing machine.
Projected returns from the venture are $60,000 gross profit during the first year of operations. Profits are expected to increase cumulatively over the next five years.
- Origin and Disaggregated Amount of Initial Capital
Initial capital is disaggregated as follows.