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Business Plan

This business plan is based on a company I created called HeatTech. This company sells everyday appliances that have been transformed into a more modern use.
by

Brittany Fines

on 19 June 2013

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Transcript of Business Plan

HeatTech Business Plan
Introduction
Table of Contents
Business Concept .......................... 3
Business Plan/Objectives............. 4
Management/Ownership............. 5
Overview......................................... 6
Services............................................ 13-15
Products...........................................16
Peripherals......................................17
The Market......................................18
The Customer..................................19
Customer Profiles........................... 20-22
Competitive Analysis..................... 23
Advantage........................................ 24
Pricing.............................................. 27
Strategy........................................... 28
Business Concept
HeatTech will provide all products and supplies through the HeatTech store.
HeatTech will provide a new way to save money and electricity for a healthy environment.
HeatTech will benefit those who have limited space and money.
HeatTech will support the Department of Energy by reducing the amount of electricity used in other appliances.
Business Plan Objectives
This plan is made to...
Prove to other companies as well as the Department of Electricity that HeatTech appliances were made to reduce the use of heat, electricity, and money.
Set goals for future changes and references.
Push motivation and create a clear path for HeatTech to follow.
Management/Ownership
HeatTech Corporation is registered to as a proprietorship and owned by Brittany Fines. Mrs. Fines is an entrepreneur and web designer. Brittany has a passion for designing modern living and has excellent skills with customers.
Address: 1019 Readings Dr.
Phone: 250-220-2345
E-mail: bfines@telus.net
Products/Services
Overview
HeatTech will supply simple, money saving, every day appliances needed to make life simpler. These appliances are made to save space, money, and electricity. These products will benefit customers because it gives them the opportunity to explore a more modern and eco-friendly living. The company will also benefit other businesses and merchants by encouraging customers to want more new and improved technology.
Services
HeatTech will be supplied through the store located in Uptown Mall, Victoria daily. When doors are open HeatTech's hours are a minimum of 8 hours each day.
HeatTech will supply:
Printers
Ovens
Stylus'
USB
Pencils
Printer Paper
Erasers
Pots and Pans
Oven designed cleaning supplies
Gloves
Sponges
Dish Soap
Dish cloths
Oven Shine Cream
There will be a variety of USB's and printer paper including the size and amount.
The oven cleaning supplies can come in a kit or separate and the products are designed specifically for the Portable Touch-Surface Oven.
The pots and pans come in a wide variety of size, color, material, and price.
Products - Portable Touch-Surface Oven/Portable Pencil Printer
HeatTech will store high-quality, custom designed ovens and printers.
The Portable Surface-Touch Oven will supply an easy way to cook any meal. With a simple charge from something as small as an IPod, this oven is an eco-friendly and modernized version of an average oven.
HeatTech will also supply a Portable Pencil Printer designed to allow corrections made after printing. This product is made to save time, money, and the environment. The printer is also made to print an entire 60 page document from a USB.
Peripherals
All products will come with the essential materials needed for first-time use.
The Portable Surface-Touch Oven will come with a stylus and mini cleaning kit when purchased.
The Portable Pencil Printer will include a package of 160 pieces of printer paper and a 24 pencil pack.
Market Research
The Market
HeatTech has been brought to the attention of those who do not have enough money to spend an average amount of money on heat, water, electricity, paper, etc.
Therefore HeatTech has designed new ways to save money and space. For those who have little space, or travel and would rather not spend money in a restaurant, or even a student with a large amount of homework can substitute an average oven or printer with one of HeatTech's products.
There will be no competition with other companies with modern technology. Such as, Apple or Microsoft.
The Customer
HeatTech is small business made for customers who are willing to spend their money on a product which will help them save money faster.
Our customers enjoy spending their money wisely with benefits such as, being eco-friendly.
Products Risks
HeatTech looks for customers who are willing to spend money on a product that will last and save money at a quicker pace than an average product.
Risks with HeatTech products include:
Malfunction when dropped.
Customers not wanting to buy the product for the set price.
Possible overheating or jamming of the product.
Customer Profiles
HeatTech has managed to create two customer profiles to demonstrate a target customer.
Profile #1 - Lucy
Lucy has recently moved out of her family home and is currently living in a small apartment on her own. She is 22 and working one minimum wage job, her apartment is just big enough to fit a couch and TV in the living room which is connected to a small kitchen.
Lucy enjoys cooking and trying new recipes, she also enjoys traveling.
Lucy chose HeatTechs Portable Surface-Touch Oven to reduce the amount of room needed to cook in her small apartment. Lucy also chose this product to take with her when she travels to find new recipes.
Profile #2 - Rachel
Rachel is 19 and has just moved out of her parents home, she has recently enrolled her self in University and is currently employed with a small paying job.
Rachel enjoys working on projects and puts large amounts of detail into her work. She is also an environmentalist and designs posters encouraging people to keep the Earth clean.
Rachel chose HeatTechs Portable Pencil Printer to not only help keep the environment clean but also save her money considering the amount of work she does using a printer.
Competitive Analysis
Competitors
HeatTech is currently the only place to buy portable surface touch ovens or portable pencil printers. However there are places that sell products such as, pencils, USBs, erasers, printer paper, pots and pans, and oven cleaning supplies.
Those places are Staples, Walmart, Capital Iron, and many other supplies and appliance stores.
Staples, located at 747 Fort Street Downtown, sells there supplies separately for an average price of $2.00 for erasers to $7.00 for printer paper.
Walmart, located at 3460 Saanich Rd. Victoria, sells both supplies and appliances. Supplies are sold separately for an average of $4.00 for a pack of pencils to $20.00 for pots and pans.
HeatTech Advantage
The advantage of HeatTech is its ability to sell a larger quantity of the products for one price.
A large amount of the products are custom designed for the products sold with them and the prices are set for customers with a low salary.
Market
Pricing
Prices at HeatTech will show our welcome for customers wishing to be eco-friendly and save money.
Strategy
HeatTech prices will be custom chosen. This being to achieve our goal of helping those who are looking for an easier life style. However, with the purchase of separate products such as, an oven cleaning kit or pots and pans, the prices will be in line with industry standards or raised to a higher standard.
Location
The location of HeatTech is important for success and sales. There needs to be a large variety of shoppers that know what is being sold. There is one location which will benefit the company seeing as there will be a large variety of shoppers in that area.
Location A
Location A is surrounded by every day stores such as, Walmart, Starbucks, Future Shop, Qoola, Forever 21, H&M, Joe Fresh and many other beneficial companies.
The HeatTech location can be found at this link:
https://maps.google.ca/maps?hl=en&tab=wl
Floor Plan
Promotion
HeatTech will be relying mainly on its location to attract customers.
Key Products
Surface-Touch Oven
The surface-touch oven is an easy to use, space saving, portable oven
that provides
a modernized
way of cooking any meal. It is eco-friendly and designed to last and sustain an average oven life.
Portable Pencil Printer
The portable pencil printer is designed to help save money and the environment.
A mistake can
easily be erased
and replaced.
While this printer can be brought anywhere it is created for the soul purpose of saving money and time.
USB
Stylus
Pencil Pack
Oven Cleaning Kit
Pots and Pans
Printer Paper
Erasers
Gloves
Sponges
Dish Soap
Dish Cloths
Oven Shine Cream
The USB's are sold for the purpose of being used in a portable pencil printer or simply for storing documents. There are two types of storage space: 4gb or 8gb.
The stylus is designed specifically for the
surface-touch oven. They come in a wide variety of shapes and sizes.
The pencil pack was designed to fill the
portable pencil printer. It can also be purchased only for the use of the pencils. The packs come in different numbers: 6 pencils, 12 pencils, 24 pencils, and 48 pencils.
The oven cleaning kit consists of gloves, a sponge,
a dish cloth, and dish soap. This kit can be used on
any surface in need of cleaning.
The pots and pans were designed to a maximum
weight that will be able to sit on the Surface-Touch
oven. There is a wide range of sizes and materials that the Surface-Touch oven can sustain.
The printer paper is average paper used in ink jet printers. There are different amount in each pack purchased: from 80 pages to 280 pages which can be used in the Portable Pencil Printer.
The erasers are average erasers designed to remove mistakes. They come in different sizes, colors, and forms.
The gloves were designed to be used when cleaning the Surface-Touch oven or any other surface.
The sponges were designed to clean any surface including the Surface-Touch oven. They come in different packs, sizes, and textures.
The dish soap is designed to clean the Surface-Touch oven or any other surface. It comes in different fragrances and bottle sizes.
The dish cloths were designed to clean or dry the Surface-Touch oven or any other surface.
The oven shine cream was designed specifically for the Surface-Touch oven. It is designed to clean the oven to a pristine shine and with a quick wash any cream left over will wash off. The oven will be left with a slight water proof coat adding an easier dry.
HeatTech products will be also sold through Staples Canada.
Customers will be able to customize all products through the store when talking to service providers or through the online store.
Advertising Plan
HeatTech will be advertised in magazines and catalogs. There will also be internet advertising which will not only direct customers to the store and advertise products but it will also highlight the online store.
Insurance
HeatTech will be insured through TD Canada Trust Private Investments.
HeatTech will have $2 million of liability coverage.
The advertising will be done on billboards and other funded ways of advertising.
There will be pan-flits and flyers in the store and advertised online which will inform customers what is in the store and when there are new shipments.
Internet
The online store will include all aspects needed for the customer to navigate, ask for help, and purchase items online.
The customer will be able to read about the store history, products, and services.
If the customer has any questions or concerns for HeatTech, they can communicate through a comment box or email directly to HeatTech.
Viewers can be inspired and entertained by a video encouraging people to try and modernize or invent their own product. By sending it in to HeatTech we have promised to support, fund, advertise, and sell their product.
Customers will have the ability to shop online. They can navigate through the store and view their shopping cart whenever they please. Products are only sold in Canada.
Operations
Facilities
The HeatTech building located in Uptown Victoria, will be one floor, it will be 50 feet by 60 feet. It will be a small and simple store with a room for storage and packaging.
There will be an employee room, back room, bathroom for employees, and a separate bathroom for customers.
The store, from floor to ceiling, will be 15 feet in height.
Procedures
In HeatTech we will be supplying the customers a visual display of all the products.
In the online store they have a detailed visual of each product.
HeatTech will have a constant full stock of appliances and a display for special sales or deals.
Separate appliances will be put throughout the store; on the service desk or on small display table.
Equipment
HeatTech will be using basic equipment such as, a scanner, a debit/credit/master card/visa machine, a computer, and a scanning gun.
Human Resources/ Organizational Chart
HeatTech will have many resources such as, customer service, stock, and front desk.
Customer service will be in the store daily to help every customer, greet them, and advertise our products on sale.
Stock will keep everything organized and have shelves stocked every night.
Front desk will be responsible for ensuring the product is payed for.
Contacts
HeatTech will have Suzie Fines in TD private investment as a legal representative.
Bruce Judson, a senior faculty at Yale University's School of Management will be a mentor for management and marketing.
Financial Plan
Break Even Point
Key Products.................................. 7-12
Product Risk.................................... 25-26
Location........................................... 29-30
Map................................................... 31
Floor Plan......................................... 32
Promotion........................................ 33
Advertising Plan.............................. 34
Insurance.......................................... 35
Internet............................................. 36
Facilities............................................ 37
Procedures.................................. 38
Equipment................................... 39
Human Resources/ Organizational Chart............................................ 40
Contacts....................................... 41
Start Up Costs.............................. 45
Financing...................................... 46
Example Advertisement............ 47
Price List....................................... 48
Start Up Costs
Furniture
(shelves, wall display, units) -
Renovations -
Painting -
Electronics -
Shipping from warehouse to store -
$3000
$5000
$300
$500
$450
For the purpose of this business plan the break even point has been calculated using this formula:
Break Even = Fixed Costs
Unit Price - Variable Cost
The fixed costs are made up of insurance expenses and the price for the lease. TD Private Investment estimates a monthly insurance of $150 a month . The lease is estimated $1000 a month. The final fixed cost adds up to an estimated $100 per month.
Variable costs include credit card processing fees and maintenance. Credit card processing will cost approximately 1.7% of the total rental price.
When renting HeatTech's portable oven, customers will have to pay a full price plus the cost of renting. If the product is returned, cleaned and with no damage, the customer will receive their paid money minus the rental cost.

http://brittanyfines.wix.com/heattech
The online store can be found here:
With a $50 rental that makes $0.84 (eighty four cents), an estimated cost of maintenance at $0.20 per rental. That makes a total variable cost of $1.04 per unit.
Sales Forecast
It is estimated that 5000 - 10,000 shoppers pass through Uptown mall daily.
The following example equation is used for the sales forecast:
Total Sales = Number of units sold x price per unit
Total sales = 1100 x $250
Total sales = $275,000
Financing
HeatTech will be financed by its owner. All costs will be paid through the owner without credit or loans.
Appendices
Example Advertisement
Price List
Rental Portable Surface-Touch Oven
Rental Portable Pencil Printer
Portable Surface Touch Oven
Portable Pencil Printer
$40
$20
$249.99
$199.99
Break Even Point......................... 43
Sales Forecast.............................. 44
Full transcript