HANDBAG BUSINESS PLAN GUIDE
Do you have handbag making skills and passion you’d like to monetize? Setting up a handbag business will require a structure. Such a structure includes a business plan.
If you’ve wondered how to go about it, we’re glad to tell you that you’re in the right place.
This article provides you with a sample handbag business plan. It contains important sections that every plan must-have.
We’ve made sure to make it as easy to comprehend for anyone. Using this as a template, you can write an effective plan that will prove crucial to achieving your business goals.
HandKraft Bags is a handbag business in Toledo, Ohio that specializes in the production of all sorts of beautiful handbag products. These come in different sizes, and colors fit for all sorts of occasions. Our other products include a clothing line bearing our trademark exquisite embroidery designs.
The fashion trend in the state of Ohio is changing with the times with people more open to trying out something different. This is where we come in with our innovative product design. We have incorporated existing ideas by fusing them with our own unique handbag making skills. The result has been the roll-out of eye-catching innovative products.
We have a wide range of handbag product designs that can be placed under broad categories. These include tote bags, shopper bags, hobo bags, clutch bags, evening bags, and crossbody bags. Other bag categories include shoulder bags, satchel bags, and bucket bags.
We seek to become a reference point when it comes to fashion. This will be achieved through our innovative designs which make our products stand out. Within 10 years, we hope to become a household name not only within Toledo, Ohio but beyond the state.
More outlets will be opened at different locations across the United States.
HandKraft Bags exist to add to contribute to the comfort, convenience, and style of our market. Our customers are a central part of this philosophy. For our employees, we plan on providing them with a work-friendly environment to fully express their creative abilities.
As business owners, we intend to create a well-run business enterprise that not only generates profits but is also deeply rewarding.
Within our short period of existence, we’ve been able to establish a well-structured handbag business. This has been made possible with the injection of sufficient capital to begin operations. Such has been used on tools, machinery running costs and hiring the right people for the job.
However, more capital investment is needed to move to our next phase; the expansion phase.
We are applying for a loan of about $10,000,000.00 to establish a more standard factory. This loan will be sourced from our banking partners. We are taking advantage of low-interest rate lending to get such loans. Such funds will be used on getting a bigger factory, purchase of machines, distribution vans and the hiring of the additional workforce.
About 30% of this amount will be used to foot our running expenses.
Our success as a business depends to a large extent on our previous performance. An assessment of past performance enables us to identify areas we need to double our efforts or improve upon.
As such, we’ve hired professionals to conduct a SWOT analysis of our business and the results have been revealing as summarized below;
At HandKraft Bags, our strength lies in our innovative approach to product development. We have invested time and resources to hire highly a highly creative workforce. By encouraging them to explore ideas and bringing them to life, we are setting a strong foundation for our plans.
As a new business, we are constrained by our current installed capacity. There is a much bigger market to cater to and unless we expand our production, we won’t be able to fill such demands. One of the ways to address this weakness is our decision to embark on an expansion drive.
Hopefully, we will be able to meet such demands and more.
The future of handbag making is filled with possibilities. We are looking at a situation where our products will penetrate the market easily as the preferred option among fashion lovers. This is given a boost by the current demand for our products which outstrips supply.
Apart from competition from other handbag businesses opening within the immediate location, there’s also the threat of an economic recession. The latter is the bigger threat and could affect or diminish discretionary income significantly.
The level of sales we generate directly impacts our business. With current sales coupled with the planned rollout of our expansion plans, we hope to increase sales significantly. A three-year sales projection was made with impressive outcomes summarized as follows;
- First Fiscal Year $9,000,000.00
- Second Fiscal Year $25,000,000.00
- Third Fiscal Year $60,000,000.00
There are other competing handbag businesses with great products too. However, we have a competitive edge over such competitors due to our heavy investment in finding the right persons with the right skill sets. These are people with highly creative imaginations that have been successfully put to great use.
Our remuneration system is among the best in the industry. We are providing an incentive to our workforce to encourage them to give their very best.
What more? We have a work-friendly environment that encourages productivity and full expression of creativity.
Our marketing strategies are varied and meant to help our business achieve the publicity it desperately requires.
Some of the strategies to market our handbag business include paid TV and radio ads. in addition to outdoor advertising through the utilization of billboards, electronic screens, and word-of-mouth marketing among others.
This handbag business plan sample has been stripped of any ambiguous content to help with easy and precise deciphering of its message. We are certain this will be of help in your bid to write a great plan for your handbag business.