Develop a business plan including business description, product strategy, legal requirements, market analysis, marketing plan, organizational structure, and financial plan.
You are provided with the business outline below to help you with the business plan.
Business Description: Beauty Bay is committed to providing high-quality, all-natural cosmetics and skin care products through innovative marketing strategies and high-quality manufacturing. Beauty Bay prioritizes customer demographics and preferences in its marketing initiatives, which each make use of a different social media platform. Beauty Bay will use its Facebook page to build strong relationships with its customers and gain lasting relationships with them. Customers will be able to share photos and videos with the public to increase Beauty Bay’s social media presence before extending it to local retailers.
Market Analysis: Strengths: Personalized customer service
Fast and consistent responses to customer requests or additional service needs.
Previous experience scaling an e-commerce business.
Weaknesses: Competing with several well-known brands.
Lacking the funds to run advertisements and change marketing strategies Shipping costs more than our competitors.
Opportunities: There is a rise in demand for all-natural beauty products.
Target specific niche compared to larger companies.
Social media marketing opportunity i.e., working with beauty influencers.
Other intemet marketplaces
Negative feedback from customers
Women between the ages of 25 to 60 who have direct social media connection and shows interest in lifestyle and anti-aging diet tips.
Financial data: Product Development: $50,000
Marketing and Sales: $13,600
Estimated revenue sales: $560,000
Estimated Expenses: Approximately $11,000