Business Plan

Lovely Wedding

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Business Plan

Lovely Wedding

Lovely wedding
Prepared For Mr. Mir Simon Haider Adjunct faculty, Entrepreneurship Prepared By ASheque M Ahsan #052-486530 Abu Sayeed Sharkar #052-149030 Nargis Nahid Farajee #052-297530 Azmir Kabir #053-198030 North South University

Business Plan

Lovely Wedding
November 12, 2007

Lovely Wedding
81/1, Elephant road Dhaka Phone: 8153653 Mobile: 01916-566762 Email:www.lovelyweeding.com

Co-owner: Nahid Farajee Asheque M Ahsan Abu Sayeed Sharkar

Azmir Kabir Nargis

Description of business: Our business will provide products including wedding dresses, cosmetics items and event management service on a contract basis to the customers. On our event management plan, Community center, decoration facility, photographers, renting out the dresses and rent a car services are included. We will also maintain a friendly, fair and creative service environment, which greetings diversity, ideas, and hard work. The contact will be on package system. Event management contacts will depend according to the customer’s demand. We are assuring you a perfect arrangement of starting a new part of life. Financing: Our total invested money is TK.50 lakh. Equally we will invest TK10 lakh by each partner. We also have an alternative plan to take a loan which will amount the 50% of the total invested money and to be paid off over 3 years with 10% interest. For carry on the business this debt will cover the portion of the expenses which we can not finance with our invested amount of money. It might include office equipment, office rent, stationary items etc. This report is confidential and is the property of the co-owners listed above. Any written or oral documents will be secret by the business owners. Any kind of copy or change of this document is legally prohibited. It can be used only by the people who are recommended to by the authority person to use it.

Business Plan

Lovely Wedding

LETTER OF SUBMISSION

12th November, 2007 Mr. Mir Simon Haider Adjunct faculty, School of Business, NSU Course: Entrepreneurship (MGT368) Permission for submitting the business plan. Dear Sir, We are pleased to submit the Business Plan on the wedding mall –“Lovely Wedding”. The plan basically focuses on the Entrepreneurial aspects of setting up a new bridal store and tries to give an in-depth analysis in terms of the industry, the market, management, financing, the bridal products, and the store itself. We thank you for giving us the opportunity to explore critically the entrepreneurial aspects of establishing a new wedding mall that has become a lucrative business the country and worldwide. We are grateful for your valuable advice and kind cooperation. Thanking you, Sincerely,

Nahid Farajee Azmir Kabir Asheque M Ahsan Nargis

Business Plan

Lovely Wedding
Abu Sayeed Sharkar

……Acknowledgement
At first we would like to thank Mr. Mir Simon Haider for giving us support, courage, and opportunity to work on business plan We are also grateful to those people without whom it was quite impossible for us to continue preparing the entire report. During our preparation, besides some point we did not face any major difficulty rather we enjoyed our each & every moment.

All of the group members were really co-operative .We had done library work and web search and came to understand many events about business plan.

Business Plan

Lovely Wedding

Executive Summary
“Failing to plan is planning to fail”. Now that we, the four partners, have decided to start and run a wedding mall, we must develop a very efficient business plan to run the business successfully in the long run. We’ll consider all the factors necessary for establishing and running a successful business, including marketing, management, financing, operation, and above all, entrepreneurial opportunities and skills. We have decided our wedding mall’s name to be “Lovely Wedding”. The store will offer bridal products to its customers. In addition to selling those products, it will also reserve a portion of its inventories to rent out. Our target market is obviously the brides and bridegrooms. However, their parents and guardians are mostly seen to do the shopping for them. So, the middle-aged married guardians will get preference in our marketing strategy. Since most of the customers are seen to be women, we will develop the marketing strategy keeping them at the center. We will also try to change this tradition, for which we will make some promotional campaigns so that the habit of shopping for wedding by the brides and bridegrooms themselves is built over time. Currently there are many established wedding malls, including Palki, Sanai, Bor Kone, and many more. In order to compete with them, we have to develop some strong marketing tools. Our main objective will be to capture the large percentage of the market in one year of starting the business and retain it in the long run as well. We project our sales to be minimum 50% of the capital in the first year. We will rely mainly on advertising and promotions instead of lowering prices because predominant stores might also lower their prices and that would be suicidal for a new store like ours. Also, lowering the price will reduce our profit and to be profitable with our business we can’t reduce our price a lot.

Business Plan

Lovely Wedding

The SWOT analysis is a business tool available in the tool box of any small business owner. However, running a business forces to focus on the issues and fire burning today, not tomorrow. A SWOT analysis may sound like a form of mission planning for James Bond. A SWOT simply stands for: Strengths, Weaknesses, Opportunities and Threats. We have done a thorough SWOT analysis at the end of the marketing plan. We, the four partners, will be the owner-managers. So we will be accomplishing the management task ourselves. We are capable of doing it because it is not a very large organization for us to manage. We will personally appoint the necessary personnel in our store, and lead, control, supervise, and direct them as well. In total, we will appoint 7 personnel: 1 manager, 2 salesgirls, 1 salesman, 2 security guards, and 1 cleaner. We have also included their compensation packages in the HR planning.

In case of finance, the primary source of the store’s financing will be our initial investment of about BDT 10 lakh (1,000,000) each. We are 5 members that makes a total investment of about BDT 50 lakh. We won’t need the initial huge investment amount for buying a space; we will just rent a space at Elephant Road. We won’t finance our business from outside sources unless it is too emergency, which is not likely to be because we’re already doing an effective plan for that. Most part of the investment amount will be spent while establishing and operating the store in the very beginning. However, as a result of our effective marketing activities, we will generate huge revenues from the beginning of the second year, so there is not likely to be any problem in financing our business in near future. In addition, we will run some promotional campaigns in which the big mobile companies will gladly like to sponsor, as they’re doing all the time everywhere. And again, since there are not so many bridal stores, we are not likely to incur any loss because market research shows that other bridal stores are quite high profitable. Finally, as entrepreneurs, we won’t be sticking to conventional or traditional products or services. We will always look for new ideas, products, and services

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Lovely Wedding
and then make our customers get used to them through extensive marketing strategies; to get our store more & more competitive advantages.

Business Overview
Lovely Wedding will be large bridal store in Dhaka as well in Bangladesh. It will clearly attract most of the customers because they prefer to shop where they get enough room to roam around, observe the products and prices very well, and feel comfortable. Customers will feel good about our store when they will see more products and more comfortable shopping place than other stores.

Vision Corporate vision is a short, succinct, and inspiring statement of what the organization intends to become and to achieve at some point in the future, often stated in competitive terms. Vision refers to the category of intentions that are broad, all-intrusive and forward-thinking. It is the image that a business must have of its goals before it sets out to reach them. It describes aspirations for the future, without specifying the means that will be used to achieve those desired ends. The vision of the Lovely Wedding --

“To become one of the most well-known wedding malls in Bangladesh by providing the quality and innovative products at competitive price to meet the requirements of the customers”
Mission The Mission Statement is a crucial element in the strategic planning of a business organization. Creating a mission is one of the first actions an organization should take. This can be a building block for an overall strategy and development of more specific functional strategies. By defining a mission an organization is making a statement of organizational purpose.

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Lovely Wedding
The vision of the Lovely Wedding-o To provide the quality and innovative products at competitive price to meet the requirements of the customers. o Contribute to the success and satisfaction of our customers and focusing on-in-time delivery. o Co-operation, teamwork and partnerships. o Continuous learning o Honesty, fairness, integrity, and respect.

Industry Analysis
Wedding is one of the most important events in everyone’s life. Everyone gets married at least once in life. It’s a necessity that has been being perceived since the very early age of human being. In Bangladesh, the customs and procedures of wedding events have not changed much. It’s almost traditional the way people celebrate a wedding. People are used to spend as much as possible in a wedding ceremony and this tradition is not going to change in near future. So, the need for bridal accessories will never decrease. Moreover, it’s increasing day by day. Therefore, the wedding mall business will be very profitable over time if the perfect strategies of marketing are adopted.

SWOT Analysis:

STRENGTHS

 We are the pioneer in our city
The concept of a wedding mall is totally unique in our city. As we are going to provide each and everything regarding to a wedding ceremony and so far we

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Lovely Wedding
know that there is no shop where one can get chance to buy everything what ever they want for a wedding. So it is certainly a great strength for us.

 We are going to have huge collection
We decided to collect and stock huge collections of cloths and other commodity for a wedding ceremony. As the wedding function is special, the customers of course will want to choose among different alternatives. And after watching the entire alternative, they will buy the appropriate and suitable one for them. So we think it will be strength for us as we are gong to start our business with a huge collection.

We will provide quality service

So far we planned for our business, we the executive body decided to put more emphasis on providing quality service. We know for a business, it is very important to pay attention to the product quality as it attracts customer. So it is sure that our service will be strength for us.

 Extensive marketing strategy
We will mostly emphasize on marketing and advertising activities. No other bridal store performs this activity. So it is definitely a great strength for our store. We will run promotional campaigns, advertise on newspapers, banners and many more, which other stores don’t actually perform.

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Lovely Wedding

Weaknesses

 Brand unawareness
Unawareness of our brand among customers is our main weakness. But we are able to overcome this obstacle at the very first stage through extensive advertising and promotion.

 We could not be able to train our employees
We all know that trained employees are asset for an organization. But as we are launching our shop in a moderate infrastructure, so we will have fewer amounts of workers. As it will not be a corporation, we will not have any human resource department to train our workers.

 Lack of product knowledge
As we are the first in this business and this is the first time that we have come up with such unique idea, it is obvious that we will have lack of product knowledge.

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Lovely Wedding

Opportunities
 Expansion in other areas of Bangladesh
Up till now we decided to operate our wedding mall in the Dhaka city. As it is the capital and central part of our country. Since we will have the largest market share in a very short period, we’ll also be able to expand our business in different parts of our country. In our plan, we decided to open our on going branches in Chittagong, Shylet, and Rajshahi etc.

 We the owner of the business are educated
We the four executives as well as the shareholders of the wedding mall are educated and studied in the field of business. In market environment we often observe that many business fail due to the lack of education of the founder. As he has less education, he usually fails to carry on with his business. But in our case the situation is different. As we are the student of business, we know much more than any other person. We will consider it as our opportunity.

 Higher demand and increasing popularity

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Lovely Wedding
Our business will certainly have higher demand and its popularity will increase day by day as people will get all the necessary items in one mall and as they will get to know about our store from advertisements and also from other people. They need not to search couples of markets to get their desired items.

 Entrepreneurial opportunities
Because of the all time needs of wedding, there will always be needs of bridal products too. We will be making innovative products for wedding as time will change.

Threats
 More Expansion/Diversification May Lead to Chaos
Up till now our wedding mall will operate in the Dhaka city. But we already said that we have plan to expand our business out of Dhaka. In that time as we will expand our operations widely, it may creates any problems or chaos

 Huge competitors
Since we will be the first modern wedding mall in Bangladesh, it may happen that businessmen, after acquiring knowledge from us, come up with more attractive feature than us. It will become a threat for us.

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Lovely Wedding
 Better Communication with near by country
When the communication with nearby country like India (Kolkata) will become easier and cheaper, people will feel more comfortable to go in those areas to buy their wedding items from there. No matter how improved quality we are providing or even we are providing the same product.

PASTE Analysis: Political Environment:
Sound political situation helps to grow sound business condition. In our country Political situation is not good at all. It always inhibits the growing of business. In this case we can face problems to run our business due to politically unfriendly environment.

Economic Environment:
Bangladesh is a developing country. The national economy has been gaining momentum recently. The national unemployment rate has been hovering at a relatively low level for two years. On the divisional level, especially Dhaka and Chittagong continue to experience rapid expansion and prosperity. As these regions accept many newcomers from the rust belt and other areas, it has become more business focused. Business is booming in the grass root level. The annual growth rates of new small businesses are soaring. Many businesses continue to expand in the countryside. Net job creation has advanced at a steady clip. High technology areas have grown up in Dhaka, Rajsahai, Chittagong. According to statistical yard book, our per capita income was $450 in the last

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Lovely Wedding
year. For the next five year, our economy is extremely favorable for doing business.

After 9/ 11 economic relations in Middle East and Asian countries especially the Muslim countries have been greatly hampered with European, Australian and American countries. The war in Iraq had influence on total international economical environment but it did not cause any lethal for Bangladesh in relationship with outer world.

Technology:
Advances in technology are difficult to predict. We have planned to provide services like photography, decoration, sound system to our customers. We have a good technology environment in our country. Here, instruments used for photography, sound system and decorations are available. So, we can easily collect them. Also, from the end of the 20th century, use of computer and other technology have increased in a dramatic rate. People are very much familiar with them and want to use them. So, any operation related to those technologies should not face any problem regarding market demand.

Legal Concern:
Constitution of the people republic of Bangladesh consists of important laws and ACTS to govern the business of the country. Some of the laws are from the English Common law and other laws are from Indian Law. Here Contract ACT of 1872 and Sale of goods ACT of 1930 are followed to govern the business. These laws are written precisely and very much related to the business

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Lovely Wedding
environment of the country. There are no confusion going on regarding those LAWS and it supports all the legal operation to make profit.

Current Marketing Situation:

Our Wedding Mall is a start-up company for which the most vital issue to its success and profitability in the long run is marketing. We will offer superior and unique products and services to our customers. Most of the customer go abroad to do their shopping. We want to attract those customers providing them quality products. Also, we will provide them better sound system, photography services to make their occasions valuable. In Dhaka, the market for a wedding service is yet wide open as there is no such company which has dedicated its concentration solely toward this service. There are some well-known malls that are providing with the different services like photography, decoration on contractual basis. We think, we have likelihood to acquire the largest share of this yet-to-identify market as we possess the knowledge and skills as well as the intention to do so. But, we must make sure that we carefully perform all the marketing functions. Industry Demand: Bangladesh is a populated country with a population near 15 crore. About 20% percent of them are young and labor market is very cheap. After the war of 1971, this country is developing and the living standard and life style of people in developing. So, we can say that the market is growing here and also the demand of customers Analysis of Competitor:

Business Plan

Lovely Wedding
We are going to face strong competition because there are already many established and well-experienced bridal stores in this industry. The strong competitors include Palki, Sanai, Bor Kone, Dulhan, and some more. The brand names of those stores are very well known. All those popular stores sell typical bridal products. They have good looking environment. In addition, they are very experienced so they know very well what customer expect from bridal stores.

Some truths regarding our competitors:
 Well established brand name  Operating in this segment for more than ten years.  Have a huge collection  Lacks in promotional activities  Don’t provide after sales service  Don’t provide service products  Lacks in variety of products

Market Segmentation: It is one of the most important parts of marketing research and analysis. We cannot just go for the whole potential market. We have to select a target segment from the potential market and communicate with them in order to sell our service. The products and services we are going to offer are unique and

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Lovely Wedding
exclusive. So we have to identify the consumer segment that is willing to take these unique and exclusive services, and is affordable of buying them.

Target Market:
Lovely Wedding’s market consists of consumers-brides & bridegrooms, who are going to get married and want to buy or borrow bridal dresses, cosmetics, flowers, shoes, and other accessories needed in a wedding. There are several steps in a wedding. At first the “Gaye Holud” takes place in the houses of bride and bridegroom one or two days before the wedding ceremony. Usually after one day of the wedding, a party called “Bou Bhat” is held. So in each occasion people wear different kinds of dresses. People who are invited in the parties also wear special dresses suited for a wedding related party. So, invited people in the parties are also our potential customers. It’s a common and traditional scenario that most of the time the bride’s or bridegroom’s parents or guardians or other family members are seen to shop for them for the wedding occasions, and those shoppers are mostly women. So, the middle-aged married women and their other family members are the most likely customers of our store. Furthermore, we will also try to change the tradition by encouraging the young couple-to-be people to come and shop themselves for their wedding.

Occasion:
The whole wedding ceremony consists of different activities. Customers demand differs according to each activity. So, we can segment our market according to occasion to better understand the need of customers.

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Lovely Wedding
 Gaye Holud of Bride  Gaye Holud of Bridegroom  Wedding Ceremony  Bou Bhat

Religion:
We have planned to provide services for all the religious groups. Most of people here is Muslim but still there are some people from Hindu, Khristian and other religion.

90 80 70 60 50 40 30 20 10 0

Muslim Hindu others

1st Qtr

Target Consumer Profile: • • • • Age – 18 to 55. Profession – Students, businessmen, and professionals. Region – The north part of Dhaka (Banani, Gulshan, Baridhara, Uttara, and Cantonment.) Income Level – Family income of BDT 25,000 and above per month.

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Lovely Wedding
• • • • Health Consciousness – Moderate to high. Personality – Gregarious and ambitious. Attitude Towards Dining Out – Moderate to high. Willingness to Experiment – Moderate to high.

Description of venture:
We have described many things about our business, what we will do in future, our ownership form etc etc. Nevertheless, it is time to describe about our product on a precise form. We are going to describe our products too in this section.

Product:
Bangladeshi people used to wear different colors and varieties of dresses on different part of a wedding ceremony. The dresses include sharies, panjabies, sherwany, pagri, nagra etc. From our product section, we will arrange all those things in a reasonable price for our customers. We will not only have wedding dresses but also cosmetics items for the bride and bridegrooms. Our products will contain all the things that brides and bridegroom of all religions and races require in the wedding ceremony. We will also arrange products for the relatives and friends and other invited people in the wedding ceremony. Dresses for brides include saries, lehengas, and scarves etc. Sharies will include the ones for wedding, Gaye holud (before wedding party), Bou vhat (after wedding party), Sagai, after the wedding saries etc. Dress for bridegrooms include Sherwany (long and heavy coat), Pagris (a kind of wedding cap), Punjabis, Pajamas, Coats, Nagra (a kind of wedding shoes) etc.

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Lovely Wedding
Our other categories of cosmetic items will be the following: • All sorts of cosmetics, cosmetics boxes, artificial hairs, perfumes, etc for brides. • All kinds of accessories that bridegroom need for wedding and other parties that include perfumes, men cosmetics, wrist watches etc. • All other accessories necessary to decorate a wedding party that include festoons, balloons, flowers etc. • Special s shoes for wedding and other parties. Some sherwany, pagries, coats, nagras will be there for renting.

Services:
Our Services will include wedding party management, providing rent-a-car service, decorating the event and photography. We hope, if we can emphasize these services and represent these in an attractive way; customers will find interest to buy these services and will be satisfied. A wedding ceremony is mostly about family prestige and respect. If it can’t be arranged in a

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Lovely Wedding
way it has to be than long term dissatisfaction between two families will arise. Thus, to accomplish the programs in a proper way and get all things done in a harmonious way we will be there to help our customers. Recruiting us to organize and buying goods from our store will help the customers to be cost efficient. Precisely, our offered service will be: • Decoration of house, stages, gate through lightings, flowers, net and other festoons according to the customer demand and ability. • Camera with photographer to capture and save the lovely moments of the parties. • • High quality video recording and early delivery service.

Rent-a-car for bridegroom, for the guest and also for the transportation of food.

Other things such as sherwanis, pagries, and some other things for the wedding are often borrow the bridegroom. We will provide the facilities by keeping a portion of reserve in the inventory to rent them out.

We will arrange some package according to the different income level. Our target customers will be upper middle and upper class people.

Size of a business:

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Lovely Wedding
Our new venture will be on Lovely wedding and there will be different segment. For this we need a shop of 1700 square feet room in a well known area like Elephant Road, to keep our target market in mind. • Here we need 4-5 rooms for displaying product, show room of wedding cloths, office room for communicate with the customer and a office for event management section. • • • Getting experienced worker easily and the transportation cost should be low. Jam free and well parking area because of the target market. Around 15-20 workers need for the new venture. Among them 2people are guards, 4 people to sale wedding things, 1persone to keep record of all the

Employees:
Position employees Manager Event manager Accountant Site officers Sales Men/Women Security Guard Cleaner Driver Total employees 2 2 1 15 1 1 1 3 4 Number of

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Lovely Wedding
Office equipment:
To decorate our office and maintain our work properly we will use different things to attract our customer. Some example are given below • • • • • • • • Manager: 1 table, 6 chairs, a personal computer, and stationary items Event Manager: 1 table, 2 chairs, a personal computer, and stationary items. Accountant: 1 table, 2 chairs, a personal computer, a calculator, and stationary items Customers: 8 chairs on product section. Showcases to display the products. Decorating Items for the office. Light and fan 2 air cooler.

Production plan:
Physical plant:
The “Uthshob” mall will be located at Elephant Road, Dhaka where most of the wedding malls are there. It will just beside the two big stores Shanai and Palki so it will be easily noticeable by most of our customers. Main reasons of locating our wedding mall at Elephant Road are:  Most of the customers know that all the wedding malls are located at Elephant Road.

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 Elephant Road is easily reachable from any corner of the Dhaka city. Regular counter buses and other transport facilities are available from Elephant Road.  Community center, photographers and a rent-a-car are also located near the elephant road.  It is the most important commercial area in Dhaka city  Most people of the city used to go there for shopping and that’s why it is the most recognized place.  Our shop will be of 1700 square feet thus we hope, we can manage to all the products and service portion of our business under a single roof.

Supplier of Products: Wearing : Cosmetics :

Elegance, Panthopoth, Dhaka Ferdous, Dhaka

Jordana, National Museum Dhaka L’Oreal, Dhanmondy Dhaka

Service Supplier: Rent a Car:

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ALIF rent-a-car

Decoration:
SHAJ GHAR

Photography:
Machinery and equipment:

• • •

Canon D50 Camera and Nikon …. Sony video recorder Hp LaserJet Printer

Marketing Plans Product Strategy:  We will sell most of our products in our shop. Those will include sharies, scarves, gowns, artificial hair, cosmetics, flowers etc for bides. For bridegrooms, we will sell sherwanis, pagris, nagras, Punjabis, coats, pajamas, men-cosmetics, and perfumes etc.  However, we will reserve a portion of our inventories to rent out only to bridegrooms. We will not rent out any product to brides because it will

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not be very profitable worth the effort since brides don’t usually rent their dresses or other things because their product price is quite cheep.

 We will also sell dresses and other accessories to be used by the parents and other relatives of the brides and bridegrooms because they will be coming in the store to shop for wedding more often than brides or bridegrooms will.  To make our once-customers remember our store whenever they will need to do bridal shopping we will deign our product packages featuring the main aspects and benefits of purchasing from our store. Thus we will be able to maximize the lifetime value of a customer. We will also include some societal and environmental advices so that the customers feel good for our store.

 We will not only provide the dress for the bride and groom but also targeted to supply some services like- rent a car, still picture taking and video services, and decoration services especially, decoration of gaye holod and club stage. These services will handle two of our friends. As purchase a car is a matter of huge money so we are going to rent the cars from rent car service providers in a contract basis. If the customers want to hire the car from the rent a car company they can do it but definitely it will take at least half times more money then ours. On the other hand, we will purchase two or three camera as well as two video cameras for our business which will be good branded

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product so that we can attract our customer by this. In addition, to handle these cameras we will hire four employees who have the tremendous efficiency in handling the cameras. Pricing Strategy:  We will follow Wal-Mart somewhat in our pricing strategy. We will clearly mention in all of our banners and advertisements as well as everywhere in our store “Right Price, Always!” which entails customers will be able to buy products from our store for the mot reasonable price.  We will charge a bit lower price for our products comparison to our competitors. Since our store is new and most of the customers don’t know about us, lowering prices might be suicidal because then the other wellknown stores will also lower their prices and thus will be able to retain their customers. So, lowering prices than the market price will not be a winning formula.

Price list of Competitors: Products:
Lovely Sherwani Pagri Coat Nagra wedding 800030000 1000-6000 500025000 1000-8000 Bor Koney 5000-15000 500-3000 3000-15000 800-5000 Sanai 6000-35000 400-3500 3200-12000 500-4500 Dulhan Palki

10000-40000 5000-25000 700-5000 4000-20000 800-7000 650-4500 3500-18000 600-5500

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Punjabi Sari Lehenga Scarva Shoe Perfume Rakhi 300015000 350040000 500035000 1000-4000 120014000 800-10000 800-2500 500-10000 600-40000 5000-25000 800-1500 900-4500 80-1000 80 800-12000 1000-20000 4500-15000 1000-4000 1000-6000 150-1500 100-500 1500-15000 2500-35000 8000-30000 1200-4500 1500-12000 200-8000 150-1000 1000-13000 2000-25000 6000-20000 1000-3500 1200-8000 150-5000 120-1000

Services: Video and Sound system
Name Lovely wedding DV camera recording Video camera recording Editing VHS to VCD Projector Still photography Sound 6000-15000 6500-9000 2600 700 4200 1500 3600 Advanced video recording Centre 6000 6500 2500 700 2000 1000(per roll) 2000 The New Lava Video Centre 6500 7000 3000 500 4000 1500 3500 5800 6500 2000 500 2500 1100 2500 Prime Video

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Decoration:
Name Lovely wedding Gate(Entrance) Car Stage Room 5000-15000 5000-15000 6000-12000 6000-10000 Advanced Multimedia Production 4000 3000 5500 4500 7000 5000 8000 7500 5000 4200 6000 5000 Malancha Katabon

Placement: The “Lovely Wedding” mall will be located at Elephant Road. It will locate very close to the steers so it will be easily noticeable for the customers when they in the market. Main reasons of locating our wedding mall at Elephant Road are:  Most of the customers know that all the wedding malls are located at Elephant Road which is a very busy and congested area. For this reason we have located our shop here where customer will get a nice, cool, fresh environment for their shopping. Besides, there is a big car parking lot for the car parking. As we have targeted upper middle and high class’s people as our targeted customers and most of theme have the car. So, we believe that our customers will enjoy this facilities a great deal.

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 It is easily reachable from all corners of Dhaka city. Regular counter buses are also use the panthopoth road so customers can also take the bus facility as well.  In future, we have planed to open another store at Riffle Square because a lot of people visit there everyday. Thus customers will get familiarized of our store and habituated of preferring to come in our store because in this occasion they will be able to do shopping in other products’ stores too. Promotional Strategy: We will do strong promotions so that the customers will be lured to come and buy wedding accessories from our store.  We will advertise our store, products and services on Friday newspapers only because most of the weddings are held on Fridays and most of the readers eager to read newspapers on Fridays. We will advertise on Porothom Alo, Janakantha and Daily Star only, including the Friday magazines of Janakantha and Daily Star because most of the potential customers are assumed to read those newspapers mostly.  We will advertise on every publication of the best chosen magazines, especially on those for females and fashion lovers, including Shanonda and Anondo Alo.  We will post banners in front of all the community and party centers of Dhaka and Narayanganj cities.  We will also post banners in front of all the universities including, Dhaka University, Jahangirnagar University, BUET, Dhaka Medical College, Sir

Business Plan

Lovely Wedding
Salimullah Medical College, North South University, AIUB, Brac University, East West University, Stamford University, and more because universities students normally play a big role in the marriage ceremony. If we can aware of these students with our wedding mall probably they will have a positive intention about our services. When they will involve with the shopping for any marriage for their relatives we think they will favor our shop.  We will place a Bill Board at Farmgate initially because numerous people pass this place and they will get to know about our store easily. It will be very effective advertising. Besides, we will also use the some cable channels for our advertising in a monthly payment basis with the cable operators. In the beginning of our business we are not going any direct TV advertisement of our shop because it will take huge money.  “Bou Shajo” contest will be held throughout the first 6 year of the starting of our wedding mall. In this contest, all the customers who will buy minimum Tk.10,000 worth of products from our store will be eligible for the contest. Every 15 days all the eligible customers will be invited. The winner will be chosen by a lottery draw among them. But this is not the end. The winner will have to sit the whole day in the get of a bride in our store to be eligible for the prize.  Because of the “Bou Shajo” contest, there will definitely be crowd of public in front of our store, which will most likely attract reporters. Thus there will be an easy media coverage and publicity. We will also advertise for the

Business Plan

Lovely Wedding
contest in all the potential places possible. It will change the tradition and encourage young people to come and shop for their wedding on their own.  In the “Bou Shajo” contest, we will call for a partner sponsor djuice since they are most likely to be one. Thus we will be able to higher the level of the prize and get more publicity. The prize will be “A free 3 days honeymoon in Cox’s Bazaar at a five star hotel including bus tickets”.  We will give the price discount offer for our loyal customers from the beginning of our business but the condition is that they have to buy 10,000tk product from our store then they will get the 5% discount on this purchase.

Organization Plan:
Form of ownership: Partnership Business Identification of partners:
• • • • • Asheque M Ahsan Nahid Farajee Abu Sayeed Sarkar Nargis Ajmir Kabir

Business Plan

Lovely Wedding
Terms of Agreements:
• • • • • • • • • • • 3 Years agreement Have vision to expand the business 60% of profit earned in a year will be reinvested till further notice. Responsibilities will be specific and realistic Any kind of loss or profit will be distributed among the partners according to their contribution for that particular loss or profit. Partners should have good understanding between each other. Any kind of unethical behavior will not be accepted. Confidentiality of the firm must be reserved! All the partners should sit for a meeting to discuss future plan and recent threat for once in month. No products will be sold on account to the customers Any of the director can not argue about the terms or agreement given above

Authority of principals:

Business Plan

Lovely Wedding
Directors

Manager

Supplier

Service Department D ATA Managing Officers [Event] PROCESS

Product Department

Supervisor

Site Officers Accountant

Employee

Here, in the business the manager will have the check signing authority. Sometimes it is important to finance something instantly and in that situation, if manager do not have the authority to sign the check it we might loose any chance to be benefited! Management will be totally decentralized. For example, officer for the event management will be free to take any decision required in a short time. And

Business Plan

Lovely Wedding
he/she can command his/her substitute to have the best output. We are putting emphasis on decentralized management system because if we maintain chain of command on the organization then it would be time consuming and in a sense decision making will be a lengthy process.

Backgrounds of the management employees:
Our management employees should be experienced and good communicator. As our shop is about wedding and providing marital service, therefore, we need such kind of people who can well communicate with the customers and make them to buy our products and services. The officers who will work on site should be experienced as well. We need experienced person here because to manage an event is not an easy task and to have cost efficiency and to control any unexpected situation, an experienced person is much better choice. An experienced person does not mean that the employees must be educated. Any one who has deal with such event for long time can be eligible for the position.

Roles and `responsibilities: Manager:
There will one manager in the firm, who will deal with all official and related issues of the business. All kinds of official affairs will be reported to the manager. Moreover, manager will possess the authority to change any procedure if he thinks necessary, but in this case, decision of the directors is mandatory

Business Plan

Lovely Wedding
Job Title: Manager Available Positions: 1 Job description
After the four owners, he is the second most important and powerful position in the shop. The main responsibility of this post is to carry out the policies issued by the owners. He also oversees the present ongoing situation in the shop so that everything goes towards shop’s prosperity.

Duties & Responsibilities
o Coordination and control all department. o Always need to oversee the present ongoing situation in the shop o Implements policies for the sound growth of shop. o Maintain a sound environment in the factory through monitoring the people o Resolve any critical issues related to HR or day to day operations

Accountant: Job position: Accountants Reports to: Manager Available Position: 1 Job Description:

Business Plan

Lovely Wedding
Keeping record of the inventory, deal with the employees’ salary, financial support, and other issues. The accountant will report to the manager about the financial condition of the firm on a daily basis.

Duties and responsibilities:
• • • Preparing the financial statement for the organization on each six months. Recording inventory items, whether going out or in and how much is there on the store etc. Recording daily sales and income on daily basis.

Event Manager:
The duty of event manager will be managing all the issues related with our service department. He will be responsible for the events’ management, like, managing decoration, rent-a car, community hall, and managing the employees in charge at site (event). In addition, the event manager will report to the manager for any kind of help and Job responsibility will be same like managers. But he/she need to be well on managing site officers and report their activities to the manager.

Site officers:
These are the group of employee who will be posted on the event what we will organize. Their duty will be managing the event from the site, monitoring the assigned task and reporting the information to the event manager. The recruitment of these people will be on contractual basis.

Product supervisor and sales man:

Business Plan

Lovely Wedding
Product supervisor will be in charge of managing the employees who will show the products to the customer. He will be a supervisor as well as sales man, will get bit higher salary and will report manager about the daily sales and which product are sold.

Job Title: Sales man/woman Reports to: Manager Available Positions: 4 Job description
Since our customers will be both male and female, and because of our culture, there are many customers who normally do not feel comfortable to talk with an opposite sex, so we will keep sales man and woman both.

Duties & Responsibilities
o Sales the products o Behave such a way with customers so that they feel comfortable to buy our products.

Cleaner: Job Title: Cleaner

Business Plan

Lovely Wedding
Reports to: Manager Available Positions: 1 Job description
He/she will be responsible to keep the shop environment neat and clean

Duties & Responsibilities
. o Clean and sweep the shop floor. o Maintain a neat and clear environment in the shop Clean the shop equipments

Security Guard:
Two security guards will be recruited on shifting basis on our shop. Their salary will be decided according to the typical salary rate on the market.

Job Title: Security Guard Reports to: Manager Available Positions: 2 Job description

Business Plan

Lovely Wedding
He has the job of keeping the security system of the shop and helps the Factory Manager to keep the shop secured.

Duties & Responsibilities
. o Handle any awkward situation. o Ensure shop security. o Examines doors, windows, and gates to determine that they are secure.

Payment policies:
Salaries: All the employees except site officers will get monthly salary for their
regular job. Their salary plan will be decided by the normal salary rate of Bangladesh. In addition, if any change on pay scale is required it would be decided by the discussion between director board and employees. Beside this, the employees will get a proportion of sales revenue if there are good profits in any time.

Manager:
Basic allowance Travel allowance (10% of the basic salary) Mobile bill (5% of the basic salary) 8000 800 400

Business Plan

Lovely Wedding
Others
o Yearly holy day 15 days without government declared holy day. o Two bonuses per year

Sales men/women:
Basic allowance Travel Allowance( 10% of the basic salary) 4000 400

Others
o Maternity Leave: This is one type of leave that is given to the female workers (sales women) who are expecting. But this leave is given to the female workers during the first two months of pregnancy and the last two months. In the meantime, they will have to continue with their work. o Yearly holy day 15 days without government declared holy day. o Two bonuses per year

Security Guard:
Basic allowance 2000

Others
o Yearly holy day 15 days without government declared holy day.

Business Plan

Lovely Wedding
o Two bonuses per year.

Assessment of risk

New technologies:
Software: • To run the business, we need some database software to keep the record of our employee and inventory section. It can be used to record any kinds of data about storage items, to adjusting the entries at the end of the day and to update any changes on the physical storage of the product. • For editing the photos we will use photo editing software like Adobe Photoshop. To operate this software we need specialized people on editing sector. Thus, we have to train employee to keep pace with the recent update on the photography world. By specializing employee we can also reduce our hiring cost of employees to edit the picture. Camera: • To keep our service attractive and bit qualitative we will use high quality cameras for photography purpose on the wedding ceremony

Business Plan

Lovely Wedding
• We prefer Canon and Nikon SLR camera as our photography equipment. We can be assured about the quality of the picture and the usage period therefore, using these branded products will be less risky for us to deal with.

Printer: Not only camera we also need a good printer service to get the copies of the picture. Thus, we are thinking to buy an Hp Laser jet printer. Hp is a well known brand and quite popular in the market. To get the better picture we should have one printer like this.

COMPUTER: Computer is an essential element for any business. It is important for our business as well. Why should we need computer on our business? The reasons are given below: • In the computer we can store all kinds of important data. These data refers to our employees and inventory. We can keep record through creating an employee database. • At the finishing of the month we can calculate the financial data which can manipulate our revenue and expenses. From that we know how much profit we achieve and loss incurred as well.

Business Plan

Lovely Wedding
• We can keep the data of the existing customers. From the data of existing customers we can identify the best seller zone and the group who mostly buy our product. • Computer makes our daily life easier. We have our webpage and can sell goods and can have virtual contracts of organizing parties out there on internet.

Business Plan

Lovely Wedding
Contingency plans:
 In the future we expanded our business.  If we get success then this business will keep on growing in future. We will be planning to expand our market and include as much target consumer as possible.  In future, we plan to open another store at Bashundhara City shopping complex because a lot of people visit there everyday.  We also have a plan to give another store in Banani, as most of high class people used to live here. Thus, customers will get familiarized of our store and habituated of preferring to come in our store because in this occasion they will be able to do shopping in other products’ stores too.  In terms of expanding the business we must make good relation with customers. We should have good communication too with them. It would help us to get well known to the customer group.  To continue our business in long run we need to keep the existing customers as long as possible.  We have planned to take the opinions from the customer to improve the quality of our products.

Business Plan

Lovely Wedding
 As we are expanding our business, we will recruit much experienced employees.

Service Review

Photography and Sound system:
• • • • • • • DV camera recording Video camera recording Editing VHS to VCD Projector Still photography Sound

Decoration:
• • • • • Gate Car Stage Room Decoration on deamand

Business Plan

Lovely Wedding

Financial Goals
The first step in financial planning is controlling the day-to-day financial affairs to enable to do the things that bring the business success and satisfaction and enjoyment to the owners. This is achieved by planning. The second step in personal financial planning is choosing and following a course toward long-term financial goals. As with anything else, without financial goals and specific plans for meeting them, some businesses drift along and leave their future to chance. A wise man once said: "most people don't plan to fail; they just fail to plan." The end result is the same: failure to reach financial stability. The third step in personal financial planning, "Building a Financial Safety Net," Lovely Wedding’s financial goal is the same, that is to achieve financial stability and that’s why it is a must to prepare a plan. We five partners have equally invested BDT 1,000,000 each to make a total investment of BDT 50,000,000 initially for the store. We’ll equally distribute any profit among ourselves. But the main goal is to get the most of the investment as soon as possible. That is, the payback period should be very short. The figures in the income statement also have to be significant otherwise it’s not so profitable compared to other stores. The graph has to go higher. We want to stabilize our business financially so that new competitors cannot cope up with us by any means. Whenever there will be any problem, it could be solved instantly without any hassle. And it is possible to get the payback period very short and also this market segment is comparatively profitable.

Business Plan

Lovely Wedding

Pro Forma Income Statement
Year Revenues Cost of goods sold Gross Profit Variable Cost Advertisement Depreciation Total Operating Expense EBIT Tax (2.5%) Net Income 2.5% 1st yr-10% 2nd yr- 15% 3rd yr- 20% Fixed 60% 40% 100% 1 42500,000 25,500,000 17,000,000 9,643,750 2,000,000 500,000 12,643,750 4,356,250 106,205 4250,000 2 63750,000 38,250,000 25,500,000 22,500,000 2,500,000 500,000 15,698,437.5 9,801,562.5 239,062.5 9,562,500 3 85,000,000 51,000,000 34,000,000 30,500,000 3,000,000 500,000 16,575,000 17,425,000 425,000 17,000,000

Business Plan

Lovely Wedding
.

Operating Cash Flow
01
EBIT Depreciation Taxes Operating Cash Flow 4356250 500,000 106,205 3750,045

02
9801562.5 500,000 239,062.5 9062,500

03
17425000 500,000 425,000 16,500,000

Pro Forma Balance Sheet
01 Assets Current Assets Cash Inventory Other Current Assets Total Current Assets 02 03

2000000 5000000 0 7000,000

1500000 4000000 0 6500,000

1800000 2500000 0 4300,000

Long Term Assets Long Term Assets 2650,000 Accumulated Depreciation 500000

8562500 1000000

18200,000 1500000

Business Plan

Lovely Wedding
Total Assets 10,150,000 16,062,500 24,000,000

Liability and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long Term Liabilities Total Liabilities Paid-in Capital Capital investment Earnings Total Capital Total Liabilities and Capital

01 900,000 0 0 0

02 1500,000 0 0 0

03 2000,000 0 0 0

0 900,000 0 5,000,000
4250,000

0 1500,000 0 5,000,000
9,562,500

0 2000,000 0 5,000,000
17000,000

9250,000 10150000

14562500 16062500

22000000 24000000

Income Statement

Business Plan

Lovely Wedding
Income statement is a financial statement for companies that indicate how net revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into net income (the result after all revenues and expenses have been accounted for, also known as the "bottom line"). The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. The income statement we have prepared for Lovely Wedding shows that its number of bridal parties or customer groups has increased enormously in the 2 nd year. This is because of the extensive marketing activities. As a result the revenues have also become very high along with other parts. We have used straight line depreciation method for depreciating the value of the fixed assets. Every five years we’ll change our decoration and everything so we’ll need BDT 2,500,000 for equipment every five years and it is depreciated every year by BDT 30,000. We have found out that the current corporate tax rate in Bangladesh is 2.5% and we used it as our tax rate. In the first year of operation the Net Income is BDT 4,250,000.

Cash Flow Analysis
Operating Cash Flow
The cash generated from the operations of a company, generally defined as revenues less all operating expenses, but calculated through a series of adjustments to net income. The OCF can be found on the statement of cash flows. Also known as "cash flow provided by operations" or "cash flow from operating activities. One method of calculated OCF is:

Business Plan

Lovely Wedding
Operating cash flow is the cash that a company generates through running its business. It's arguably a better measure of a business's profits than earnings because a company can show positive net earnings (on the income statement) and still not be able to pay its debts. It's cash flow that pays the bills! From the Excel spreadsheet we see that in the first year, cash flow from operating activities was BDT 3750,045.

18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0

Capital Spending

Business Plan

Lovely Wedding
In a broad sense, capital spending is any outlay that provides long-term benefits. Spending for capital is only one type of spending that provides long-term benefits. Spending for "capital" does not need to be measured differently from other spending with long-term benefits -- except to the extent that assets need to be accounted for, maintained, and used well. In our project of wedding mall, we’ll have capital spending of BDT 2,500,000 every five years. We’ll need this cost for buying a television for the store, for decorating with equipments beautifully, and to decorate the bridal wears.
0 1 -20,000 -40,000 -60,000 -80,000 -100,000 -120,000 -140,000 -160,000 2 3 4

Initial Outlay Aftertax Salvage Capital Spending

Conclusion:

Business Plan

Lovely Wedding
Most of the people loss hope after starting a venture, some struggle, and a very few get unexpected success. How we want to look ourselves as an entrepreneur? Are we confident about our venture? To be sure about all this fact, we have gone through all the possible risks, opportunities, marketing strategies, financial plan, how our organization will look like in the future etc. These entire things are precisely described on our business plan of the venture “Lovely Wedding”. Therefore, we are well aware of everything related to our business. Now it is the high time to get started!