Internet for business, business plan PDF

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Hazal Yildiz - S3832317

BUSINESS PLAN 1. Line of business. 

Futurajewellery.com.au

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Futura Jewellery offers consumers, modern jewellery with advanced technological implementations made into the jewellery piece. Sourced and made within Australia. The high-quality diamonds included within our jewellery range are sourced from Western Australia, whilst the more affordable ranges include Swarovski diamonds, real gold and White gold are bought from ethical, reliable, Australian whole sellers. The Futura Jewellery website can find the perfect item suited for the consumer through a simple quiz. This quiz will ask a range of questions and depending on the answers will recommend the best suited item for this individual. The consumer is then able to customise the item to themselves if they like. If the consumer has any questions, the consumer can speak to an online expert who is available at any time of the day therefore making it convenient for the consumer. Futura Jewellery enables the consumer to wear their favourite jewellery piece whilst having access to technology while simultaneously wearing fashion forward and trendy pieces. The products Futura Jewellery offer are Bracelets, Rings and Necklaces and the technology implemented allows consumers to connect to their phone, pin their jewellery item so it’s found easily if it gets stolen or lost, ability to pay and health and fitness tracking. Once the item/s are purchased on the website, consumers will receive a confirmation email, then in the next 24 hours their items will be shipped and will arrive in approximately 3 business days through the fastest courier. Futura Jewellery offers a lifelong warranty on the items, therefore if they are not satisfied or have any issues not only will Futura be able to help fix/replace the item but they are also able to refund it within 30 days of purchase, consequently Futura will also pay for the return shipping.

2. Purpose of introducing e-commerce.  Futura Jewellery being online will provide the business competitive advantage. By placing the business at a higher position amongst all other competitors it allows the business gain customers, brand loyalty and high revenue. Futura Jewellery also offers consumers worldwide shipping, therefore being able to offer the products to a range of people at different time zones in the world. Futura Jewellery can not only replicate retail services with the 24/7 online expert chat, but Futura Jewellery has the ability to go beyond and offer customisation to consumers at their fingertips, therefore being convenient in many ways. In relation to the ongoing pandemic, having an online presence is especially crucial for convenience and safety as items will be delivered to the door, however having an enticing website that is user friendly is

Hazal Yildiz - S3832317 crucial for competitive advantage. A consumer’s attention span isn’t very long, consequently having a website that provides self-service and functions Fast, simple and easy is crucial which moves us onto Value proposition, consumers must find value within the business to make a transaction, therefore presenting all the benefits with a thorough description of the product will help the consumer to make a decision on which business to purchase from. Futura jewellery has listened to consumers and established what the consumer’s issues are and presented in a way where consumers are able to differentiate which product is better. 3. Marketing Plan.  The business to consumer plan for Futura jewellery aims their physical goods to the following demographic: Females from ages 20-35. Because Futura Jewellery caters to those with lower incomes there’s an item for everyone. Therefore, as long as the consumer has a steady income, they are able to invest in a jewellery piece that best suits them. These women may be very fashion forward and have a deep love for jewellery to elevate their outfits, whilst also including the function ability for their busy day ahead. The jewellery item will look rather classy instead of sporty, which will not ruin a trendy outfit as it won’t look obviously technologically forward. 

Bankwest is known as the bank of Western Australia. They offer consumers rings (halos) in which allow them to pay when you make a fist at the Eftpos machine. Consumers can purchase this through their website after they have asked for the free ring sizing kit that they offer, or they also have the option to go in to a Bankwest branch and be sized. For consumers to be able to own a Bankwest halo ring, they must have an account with Bankwest or own a credit card from them. If consumers have trouble with purchasing the ring online, they can contact them through calling the number they provide on the website or going through the FAQ section. One of the features the Halo ring comes with is that it can be used at the depth of 50m in water. The Bankwest Halo has a simple design which seems like it is mainly aimed at the Male demographic as it also has a chunkier look to it. The ring may have durability issues as they warn consumers to not drop it. The ring also doesn’t come with any features besides the use of transacting, therefore not being very functional. Bellabeat is also another competitor. Bellabeat offers 3 different products that track the individual’s wellness. The products they offer are Leaf pendant that can be worn as a broche, necklace and a bracelet. The pendant looks rather large and even though it is aimed at Women the pendant does not look like a necklace that can be worn often as it has an obnoxious design. Bella beat also offer similar products such as a smart water bottle and a Hybrid wellness watch. The Leaf pendant comes in 3 designs and is created with crystals or leaf crystals, which is created with Swarovski crystals. The pendant can track health and is also water resistant, it also has the ability to sync with a device in order for the consumer to be able to access all their health measures the Leaf pendant provides. A battery replacement is also included within the purchase, which seems very in convenient as after 6 months the battery replacement will be used, but the following year another purchase will have to be made for the pendant to continue working, in comparison with Futura jewellery a one-time purchase is more convenient as well as having an item that can be charged easily whilst also being long lasting. The Bellabeat website offers consumers a 1 year

Hazal Yildiz - S3832317 warranty, Free shipping and a 30-day return policy if the consumer isn’t happy with the product. The competitive advantage Futura Jewellery has is that the design of the jewellery is pretty, can be worn every day, fashion forward and customisable to a Females needs and wants. The jewellery is durable, waterproof and tarnish proof whilst also being sourced and made in Australia. Futura jewellery offers pieces to consumers that are highly function able and fitted with the latest technology, consequently having a wider range of use as the piece can be used as a health tracker, used for transactions, 24 hours’ worth of charge and a dainty everyday accessory. In comparison to the Bankwest halo section of the website, Futura jewellery offers a free quiz women can do to find out the recommended item for themselves and further go on to customise the piece as they would like. 24/7 help is also offered on the website where consumers can chat with an expert, otherwise they also have the option to call. Futura jewellery also offers consumers a lifelong warranty and a 30 day return policy with free return shipping expenses paid if the consumer isn’t satisfied. 

The first advertising strategy that will be implemented is the use of Google Ads. By using Google Ads, it will increase the chances of a consumer clicking on the URL. This is done through using specific keywords, for example; “jewellery” and paying Google in return for clicks per ad. The benefits of using this strategy is being able to target ads specifically to the targeted consumer and the location of it, whilst also finding which keyword works best with the business, which is more affordable and effective, as well as finding out how many people click on the website and the amount of impressions it gets. Furthermore, Google Ads provides the ability to customise the day and times the ad can be seen and on specific devices. Being able to measure the success of the business will additionally provide the business with what to improve on and what to avoid. The second strategy used will be the use of Facebook Ads. Facebook ads also allow the business to specifically target the demographic (Location, Age, Gender etc). Through customising where and how you want your ad to be placed on Facebook, the business will potentially be able to generate a large amount of traffic towards the website. Facebook provides multiple lines of engagement for consumers, weather that is a video, story and carousel ad and to further strengthen the chances of traffic to the website the use of customising a button on Facebook will help as the button can take the individual straight to the website without any extra effort. Moreover, Facebook not only can reach the specified demographic but also the psychographic. Through adding in characteristics of an individual’s interests, lifestyle, hobbies and behaviours these ads can precisely reach a consumer who may need this product.

4. Revenue Model

Hazal Yildiz - S3832317

a. Set-up and Maintenance costs

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Website hosts: The top options for website hosts that the business would like to use are Go Daddy and Crazy domains.

Go daddy offers the perfect deal for a start-up business. Not only is it a cheap monthly investment but a free domain is included along with the businesses personalised email. Go daddy provides 100GB of storage and 10 databases with 1 website and a free WordPress installation. In comparison to Crazy domains, Go daddy is the best option as Crazy domains charges a lot more for a monthly rate and does not include the free domain or free Microsoft email, therefore creating more expenses for the business. Futura Jewellery will proceed in using Go Daddy as the website host. 

There will be 2 full time team members working and a casual team member in case one more is needed or if they need sick leave. The full-time members will have the job of printing labels and packing them ready to be passed on to a courier the next morning. During spare time, someone needs to respond to emails as well as keep the workspace tidy. Another team member must be multitasking by packaging items as

Hazal Yildiz - S3832317 well as responding to online enquiries. Team members will also have the ability to change jobs every couple hour to improve efficiency, effectiveness and reduce repetitiveness. b. Income Monthly income:

Futura jewellery aims to make profits from all their products within the first year. They aim to gross at $15,00 monthly which is $180,000 within the first year which is 4,285 thousand units a year and 42 a month. Futura jewellery does not want to overestimate their earnings during the first year of operation as they are unsure of how successful they will be as a new business. From the graph above it is estimated that the business will make $122,400 within the first year of operation which is 29 units a month and 349 units within a year. Therefore, they are estimating a loss of $5000 of sales per month which equates to $62,000 in the first year of launching and operation of the business. Although, if marketing strategies are highly successful Futura jewellery would like to avoid major losses within the business and continue to create loyal customers from around the world and grow as a brand. c. Profit & loss The estimated first year profit is $62,400 and with the loss of $5,000 a month it equates to $60,000 within the first year of operating, therefore future jewellery will have a remaining amount of $2,400 left which will be invested back into the business to further grow the brand. This means that Futura jewellery will make an estimated profit of $2,400 which is $200 a month.

5. Website design

Hazal Yildiz - S3832317 a. Site map

Home page The Futura Jewellery home page will have a light pink background. The theme on the website is very feminine and to welcome women. The first page a consumer will see is a large photo of jewellery pieces on a model. This will help consumers identify what product is being sold on the website. Consumers will be able to scrolls down the 3 parts of the home page, which will be the quiz, products and customise options. Many other photos of the jewellery on a model or taken in action will also be shown on the website as the individual scrolls through. Consumers are also given the option to scroll back to the top and select a tab to be direct them to another page. On the bottom, right hand side corner there will be an expert help chat area if questions need to be asked. After spending 1 minute on the website notification will pop up asking if the consumer would like to become a part of the mailing list in order to receive emails regarding promotions and that they would receive a 10% off discount code as a thank you for signing up. The competitive advantage would be presented along with the first page consumer sees as the photos would move automatically which would show the function ability of the product, without needing to read. Value proposition The value position the business aims to provide the consumers are being fashion forward whilst also being a part of the community which uses technology to measure health and pay for their items and in comparison, to competitors Futura jewellery would be on trend. Watches that allow you to pay are mainly aimed towards males or are not very feminine, therefore having a product which is specifically aimed at the Female demographic sets the difference between Futura jewellery and many other competitors. Futura jewellery aims to provide women with smart jewellery whilst also being sophisticated. Value proposition will also be shown in the brand catch phrase which will entice consumers to be a part of the team continue to support one another.

Hazal Yildiz - S3832317

References: https://www.searchenginejournal.com/facebook-marketing-advantages/229849/#close https://grasshopper.com/blog/the-best-paid-advertising-channels-for-small-business-andhow-to-creatively-use-them/ https://www.youtube.com/watch?v=NV4DCdyLNgU https://www.freshbooks.com/hub/marketing/how-does-google-adwords-work...