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My Business Plan
Transcript of My Business Plan
Market Industry Overview and Stats
Don't know how to use our product? No worries! Simply uncap, apply, recap! You needn't apply more than once daily, for our petroleum jelly based lip balm is guaranteed to offer twenty four hour moisturization and lip protection. Labelloint can be bought in several different containers, yet we primarily sell lip balm tubes. The consumer's contentedness with this product is utterly assured.
Labelloint is a lip care product, which is classified underneath the Skin and Sun Care segment of the Cosmetics industry. Ultimately, the Cosmetics industry resides in the Beauty and Personal Care industry, which then belongs to the Household and Personal Goods industry. The Cosmetics industry revenue in 2014 was $245 billion. Skin and Sun care serves to be approximately 29% of the Cosmetics industry, making it's annual sales $7.05 billion. Lip care sales in this industry amounts to almost $1 billion.
Tuesday, May 5th, 2015
Vol XCIII, No. 311
Lip Balm: Apply, Apply, Apply!
Basic Business Model
Labelloint is an exclusive product, and an essential step forward into battling the common, and potentially detrimental, lip balm obsessive compulsion, often labeled as borderline addiction. Applying lip balm to dry skin may offer temporary relief, but it also interferes with the signaling mechanism that tells the lower cells to start producing more cells. As a result, when the balm wears off, the skin doesn't have time to replenish the cells, and more lip balm is needed to keep skin moist (and more, and more… get the idea?). As opposed to my competitors, I only use natural ingredients, with my primary ingredient being petroleum jelly, which offers twenty four hour protection against chapped lips, and helps relieve the redness and swelling of flaky skin. Labelloint is an organic, pure cosmetic essential in a wide variety of your favorite flavors that eases all of your moisturizing needs.
Labelloint Business Plan
Labelloint is wholeheartedly committed to offering a wide variety of natural, organic cosmetic essentials to consumers who wish to opt for healthy, lip balm alternatives.
We fully intend upon promoting urgent social causes and charities. A vital organization we hope to be able to contribute to is the National Alliance on Mental Illness (NAMI). For every one hundred tubes of lip balm we sell, we'll be donating $10 to NAMI, to help sponsor their research programs on mental illnesses.
Description of Expenses
How Does Labelloint Work?
Labelloint lip balm is fabulous! Chapped lips become less of a problem by the day! The only addicting thing about Labelloint is its delicious flavors!
Variable Material Expenses
15 oz. Petroleum Jelly
14 fl oz. Coconut Oil
.5 fl oz Vitamin E Oil
50 Empty White Lip Balm Tubes
Definition of One Unit
One Lip Balm Tube
Economics of One Unit
Cost of Variable Material Expense
Cost of Labor
Other Variable Costs
Monthly Break Even Units
Household and Personal Goods
Beauty and Personal Care
Skin and Sun Care
Evaluation of Target Market
Demographics: male/female, 6th-8th grade, 82.7 percent African American; 8 percent White; 7.4 percent Hispanic/Latino, 1.9 Other, 84% low income.
Geographics: Baltimore, Maryland, USA
-Middle school students are developing teenagers. The approval of their peers, and ability to conform to their constantly altering environment helps increase these students' self esteem and confidence.
-Commercial interactions and media very often have a strong impact on my target market.
-My Target Market averagely purchases three lip balm tube/containers per one month.
Product Promotion and Marketing Strategy
I intend upon promoting my product through my website, social media, school conventions, and fliers. I am currently working on developing my website. A website is vital in publicizing my product, because it is a very convenient way of accessing my product for consumers, gaining more information, and purchasing online. Also, social media, especially the Instagram application, which has become most recently popular amongst middle school students, will help me advertise my product through the reblogging, liking, and commenting of my business' posts. I can also advertise Labelloint by creating stands in school conventions which will offer samples of the product. Advertising in school conventions, like Roland Park's annual May Mart, is effective because many students attend, and that will increase product awareness. My last notable form of marketing is to make fliers, which will be hung up and throughout the sschool campuses of Baltimore City which will also help cause my Target Market to be attentive towards my product and business.
- Course certificate in home economics.
-A nearly complete economics course.
-Primary School Student Council President.
-Personal attributes include tremendous perseverance, obstinacy, and flexibility.
-Sufficient communication skills.
-Open to suggestions, considerate of my customers, reasonable and justified with my employees.
-People oriented and can cooperate efficiently.
-I'm very prudent, methodical, and can adjust very well to alterations. I intend upon taking full responsibility for all of my decisions.
-Ultimately, very competent in entrepreneurial aspects.
Direct: Chapstick, Carmex, Burt's Bees, Blistex, EOS, Maybelline
Indirect: Vaseline, Sephora Skin Lotion, The Body Shop Lip Butter, potential consumers who are able to make homemade remedies, such as ground rose petal paste.
All natural, organic ingredients
Contains harmful additives,
including menthol, phenol, and camphor
Contains harmful additives,
An assortment of 62 flavors
Keeps lips moisturized for a whole day
Sales Projection Graph
To store and cool lip balm
Start Up Funds
To melt lip balm concoction
Used to mix lip balm ingredients
To thoroughly blend concoction
To measure amounts of ingredients
To measure amounts of ingredients
To shred petroleum jelly
Emergency Fund: $15003
To cover average monthly expenses for six months, before business is able to recover.
Reserve for Fixed Expenses: $2500.5
Return on Investment:
In the longer term future of my entrepreneurship career, I hope to expand my market size to about 13% of the global cosmetics market. With my sales, I hope to be able to purchase a manufacturing base, and hire a larger deal of employees. I want to also be able to expand my economics understanding, and get a degree in higher education, at the very least my Undergraduate's degree. I want to have qualified employees, who are able to constantly think commercially. I want to increase consumer awareness of my product, by advertising it through television and other forms of popular media. The success of my business is essential to consider also. I don't intend upon deviating from the very least of my annual unit sales, which is 12000 at the minimum. I most definitely have high expectations for the potential of my business.
Return on Sales: