Elora's Natural Haircare Blends

[Audio] The following is a presentation of our marketing plan for five year starting 2022 and ending 2026..

[Audio] Executive Summary Elora's Natural Haircare Blends Inc. (referred to from hereon in as the "Company") is intended to be established as a Limited Liability Company at 840 Wehrle Dr, Buffalo, New York with the expectation of rapid expansion in the cosmetology industry which sells organic hair products. The Company solicits financial backing in order to be able to introduce its new product (described below). Business Description The company shall be formed as a Limited Liability Company under New York state laws and headed by Elora Howell. Bachelor's degree in Chemistry and 10 years of experience in Cosmetology. New Product After a period of thorough trial and error, the Company is prepared to introduce the following product to the market: Elora's Natural Hair Blend: Use Elora's natural hair blends to help you detangle your hair if you want to reduce tension. The shift in consumer lifestyle toward the demand for chemical-free hair products has spurred demand in this business. It's time to consider launching your own natural hair care products line if you have natural hair, have tested a number of items that have helped your hair, and are confident that these products will be really helpful to others. Funding Requesting The Company requests a total loan of $ 500,000.00 over the course of 3 years, to use for the following purposes: Any form of finance used to pay for business expenses, such as producing merchandise or paying employees' wages, is the purpose of the business loan. In addition, reasons for the business loan include, finding a hire fresh, talented worker; in order to grow your stock, increase the cash flow of your company, and relocate your company to a new area for better prospects elsewhere. Purpose Loan Amount Marketing $ 30,000.00 Staffing $ 75,000.00 To improve and expand your marketing strategy $ 50,000.00 See page 8 for the longer version. Long-term debt payment is a key feature of the Company's financial plan. We expect to break even within a one-year period following the introduction of our product. Financial predictions suggest a minimum 99 percent return on investment by the conclusion of the financial period. Business Goals and Objectives Short-Term Goals Concentrating on customer retention Boosting Sales Concentrating on good inventory management Delivering fantastic customer service Increasing online visibility Extending your company Long-Term Goals Enter a new region as a market. Promote via a new channel Take advantage of a fresh market Expand your range of goods and services Increase staff and resources Change your technology platform by migrating to other platforms Set up financial mechanisms Increase earnings and improve profitability..

[Audio] DEFINITION OF TARGET MARKET Elora's natural hair blends is defining the target market as females ages 5 and upwards of African Ancestry who are of average status, and do not wish to use an artificial chemical-based product on their hair. The females could be single or married with a family income of 6,000 dollars or more annually. These individuals could be self-employed or work a regular 9 to 5 job. The customer must have an interest in using organic hair care products. Since the business is new to the market, the marketer of the company will be targeting a public audience and salons that reside or are located in Buffalo New York with a zip code of 14226 ( Boss.Divas, 2019). Organic hair products, in contrast to conventional beauty products, include natural components consisting of essential oils, protein, vitamins, and fruit extracts. The chemicals are forgiving to the skin and excellent for those who suffer from allergies or frequently itch their skin or scalp. Females should choose organic and natural hair care products to reduce exposure to unneeded chemicals. The target audience is more likely to purchase when there is enough social proof. Social proof is a psychological pattern in which a person depends on the behavior of others because they are unable to choose their own preferred activities. Prospects are encouraged to investigate the popular options after learning about other customers' preferences (Boss.Divas, 2019). When faced with a decision, feelings from similar experiences in the past influence the options we are contemplating. So, the target audience will be purchasing these organic products because they have used similar products and they are willing to try a newer product that others are craving. BUSINESS MISSION The mission at Elora's Natural Haircare Blends is to hydrate, protect, and strengthen women of African ancestry hair, consumers demand wholesome ingredients that contain few or no chemicals, with originality, authenticity, and pride. We will offer women of color high-end products and hair care solutions at a reasonable price so they may always look and feel their best," is our mission statement..

[Audio] SWOT ANALYSIS Strengths Marketing: Marketing campaign with clear goals and strategies that is aggressive and focused. Consistent quality: Our hair products regularly contain a significant level of active botanical compounds Management team: In terms of product and business expertise, we have a wide range of experience ( Berry.et.al, 2021). Weaknesses Lack of Funding: For the first year, we will need to borrow $ 500,000. No reputation yet: In the hair product market, we have not yet established ourselves as a reliable producer. Quick expansion: Numerous new hires need to be trained, and the organizational structure needs to be understood (Berry.et.al, 2021). Opportunities Packaging: Consumers of today value premium packaging and labeling. Customer loyalty: Customers want to work with a single hair product vendor on an ongoing basis (Berry.et.al, 2021). Growing Market: The hair product market is enormous and expanding. Threats Vertical integration: Major producers can corner the market by controlling supply and distribution networks. Price fluctuations: The cost of supplies could fluctuate Competitive market: Costly new market promotions (Berry.et.al, 2021)..

[Audio] Our Organization's goal Our goal is to build a reputable firm that produces natural hair care products and sells them not only in Buffalo, New York but also across the entire United States of America. Our goal is to create a natural hair care production company of the highest caliber, capable of successfully competing with the sector's top brands. We intend to create a company that will rank among the top ten natural hair care companies in the USA ( O'Chuck, 2021). MARKETING OBJECTIVES Elora's ® Natural Hair Care Blends, Inc will sell its natural hair care products using the following sales and marketing approach: In Buffalo – New York and other cities in the United States, introduce our natural hair care products brand to barbershops, retailers, merchants, beauty salons, spas, and other stakeholders. Promote our products through local newspapers, radio, and television. As part of our objectives, we plan to list our products and services in local directories (yellow page ads). Make use of the internet to promote our brands of natural hair care products Embark on direct marketing and sales is one of the main activities We will make sure to promote our business via word-of-mouth ( referrals) (O'Chuck, 2021).

[Audio] FINANCIAL OBJECTIVES The financial objectives are as follows: To boost revenue to $ 5 million or more over the following 8 years. To raise overall revenue by 15% every year for the following five years. To reduce marketing costs by 5% annually during the following seven years. Revenue growth ( percentage or value) To annually grow revenue and net earnings by 15[break]% Sale maximization. Maximizing overall sales, irrespective of whether or not they are profitable. A specific level of profit. Generating a $ 1 million operating profit. Decreasing borrowing. THE PRODUCT OR SERVICES OFFERED AND THE NEEDS THE MARKET OFFERING IS INTENDED TO SATISFY Shampoo, conditioner, hair loss treatment products, hair colorants, hair style products, perms and relaxants, and others are the different product categories that make up our hair care market. Our perspective market will be divided into segments based on the distribution channels used, such as supermarkets and hypermarkets, specialty shops, quick-service restaurants, online retail stores, and other channels. The market examined has shown a strong desire for natural components, which has led to our enterprise releasing goods with nature-inspired ingredients, such as plant-inspired and high-end botanical ingredients..

[Audio] BRAND POSITIONING As a company, we will carefully observe the consumers' needs and offer a solid product while also paying attention to their needs and wants. As a company that breaks the pattern of a false sense of reality and values the wealth and well-being of their customers. Our brands aim to earn prestige and exclusive access to the clientele of the salon by winning the hearts of industry experts ( Koetting, 2015). Our brand is more likely to connect with customers who really need them if it is more focused on marketing to people with particular types of hair. POINT-OF- DIFFERENCE (HOW DOES YOUR ORGANIZATION DIFFERENTIATE ITSELF FROM COMPETITORS) Our hair products are supported by scientific research and these products will truly deliver what they claim to offer. These products will ensure that the hair is healthy and tangle-free, the use of organic oil, shampoo, serums, colors, and conditioners helps to maintain the strength of the hair. Our natural hair care products truly contain vitamin E, a strong antioxidant that helps the hair stay moisturized, smooth, and strong. The company will promote the brand by having promotional booths inside Walmart and target stores for our startup year..

[Audio] PRICING Our pricing strategy will be price conscious. The company wants the products to be affordable for the demography target market which has already been established. I will be considering pricing based on the "competitive pricing model and porter 5 forces model." Instead of basing prices only on business costs or goal profit margins, competitive pricing is the act of strategically choosing price points for your goods or services based on competitive pricing in your market or niche ( Pros, 2022). When starting a new company or branching out into a new industry, porter's 5 forces model is a very helpful tool. The corporation will probably make more money if each of the five forces is modest. The main component of the porter 5 force model of concern currently is the bargaining power of buyers. By demanding higher-quality goods and services at lower rates, consumers use their buying power to increase industry rivalry. Two major aspects of buyer power include- price sensitivity and bargaining leverage. Buyers' sensitivity to price changes is referred to as being price sensitive. More sensitive consumers could change suppliers if a price is too expensive for their requirements. In order to keep these clients, businesses often lower pricing (Indeed, 2021). Our pricing will be matching the pricing of a competitor called " Allodia" which also sells natural hair products to the same target market. The well-known name in the hair products industry will be referred to as Company A. To enter the market, our company will conduct a competitive analysis on Company A. It is discovered that Company A charges $ 90 for its bundle or kit packages consisting of shampoo, conditioners, hair scalp oil, curling crème, and hair creme. For single items, the prices are conditioner $15.50, shampoo $ 15.99, hair scalp oil $ 20.00, hair crème $ 15.50, and hair masque $ 18.00. These are the pricing our company will start with. In order to persuade buyers to pay a "lower" price, our company chooses to sell its comparable hair product kits for between $ 79 to $90 based on what the bundle or kit contains using an equivalent price competitive pricing strategy. CHANNELS OF DISTRIBUTION The distribution channel for this company will start with direct and indirect means of distributing products. The consumer can buy products directly from the producer ( Elora's hair care Blends) through a direct route, whereas they can purchase them indirectly from a wholesaler or merchant. Due to the fact that it comprises each of the four—producer, wholesaler, retailer, and consumer—the first channel is the longest. The company also intends to distribute products to select haircare beauty salons. The products will be sold to retailers like Macy's and JCPenney because they can sell high-end merchandise. As the business grows, more ways of product distribution will be employed..

[Audio] INTEGRATED MARKETING STRATEGY Elora's Natural Hair Blends aims to convey a consistent and relevant message. Since the customers will directly identify with the brand on a personal level, consistency, and relevance are particularly crucial in a customer-centric service industry like the Hair product industry. The tools that our company will be utilizing to spread the message to our target market are ( 1) providing free samples which will be attached to existing products. ( 2) A website will make it simple for the target customers to connect with the company and clearly express our brand in its appearance, feel, and language. ( 3) Our mobile apps will give tailored communications and useful features, putting your relationship to your customers at their fingertips. ( 4) Since our clients will associate the company with the way the hair product looks, having the ideal logo is essential for integrated marketing communication ( Salon-Cloud, 2020). The ideal logo is instantly recognizable and promotes your company well. ( 5) The next tool will be emails and newsletters. Personalized emails make it easier for customers to stay informed about your most recent promotions and are reminded when they need a wash and go, touch-up, or regularly scheduled treatment. ( 6) Being active on social media enables the company to interact with customers and makes it simple for them to tag the company so that their friends may learn how to reach the company. ( 7) Word of mouth is also a powerful tool, which shows that the target audience is becoming brand loyal (Salon-Cloud, 2020). When every tool displays that consistent brand message across all platforms, including your logo, brand colors, website, and social media posts, it conveys to customers that they can always rely on our hair products company (Salon-Cloud, 2020)..

[Audio] These are the projected expenditures which will is funded by a loan of $ 500,000.00. The financial projection consist of our Fixed Assets Real Estate-Building Leasehold Improvement Equipment Furniture and Fixtures Vehicles Operating Capital Pre-Opening Salaries and Wages Pre-paid Insurance Premiums Utility Deposits Supplies Raw material Advertising and Promotion Other Initial Start-Up Cost Total Operating Capital Total Required Funds Sources of Funding Owner's Equity Outside Investors Additional Loans or Debt Commercial Loan Vehicle Loans.

[Audio] The implementation control phase of this marketing plan is completed with a plan of reaching an annual sale of one million dollars in the next five years. The first aspect of implementation is to build a company that handles both production and packaging of the hair product in a period of six months to one year. The team which will be working on the implementation aspect of the company is the project manager who will oversee the project from start to finish. There is also a development team, purchasing manager, sales manager, and project stakeholders. The company will be starting small, with an expectation to expand in five years. The company will be manufacturing hair products from scratch. The purchasing manager will source the raw materials, by acquiring these materials from local and foreign markets as needed. The project manager will be working on getting the company registered as a legal entity by month end ( Martin, 2021). Another aspect of the startup implementation of the business is to create a product sample. A significant amount of testing, sampling, and laboratory work will be required for the product sample step. We will collaborate with a chemical engineer or cosmetologist in this step to determine the ideal hair products for our product line. The purchase manager will need to source raw materials like coconut oil, castor oil, macadamia oil, Aloe vera juice, and other natural ingredients. With end products in sight, we will need to make sure the samples adhere to the Food and Drug Administration's ( FDA) requirements for hair products while creating them. We are also considering production and packing when it's time for mass manufacturing after your business has the perfect hair product sample. At the stage of mass production, the purchasing manager must order very big quantities of the raw materials needed for production as well as all the production-related equipment. At this point, if we're using private label manufacturing, we will take the samples to the manufacturer so they can mass create them for the company. We may need to make a smaller batch that will be used as a sample for our product line. The response to the first batch of production will determine the timing of the subsequent batch (Martin, 2021). Another stage of production that requires correct handling is the packaging. Product packaging should be carefully chosen to ensure that it not only catches the attention of any customer who sees the product on a shop shelf but also intrigues them enough to want to buy the product. People react to products either positively or negatively at first sight, and this reaction depends on the general packaging of the products. The next stage in implementation needed is how we will advertise and sell the product. We will sell to beauty salons, get a celebrity to talk about the product, build a website, and deliver supplies to stores and supermarkets. Many hair salons in the area sell hair products in addition to hair services. Alternately, we could agree to let them retain the goods on their display racks in exchange for a cut of the sales that they earn (Martin, 2021). Taking your hairline's products to well-known retailers and supermarkets and offering them at discounts is another approach to introduce them to the market. Getting a celebrity to comment about or suggest your hair product is a further strategy to boost sales within the five-year projected period. By developing an eCommerce site for our goods, you can improve its popularity of it as most people conduct their online buying through eCommerce sites. Additionally, we can sell the item on well-known online retailers like Amazon and eBay. Along with the procedures above, in the first year ( 2022) By planning a campaign that includes the distribution of samples for free, Elora's natural haircare blend may increase its market presence. Promote the usage of the product's social and health benefits. Second year ( 2023) To secure shelf space in a large retail store, the sales staff will collaborate with mass wholesalers. They will urge hairdressers to employ Elora's Natural haircare blends products for their customers. Representatives will pay attention to any product enhancement suggestions made by salon experts. In the third year ( 2024) a new hair care product line will be offered once Elora's Natural Haircare Blends has a strong brand presence and a growing group of devoted clients. For various hair types, such as dry, frizzy, chemically treated, oily scalp, everyday use, dandruff, and hair fall, new shampoo and conditioner will be included. There will also be a range of hair oils applied, such as olive oil and marula oil for hair. For the fourth year ( 2025) By opening specialty stores, the distribution channel can be expanded. These specialty shops will also offer hair counseling services. Direct manufacturer purchases will be made through e-commerce platforms that will be developed. The fifth year we expect to see the company's yearly sales will increase to 10 million and new weather-related products will be introduced to the product line. It will also expand locally into New York city, nationally into ever state, and enter developing international markets like the Caribbean..

[Audio] Presentation was completed by Elora Howell..