Description of Business
Ticory core focus is to create distinctive baby shoes design that will appeal to all market niche. The unique designs and affordable prices will satisfy both the rational and emotional shopping needs. Ticory will offer its customers a vast, exciting assortment of in-season styles combined with convenience and ability to customize each item.
Tikorie’s babyshoesline is a shoe company that is committed to producing shoes for babies in various sizes, color and style. It is sole trader type of business. The nature of this business is to produce comfortable, fitting footware for babies, in varying colours and unqiue styles. Tikorie baby shoes will be made from the best material around and will be affordable to all sectors of the market. Tikore’s shoeline will manufacture a line of shoes for babies never been seen before. These shoes will bring comfort along with unusual styles and flair. The designs will incorporate adult shoes style designs that with a playful twist and a variety of colours making them unique in the marketplace. The proprietor will own and operate the business. The contact numbers are 438-3083/282-5095. Business hours are from 9:00- 5:00 everyday. Mission Statement
Ticory’sstrives to be the baby shoe supplier of choice through its unusual and creative designs and its commitment to exceeding customers’ expectations for customization, selection, convenience and value.
Justification of Location
Tikorie’s babyshoeline will be located in St.Ann, Main Street Ocho Rios. This location was chosen because:
Its a high traffic area and a well established shopping village that host hundreds of shoppers each day. It is an area that hasmany other clothing stores that caters to a wide cross section of the community.
It is adjacent the craft market and the pier, an area that is known to and visisted by tourist each day, creating the potential for international exposure.
An atmosphers that promotes healthy competition.
It is located in the middle of the town, the shopping mecca creating ease and convience for shoppers travelling from near and far. All store are in walking distance from each other, its a one stop shopping village.
The store space is a perfect fit and an ideal layout that will allow customers an easy flow throughout the store. The merhcndise will be easily seen and accessible.
The Tikorie baby shoeline will be the only store of that kind in the area, which translates to great business and return on investment.
Selection of Appropriate Labour
Number of worker
Salary per month
Owner/manager professional skill
Management studies (Masters / Bachelor’s Degree)
Diploma in designing
Certificate in computer technology, numeracy skills, communication skills, 5 cxc 3yrs
3 cxc subject/ valid drivers license
Bachelor’s Degree in Art and designing
2 cxc subjects, communication skills
Reasons why this type of labor will be necessary:
Professional /Skilled : Manager, Supervisors and Designer
These persons are necessary for administrative and promotional aspects of the business. They will manage the day to day challenges, handle the finances, purchasing and ensure a creative flow throughout.
Semi-Skilled: Cashier, Delivery driver
These persons will be necessary for day to day on the floor operation. Though these employees require minimal training they are the core of the operation, ensuring the customers are happy and sales is at a maximum.
This person can have little or no training no training but upholds a pleasant personality and understand the concept of cleanliness at the workplace.
Sources of Fixed and working capital
The fixed capital in my business includes the delivery Van, production machinery, store furniture, Sewing machines, light fixtures, printer, scanner and copier.
The working capital in the business includes the stationery in the office and the materials and fabrics used in the production of the babyshoes. Fixed Capital
Inheritance – $5,000, 000
Inheritance Loans – $5,000, 000
Loans from family / friends – $500, 000
Selling Assets – $500, 000
Money Saved – $300,000
Money Saved – $300, 000
Role of the Entrepreneur
Entrepreneurs occupy a central position in a market economy. They provide all things needed to make the business successful and make all the decisions. They may be seen as head of the company. It is the entrepreneurs who serve as the spark plug in the economy’s engine, activating and stimulating all economic activity.
Entrepreneurs tend to control all things by using the management process in sequence. They will have to take risk in order to improve the business and do things in the business’s best interest. Finances will be provided by Entrepreneurs in the important running of the business. They take responsibility of all workers and ensure they’re doing their jobs correctly.
The Entrepreneur of Ticory’s babyshoesline:
Fast moving, willing to try many different strategies to achieve goals and maximize profits. Will bring together the factors of production necessary to produce, offer and sell desired products and services.
Will arrange the marketing, sales and distribution of that product or service. Will continually seek out customer needs and be ahead of the competition through innovation and creativity ensuring the products and services being offered are more attractive than the competition Will obtain all profits earned by Tikorie’s babyshoesline
Type of Production
Ticory’s babyshoesline will be involved in the secondary production and tertiary production. In secondary production natural resources are added to make a finish product that will be solid on the market. It includes manufacturing such as assembling, refining and constructing industries. My business will obtain the all natural raw material required for production.
Tertiary production does not produce any physical thing, but produces services that assist in the selling or use of the manufactured goods themselves. Ticory babyshoeline will be involved in tertiary production as the shoes will be produced and sold directly from our store
Levels of Production
In Domestic Production everything is produced locally, the home country where both human and natural resources are employed. The economy is dependent on what it can produce from these resources. This level does not involve any imports from foreign countries.Ticory’s babyshoesline aim is to develop into surplus production as it would be a bigger step for the business in the years to come. This will start at undertake domestic production concept in order to reach this goal.
Quality Control Measures
Ticory baby shoesline will exercise quality control measures through inspections, at all times ensuring the our shoes meet the specific requirements. We will manage quality of products through consistent checks ensuring that they meet specific requirements and characteristics, such as being dependable, satisfactory, safe and fiscally sound.These quality inspections will be done by the owner with the assistance of the supervisor. It is imperative that our products are safely secured and our employees exercise good safety and security judgment. In the interest of top of the line quality control, the two quality control methods that Ticory’s babyshesline will use uses are: Fabric inspection – team members will be expected to conduct daily inspection of all fabrics purchase to ensure they are of superior quality. Any fabric found lacking will be returned to the supplier. Shoes designs will be carefully chosen, prototypes done and tested to ensure fit, comfort and the right colour blend. Regular inspection to ensure garments are properly sewn. Inferior quality will be discarded.
Careful selection of material taking in consideration dye content. Babies skin are very sensitive, the team will have to ensure the dye Content in the material chosen are baby friendly.
Ensure the proper disposal of waste during the production and sale.
Use of Technology
One technology that is necessary in clothing stores is inventory software that works in conjunction with a store’s sales system. Makes ordering and tracking inventory a much easier task than doing invent. Keeping track of inventory is extremely important for stores running out of a certain style that happens to be popular can result in a great loss of revenue. It’s also imperative that inventory be accurately tracked to see trends in external and internal theft. Point Of Sale
It used to be much more tedious to ring up clothing sales; cash registers from just a couple decades ago were little more than fancy calculators. Technology is also employed at the point of sale in clothing stores through payment systems.
Most cash registers in stores run on software that not only adds sales tax, but processes coupon codes, scans item bar codes and updates store inventory after each purchase. Stores have systems that scan credit and debit payments and run personal checks through a system that guards against fraud. Security systems
These are cost efficient and enable store management to see all around the store via small cameras that transmit images some security systems also record activity in clothing stores at all times, making thieves easier to catch.
The type of linkage to be derived from Tikorie babshoesline is the backward linkage. Backward linkage is a channel used between a company and its suppliers to make a flow of information, material and money by creating an economic interdependence. Forward linkages are a distribution chain that connects a producer with the customers. This exists in my business asTikorie’s babyshoesline depends on raw materials such as cotton, rubber and canvas. One benefit of backward linkage is that my business rarely depends on imported goods since it is locally provided with the raw materials for production.
Potential for Growth
Potential for Growth (internal)
Ticory’s babyshoesline will be expanding by building a 3rd floor in the building. The business will acquire new technology such as new printing machines to customize shoes, models of machinery, escalator, televisions for advertising within the store and P.A system.
Potential for growth (external)
The business will expand by owning three additional branches in the parishes of Kingston, Montego Bay, and Negril respectively. The business will diversify by owning baby clothes department store. The business will also aim at exporting products.
In order to be considered as a legal entity, Ticory’s babyshoes must be legally register the business as a sole trader with the authorized government agency. The business will also be paying on the behalf of the workers, the national housing trust NHT. National insurance schemes NIS education tax and income tax, contributions. If the business does not follow the rules and regulations of the Jamaican land it runs a risk of been find, closed down and owner may also be imprisoned. Ticory’s babyshoes will ensure that there will be no unfair treatment towards the employees based on wages, working conditions and working hours. These regulations will ensure the best production of the business.
Fair trading, animal welfare, environmental care willbe a priority at Ticory’s babyshoesline. Corporate social responsibility will be key and we will make the necessary adjustments to ensure consumer satisfaction and community care.
Global warming, the dumping of wasteswill not take place.Ticory’s will examine ways of reusing the unwanted material that will benefit the environment. We understand the ethical concerns regarding the hazards posed on the environment with the use of pesticides while cultivating cotton. All of our fabrics will be tested first before being manufactured. The process of producing their goods does not involve child labor or under-paid wages.