Business Plan: Developing Stylish Bags and Accessories - Ocean Mart

This report details a comprehensive business plan for Ocean Mart, a retail business focusing on the creation of stylish handbags and accessories from recycled ocean plastic. The plan covers key aspects of the business, including the required capital of £26,004.57, a detailed budget breakdown encompassing rent, wages, equipment, marketing, and research and development, and the strategic location in South Ealing, London. The business, targeting teens and adult women, will offer a range of products such as handbags, clutches, and accessories, emphasizing the unique selling proposition of high-quality, cost-effective products made from sustainable materials. The report analyzes competitors like Mechanix Wear, Rothy’s, and Feit Electric, highlighting Ocean Mart's strengths in its innovative use of waste materials and attractive pricing. The human resource requirements, equipment needs, and marketing strategies are also outlined, providing a complete overview of the business's operational and financial aspects. References to relevant research on waste management, recycled materials, and sustainable business practices are included.

Business
Development Plan
Presentación

CONTENT
Title
Introduction
Amount and type of capital Required
Budget of the Business
Location of the Business
Equipment required for the Business
The human resource requirements for the business and costing
The target market for the business
The product that you will offer, along with key features and benefits
Competitors of the business.
The strengths and weaknesses of the proposed business in relation to your competitors.
The unique selling points of the business

Title of the Report
Business plan related to developing stylish bags and
accessories from the plastic and waste finish out
from the ocean.

Introduction
The report initiates the study about a business development plan for preparing stylish hand bags
and accessories from the plastic and waste finish out from the ocean. Therefore, a business plan
is provided to enhance the growth opportunity within the market and attain higher development.
In this business plan is created for development of retail business within the area of of South
Ealing, London. The idea of using waste and plastic from the ocean is an unique and effective
idea which also helps in protecting the environment from the plastic and waste. For development
of business the selected location is High Street, Camberley GU15, South Ealing Road, London.
Thus, a refurbished shop unite is select to setting up a new business which offers attractive and
unique bags and accessories which are implemented through the finished out waste from the
ocean. The company is introduced with the name of “Ocean Mart” which deals in retailing of
handbags and accessories.

Amount and type of capital Required
Capital and recognition of the suitable amount is the primary consideration of the
business and for the effective implementation of the business plan based on the idea of
developing stylish bags and accessories from the plastic and waste finish out from the
ocean, suitable amount or capital required is 26004.57£, thus it is an efficient amount of
capital which helps the business to start up the business within the retail segment. For the
assessment of the plan in appropriate action, start up capital is required thus it defined to
the money raised through a new business in respect to meet its initial costs. Individual or
the entrepreneurs who want to raid startup capital have to develop a solid
business idea or create a prototype in respect to sell the idea.

Budget of the Business
For startup the business loan has been taken from the bank or the investors in the manner
to easy execution of the operations and this is also a best option to arrange capital for the
requirement of the business. The categorization of the capital for the business of Ocean
Mart is associated as under:
Basis Amount
Rent of land 799.95£
Wages and labour 3118.43£
Machinery and equipments 5197.38£
Compensation to engineers 1039.48£
Marketing of Products 3118.43£
Research and Development 2078.95£
Other overheads 1175.05£
Total 15592.14£

Location of the business
The business is located in High Street, Camberley GU15, South Ealing Road, London
thus it is rental property which provides a refurbished shop unit which costs around £800
pcm and this is the best and budget friendly for the start up business named as “Ocean
Mart”.

Equipment required for the
business
Equipment that are required for the assessment of the business plan within retail
segment is machinery, store equipment, tables, almirah , hangers, dummies, waste
collector equipment's and so on. Therefore the total budget required for equipment's is
around 5197.38£, thus as a small start up this amount is suitable to make arrangement of
appropriate resources.

The human resource requirements for the
business and costing
Human resource is recognized as the most imperative aspect of a business and in the
context to setting up a new business plan the idea of appropriate assessment of
human resource is required to aid the business operations in right manner. For
considering the present business plan based on developing stylish bags and
accessories from the plastic and waste finish out from the ocean, the required
human resources are the team of around 50 people in which people are dividing
for different work like manager, store keepers, marketing managers, workers and
so on. However, the estimated costing for the wage and labor is around 3118.43£.
In addition to this, compensation for the engineers regarding maintenance of
machinery has also been estimated of around 1039.48£.

The target market for the business
A target market is defined as the group of people to whom a business wants to sell its
products and services. In another words a target is also recognized as the one part of
the total market for goods and services. The present business plan is based over
providing unique style and attractive bags and the accessories which are made of the
waste materials and plastics from the oceans. Therefore, the target customers of the
business named as “Ocean Mart” are the women and the girls in which teens and
adult women are select to sell their products. As teens are concern over buying
attractive things and hand bangs or the accessories are the requirement for each girl
to enhance their beauty. Thus the teens and adults are mainly prefer to move out from
the houses and went for education, job, business and so on and the stylish bags and
accessories are imperative to add a star on their personality.

The product that you will offer, along with key
features and benefits
The existing business development plan is based on featuring attractive bags and
accessories that are made of plastic and waste finish out from the ocean. Therefore,
the company Ocean Mart offers a wide range of attractive and cost effective hand
bags, tote bags, cross body, zipper boxed, clutch, attractive boxes, earring, ring,
necklaces, bangles and so on. The company offers bags in different sized which can
be used by the people for their different usages. The company features an attractive
look that implement class in the product and also maintain the good quality.

Products of Ocean Mart

Competitors of the business
Competitors are the businesses which are selling similar products and services of the
business, therefore, wide range of competitors are recognized as the major challenge for
the business. Thus it is important for the businesses to implement attractiveness for the
intention to attaining competitive edge within the market place. The competitors of the
“Ocean Mart” are the businesses which are also deals in the similar field likewise
Mechanix Wear, Rothy’s, Feit Electric. Therefore, these are the major companies which
are also deals in selling the products and services of similar field. Before setting up the
new business within market, it is important for the businesses to analyze the available
competition within market as it helps the business to implement attractive facilities that
makes the business more attractive than the other rivals.

The strengths and weaknesses of the
proposed business in relation to your
competitors.
Strength and weakness analysis is imperative for the businesses to identify the opportunity for the
business within market. The present business plan is based on developing stylish bags and
accessories from the plastic and waste finish out from the ocean. Therefore, the company
named as Ocean Mart is the retail store which offers wide range of bags in which handbags,
clutches, tote bags, cross body, zipper boxed, clutch, attractive boxes and so on. The company
is also offering earring, ring, necklaces, and bangles and so on. The key strength of the
business is its idea of using the waste material and using them in the appropriate action to
convert the waste into finished goods. Strength is recognized as the power for the business
and key company is having suitable strength than their rivals as the company is offering
unique and attractive bags and the accessories with exciting price range as the company is
offering their bags within low cost, thus this is the key strength of the business.

The unique selling points of the
business
A unique selling point is known as the unique selling proposition. It mainly defined as the essence of
what makes the product or service better than the rivals. Therefore, the present business plan is
based on developing bags and accessories from the plastic and waste finish out from the ocean. The
unique selling proposition of Ocean Mart is its wide range of products within the low cost and high
quality. Thus the company deals in the products that are effective in quality than its rival’s products
and the cost of product is also low. However, this will makes the business more attractive than its
rivals within the commercial centre. The excite price range and the high quality of the bags and the
accessories helps the business to attract more and more customers towards the business and helps in
attaining higher growth and also increasing the number of buyers. Thus, this will aid the business in
the manner to finding out appropriate opportunities and attain competitive edge within the market.

REFERENCES
Gambrah, P.P., 2011. Plastic bags waste management using the knapsack model case
study: trashy bags, Accra (Doctoral dissertation).
Magnier, L., Mugge, R. and Schoormans, J., 2019. Turning ocean garbage into
products–Consumers’ evaluations of products made of recycled ocean
plastic. Journal of cleaner production, 215, pp.84-98.
Lehmann, S., 2011. Optimizing urban material flows and waste streams in urban
development through principles of zero waste and sustainable
consumption. Sustainability, 3(1), pp.155-183.
Pandit, P., Nadathur, G.T. and Jose, S., 2019. Upcycled and low-cost sustainable
business for value-added textiles and fashion. In Circular Economy in Textiles and
Apparel (pp. 95-122). Woodhead Publishing.
Savageau, A.E., 2011. Textile waste and sustainability: a case study. Research Journal
of Textile and Apparel, 15(1), p.58.

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