Business Plan

This week was awesome! We had the opportunity to create a business plan for our BIG IDEA and our $100 challenge. My Big Idea is my Alterations and Boutique business and my $100 challenge is to teach sewing classes.

Here are the Business Plans:

Big Idea Business Plan

Vision: Within the next 5 years grow Patches Co. into a successful brick-and-mortar Alterations and Boutique providing women and children’s clothing and accessories and alteration services to Girls and Women ages 15-45.

Mission: Patches provides alterations and clothing that leaves customers feeling comfortable and confident through the way they dress.

Objectives: Within 5 years Patches will be bringing in sales of $50,000 a year with a 80% gross profit percentage after cost of goods of $40,000 a year. Annually we will see 5,000+ customers come through our store with an average of $10 per sale. As time goes on and sales go up we will hire between 5-10 employees. Within 3 years we will hire a manufacturer to make the clothing we design.

Strategies: Revenues will be generated via the website and social media. Our target markets will be based in the mid-west and in the coastal regions of the United States. Growth will happen overtime but at an accelerated rate as we utilize the social media sites and algorithms to our benefit. Customers will be retained through incentives and the quality of products and services we provide.

My personal role in the company will be to first create and provide all the products and services, then train employees and manufacturers to create and provide the products and services so I can better manage and oversee the overall welfare and growth of the company.

Our starting budget is $5,000 which has been personally saved.

Plans and Projects:

Project 1: To create a cohesive and trendy website.

Project 2: Design a maternity/nursing clothing line and hire a manufacturer to create it.

Project 3: Donate products and services to a well known non-profit organization.

 

$100 Challenge Business Plan

Vision: Within the next year grow Patches Sewing School into a successful home-based business providing beginning and intermediate sewing classes to both children and adults in my community of Rexburg, Idaho.

Mission: Our mission is to provide a creative space where customers can learn to be more self reliant by learning how to sew.

Objectives: Within the first 10 weeks we will earn $250 by gaining 5 students. Within the first year we will earn $1500. After the first year, as we gain more experience, we will raise the price of the beginner classes from $50 for a 4 week class to $75. The Intermediate class will be $100 for a 4 week class. This is meant to be a small operation so students will be capped at a certain amount but if demand becomes greater we will expand to a separate location and hire employees to teach the lessons as well.

Strategies: Revenue and client base will be generated through referrals, word of mouth, social media, and local ads. Our target markets include any and all who want to learn how to sew, but we will collaborate with local businesses and craft stores.

Our starting budget is $20 generated by donation.

Plans and Projects:

Project 1: Create a 4 week curriculum for beginner and intermediate students.

Project 2: Design, Print and handout fliers advertising sewing classes.

Project 3: Donate revenue from the first 10 weeks to a charity.

I am really excited to move forward with our business plans and see where it all takes us!