Executive Summary For the past few years, the candle industry grows smoothly. China is the main raw materials for the production of candle, meanwhile, combining with favorable tax policies and large number of available labor, at the same time, Chinese manufacturers are improving their technology, consequently, China is a major exporter of the candle in the future. Taking culture and religion into consideration, candle market has a certain potential in Europe, USA.
Sale of eBooks Sales Forecast Due to a thorough research, we have been able to come up with an almost accurate sales forecast for our candles. Our strategies have ensured that we are in the position to become a leading brand in Tulsa City and the immediate environs.
We are not only expecting to make massive profits in our first three months of business but also intend to expand within a year of operation.
Our chances in this industry are based on pure facts and a critical examination of our strengths and what we intend to offer this market. Our sales projections are based on information that were gathered during the course of carrying out a through feasibility study.
We also took into considerations start-ups in Oklahoma especially those in Tulsa City. The above projection is based on the fact that all factors, such as a positive growth in the economy and lack of serious competitors — remain unchanged.
This means that projections might become higher or lower due to changes at any time. Marketing Strategy and Sales Strategy Marketing is one very important aspect of any business as it serves a dual purpose in generating income for the business as well as creating publicity for the business.
It is very vital that marketing strategies are drafted and fine tuned so that they can bring in the desired results. In view of this, we conducted a thorough research that will ensure that we have the best strategies in place to generate income for the business. People get attracted to visuals and so this means that we would strive to put more effort in our visuals to ensure that we achieve attract customers to our brand.
Candles are used for different purposes but mostly to calm people, and so we would ensure that our video adverts and images used are ones that will project serenity to potential customers.
Because we know how important the business of marketing is, we have hired a business consultant that will help put our strategies in a better perspective, whilst also including important strategies that are deemed suitable for our kind of business. Our business consultant is an expert in this industry and his expertise would be to the benefit of the company.
Our marketing and sales team will be carefully chosen as they will not only reflect the image of the company but must also understand what the goals of the company are and how it would best fit into their marketing and sales strategies.
Ensure that our business is listed in local directories as well as online directories Use our website as well as our social media platforms to vigorously promote our products and services Engage in direct marketing Encourage our loyal customers to help in referral marketing Pass out hand bills and business cards Create an attractive billboard and place in strategic locations.
Candle Making Business Plan — Publicity and Advertising Strategy Engaging in publicity is very important as it helps increases awareness for the product and in extension the company itself.
There are various means by which a company can choose to publicize its products and services. However, we know how important it is for our brand to be accepted in Tulsa City — Oklahoma, which would then help boost our profile when expanding to other locations.
However, the pricing usually varies depending on factors such as varieties, shapes and packaging. However, whilst these factors might affect pricing to an extent, it will not result in steep pricing for the candles.
In choosing the right pricing for our candles, we would ensure that we rate our proposed pricing against what our competitors are offering, and then adjust accordingly.
Also, while we would ensure that our prices are fair, we would not offer prices that are below our operational cost. Below are the payment options that will be available for our different clients; Cash payment Payment via Point of Sale POS Machine Payment via PayPal for online and international clients Payoneer for online and international clients Payment via check As earlier stated, our payment options were chosen because of the ease of convenience for our various clients.
Start — Up Expenditure Budget Any serious entrepreneur knows that in starting a business, part of the capital if not all must be available to buy standard equipment that will ensure the business runs smoothly.
The candle business is no different; however, the equipment needed to start this business is something that can be easily gotten. Asides, equipment there are other areas where part of the capital is expected to be spent on. There has been no external partner and there are no plans to having any in the nearest future.
This is why we have restricted sourcing for part of our equity from just few sources. Some of the areas where we intend to generate part of our equity from include; Sale of personal stock and properties to generate capital Applying for loans from banks Approaching wealthy friends and family members for soft loans N.
Candle Making Business Plan — Sustainability and Expansion Strategy We know that the future of sustaining our business lies in our loyal customers, the structure of our business, the competence of our employees, as well as our various and diverse business structures. These factors therefore affect our strategies drafted to ensure that we remain in business.
One of the dreams of our business is to ensure that we build a business that is able to pay itself in the long run and not depend on external sources to continually fund its operations except in areas where the business needs to expand. We now that this can be possible if we remain focused on our vision as well as company policies.
We now that to sustain and invariably grow and expand our business, we must make the right decisions especially in terms of the right recruitment, as well as have a management staff that is attuned to our company vision and policies.
Completed Opening of Corporate Bank Accounts: Completed Opening Mobile Money Accounts:SWOT ANALYSIS Strengths Availability of Low Cost and Skilled Manpower provides competitive. Advantage to industry Growing Economy and Potential Domestic. Weakness Competition with others candle manufacturing Opportunities Large Market.
Threats Now days many are not going to buy and give more important to the candle. Dr. Steve Payne is a retired university management professor, a beekeeper and former beekeeping club officer, and a current board member of the Louisiana Beekeepers Association. He occasionally provides strategy consulting and coaching through his beekeeping .
Candle Making Business Plan – SWOT Analysis. Our several years of experience in the field together with input from a reputable business consultant has led to our ability to be able to develop an effective SWOT analysis that will help us in running the business better. This report on Candle Manufacturing: Provides Market Size information to assist with planning and strategic decisions.
Includes the necessary information to perform SWOT, PEST and STEER analysis. How to conduct a SWOT analysis. A SWOT analysis is far from scientific. There’s no objective way of measuring how well you do one. It relies on your ability to observe and recall internal and external factors that can impact your business.
It’s not about making accurate predictions so much as it is about knowing what to plan for. Swot Yankee Candle Company.
Yankee Candle Company is the largest manufacturer of scented candles. The first store was first opened in Yankee Candle Company sells an array of products including scented candles, air and room fresheners, room sprays and lip balm.
Yankee Candle Company has over different scents in many various sizes.