Professional Documents
Culture Documents
Secondary data were collected form company prospectus, internet, books, blogs, different
publications. There are also some limitations such as privacy or reluctance to disclose
confidential data was another important problem, cost constraints, lack of experiences.
I have always admired entrepreneurship and hoped that someday I will have what it takes to
be one. For the love to the environment and for my personal and professional interests, I
have decided to make a business plan for wood and handicraft items, the name of the
company is „Craftworld‟ with a slogan “Bring Elegance to your Home”. The main objective
of it is to improve the handicraft industry. Craftworld will be established in 2017 as a
partnership business. We will use bamboo, crane, wood such type of things as raw material
to produce the products. Thus our operational activity will be environment friendly
1.1. INTRODUCTION
On the other we are the only handicraft shop having both online and normal Product selling
system. Besides, we are creating jobs for the urban people who are currently unemployed
because of not having any proper guideline to reach their products to the customer.
We are adding people and operating from major 3 Divisions of Bangladesh. So that we can
collect, make, sell our product easily.
We know handicraft shops are nothing new but why our company is different from others.
Because we have designed operating our product channels system in such a unique way so
that we can reach and give after sales service of the product within company rules.
It is Craft World‟s mission is to convert the creativity into reality in hand. The most
important thing to remember is that every customer must be satisfied with our services.
1.5 Objectives
Main objective
Main objective of craftworld is to glorify the different occasions of our customers by
providing exclusive and quality products.
handicraft. Our main labor force form northern part of Bangladesh. Because there agriculture
development in not so good. Most of the time there have drought. We have stowage at
Motihar Rajshahi & supply all products from there to each main 7 Sub-showroom. Here the
transportation and all other resources are available. The surrounding environment is quite
good. We can transport our manufactured items to Dhaka easily. We have to keep some
experienced worker in marketing side to convince the customer. We have to give different
look to our showroom for attraction of customer.
All handicrafts businesses are our competitors like “Bangla craft”. We will not conceder
“Arong” & this type of institute isn‟t our competitor.
We will also increase our product line later. There will be adding Jamdani sharee, Nokshi
katha, Non- traditional jewelry item, wood made table & many more.
2.2 Services
We are going to launch a new handicraft company; through our company we will sell almost
every district best handicraft products of Bangladesh. We will sell the handicrafts products
directly to the customers in Bangladesh. We would also sell them through the suppliers where
reaching to the customer directly impossible. For the Foreign and international customers we
will reach them through suppliers too. Some of the Service we are going to provide that
others hardly do.
3. We will take product orders from online and also going to provide free home delivery.
4. We will give 1 month replacement warranty for any kind of factory fault.
5. Environment-friendly products.
5. Sari(Female) 6. Cloths(Female)
Code: ClF056 Code: ClF056
Price: 4000 BDT Price: 4000 BDT
Here are Lot's more Products made of bamboo and other natural elements. There are more
products and other details on the website.
Website address: www.craftworld.com.bd
For our handicrafts product we will need to target customer as their need want & demand.
Our craft world target markets are high class and middle class.
Men & women both are wanted to decorate their home. Those types of customer are front
line customer for our product. Through research, we come up with a list of demographics
statistics, characteristics and qualities that represent our ideal target market. Demographics
can be segmented into several markets to help us to target our consumers more accurately.
The geographical location of our products is all over Bangladesh & foreign country.
As we might expect, demographic segmentation variables are amongst the most popular
bases for segmenting customer groups. This is partly because customer wants are closely
linked to variables such as income and age. Also, for practical reasons, there is often much
more data available to help with the demographic segmentation process.
Location: 1st 3 Divisions Dhaka, Sylet, Chittagong (Main Showroom) & 4 Sub-
showroom In attractive part of Dhaka City.
Gender: Both male & Female.
Income level: Middle & higher class people.
Education level: Minimum knowledge about handicrafts
Marital or family status: Single, married, Unmarried.
Occupation: Housewives, corporate worker, Student.
Ethnic background: Bengali & Foreign people.
Also we can identify our target market psychologically. For this segmentation we will see:
Lifestyle: Fashionable man & women.
Belief: Know & understand our culture and traditions
Besides we‟ll identify our customers by their behavior (knowledge, occasion, benefits. User
status) in next in International Business we‟ll segment our customers geographically also.
a. Product:
Product is anything that can be offered to a market to satisfy a need or want. Our product is
different types of handicrafts work. That contains a tradition of a country. These are: Jute
made Bag, Moneybag, Tea tray. Flower vessel, Terracota vassel, glass, Show piece, Cane
made chair, fruit basket, Trash can etc.
b. Price: Price is a amount of money which is charged for a product or service. We have
charged reasonable price for our customer, which is easily affordable for our customer. We
have different types of package like terracotta package. We priority any customer needs.
Nobody‟s necessity is tiny to us. By using market penetration we can make a very high profit
within short time. For using low price our sell will be high. Our per unit cost will be also
reduce for unique selling so that we can achieve our success very short time.
c. Place: Place is very important for any business. Success of business depends on strong
distribution channel. Our distribution channel is very strong. In some markets distribution
channel is complex because of existing product. We sell our product through our showrooms
& retail shops. we select some specific place for our shop for selling our products so we‟ll
easily sell our product easily. We select Dhanmondi, Gulshan, Banani, Basundhara and
Uttara for selling our products.
Advertising
Personal selling
Advertising: We advertise our product via internet (own website), bill board, print media
like noksha page of Prothom- alo. The reason of choice Noksha page is our target consumer
are mainly women‟s. So that people can understand about our product easily.
Personal selling: For personal selling we‟ll appoint some strong qualified salesperson who
represent our company to customers by communicating, selling, servicing, information
gathering relationship building to the customers. Besides sales person customer can buy our
products from our main showrooms or sub-showroom. We have 3 main showrooms. There
are in Dhaka, Chittagong & Sylet. Inside Dhaka we have some sub-showrooms. That‟ll be
situated at Dhanmondi, Banani, Gulshan & Bashundhara.
All decisions, goals & future plans are taking in our meeting. Then give direction to our
worker where we manufacture our product. Then final goods are shifted to our showroom &
finally sold to our customers to domestic & abroad.
6. PRODUCTION PLAN
6.1 Manufacturing
Our products will be manufactured at the production outlet. There will be a separate portion
behind outlet that will serve as production area. We will produce the products ourselves. A
joint production will be made by all the members for production process. Creative ideas for
innovative products will be explored through brain storming sessions.
Production process includes:
a. Purchase of material and accessories
b. Production process
c. Packing
6.2 Merchandizing
Craftworld has also planned to acquire finished products from household artisans to sell them
on reasonable prices for earning profit both parties. Thus craftworld is not earning for itself
but also serving as platform for those investors who want to commercialize their handmade
products.
As we are starting a handicrafts company, we have a huge financial budget plan.. At first we
are intending to buy land for setting our business. We‟ve decided our manufacturing
company will be at Kajla, Motihar Rajshahi. For getting a land and making building structure
of our handicrafts Company whatever the cost is needed we‟ve mentioned above. We‟ll buy
our all accessories and machineries from China. Because they are popular to do it and also
they take less cost from another country because of their employee cost is not as much as
high in other countries. For our plant we will have to pay Machine settlement cost,
Transportation cost, Engineer cost etc. For our product‟s promotion we are taking more
budgets in marketing than advertising. Because we know marketing is the best way to
increase our product sales. We are hoping that we‟ easily reach our break-even point within 7
months. Management cost is including with salary, we also categorize employer‟s salary with
their skills. Here is a huge expense to buy, transportations, maintenance etc.
Particulars Amount
Sales 160500000
Less: Cost of Goods Sold 20000000
Less Tax 0
(Note: All those costs and revenues are rough estimates. Actual may vary)
Particulars Amount
Cash Received:
Cash disbursement:
(Note: All those costs and revenues are rough estimates. Actual may vary)
Assets:
Current Assets:
Cash 7400000
Bank 390000000
Account Receivables 500000
Current Liabilities 0
(Note: All those costs and revenues are rough estimates. Actual may vary)
7.4 Pro-forma Sources & Application of Fund for the end of first year
Sources of funds:
Application of funds:
1597900000
(Note: All those costs and revenues are rough estimates. Actual may vary)
a. Strength:
Diversification: Handicrafts has a various product line. So, it has a large market &
capturing the potential market.
Cheap labour: Many people interested to do handicrafts work. So, labour are cheap
in this business.
Low barriers: Actually there have no major barriers to enter handicrafts market.
Only need a trade licence & need capital through our plan.
Innovative and Passionate Partner: All the partners are very much energetic,
innovative and has a great passion to the work.
Strong market research before entry in the market: To make entry in a new
market, strong market research will be conducted
b. Weakness:
Lack of skilled labour: In this sector have not enough skilled labour. Skilled labour
can add a new era of this business. They can make handicrafts market more attractive.
Less interest: Today‟s young generation are interested to buy mechanical product.
They think handicrafts only for old generation.
Lack of promotion: Handicrafts market demand is not so very high. For that reason
many publication company don‟t interested to give advertise of handicrafts.
Lack of practical experience in mass production of stock: Pure knowledge about
the production is not sufficient.
c. Opportunity
d. Threats
Competition: There are many old and renowned competitors in this sector. As a new
it‟s a great problem.
Quality Products: Quality products are produced by many renowned companies. For
new company it‟s difficult to control the quality.
Opening a new company in a new industry has its limitations especially because of the
political instability in the country. We also have some different problem to start our business.
The major issues that might be a barrier to our company:
Political pressure for investing in a new industry
Price exploitation
Waste management
Working conditions and treatment of workers etc.
10.0 MILESTONES
Milestones are a very important aspect of a business plan. They provide concrete,
achievable, yet lofty goals that the business must concentrate on. By targeting lofty goals,
Craftworld ensures that it is aiming high, therefore it is more likely to achieve more. The
milestones that Craftworld has chosen are very specific to the company and will be
embraced by all employees.
11.0 CONCLUSION:
Handicrafts are a valuable part and culture of the Bengali people. Besides regular basis,
people buy handicrafts on special cultural occasion such as pahela Falgun and Pahela
baishakh. Sometimes teenagers and members of the family buy handicrafts as a gift. So, only
for this occasion, we decide to offer many kinds of package for them. Our main motto is
getting profit with customer satisfaction. For that, we try to provide best service for the
customer. We also provide some other facility such as ATM Booth and kids‟ zone. We use
market penetration for pricing our handicrafts. So that, consumer can gets our products with a
low price. Also, our project and marketing strategies are explained in the marketing and
promotion mix. We hope that people will get the best service from us. Because in here, we
are not selling only handicrafts, also we are giving people our hope and love for handicrafts
which come from the core of our heart.
12.0 REFERENCES
http://en.wikipedia.org/wiki/Handicraft [Referenced 02.06.2016]
http://www.crafts.com/business-reports/bangladesh-handicraft-industry/swot-analysis-
handicraft-industry.html [Referenced 08.06.2016]
http://www.creativehandicrafts.org/ [Referenced 02.06.2016]
http://www.banglacrafts.org/ [Referenced 14.06.2016]
www. Eventive.com [Referenced 12.06.2016]