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The Entrepreneurship Report

Contents

Bloom Season.

Value statement

Target customer of the company.

Identification of first customer

Idea generation.

Market Research.

Product of Bloom Season.

Increase in demand of the product

Competitor analysis of the Bloom Season.

Market launch of the business.

Supplier and third party.

Members required for business.

Risk associated.

Cost analysis.

Test trading before the finalization of the company.

Legal aspects.

Business plan in tabular form..

References.

Bloom Season

Bloom season is going to sell interior plant pots for landscaping. It is a good opportunity for the company as the customers want to move towards sustainable greener environment. The company is going to sell interior plant pots to the customers so that whether the customers have space for gardening or not. They can hang the pant pots on the wall of their balcony or can even place them in the living room. The brand stands for blossoming home with green plants. The company can sell it through physical store or through online platforms. The business philosophy of the company is to make our customer feel great in their homes (Lazzerini et al. 2018). The company aims at creating beautiful surroundings with the hung plant pots as well as improve customer satisfaction so that a large number of customers get attracted to the brand.

Value Statement

The value statement of the company is to appreciate and care our clients who are thinking to take a step towards nature. We enjoy satisfying the customer and strive to improve their every day with beautiful plants. The company respect the individuality and strength of the employees who contribute in flourishing a blossoming season. The company consider the supplier and business partners as most important part of the company as it understands the importance of mutually getting benefits from relationships. The company accepts the new ideas and work for achieving them so that they can present something new every time and also maintain the quality products. The company sometimes use stewardship by explaining the importance of the plants in home. The company also promote energy conservation and waste reduction so as to become a sustainable greener company in the entire Singapore.

Target Customer of The Company

Since the new venture is going to be established in Singapore therefore all the Singaporeans will be the target customer of the company. The business structure of the company is solely based on partnership that is both the person will be equally liable for activities of the company. It is one of the most flexible type of the business structure (Velu and Jacob 2016). The company understand everyone loves plants and thus they are helping customers to bring plants close to them and help in moving ahead for sustainability in Singapore. I tried to picturise my idea so that the investors can understand how the idea will be launched in the market.

Identification of First Customer

Managers or Human resource department of the organizations would be our first customer. We have have chosen them as a route to market because they are the only ones who are going to lead ahead. If the workplace of the people will become beautiful they will also try to make their homes beautiful by hanging plants in their homes on walls (Fasbender, Van der Heijden and Grimshaw 2019). Our second customer would be the local residents who want to have plants in their home but because of less space, they are unable to place them in their homes. We have brought a solution for them by bringing hanging pots which they can hang ether in balcony or on walls of the rooms or living area. Starting with the niche group and then moving towards covering the entire Singapore with our plants is our objective and we will achieve it by targeting right people at the right time.

Idea Generation

I have completed business studies from the renowned university in Singapore. I did my academics there and later started working with the corporation. When suddenly one day I felt, this is not something that I wanted. I dreamt of having my own organization with my own team working to solve the real world problem. However, in spite of brainstorming a lot of times. I failed to come up with an appealing idea which has opportunity in the country. Since, childhood I wanted to become an entrepreneur. One day, I was admiring the beauty of nature sitting beside the lake. At that moment, an idea clicked my mind why not I must try to bring these beautiful plants close to people by helping them with interior plant pots. As soon as the idea tucked my mind, I started planning for executing it. I realised that these plants will even help in meeting the ecological imbalance created by AC, refrigerators and so on (Wandl and Haberl 2017). The idea instilled new enthusiasm. I planned everything in just few seconds like what should be the name of the brand, who will be my customers, what will it cost and so on. The main motivation to start this venture was that it would help in making the home greener and people close towards sustainability. The people with the plant pots can decorate their house on green themes. I had the idea but do not have the capital cost for establishing a venture in the country.

Before starting a new venture, it was important for me to understand the market and customer needs and about the product that I was about to sell in the market. I identified that the three are competitors in the market but none of them are selling it for interior home purpose. While researching about the plants I came to known the fact that green plants help in reducing the stress level of the people. It is very healthy to hang plants and I decided to pitch this for attracting customers towards my new venture. I used my knowledge and skills as for establishing a successful venture in the Singaporean market. The knowledge that I gathered in the academic was helping me out in the practical environment.

Market Research

The company is trying to cover entire Singapore for selling its exclusive product in the market. The people of the country are trying to make Singapore has a green country. It is possible by adopting sustainable and green products. Bloom season is working in this field. It is creating innovative products for green interior at homes. The company is even targeting hotels, restaurants, offices so that they can use the green hanging pots to decorate the place and make it green. The company Bloom Season fits in green marketing landscape. It comes under this category because when selling the company highlights environmental benefits that it will bring.

Product of Bloom Season

It has launched green frames for the consumers. These green frames will help the clients to water hanging plants whenever required without wasting time of the consumers. The buying behaviour of the consumer has changed. They are now looking for those products which are sustainable and green. It is because consumers are concerned about environmental issues. Air population, plastic in oceans, change in climate are some major environmental threats. These issues are making consumers to think and become kind to the environment. It is observed that hundreds and thousands of people in Singapore are purchasing socially responsible products. Bloom season is considered as hottest wellness start up (Diehl et al. 2020). I have chosen this area of market because I know how good it feels to walk in a woods barefooted.

Increase in Demand of The Product

We have grown on the planet Earth and we are so disconnected with it. Bloom Season is trying to connect people back with the soil and plants. It is identified that plants makes people happy. The sources found that hanging plants indoor helps in improving air quality and also increase productivity. It is due to these reasons the demand for indoor plants are blooming in the market. The company is just like nursery, the employees keep it clean and well lit. Bloom season emphasis on indoor plants that can be hanged on the walls. Bloom season in order to grow plants create a microenvironment where they can grow. Nurturing them add values to life and make people feel that they are doing something for environment.

Competitor analysis of the Bloom Season

Competitor-1

Name

Cheng Tai Nursery

Type of Competitor

Direct competitor.

Cheng Tai Nursery was started in 1990. The company produce various kinds of bonsai plants. The company offers landscape planning, design and helps clients get beautiful view of greenery.

What will you be competing on

The company launch gift programs and also ensure to provide best services to the customers. Bloom Season also provide the same to its customers and this is why they will be competing with one another on the services provided to customers.

Strengths of Competitor

It has an excellent logistic and framework for developing and proving floral hanging plant pots to the people.

Weaknesses of Competitor

The price of the product is very high. It is due to this reason the customers are unable to purchase high rage products.

Summary of How you will compete with them

Bloom season can compete with it by thinking on pricing strategy. We will cut off pour product prices so that the customers get attracted towards them. It will increase the sell percentage of the company.

Competitor -2

Name

Tai Kwang garden

Type of Competitor

Indirect competitor. Tai Kwang garden was established in 1992. Since then it is working to bring nature at its best to the clients.

What will you be competing on

The company is best in designing beautiful and modern landscapes for the clients at affordable rates. Bloom Season to capture Tai Kwang market needs to bring things at low price so that maximum people can make use of the opportunity and purchase green pot plants for their home or workplace.

Strengths of Competitor

The company specialise in commercial landscape design. The company is trying to bring nature one step closer to the clients. They are the architects of the garden space. The company tries to beautify residential and commercial places.

Weaknesses of Competitor

Customer satisfaction of the company is very low. The company needs to improve its services by training the staff members of the garden so that they work exceptionally well for satisfying company’s clients. 

Summary of How you will compete with them

Tai Kwang garden is known for designing compounds, garden and free spaces. It gives a tough competition to Bloom season by providing services at affordable rates so that customers can fulfil their dream of having green landscape. We will find some exclusive product that can make the design of the landscape easy.

Competior-3

Name

Ken Landscape Services

Type of Competitor

Substitute. Ken Landscape is one of the most reliable landscape service provider. The company provide most beautiful greenery to the clients.

What will you be competing on

The company provide landscaping at most affordable prices. The company believes in word of mouth publicity and thus provide best services to the customers so that they communicate about the company to others. The company develops potential clients in an event. Customers are the first priority of the company. Bloom season will try to provide same customer services.

Strengths of Competitor

Apart from landscaping the company indulge itself in other activities as well like pond maintenance, vertical green wall and irrigation.

Weaknesses of Competitor

Despite customer satisfaction as its first priority, the company failed in satisfying clients. It is because it has a tea of only 20 workers which is very low in comparison to other competitors in the market.

Summary of How you will compete with them

The company is indulging in marketing collateral and this is why it is helping Bloom season in packaging stuffs.

Competitor-4

Name

Hua Hng trading Pte ltd

Type of Competitor

Direct competitor – Hua Hng Trading was established in 1981. It is one of the most famous whole sale gardens in Singapore for different items like plants, pots, landscape, material, supplies and so on.

What will you be competing on

Identical to Bloom season the company also indulge in events, educational visits and so on.

Strengths of Competitor

The company has even received Singapore Excellence awards in 2014. The company has excellent logistics. The employees of the company ensure that the product is offered in time. 

Weaknesses of Competitor

The company source its products from the entire world thus the price of the product is high.

Summary of How you will compete with them

We will compete them in logistics and services offered by them. We will try to cut the cost so that the company can get maximum customers.

Market Launch of The Business

We are going to launch our business in the market by giving advertisements on local newspaper, televisions, distributing pamphlets, creating emails, podcasts and posting stories on Instagram and Facebook. If required, we will also give discounts on the first day purchase. The raw material that will be used for providing discount will be approximately of $1000 SGD

  • Facebook and Instagram stories will not cost anything but if the event is to be launched in large scale then the ads for promotion will cost $200 SGD.
  • Local new paper – advertisement on local newspaper will cost around $150 SGD
  • Email marketing - It will not cost anything but the resource like internet facility, employees and so on.
  • Pamphlets – The price of the pamphlets would be $500 SGD.
  • Television ad- The ad for promoting about the launch of the business will cost $20000 SGD for a month.
  • Planning for a flyer drop will cost $200 SGD.

Supplier and Third Party

Supplier are critical for a business. They can have a direct impact on the performance of the business. They are the one who influence the product cost and development of the company. Suppliers are the only one who provide raw material required for the business be it top quality soil, pesticide, instruments for ploughing, decorative pots and so on (Ivanisevic et al. 2016). There would be multiple suppliers of different things but for plantation purpose we will take supplies from O’green living or soil mix for the first 12 months. We will require plant seeds and soil for growing plants in the pots. The cost will depend on the quantity and quality provided. The alluvial soil will cost more than black soil and so on. The cost of the soil will be around $1500 SGD. Third parties required for the business are Airbus, Capital land, reports world Singapore, Airbus and so on.

Members Required for Business

Role/Job Title

What will the job title be or what will the functions be?

Hours per month/week or FT

How many hours per month will the employee work if part time? Or state if full time.

Cost

What will their monthly salary, or average monthly cost be? – This should include employer’s national insurance and any other employer’s costs. If they will be paid by the hour please include the hourly rate as well.

Month Start (1 – 12)

What month in year 1 will they start assuming the month you receive the loan is month 0.

Manager

Full time

Total salary of general manager would be $65,000 per month including national insurance.

Month -1

Foreman

Fulltime

Salary of foreman would be around $45000.

Month-1

Retail associate

Part time

The cost of retail associate would be on hourly basis that is $10 for every hour.

 Month-2

Labourer

Part -time

Salary would be based on the number of hours worked that is $11 per hour (Pitton et al. 2018)

Month-1

Risk Associated

Risk Factor

Impact on Business

Mitigation and Outcome

The company may fail to reach breakeven point

It will create huge loss for business

The company can mitigate it by using cost lessening approach

Other venture may also launch in the market (Graetz and Franks 2016)

It will increase competition

Product segregation would help in this case.

Order may surpass the manufacturing of the plants

Company will lose customer

Hiring of more employees will help

Customer do not like the product

Decrease sale

Innovation will be required

Cost Analysis

Since, it is a business plan for plants thus there is a need of farm land on the outskirt of the Singapore where 10 acres of land is available for planting different types of plants both floral and aromatic. These plants will enhance the atmosphere of the place where they will be hanged. Such a large land is required because it is a nursery based industry and thus the cost of setting up Bloom Season would be very high. The entire project will cost around $10000000. The land cost will depend on the area which is available for sale. The cost of per feet is between $6500 and 8500.

Test Trading Before the Finalization of The Company

I have carried out performance test trading so far for the business. I have been doing this for 3 months. The weekly breakdown was good and it resulted into insights that I can conduct this business on large scale. The best part about it was that I found customers were happy and excited. They wanted plant pots for third homes, office and so on. The sales on an average was $7000 every day which can be grew longer. The company performance was good and thus can be launched in the market. When I was conducting test trading I realised that customers are willing to purchase plant pots and they were happy to known that they can hang pots wherever they want. They will no longer have to find a place and can enjoy nature at its best at home, offices and restaurants. I found that consumer behaviour has changed in the past. People have become environment friendly. They purchase only those products that are sustainable. This change will mark the success of Bloom season.

Legal Aspects

Relevant Law, regulation, or qualification

Evidence of Compliance provided

 

Nursery plant dealer licence

Licence attached

 

Certificate of occupancy

Certificate attached

 

Business insurance

Licence attached

 

State and local business licencing

Licence attached

 

Business Plan in Tabular Form

Need to do

By When

Associated Cost

Purchase land

 10th August 2020

$10000000

Develop the physical store

3 months after purchase

$5000000

Buy equipment’s

15th October 2020

$5000

Hire employees

16th October 2020

$5000000

Develop a website (Velu and Jacob 2016)

15days before hiring process

$10000

Plan out launch

2nd December 2020

$15000

Send invitation to local residents for launch

28th November 2020

$1500

 

Need to do

By When

Associated Cost

Buy stock

15th December 2020

$20000

Create marketing plan

16th December 2020

$200

Decide price of the products

17th December 2020

$100

Buy seeds of plants

15th October 2020

$10000

Irrigation facility

16th October 2020

$500

Invest in Research and development

January 2021

$30000

References for The Entrepreneurship Report

Baker, L.M., Boyer, C.R., Peterson, H.H. and King, A.E. 2018. Online opportunities: A quantitative content analysis benchmark study of online retail plant sales. HortTechnology, 28(4), pp.516-523.

Diehl, J.A., Sweeney, E., Wong, B., Sia, C.S., Yao, H. and Prabhudesai, M. 2020. Feeding cities: Singapore's approach to land use planning for urban agriculture. Global Food Security, 26, p.100377.

Fasbender, U., Van der Heijden, B.I. and Grimshaw, S. 2019. Job satisfaction, job stress and nurses’ turnover intentions: The moderating roles of on‐the‐job and off‐the‐job embeddedness. Journal of advanced nursing, 75(2), pp.327-337.

Graetz, G. and Franks, D.M. 2016. Conceptualising social risk and business risk associated with private sector development projects. Journal of Risk Research, 19(5), pp.581-601.

Ivanisevic, A., Katic, I., Buchmeister, B. and Leber, M. 2016. Business plan feedback for cost effective business processes. Advances in Production Engineering & Management, 11(3), pp.173-182.

Lazzerini, G., Merante, P., Lucchetti, S. and Nicese, F.P. 2018. Assessing environmental sustainability of ornamental plant production: a nursery level approach in Pistoia District, Italy. Agroecology and Sustainable Food Systems, 42(8), pp.911-932.

Pitton, B.J., Hall, C.R., Haver, D.L., White, S.A. and Oki, L.R. 2018. A cost analysis for using recycled irrigation runoff water in container nursery production: A southern California nursery case study. Irrigation Science, 36(4-5), pp.217-226.

Velu, C. and Jacob, A. 2016. Business model innovation and owner–managers: the moderating role of competition. R&D Management, 46(3), pp.451-463.

Wandl, M.T. and Haberl, H. 2017. Greenhouse gas emissions of small scale ornamental plant production in Austria-A case study. Journal of Cleaner Production, 141, pp.1123-1133.

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