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The final project is designed to test your competency in Business Principles 130
The final project is designed to test your competency in Business Principles 1301. Throughout the semester you have learned general business concepts including business formations (Starting and Growing a Business) and the ability to decide the best business formation for your type of business. You also learned the importance of creating an entity that limits liability to your personal assets. You were introduced to different management styles and the various tiers of management (Managing for Quality/Competitiveness). You were also exposed to how to utilize your human resources to advance your business and why ethics and social responsibility matters to a company (Creating the Human Resources Advantage). Marketing principles and techniques including digital marketing were presented as demonstrations of obtaining customers to grow a business (Marketing: Developing Relationships). You were also introduced to the idea borderless business ideas and how you can have an international presence from a desktop (Business in a Changing World). You received general information about financing a business from its inception and the need for generating capital to operate and grow (Financing the Enterprise). You will use all of these concepts to deliver a proposal for a capital investment from an investor. The proposal will make a direct capital investment request for funds to improve and grow your business.
You currently have a “Designer Sock” business organized as a “Sole Proprietorship” in a storefront located next to a designer sneaker shop. You thought it was a good business decision to open next to the sneaker shop because you both appeal to the same audience and you could draw from their established customer base. The sneaker shop has been in this location for over 10 years. Based on your sound business research you decided to use your life’s saving of $19,578.40 to make your dream a reality. You procured a lease on the spot, a 1000 square foot storefront. The lease was a 1- year term at a rental rate of $1000 monthly. The deposit was hefty because you lacked commercial rental references and therefore it required a deposit of $3000. Hence, your initial rental start-up cost $4000. You recognized that the annual rental amount represented about 60% of your overall capital investment but you believed the loss would be offset by the reduced marketing needed from the draw on the sneaker store customers. Storefronts come with additional up front and monthly costs including lights, water and electricity for the store. The collective set up costs for utilities and deposits for those commercial services were an additional $1000.
Regarding inventory, you thought it best at the time to carry limited inventory. Your strategy for inventory was to purchase 2 of each styles of sock, one for display and one for sale. You set your computer to immediately reorder when a style was purchased. You purchased 1000 socks which included 500 different styles at 5.20 per pair wholesale. The total cost for start up inventory was $5,200.00. Your projection was to sell 1000 pairs of socks a month at $16.00 per pair which would generate $16,000 in revenue a month. Additionally, you had to purchase displays, a cash-register, a counter, setting, mirrors, a vacuum cleaner and cleaning supplies for the store. The total cost for the additional start-up items was $1200.
Since you elected to have a “Sole Proprietorship” you decided it would be more profitable to go it alone. You worked 12 hours a day Monday – Saturday and rested on Sunday. Since you have no employees, you do all of the work yourself. You order stock, stock shelves, arrange the socks on displays, answer calls, ship orders, book-keeping, help customers and clean the store daily. You conducted marketing campaigns via social media marketing and did flyers for the sneaker shops nearby.
You pioneered this unique sock concept as you had never even gone into a store that only sold socks. There was a lot of buzz about the idea on social media. Everyone agreed that you had an unique niche product and was hopeful for your success. There was a cost to advertise via social media. You reached 500 people for every $50 you invested. You see the need to reach at least 5000 people per month to become more profitable.
Your family was so proud of you that they helped with the “Grand Opening”. Your mother, father, sister and brother told everyone they knew about your success and insisted that they all join in on the opening celebration. The marketing for the opening celebration total $571 for the experience. You invited the mayor for a ribbon cutting ceremony and all the local businesses and residence. They were all very excited and promised to support your business.
You have been open now for 12 months and you are assessing your level of success and how you might better reach your targeted goals moving forward. You have now operated for a full calendar year and have been able to ascertain some pat
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