Business Plan for a New Business Providing Wooden Toys for Children
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Added on 2023/06/10
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The report explains the business plan of a new business providing wooden toys for children, including type of business, description of products and services, objectives, operational plan, strategy for growth, and financial information.
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NEW BUSINESS ASSESSMENT 2
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Table of Contents INTRODUCTION...........................................................................................................................3 BUSINESS PLAN...........................................................................................................................3 Type of business..........................................................................................................................3 Description of products and services offered...............................................................................3 Objectives....................................................................................................................................3 Market Information......................................................................................................................3 Operational plan...........................................................................................................................4 Strategy for growth......................................................................................................................5 Financial Information...................................................................................................................5 CONCLUSION................................................................................................................................5 REFERENCES................................................................................................................................1
INTRODUCTION The new business idea is the providing wooden toys for small children in order to reduce theuse of plastic toys which can be harmful for them. Children have a habit to chew the toys with them and a special quality of wood is used in these toys which doe not have any negative impact on their health. The current report will explain the business plan of a new business including type of business, description of products and services, objectives, operational plan, strategy for growth with appropriate research. BUSINESS PLAN Type of business It will be a sole proprietorship business which will be operated by the owner itself, the major decisions and functions will be carried by the proprietor (Jongen, 2018). The supervision on the quality of products will be taken by the owner, and he will develop effective strategies in order to market the products. The business will be operated on a small scale in the starting and will target a niche market in order to increase its productivity. Description of products and services offered This business will highly focus on providing a better experience to the families by introducing new and attractive wooden toys for children. Due to chewing the plastic toys, children night consume a lot of plastic daily which is not appropriate for their health and can have adverse effects. Toys will be prepared by using high quality of wood which is soft to the teeth and is good for sustainable use. Objectives To provide high quality wooden toys to children. To reduce the use of plastic in the daily use toys of the children. To provide sustainable toys for children. To reduce the health issues among children that arises due to plastic consumption. Market Information The market of toys for kids is huge and it is widely dominated by the plastic or rubber toy sellers. These products are cheap in price and quality and are available in the market frequently. There are fewer players of wooden toys in the market which provides the organization with an advantage to capture a prominent market share and gain competitive advantage in the industry. The UK market is suitable for the company in order to target their potential customers and gain
popularity among them. The company will use popular social media platforms for promoting their products in the market. Consumers are highly active in these platforms and create better awareness among them with the help of these platforms. Creative content will be prepared by the company in order to increase engagement of theconsumers towards the brand. This strategy will be useful in order to provide a better exposure to the customers and increase their overall interest in the business practices. Operational plan Vision To provide high quality wooden toys for kids in order to provide a sustainable experience to them and gain a prominent market share in the UK market. Goal The main objective of the organization is to generate awareness about wooden toys for kids in the UK market and gain competitive advantage the industry for achieving growth. Activities The organization will conduct appropriate research and prepare attractive and suitable toys for the kids. It will choose the finest quality of wood which is suitable for the kids in order to chew and does not have any side effects (Kraus and et.al., 2018). The production practices will be held daily in order to supply a significant amount of products on a regular basis. The supply chain will be managed efficiently in order to improve the profitability of the business. Roles and responsibilities The organization will highly focus on picking the finest wood which is soft to the teeth of kids and can be used for a longer period than the toys made from other materials. The company will put responsibility on their employees to produce better quality in their products and gain better advantage in the industry. Monitoring and controlling The organization will use advanced technological tools in order to monitor the progress of their employees. Supervisors and CCTV cameras will be installed for ensuring better practices in the work environment. Strategy for growth The organization will use the product development strategy in order to provide high quality wooden toys to kids which will be beneficial for reducing the negative impact of plastic
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and rubber products. This strategy will be useful for the business to increase the engagement of the parents towards buying the wooden toys which will be beneficial for the business to achieve growth in the market. The products developed by the company are solving the problem of the illnesses that are increasing due to the consumption of different chemicals that are used in the production of different toys. The management highly focuses upon providing the best experience to the customers and prepare herbal toys for the kids which does not have any negative impact over them (Santos, Murmura and Bravi, 2018). The parents might be attracted towards these products in order to ensure safety for their kids as they are highly sensitive to different chemicals. It will be useful for the business in order to make an effective image among the consumers and increase their engagement towards the company. With the help of the product development strategy the organization will be able to develop better products and increase its growth opportunities in the market. Financial Information ParticularsAmount(€) Production5000 Advertisement9000 Salary4500 Operations Management3000 Raw Material2000 CONCLUSION According to the above report it has been concluded that the organization has developed a new business idea of providing wooden toys to the public of UK in order to get a better market share in the industry. It has been useful for the management to adopt the product development strategy in order to attract more customers towards the products of the business.
REFERENCES Books and journals Jongen, W., 2018. New business models.World Scientific Book Chapters, pp.216-235. Kraus, S. and et.al., 2018. Digital entrepreneurship: A research agenda on new business models for the twenty-first century.International Journal of Entrepreneurial Behavior & Research. Santos, G., Murmura, F. and Bravi, L., 2018. Fabrication laboratories: The development of new business models with new digital technologies.Journal of Manufacturing Technology Management.
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