Active Bed
Business Plan
Andrew Hill – P17056400
Seminar Code No: ENTE1521/SC/01/L
Table of Contents
Contents 2
Executive Summary 3
Personnel 3
The Product 4
Marketing & Sales 4
Market Research 5
Operations 6
Financials 7
Exit 8
Appendices 9
Appendix A: Original Idea 9
A 1: Original Product 9
A 2: Questionnaire to identify demand 9
Appendix B: Improved Product Concept 11
B 1: Backpack Hammock 11
B 2: Component Products 11
Appendix C 1: Market Research 12
Appendix C 2: Analysis 17
Appendix D: Operations 20
Appendix E: Financials 20
Appendix E 1: Expenses/Overheads: 21
Appendix E 2: Pricing Strategy: 21
Appendix E 3: Sales Forecast: 21
Appendix E 4: Cashflow Forecast: 22
Appendix E 5: Profit/Loss 22
Appendix F: Exit Strategy 23
Appendix G: Communications 23
Appendix H: Power Point Presentation 24
Appendix I: Personal Reflection 28
References 30
Executive Summary
Active Bed Backpack Hammock is exactly what it sounds like; designed for all weather with the built-in rain cover, this hammock built into a backpack will give you the comfort you crave on your trails, whilst out camping or even at home!
Active Bed designs LTD (currently unincorporated) and brings to market products for those who enjoy an active lifestyle but also love to relax whilst producing high quality, informative, valuable and educational content which is given to our audience for free.
Our primary product is the Active Bed Backpack Hammock which the group will sell through various channels (see Marketing & Sales), generating gross profits of over £600’000 at the end of year one (See Appendix E 4).
The Active Bed Backpack Hammock will have a hammock and rain cover both built into a functional backpack, allowing the usual amount of space you would expect in a 30 Litre backpack, the components will fold away in its own individual pocket to keep it out of the way, non-intrusive and unnoticeable except where it is required for use.
The company will be a limited company for which Andrew will be director and majority shareholder. This will limit my risk to the corporation itself and not put my personal assets at risk.
Personnel
We will need to source textile manufacturers on a contractual basis after our group disbanded, for reasons which remain unclear, leaving Andrew to carry the work of three other people who previously had clearly defined roles from human resources, product design, market research, financial reporting, sales and marketing strategy.
Our group previously consisted of four members;
All of us had clearly set out roles but as they decided to remove Andrew from their group on 26th February 2018 after I had completed the majority of the work up until this point.
The Product
Active Bed is a hammock that’s built into a backpack with a rain cover to add functionality to campers and festival goers and to also provide somewhere comfortable to sleep or relax.
The product initially begun its journey as a bed built into a backpack but as a result of the poor design, overall bulkiness of the product and the response from market research (Appendix A 2) proven there was no demand for such a product.
From the comments made and the market research carried out, the group adapted our product into what it is now (see right). We decided to incorporate a rain cover as it was discovered a similar product had already been patented (See Appendix C 2) though the hammock in the HackedPack isn’t stitched into the fabric, nor does it incorporate a rain cover therefore rendering the product useless in wet, rainy conditions. By incorporating the hammock and rain cover into the backpack, it increases functionality and offers massive benefits. HackedPack is difficult to source in the UK with high shipping fees (Appendix C 2).
We expect the product to be considered a seasonal product with fluctuating demand.
USP: Hammock and Rain Cover fixed into backpack for absolute functionality.
There are issues regarding the patented competing products but with innovation and improvement, this can be circumvented.
The price of the product will be set at £77.59 (See Appendix E 2) which will generate a revenue of £77’590 on 1000 units, this will be a 30% profit after the costs of production (See Appendix E 1) however, the group will allow for 20% of to be used to cover other costs, etc.
Marketing & Sales
We will sell the product via Fulfilment by Amazon and other sales channels within the UK because HackedPack (see Market Research) is especially popular within the US and includes high shipping fees to distribute to the UK, where the group give Amazon stock and they fulfil our orders for us. Other sales channels will include;
We will list our products under the camping, outdoors and sports categories on the relevant platforms.
The traditional age of marketing is dead; every day, customers are exposed to over 3’500 ads a day in 2006 of which, 99% were ineffective (Gibson, 2006) and we’re exposed to more than 10’000 today, “Why Your Customers’ Attention is the Scarcest Resource” (Saxon, n.d.). Shouting about how good our product is, simply isn’t going to work (Miller, 2017. Pulizzi, 2014. Saxon, n.d. Scott, 2017).
Creating relevant content, targeting our target market, building credibility and inspiring our audiences to buy is the best way forward, using targeted, pay per click and social media advertising strategies (along with cookies and Facebook Pixels and LinkedIn tracking) to retarget visitors towards our content through their individual social media accounts.
Instead of advertising the product, we will advertise and promote our content, building an audience and introducing that audience to our products, including the Active Bed Backpack Hammock. We can collect email addresses and other relevant data which we can monetise later through affiliate marketing, sponsored content, etc. As well as remarketing new products to our audience; the group will create the content ourselves with the intention of outsourcing this task in the future.
By providing valuable, useful content that our audience enjoy reading, listening to or watching, the group can place ourselves in a position of credibility within the market setting ourselves apart from our main competitors who don’t go much further than selling the products they have manufactured.
Harry Albert Lettings & Estates Ltd uses content marketing as a lead funnel; they use their own blog and Leicester Property Insight, a news and media website, to generate relevant news, information and content that their audience will find useful whilst introducing their clients to their property services. So far, Harry Albert Lettings & Estates have found this marketing strategy highly effective (I am director of Harry Albert Lettings & Estates and owner of Leicester Property Insight).
We will take over the market for outdoor hammocking. HackedPack lack adequate CSS skills to enable visitors to their website (www.hackedpack.com) to give visitors an enjoyable experience. Their main sales channel is Amazon and their website doesn’t even have an SSL certificate meaning its ranking will suffer as secure, mobile optimised websites are favoured by search engines (Support.google.com, 2018). Their navigation link to their store (see Appendix C 1) is hidden behind an embedded YouTube video and is only properly visible when you view their website source; when you navigate to their store by typing in the URL contained within the anchor element of the source code, the group are taken to a sorry excuse of an online store.
Whilst their product is patented, should they not purchase our idea, the group will purchase their patent (to avoid any complications in future) from them as our product gains momentum and the business grows. I feel this will be an easy acquisition given the evidence available about their company so far; it is as though their product has had its run, made some money but has fallen by the wayside, looking at it.
Market Research
We’re entering a completely new market. As such, it’s important the group make the right amount of noise from the offset. Initially, the group had to define our market and the product the group first came up with had zero demand, the individuals the group sampled simply didn’t like it. We started our market research in a very disorganised manner before the group split. Manually collecting and inputting data from primary sources (gathered using social media), unfortunately the group found ourselves unable to verify our findings as the groups the group were asking disappeared (I assume I was blocked from the groups for “spam”).
With the results the group did manage to gather, it was clear there were improvements that had to be made and time was limited. We took a risk without conducting further research and swapped our initial idea (Appendix A 1) for our new concept (Appendix B 1) and conducted the second round of market research with far greater success (see Appendix C 1 and C 2).
From our research, it was clear the group had to be in the camping and festivals market primarily but there was also demand in the home market. Though the group didn’t capture the age of respondents, the group know the sample in our secondary market research were primarily business owners between the ages of 18 and 65, most of whom share active lifestyles (the group sampled business networking groups I am a member of). With that being said, the Festival Market is most popular amongst 21-25 year olds (Insights, 2017) and people who go camping rose 11.7% in 2015 vs 2014 (campsites.co.uk, 2017), according to our secondary data.
We have highlighted a competing, similar, patented product (Appendix H) which the group believe is only patented in China (see Appendix C 2), but with the improvements the group have made, plus alterations to how the hammock fits into the backpack, the group believe the group should be able to avoid any legal action however, to further mitigate this, the group could consider selling the product idea to HackedPack (see Exit).
The group the group gathered our market research from are primarily business owners in various industries who share active lifestyles and goals. It is clear that our target market should be aged between 26 and 54 (Appendix C 1), people who enjoy the outdoors and take part in an active lifestyle as well as having disposable income.
Operations
We will start the business from my flat initially, expanding over time relative to revenue incoming (due to our 20% contingency budget which is specifically designed to ensure the group keep within our means).
We will initially raise funds using Kickstarter, setting aside a small advertising budget to get the news of our product out there. We will also issue press releases to any and all camping, festival and other relevant organisations and industries, including influential online celebrities including bloggers, content marketers, etc.
We will invest our time heavily into content creation, detailing the benefits of hammocks, camping, the outdoors, etc; the group wouldn’t be just a product brand. We need to do something different, adverts screaming how good the group are isn’t going to break the mould; after all, we’re exposed to thousands of traditional adverts per day and our brains are hardwired, now, to ignore them (Content Marketing Institute, n.d.) – Content marketing allows us to connect with our customers on a level where they can really relate to us; my other businesses, Leicester Property Insight (an online news and media publication business) and Harry Albert Lettings & Estates (a lettings and estate agency who offer full property management services, property auctions and short-term and serviced accommodation services).
We are in talks with Quanzhou Sandoo Bags Co., LTD (Appendix G); a Chinese based textile manufacturer who I was put in contact with by a mutual friend. Their MOQ is 500 but taking into consideration transport fees, the group decided to maintain our planned MOQ of 1000 as this would be more cost effective in the long run, the drawback of this is that the group need to raise more start-up capital to bring our product to life.
We will incorporate the company before beginning production of the products to limit any risks to the business as to avoid any issues down the line (taking into consideration the already in place patent owned by HackedPack and the potentially risk of personal industry) impacting any of the directors/shareholders personal assets.
Financials
As a result of the disbandment, the group will have to revise our costs further; as such, the group have allowed 20% of all revenues to cover overheads, including; advertising, storage, wages, transport and distribution.
On the basis that the group start production with a minimum order quantity (MOQ) of 1000, which is a typical MOQ in the fashion and textile manufacturing industry though it isn’t uncommon for some manufacturers to have an MOQ as low as 500; the group will require a start up budget of £59’680 (component parts and labour) + 20% for overheads.
Total Start Up Budget Required: £71’544.
Raising this start up capital may be difficult; HackedPack sourced their start-up capital (or the funds to bring their product to market, at least) through Kickstarter, though if the group were to go down this route, the group would expect to have to have some sort of advertising budget to really promote the campaign before it gains enough traction that it grows organically; organic growth from the beginning will take a long time (longer than the campaign time limit) to reach our goal (Digital Impact, 2016).
We would sell each unit at £77.58, giving us a profit margin of 30% (covering the 20% contingency). Using JIT manufacturing, the group should be able to sell 4’000 units in the first year with a closing balance of £1,055,473.66 at the end of our first year; this would be entirely dependant on how effective our marketing and sales strategies are. However, if the group stick to and achieve the financial projections (Appendix E), by the end of the third year, the group should expect a closing balance of £4,900,521.98. This is taking into consideration the growth of the festivals and camping industries. This also takes into account our 20% contingency budget for currently-unplanned and unforeseen overheads. This 20% contingency budget allows us to stay within our means and never spend more than the group have coming in; this prevents us running into negative equity and risking insolvency. Our variable costs (at least) will be relative to our incoming revenue. It may be that, because of such a short time frame in which to complete the work of other members of my group, no disbanded, I haven’t had time to retrieve quotes for all individual costs. We would initially use my flat for storage which I cover the cost of rent from other sources of income though in future, the group would have to look at commercial storage solutions. Whilst health and safety testing is important to lower the risk of personal injury to buyers, the group have been unable to locate a quote for this in the short term.
Other costs the group would have to absorb with our 20% contingency budget include:
We expect April through to May to be the months which experience the most sales, peaking in the Summer months of June and July with units sold topping 916 in the first year (Appendix E 3).
If the group achieve this target, the group will be left with £769,009.66 net profit at the end of our financial year.
(For a full breakdown of financials, see Appendix E).
Andrew will provide the initial capital in the way of a loan to cover the cost of any advertising before the grouphave secured investments / funding from elsewhere. We could also consider taking a loan from a partner of Start Up Loans Co, such as Virgin Start Up.
Exit
Though this business plan details as if the group were to bring our product to market, the likelihood will be that alone, it will be impossible. As such, it is unlikely the product would come to fruition and therefore, the group should consider releasing the concept, plans and other documents to the open market for those who do have adequate resources to bring the product to market.
The investor will want to know when they will get their money back. What does the future hold…merge, sell-out, acquisition, change legal status etc
One option the group do have is to sell the designs to HackedPack who already have the resources in place to bring the product to market, thus silencing their competition and gaining an improved product; the benefits of this for us would be that the group wouldn’t have to mitigate legal claims for intellectual property infringement. We have already opened up a dialogue on Facebook with them but so far, they aren’t keen on purchasing the idea (Appendix F).
Alternatively, the group can taper off production as demand peaks and begins to fall as the product nears the end of its lifecycle, winding down the company and exiting the market if there are no other buyers interested in the product or company.
Appendices
Appendix A: Original Idea
A 1: Original Product
A 2: Questionnaire to identify demand
Appendix B: Improved Product Concept
B 1: Backpack Hammock
B 2: Component Products
For the above:
Further development proved there would be more cost-effective options:
Overall cost per unit excludes manufacturing labour and materials used to combine the above products.
Appendix C 1: Market Research
We decided to simplify our questionnaire to encourage more responses and abandonment of the survey; the previous survey was created by a previous group member, all of whom have since abandoned the project. By simplifying the survey, the group have been able to generate a much larger response with an increased response rate of more than 400%.
(Source: Facebook) (Source: Facebook)
(Source: HackedPack website)
(Source: HackedPack website: Store http://hackedpack.com/shop/)
Appendix C 2: Analysis
Compared to our previous survey, the group have generated a much larger sample size than previously and the group have used SurveyMonkey to capture evidence of the data collected for validity.
Only one person out of the 33 respondents indicated that they did not like the product.
More than 93% of the 33 respondents said they would definitely or maybe use the product with a higher proportion of these saying they would maybe use the product; this indicates a novelty factor.
The most favoured price point is £71 to £90 which is much better than our previous responses, all of whom indicated that they were unwilling to pay enough to cover the cost of materials let alone other considerations.
Nearly all respondents said they would use the product whilst camping with the second favoured option to use the product at festivals. Very few people said they would use the product at home.
Respondent comments regarding improvements were mostly negative, including one respondent not wanting any changes to be made though this may not be possible given health and safety limitations.
SWOT
|
Strengths |
Weaknesses |
|
Although HackedPack is patented, there are improvements and innovations that can be made. Not easily sourced in the UK Unclear if patent is international
|
Already a patented backpack-hammock available in the United States, unsure if patented in UK. Health and Safety; what if it breaks? |
|
Opportunities |
Threats |
|
Can be manufactured and retailed at a lower price to the consumer. Not readily available to the UK market with high shipping fees to transport. |
Legal action from the manufacturers of HackedPack Personal injury claims |
HackedPack based in China. (Kickstarter, 2013)
HackedPack:
PESTEL / COM
STP
Appendix D: Operations
Appendix E: Financials
Overview:
Appendix E 1: Expenses/Overheads:
(Trade-tariff.service.gov.uk, 2018)
Appendix E 2: Pricing Strategy:
Appendix E 3: Sales Forecast:
Appendix E 4: Cashflow Forecast:
Appendix E 5: Profit/Loss
Appendix F: Exit Strategy
(Blurred due to agreed confidentiality with HackedPack).
Appendix G: Communications
^ HackedPack Facebook Messenger chat.
^ Senrongbags (China) request for quote.
^ Communication with QUANZHOU SANDOO BAGS CO., LTD
Appendix H: Power Point Presentation
Appendix I: Personal Reflection
Andrew Hill
This module has definitely opened my eyes to various aspects about group work, further cementing in my mind the reasons against working collaboratively in a group; when a group member (or three in my case) decides to disband after you have carried them so far with them doing very little work beyond looking at prices of component products on Amazon, it makes it impossible to carry out the work of three other people (who should have been but apparently weren’t) working throughout the year (and if they were, they’ve taken their work with them).
Evident within this business plan is the stress and difficulty I have been faced with and have had to overcome as I have maintained the academic year long workloads of four other people after tutors took the decision to allow the disruptions to my education.
I have grown from this, though. I have grown to understand and appreciate how you cannot rely on even your module tutors, let alone your group to stick to the guidance within the module handbook where we are encourages to resolve group differences, one of the reasons for the disbandment is one of my family members becoming ill and dying plus my own health issues, the group’s opinions were that this shouldn’t be impacting the other group members, somehow, if the shoe was on the other foot and it was one of their family members, I’d expect to show compassion and understanding. If ever my group become business owners, I hope their workforce and their family remain in 100% good health for fear of unfair dismissal claims being made against them under their false understanding that health issues and the death of one of their family should not impact their work and if it does, they should expect to be fired.
We completed an exam; the exam was multiple choice and was set for forty minutes long; I completed this exam in fifteen minutes with just five minutes to check my answers. We would later receive an email telling us that, based on the actions of a few individuals who decided to cheat and other technical issues beyond the student’s control but well within the academic staff’s control given we were asked to sit the exam using their equipment, we would all have to resit the exam – this, I found, was unacceptable and unprofessional – it would be like punishing one student who did the work because another student in a different class didn’t do the work. It would be like sending a person to prison because someone they didn’t even know had committed a crime. To punish an entire class because of the actions of others or the failings of the University’s technology, I feel, is unacceptable and unprofessional and has put students under further undue stress; this stress is further undue given the email sent to all of the HND students didn’t even effect those studying the HND at Leicester College like us. This shows the lack of concern for the students at Leicester College by tutors simply clicking “Send to All”, especially when the emails being sent have little or no relevance, therefore devaluing all future communications sent by DMU – most of DMU marketing email addresses are automatically filtered as spam, as a result, and as I never check my spam folder and emails are deleted automatically after 7 days, this makes DMU’s email marketing strategy ineffective, emails are only useful if they’re being read and not being delivered to Spam folders. It would transpire, however, that this ‘hiccup’ didn’t affect students studying with Leicester College so it could have been avoided had the tutor not chosen to “Send to all”.
I found carrying out the work for four people (when I am just one person) to be extremely difficult and unfair to expect of any student; an employer wouldn’t expect you to do the entire work of your team if they fired the other members of your team or the rest of your team resigned so why did tutors feel it was appropriate to do this to a student who isn’t even paid a salary and instead, has paid to potentially be forced to fail? The standard of education, alongside the grading based on other group member’s merit and their peer reviews (which can easily be manipulated and students may lie) and the regular disruptions, irrelevant communications and undue stress and anxiety I have had to deal with have raised cause for complaint for which, if we cannot agree a positive solution, a refund of tuition fees will be necessary. However, after a meeting with the head of the Enterprise module and the interim head of year, it has been shown that grading isn’t as clear cut as this. This highlights one key improvement for De Montfort University et al; to better communicate
I found the financials section most difficult to deal with in such a small amount of time; retrieving quotes from overseas manufacturers is a slow and arduous process which was assigned to another group member whilst I focused on the initial product design and development, market research, research analysis, product improvements, innovations and adaptations as well as implementing all findings from our market research.
I have been able to, however, highlight some of my own strengths and weaknesses including my ability to work under pressure and my attitude to sudden change; it is understandable, given the unfair treatment I was exposed to, especially whilst I was suffering with my own health issues and a dying family member, I was still working remotely, keeping on top of my workload and communicating via the WhatsApp group – other forms of communication were available and have been utilised including Facebook messenger, LinkedIn, Skype, Facetime, video calling, phone calls, Screenlinks/Screenshare and meetings outside of college/university.
Whilst my last point refers to my ability to work under pressure and my attitude to sudden change, this entire piece of work is testament to the fact I can meet deadlines even with a suddenly increased workload, though as expected, the quality of work should suffer because of the unfair treatment, the sudden increased workload and the short amount of time until deadline.
As I have been expected to complete the workload of four individual group members (including myself), it is expected that my grade will reflect this; as I have had to carry out the work for other group members, it is only appropriate to expect my grade reflect this; the marks awarded should therefore be multiplied by 4 to reflect the increased workloads I have had to deal with whilst my peers have had the benefit of a full group of four to six embers, therefore giving each group member up to six times less work to do for this module than I have personally.
One thing I have also found incredibly difficult is to stick to the guidance in the module handbook, including guidance regarding word counts, page limits, etc. In my defence, however, even the tutors have failed to stick to the guidance in the module handbook regarding minimum number of group members per group (as the tutor permitted the group to disband without my consultation) and because the tutors have also failed to adhere to the guidance within the Module Handbook, I expect any failings on my part to adhere to the guidance will be discounted from any consequences to my grade. We cannot be expected to stick to the guidance in the handbook when our own module tutors and leaders refuse to, tutors breaking rules and not sticking to the guidance they set themselves has a negative impact on students and their will to also abide by the rules (Brousseau, 2012. Catapano, n.d. Hurd, Zimmerman and Xue, 2008. Loewen, n.d.)
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Saxon, J. (n.d.). Why Your Customers’ Attention is the Scarcest Resource in 2017. [online] Ama.org. Available at: https://www.ama.org/partners/content/Pages/why-customers-attention-scarcest-resources-2017.aspx [Accessed 10 Mar. 2018].
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