ENTREPRENEURSHIP - Silver Square Vision: Comprehensive Business Plan

The Silver Square Vision business plan outlines a new enterprise focused on producing and selling silver jewellery items such as rings, earrings, chains, and bracelets. The business aims to sell products through a website and selected galleries and art shows, targeting both individual customers and wholesale buyers like galleries and retail stores. The plan details the company's products, marketing strategies (including traditional and modern approaches), key skills, objectives, customer profiling, competitor analysis, and differentiation factors. It emphasizes innovative and unique designs to attract customers and a sales strategy focused on event attendance and direct contact with buyers. The plan also identifies critical success factors such as competition, changing preferences, and economic conditions. The business aims to achieve profitability and expansion within the first few years of operation.

ENTERPRISE AND NEW
BUSINESS
Name of the business –
Silver Square

Vision
• The business idea
The idea is to make silver jewellery items such as earrings, chains,
bracelets, rings etc. Company is named as Silver Square and aim
is to offer quality silver jewellery items for the customers. The
sales will be made through website and through selected galleries
and art shows.
Business Goals
• In the first year of business, company expects to achieve a profit
of 30,000
• In 3-5 years of time, business expects to achieve expansion

Continue
Silver Square is a store where customers can find silver
jewellery items such as rings, earrings, chains and bracelets.
Company makes different types of designs in form of above
mentioned products. It is also a custom manufacturer of the
silver jewellery. The idea is to produce most innovative and
unique jewellery designs which can attract the attention of the
customers.

Products and services
Product/service Features Benefits
Rings Made of silver which is a soft, white, lustrous
transition metal
Long lasting, comfortable and highly durable
Earrings Made of silver which is a soft, white, lustrous
transition metal
Attractive design
Chains Made of silver which is a soft, white, lustrous
transition metal
Innovative and creativity
Bracelets Made of silver which is a soft, white, lustrous
transition metal
Beautifully designed

Promotion and advertising
• Traditional marketing – However many modern ways of marketing the
products have evolved but companies these days still relies on traditional
approaches. Silver Square will use traditional approaches such as print
media, broadcast media etc, for the purpose of promotion. Templates will be
published and distributed through different channels. Cold call will also be
made to the potential clients to promote the jewellery items. Art gallery is
the most common option available for marketing jewellery products. The
products will go on display under these events
• Modern marketing – Online marketing strategies such as search engines,
pay per click advertising, link building campaign, affiliate program etc, will
be used. Word of mouth publicity is the last weapon which is used to attract
the customer. Silver Square will depend on word of mouth publicity for
advertising and promotion

Key skills brought to the
business:
• Innovation
• Creativity
• Passion
• Honesty

Objectives of the business
• To establish a jewellery producing firm whose primary aim is
to exceed the customer expectations
• To utilize of Silver Square deigns in at least 40 different
galleries
• To increase the number of designs offered by 8% per year

Profiling customers
• Galleries – These type of buyers purchase jewellery in
wholesale quantity and then they resale it to the public.
These are private galleries, artisan jewellery shops and some
are museum stores.
• Individuals – These are regular customers who are interested
in buying silver jewellery items. They could place the order
for a particular product through website.
• Retail stores – These people also buy products in bulk and sell
them by opening small or big retail stores

Competitive analysisCompetitor name Strengths Weaknesses
 National Jewellery  Good brand image
 Strong presence
 Costly products
 Disconnection from domestic market
 Silpada  Finest quality products
 Strong market share
 Lack of consistency
 Inability to respond
 BELLE FEVER  Wide range of products
 Global presence
 Lack of customization
 Poor quality
 Finest  High quality products
 Efficient workforce
 Lack of brand image
 Poor segmentation

Differentiation
• Silver has been selected because it is a very soft and lustrous
transition metal
• It offers high amount of shining in the jewellery items which
appears attractive for the customers
• Products are based on creative and unusual designs
• Business has a very highly skilled manpower who are capable
of producing great silver jewellery items

Sales Strategy
The sales strategy of the company is targeted at getting wide
range of galleries for the company’s products. It will be done on
the basis of two approaches. First is attendance and display at
various events. Second method is through contacting with
different types of buyers.

Critical success factors
• Level of competition
• Change in the taste and preferences
• Demand of the silvery jewellery items
• Fear of online products
• Economic crisis i.e. recession and inflation

•Thank you