Dan Carithers from Atlanta is one of the most respected interior designers in the country. He said, “If I had $500,000 to buy a room, I’d spend $400,000 on accessories.” . . An accessory is what makes a person unique. They are essential in decorating. . . Accessories are what create that feeling of ‘#8220’ I’m home’?8221? Source: Atlanta Magazine Shops, Fall 2001
The Scarlet Tassel, a new retail store that sells eclectic home accessories and gifts, is an idea. It is a start up business offering unique home accessories and gifts for consumers who want to create an environment where they feel at home. The Scarlet Tassel will be opening in Sandy Springs/Lower Roswell, Georgia. It caters to middle- and upper-class customers who are looking for unique expressions of their individual style and personality beyond what is offered by national gift chains and home accessory stores. Unparalleled customer service, quality, and value will enhance the customer experience. In Year Two, The Scarlet Tassel will develop its online presence at www.thescarlettassel.com. The Scarlet Tassel will transition to e-commerce in Year Three. It will ship directly to its customers online. The Web will be an extension of the store concept – a virtual business card and portfolio for the company – its online “home.”
The Scarlet Tassel expects to grow at a steady rate of total revenue for year one. Year Two will develop services and marketing plans, in addition to the Web presence, so that a 30% growth rate is realized. Year three expectations are for further growth through e-commerce development and consumer awareness. Owners feel these expectations are achievable and realistic.
Shelly Dozier McKee and Deirdre Stab bring together 36 years’ experience to the venture. This expertise includes merchandising as well marketing, buying, forecasting, operations, and import sourcing. Scarlet Tassel, Inc., is an S-corporation. Deirdre and Shelly each have a 50% share of the business and equity investment. The Scarlet Tassel’s realization is possible with additional funding.
1.1 Mission
Mission Statement of Company
The Scarlet Tassel, a celebration of the home is a store for quality- and style-conscious consumers. We offer unique, eclectic, and affordable home accents, gifts, and we plan to earn a fair return on our investment to support continued growth and increased community involvement.
Customer Creed
The Scarlet Tassel will show you how to express yourself inside your home. We are confident that you will trust us with your home’s personalization and pricing needs.
Employee pledge
Our employees will enjoy a friendly, fair, and creative work environment, which respects diversity, new ideas, and hard work.
Success Keys 1.2
These are the key factors that will ensure the company’s success:
- You should sell products that deliver quality and value while also allowing the customer to express their personal style.
- Provide customized services such as in-store workshops, personalized promotions and other custom services so customers can continue to buy and refer.
- COMMUNICATE directly with your customer base via print magazine advertising, postcard mails, or through our website.
- ESTABLISH a welcoming, visible and accessible storefront and website that positions us as the top choice for products and services in the market and beyond.
- ENSURE through daily management practices the values of The Scarlet Tassel’s mission are followed so that a successful and growth-oriented business is developed and maintained.
1.3 Objectives
- Aim for a minimum direct cost of sales of 45%, and a minimum gross margin of 55%.
- Keep operating expenses equal to or lower than the plan.
- In Year 1, generate total revenue of $626,000
- Develop an Internet presence in Year Two.
- Turn your Internet presence into ecommerce in Year Three
- You can achieve an annual growth rate in the second year of around 30%
- Realize an annual growth rate of approximately 20% in Year Three.
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