Business Plan for Wooden Toys: New Business Assessment 2

This report presents a comprehensive business plan for a new wooden toys business, focusing on the UK market. The plan outlines the type of business (sole proprietorship), product descriptions (high-quality wooden toys to reduce plastic consumption), objectives (providing sustainable and safe toys), market analysis (identifying opportunities in the UK market), operational strategies (vision, goals, activities, and roles), growth strategies (product development), and financial information (production, advertisement, salary, operations management, and raw material costs). The report concludes by summarizing the key findings and emphasizing the potential for growth by attracting consumers with sustainable toys. The business aims to capture a significant market share in the UK by promoting wooden toys through social media and focusing on product quality and safety. The financial information section provides a breakdown of the estimated costs involved in launching the business.

NEW BUSINESS
ASSESSMENT 2

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
the use 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 the consumers 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

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
Particulars Amount(€)
Production 5000
Advertisement 9000
Salary 4500
Operations Management 3000
Raw Material 2000
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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