BM564: Enterprise and Entrepreneurship - Royal Satchels Start-up Plan

This report presents a business plan for Royal Satchels, a new venture focused on manufacturing and selling affordable, lightweight leather satchel bags for working professionals. The motivation stems from the growing leather industry and the need for cost-effective alternatives to expensive, heavier satchels currently available. The business idea was developed through market research, identifying a demand for lighter, spacious bags. A feasibility study confirmed the potential for success, highlighting the attractiveness of the leather industry and market opportunities in the UK. The company's vision is to become a sustainable manufacturer, delivering quality products at affordable prices while minimizing environmental impact. The report covers the process of building the business idea, details of the new product, and an assessment of the market.

BM564 Enterprise
and
Entrepreneurship

Index
Introduction:
MAIN BODY
Motivation for the selection of business:
Explanation of Feasibility studies performed:
Description of new product to be launched in the market:
Evaluation of Potential opportunities present in the market:
Assessment of the attractiveness of leather industry:
Description of Vision of the company:
Conclusion:
REFERENCES:

Introduction
Entrepreneurship basically refers to producing a business idea in order to satisfy the new
demands of customers. The main purpose of entrepreneurship is to provide effective
solutions to the real world problems faced by the customers. For this report, Royal satchels
is selected as a new start-plan in which the company will offer soft leather and medium
size satchel style of bags to business working men. The report will cover motivation behind
this business idea as well as also discuss about the process involved in generation of its
start idea. In addition to this, the report will also cover the feasible studies and also able to
deliver information about details of the newly built product.

Motivation for the selection of business
The idea behind new start-up plan related to manufacturing light leather quality satchel
bags for men is driven by many factors. First reason is that the growth rate of leather
industry is huge in the market. There is golden opportunity for establishing a quality leather
satchel product in the market(Samper, 2020). The other factors is that there are many
expensive and heavier satchel bags present in the market. The present satchel bags
available in market are expensive in ranges especially heavier for the pockets of lower
class customers. So, it has given a motivation to Royal satchels for satisfying the needs of
low class customers related to affordable leather carry bags.

Process adopted in the course of building new
idea
The new business idea related to selling affordable leather satchel is possible only after
carefully understanding the current trends of the market especially unexplored market. In
the leather bags market, it has been noticed that the customer wants are shifting from
expensive range of leather satchel bag to affordable satchel bag without compromising in
quality. In relation to this, it has been clearly analysed the needs of the customers regarding
purchasing of lighter weight as well as spacious leather satchel bags (Zong, 2021). The idea
is also generated by taking care of the views of different working professionals. After
asking from the large number of working professionals it has been evaluated that they
prefer the light weight leather bags as compared to their heavier one.

Explanation of Feasibility studies performed
The feasibility study supported the Royal satchels that whether the new business idea will
successfully generate the profits or not. This is considered as the crucial step that helps
Royal satchels to know that the new business idea will be able to satisfy the demands of
customers in proper manner or will fail to meet with their demands(Noordin, 2019). The
proper market research has allowed Royal satchels to gain an insight about the needs of
working professionals. It has been identified from the feasibility analysis that the new
business concept related to making affordable and light weight satchel bags will become
successful as it has been asked from the number of different working individuals that they
want an affordable as well as lighter weight satchel bags that looks attractive to carry and
also feel lighter in the shoulders or while holding with hands.

Description of new product to be launched in
the market
The Royal satchel company will provide to its professional male customers an easy to carry
as well as export quality leather satchel bags. The new and improved satchel bag will be
affordable as compared to the prices of other competitors in the market. In relation to this,
the satchel will be lighter and will be more spacious from inside which will benefit the
working professionals to store their laptops as well as some heavier files in the most
convenient manner. The satchel bag will also provide a separate chain in front of the bag
which will benefit the professionals to put their wallets or other things in the safest manner.
Moreover, the satchel bag will include two ways of carrying.

Evaluation of Potential opportunities present
in the market
The market growth opportunities for leather bags is increasing at the faster speed rate in the
European markets especially UK market. The rise in the demands of working professionals
of UK for using an inexpensive as well as lighter leather made satchel bags. The growth
opportunities for the leather bags will me more as UK is importing larger number raw
materials such as leather than any other country present in the world. In relation to this, it
has been identified in the feasibility studies conducted that the customers especially
working employees need the kind of satchel bags that is easy to carry as well as provides a
larger space in order to easily carry bulky laptops as well as files.

Assessment of the attractiveness of leather
industry
The leather bag industry is the evergreen industry that enjoys higher market size as well as
increased growth. It has been identified that leather industry will grow at the rate around
5.9% from 2021 to 2028. The bag leather industry in UK have more competitions due to
present of many companies that sell leathers at higher rates. This provides an advantage for
Royal Satchel to provide their potential customers with lighter as well as more affordable
ranges of satchel bags.

Description of Vision of the company
The vision of Royal Satchel company is to become world's most sustainable manufacturer
of leather made satchel bags. The company will provide commitment to deliver superior
quality products without charging high prices. The company is also committed to adopt
technology that will guarantee lowest damage to the natural environment. Moreover, the
company will also ensure to achieve a sustainable business growth by ensuring the lowest
footprints in the process of supply chain(Kodhelaj and et.al., 2019).

Conclusion
The report has covered the business plan for the new start-up company in which it was
identified the motivation behind choosing to sell leather made satchel bags. The report has
also covered the process involved in the development of new business idea. Moreover, the
report has also produced the feasibility analysis in order to know the effectiveness of
business plan. In addition to this, the report has also analysed the details of the satchel bag
as well as was also able to understand the potential market opportunities. Furthermore, the
report has also covered the attractiveness of leather bag industry and was also evaluated the
vision of the new start-up business.