Whenever it occurs to my mind that a present is due to me to someone, I am confused what to give until the opportunity has gone.
This statement was made 160 years ago by Emerson. It is clear that some things have not changed. Even the most successful businessmen struggle to buy gifts for their wives and fiancees. Although certain things may not change, technology can make gift-giving much easier.
Red White & Bloom believes technology offers the opportunity for men to buy custom arrangements with delivery on specific days. The company intends to reach its goal by targeting wealthy executive businessmen in Midtown Atlanta for a highly upscale Frequent Flower Gifts Program. In the long term, it plans to unveil the city’s first ever floral art gallery in a neighbourhood that is quickly becoming an arts and cultural hub. Red White & Bloom is a new type of florist that will be able to cultivate personal relationships with customers through technology and marketing. They also offer a gift program that makes it easy to purchase flowers (and forgetting important dates). The company intends to open its gallery in March in Castleberry Hill which is located less than one-mile from Downtown Atlanta.
The company expects modest first-year total revenue. However, there is the potential to boost Year Two revenues dramatically due to Valentine’s Day (excluded in year one due to a March Opening). The Castleberry Hill area, which is a growing destination shopping district, should drive additional revenue growth. At the time of opening the Castleberry Hill area will have approximately 1,500 residents. Research shows that a population greater than 10,000 is needed to support a traditional floral shop. Red White & Bloom, however, will not be a typical retailer florist. Red White & Bloom will not rely upon retail traffic in years one to three of its development. Instead, it will utilize technology and savvy advertising programs to target ideal repeat customers (individuals and commercial clients) in the more that 1,500 targeted Midtown Atlanta offices buildings.
Red White & Bloom has steady growth potential in Castleberry Hill, thanks to the planned expansion of Castleberry Hill, Atlanta’s arts district. The company is forecasting conservative, yet healthy, revenue projections for Years Two and Three. If the company sticks to this plan revenues will increase by more than $170,000 every year.
Jamie Muir is majority owner of Red White & Bloom.
1.1 Mission
Red White & Bloom will utilize technology to find and serve the ideal target audience within a radius of five miles from Castleberry Hill. The company will employ sophisticated marketing techniques in order to secure a core clientele made up of executives and corporate accounts. ).
Red White & Bloom operates with a constant enthusiasm to learn, is open to implementing novel ideas and is willing to adapt for changing market conditions.
Success: 1.2 Keys
- Technology is used to build loyal, often-buying male customers instead of traditional, walk in retail shoppers.
- Designing and selling innovative, high quality fresh flower arrangements using a variety of design styles, flowers, and containers.
- Creating is a storefront which resembles an arts gallery. It features avant-garde floral arrangements that are displayed as art and always for sale.
1.3 Objectives
- Achieve a healthy total income of $79,600 for Year 1.
- Achieve a sales average of 40% or lower and a high margin.
- You can build pricing programs on the assumption of 10% profit.
- Sales increase approximately 72% in year two and 21% by year three *
*Note: Red White & Bloom will open after Valentine’s Day and Easter/Passover in Year One. The large percentage increase in Year Two reflects a full 12-months of revenue (versus 10 months in Year One), the benefit of one year of marketing, and the inclusion of Valentine’s Day and Easter/Passover. Valentine’’s Day typically accounts for a third of a florist’s yearly revenues.
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