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Tietheknot.Luv Business Plan

Essay by   •  December 7, 2011  •  Business Plan  •  10,937 Words (44 Pages)  •  1,346 Views

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TieTheKnot.Luv Business Plan

EXECUTIVE SUMMARY

Description of Business and Concept

The concept of "TieTheKnot.Luv" is to provide full wedding planning services via the Internet to couples seeking to marry overseas. The focus of the company will be on destination weddings. The company will assist the couple in selecting the best location and will act as a liaison between the couple and the destination of their choice. We will work on negotiating the best rates and package deals for the couple. Our goal is to take the stress out of planning a destination wedding by ensuring that the couple's wants are met while remaining within budget.

Opportunity and Strategy

The current economic crisis has affected how much money a couple is willing and can afford to spend on their wedding. TieTheKnot.Luv will provide couples with options within their budget, while achieving a romantic and beautiful experience. Doing so via the Internet will cut down the time it will take to plan the wedding and the costs. Various factors, including the economy and a greater attitude of acceptance for destination weddings has put this trend on the rise (Market Research. 2007).

Target market and projections

The primary consumer demographics will be targeted to "never before married" women ages (21 to 30), and "previously married" women (ages 31 and above). The "never before married" woman is looking to have that perfect fairy-tale wedding, and the "previously married" woman is looking for the ease of planning a simple yet romantic getaway. Both women are looking for a dream escape wedding adventure. Our business will be the perfect competition to existing wedding planning websites such as Destinationweddings.com and DestinationBride.com. The size of our target market is 59.8 million unmarried (widowed, divorced or never married) women, per the U.S. Census Bureau.

Competitive advantages

Our competitive advantage over traditional wedding planners is that we are an Internet-based company. We are an exclusive one-stop-shop for destination wedding services - we provide a stress-free experience for couples by arranging, organizing, and planning all wedding activities. Our team members' years of varied experience and many industry contacts provide us with an advantage over other start-up Internet-based wedding planning companies and traditional wedding planners.

Sustainability

We will work to establish relationships with vendors that value protecting the earth and the natural habitat of their respective countries. We will work with all of our overseas vendors to provide as many "green" services as possible in every wedding, at no additional cost to our clients. This includes floral, catering, and even fabric and d├ęcor options. The fact that destination weddings typically involve fewer people than more lavish at-home affairs lends some eco-friendliness to the equation as well.

The Team

The team is comprised of five individuals: Je'von Jules, Wedding Planner with over five years of event planning experience; Shaquelia Smith, Travel Specialist with a degree in International Relations; Monica Grant, CPA with a degree in Finance and over seven years of accounting experience; Claudia Reed, Marketing Manager with a degree in Marketing and over eight years of experience working for a top advertising firm; Christal Mouery, IT Specialist with a BS in Computer Science, a certificate in Web Design and six years of IT experience.

The Offering

TieTheKnot.Luv will be funded solely by the founding team. After the first year, TieTheKnot.Luv will break-even. After year one, the company will have higher profit margins with a target projected growth rate of over 85 percent. We will not be seeking sources of outside funding because as demand for our service grows, our revenues will grow accordingly, negating the need for fresh surges of capital.

TABLE OF CONTENTS

Section Sub-Section Page #

I. Executive Summary Description of the Business Concept & the Business 2

Opportunity & Strategy 2

Target Market & Projections 2

Competitive Advantages 3

Sustainability 3

The Team 3

The Offering 4

II. The Industry & Company & Its Products or Services The Industry 7

The Company & Its Concept 8

The Service 9

Entry & Growth Strategy 11

III. Market Research & Analysis Customers 12

Market Size & Trends 12

Competition & Competitive Edge 13

Estimated Market Share & Sales 13

Ongoing Market Evaluation 14

IV. The Economics of the Business Gross & Operating Margins 15

Profit Potential & Durability 15

Fixed, Variable & Semivariable Costs 15

Months to Break-even 16

Months to Reach Positive Cash Flow 16

V. Marketing Plan Overall Marketing Strategy 16

Pricing 17

Sales Tactics 18

Service & Warranty Policies 19

Advertising & Promotion 19

Distribution 20

VI. Design & Development Plans Development Status & Tasks 20

Difficulties & Risks 20

Product Improvements & New Products 21

Costs 21

Proprietary Issues 21

VII. Manufacturing & Operations Plan Operating Cycle 22

Geographic Location 22

Facilities

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