Occasional Favours 1 Page Business Plan

Party favour boxes Business Plan

Occasional Favours 1 Page Business Plan

Overview

Occasional Favours has a clear business objective to develop, produce, promote and distribute Party favour boxes products. These products have been developed over 3 months with a core focus on addressing the key customer problem and associated opportunities.

The Business Objectives

As a key component of my growth strategy I consider it critical to identify and outline my business objectives, and align these objectives with clear and measurable development milestones. My key long term business objective is to acquire new customers. Customer acquisition is considered to be the critical activity and I am seeking to grow the number of customers. I understand that customer growth could be at the expense of profitability, and that there is a cost associated with customer acquisition. My long term objective is to build a clear customer acquisition process.

The Customer

Occasional Favours has been created with a clear focus on the needs of my customers. Through a structured customer discovery process, we have validated the key customer problem as a lack of a range of designs and styles of favour boxes available for parties and events. This is a critical issue for my selected target market of party and events planners.

The Value Proposition

Occasional Favours is uniquely positioned to deliver value to party and events planners. "Occasional Favours will provide high quality party favour boxes which give an added touch of detail to any party or event." In order to deliver on this value proposition, years of design practice and ability to use various editing software such as Photoshop and Illustrator have allowed me to create high quality designs that can suit any occasion. Also my love of craft and subsequent experience has given me the knowledge to make the handmade boxes. This capability has taken considerable time and resources to develop and forms the cornerstone of my competitive advantage.

Competitors

I have a number of competitors within the Party favour boxes market. I consider my key competitors to be: Hobbycraft
www.PartyDelights.co.uk
www.FavourBoxes.co.uk
www.GiftBagShop.com
Etsy sellers
eBay sellers
as well as others. My understanding of these competitors has been used to refine my strategy and value proposition. I believe that we can compete effectively with Hobbycraft
www.PartyDelights.co.uk
www.FavourBoxes.co.uk
www.GiftBagShop.com
Etsy sellers
eBay sellers
by the larger range of designs and patterns than the other businesses sell as they sell more conventional and simple designs.

Key Strategies

Over the next 6 months my focus will be to utilise online promotional tools such as Twitter, Facebook, Pinterest etc to gain a following of loyal customers.
Create and give out business cards to prospective customers.
Give business cards to local bakery's/cake shops to gain customers and refer customers to those shops in return.
Create a blog (Tumblr/WordPress)
Allow customers who visit the website to sign up for emails and receive information about new products and promotional deals.
Offer deals on bulk orders.
Sell gift vouchers.
Offer limited time gifts with orders over a certain amount.
. This task will be undertaken in the context of my broader strategy to expand the product range by continually creating new designs for boxes and new box styles.
I will also attempt to make simple homemade party favours to put inside the boxes such as key rings or jewellery for an added overall price.
Customers will have the option to purchase boxes with or without extra party favours. These strategies are a tactical implementation of my overall business goal as outlined above.

Milestones

Measurement of the successful implementation of our strategies will be governed by measurable development milestones. The milestones that will be achieved over the next 2 years are: Launch products, get a substantial amount of followers on Twitter/Facebook/Pinterest (gain customers), sell a substantial amount of favour boxes.

About this document
Party favour boxes Business Plan
This document was created by Manar Hisbani of Occasional Favours using the 5 minute Business Plan App. This technology and approach is powered by HyperQuestions.

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