Samantha Figueroa & Marisa Stolting Grade 11 Age 16 & 17
Mission Statement will provide active diabetics with a customizable band that will secure their insulin pumps. This will allow our customers security and freedom. Opportunity 300,000 people, worldwide that currently use an insulin pump 60,000 from USA We plan to expand our product line (i.e. pockets for asthma pumps, etc.)
Type of Business Retail is a business which provides active diabetics with a customized band that secures and protects their insulin pump while engaging in any physical activity Legal Structure Partnership Share the finances Share responsibilities Share the time
We’re qualified to run this business because: One partner has been a part of our target market for 13 years We will have completed an Embroidery/Art class We’ve completed a Marketing and Entrepreneurship course
Market Analysis Total PopulationU.S. population of people using insulin pumps Target MarketActive Males and Females ages 5-24 that use insulin pumps Potential Market90% of our target market we surveyed said they would be willing to purchase a customized body band online 60,000 13,878 15,420 Total Population Target Market Potential Market
Demographics Active Males and Females Ages 5-24 Geographic's United States Psychographics Active diabetics who do not allow their medical situation to impact their physical activity Buying Patterns Willing to spend money on customizable bands to show their individuality while providing safety and security
Bands 4 Life Pump Wear Inc. Pump Wear Inc. Factors $ $44.99 Quality of Product/Service Price Location Reputation/Brands Unique Factors/ Knowledge $ $24.00 $19.99 SatisfactoryGreatExcellent Pocket Bands Kid OrientedCustomizable Online GoodGreat Excellent
People ProductPlace Price Promotion Active Males and Females ages 5-24 Word of mouth Business Cards Website/Social Networks Online Customizable body bands to cover and secure insulin pumps Competitive
Promotional Expense Monthly Amount Monthly Amount
Materials Material DescriptionCost/Total QuantityCost per Unit Sewing Thread$47.37/52 colors(400 yards) $0.91 Embroidering Thread$ 99.99/60 pieces$1.67 Spandex Fabric/Body Bands$5.79/9 meters$0.64 Packaging Boxes$22.92/50 boxes $0.46 Total Material Cost per Unit$3.68 Labor Labor Cost per HourTime (in Hours) to Make One Unit Labor Cost per Unit $8.253min or.05/hr$0.41 Total Labor Cost per Unit$0.41 COGS (per Unit)$4.09 Description of One Unit of Sale: 1 Embroidered Arm Band
Selling Price (per Unit) $19.99 (plus shipping and handling) COGS (per Unit)$4.09 Other Variable Expenses$0.00 Total Variable Expenses (per Unit)$4.09 Contribution Margin (per Unit) $15.90 Description of One Unit of Sale: 1 Embroidered Arm Band
Total Hours in a Week = 168
Total Units Sold 781
In an average month, the company will begin to make a profit after selling units. 28 =Monthly Break-Even Units $ Monthly Break-Even Units = Monthly Fixed Expenses Contribution Margin per Unit $15.90
Start-Up Investment Start-Up Expenditures ItemWhere Will I Buy This?Cost DBANew Britain, CT$10.00 Partnership AgreementWeber & Myers, LLC$ Laptop/Cell PhoneBest Buy/Sprint Already own Art/ Embroidery classJoanne Fabrics $45.00 Sewing & Embroidery Machine Joanne Fabrics $ Sewing & Embroidery Thread Ali Express $ Spandex FabricAli Express $6.00 Shipping/Packaging BoxesAmazon.com $22.92 Total Start-Up Expenditures $1, Emergency Fund $ Reserve for Fixed Expenses $1, $3, Total Start-Up Investment
ROS: Return on Sales For My Business: Dollar Equivalent = ROI: Return on Investment For My Business: Dollar Equivalent = $ $15, X 100 = 56% $8, $3, X 100 =270% $0.56 $2.70
$ 3, Total Start-Up Investment
Philanthropy will donate 5% of our net profits to the Ronald McDonald House Charities in New Haven, CT. Business Responsibility We will make our customers aware of this cause by having the logo on our website.
Take a class to learn how to promote our business better. To get a website up and running To graduate from SMSA and get accepted to the college of our choice Business Personal To move the business out of the house and into a store front We hope to double our sales in the second year Short-Term Long-Term S: Have a secured job in the Business field M: Have 4 more years left to become an Endocrinologist