BPD3100 Applied Business Challenge

Introductions

The Embroidery Business is expanding slowly as people seek for antique beautification of the clothes they were. Additionally as the value of rearing and taking care of a pet consistently, increase the demand for animal beautification is taking a positive turn (Altman, 2017). This can be seen from the previous increase in the demand for animal embroidery especially in the Australian market. Even through there is market for this form of product, which includes clothes, beautifies with animal-based embroidery there is no firm, which has specialized in providing this premium services.  Our business idea is meant to fill the gap between the de4mand of the product and a committed firm to providing the services and product. It is in this regard that we project the market coverage of more than 45% within the first year of operation. Australia has the largest population of pet lovers, other than those who live with pets in their homes there are those who want to keep the connection and beauty of this pets on their clothes, car seats sofas and other wares.

The project aim at establishing the business from scratch, this means that the business is not a continuation of another (Otekunrin, 2018). This means that everything will be done from scratch. It involves conducting market research, setting up the business conducting marketing and brand promotion to attain the prospective market. From scratch, the business has set to have a rise in the production and customer service. However, the projected performance the business will start with minimal employee of two embroiders and two machine. This will enable the business keep the cost at bay.

Pet Printer Embroidery will offer a unique design and affordable price that is different from the others. However, there are some gaps in this project such as having a large market for specialized pet products in the market (Moynihan, 2016). In addition, most of the embroidery companies only cater for large bulk orders for businesses, as there are minimal specialized embroidery companies in Australia. Thus, Pet Printer Embroidery would expect to make a remarkable place in Australia and do the best to satisfy each of the customers.

Key expectations

There is some expectation that the project is meant to attain. They include the following.

1. The project is meant to conduct research pertaining the business idea. Use the information to develop the business idea into a business.
2. Secondly, the project will develop a business plan that consists of all factors of the business. The business plan is used as the guide in implementation of the business idea.
3. The project will gather the resources needed to establish the business. These include 60% debts that will be borrowed from financial firm using the business plan, and the equity that will be provided by the business sole proprietor.
4. The project will gather all the resources like raw material, human resource machine and equipment that will be used in production and customer services.
5. The project will conduct risk analysis and identify the risk that the business is subject, develop mitigation strategy.
6. Lastly, the project will assess the prospective suitable business location, set up the business and launch the operation.
   
   

Project purpose

The purpose of the project is to set up a business in the embroidery industry. Our business interest is to serve the pet lovers in the Australian market with the animal-based embroidery decoration on clothes, car and house seats, seats, curtain and any cloths ware. The project is meant to make the idea behind this said idea become a reality (Otekunrin, 2018). The project will conduct research to understand the industry, the market gap and requirement of the business (Layton, 2020). Latter the project will seek the required resources to set up the business. The study will conduct market research and segment the target market according to product price and market specification. the project will start with small production and as the demand increase the business will increase their facility (Chen, 2019). This can be observed in the financial record of the project and market projection of the revenue and cost.

Objectives

• Sourcing the working capital and start-up capital, which will compose of the operation capital, and the startup capital? The capital will be a contribution of 40% from owner equity and 60% from loan and debt(Altman, 2017). The capital should be amassed before the project began by 2 of august, 2021.
• The project will source and procure the production equipment (embroidery equipment). The projects will commerce using two equipment, first Brother FS100WT Free Motion Embroidery at $68 and Brother PE800 Embroidery Machine at $1,246.49(Rajan., 2016). These machines are compatible with most of the raw material used in our production. Secondly, they can be used to design the style required. The equipment should be available by September 28 2021.
• Find and secure an office space that meets the business ‘size and functional needs the business premises should be worth 40000 annually this should be done by September 13, 2021(Froese, 2019).
• Secure a contract with suppliers to ensure an ongoing relationship to allow us to continuously provide the highest quality goods to our customers by the September 28, 2021.
• Employ 2 staff members who specialized in embroidery by June 14, 2021.
• Training and development of the employee on use of the machines, this will be done as an on job training and development. The purpose is to induct the employee on the skill needed and what is expected of them(Rajan., 2016). The development will take one week and the general cost of the development is $1000. The development should be between 16-29 of august 2021.
  
  

References

Altman, E. I., 2017. Financial ratios, discriminant analysis and the prediction of corporate future performance. The journal of finance, 23(4), pp. 589-609..

Chen, X. P.,, 2019. Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists' funding decisions. Academy of Management journal,, 52(1), pp. 199-214..

Froese, T. M., 2019. Project management in the year 2020. Conference of the Canadian Society of Civil Engineers., New York: Springer.

Kim, S. C., 2020. Dynamic modeling for analyzing impacts of skilled labor shortage on construction project management. Journal of Management in Engineering, , 36(1), p. 176.

Layton, M. C., 2020. Agile project management for dummies. J. In: New York: ohn Wiley & Sons., p. 150.

Moynihan, G. P., 2016. An expert system for financial ratio analysis. International Journal of Financial Services Management, 4(3), pp. 141-154..

Otekunrin, A. O., 2018. Financial Ratio Analysis and Market Price of Share of Selected Quoted Agriculture and Agro-allied Firms in Nigeria After Adoption of International Financial Reporting Standard.. The Journal of Social Sciences Research, 4(12), pp. 736-744..

Rajan., R. G., 2016. investment decision making. European Financial Management, 12(3), p. 499–533.

Start, R. B., 2020. Strategies for creating a business case that leverages the RN role in care coordination and transition management.. Nursing Economics, , 38(4), pp. 203-217.

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