Part 3 - Clasica Prints
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Parts12complete.pdf
Running head: CLASICA PRINTS BUSINESS PLAN 1
CLASICA PRINTS 2
1.0 Abstract
To be completed in week 7
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Table of Contents
1.0 Abstract 2
2.0 Company Description/History/Background 4
3.0 Mission Statement 6
4.0 Goals and Objectives 6
5.0 Stakeholder Analysis
6.0 Industry Analysis
7.0 Competitor Analysis
8.0 Marketing Strategy
9.0 Organizational Success Strategies
10.0 Financials Plan
11.0 Final Remarks
12.0 Appendix
13.0 References
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2.0 Company Description/History/Background
2.1 Company Description
The company name for the startup will be "Clasica Prints." It represents several aspects of
the business, including uniqueness, reflection of the brand, and simplicity. There is a uniqueness
to the name in that the first name refers to the Spanish word for classical. In contrast to focusing
on a generic term that would not stand out, the use of the Spanish translation makes the name
unique. Additionally, the use of the word "Prints" in the name reflects the business's focus on
creating custom-printed items. The use of the second name "Clasica" conveys a sense of
sophistication and class, which is in line with the company's mission to provide high-quality
products and services. Furthermore, the name will serve as a symbol of the brand, considering
that the services that will be offered will be unique. A name that is consistent with the values and
personality of the company is also appropriate. Search engine optimization (SEO) was also taken
into consideration when deciding on the name. By having a unique name, customers will be able
to locate the business and the website will be more visible to them.
2.2 Type of Business
Our company is in the retail sector, dealing with the printing of t-shirts and caps. The retail
industry is growing, which is one of the reasons for the selection of retail. According to Statista
research, retail sales have increased after the Covid-19 pandemic, accounting for $27 trillion in
sales in 2018, and are projected to reach over $30 trillion by 2024 (Sabanoglu, 2023). It is also
easier to implement solutions to customers' problems when they are dealt with in the retail
industry because it provides a better understanding of their needs. Additionally, the retail
industry is an excellent platform for testing new ideas and products. This is because the
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customers can be directly consulted, and their opinions can be considered. Furthermore, the retail
industry is highly diverse, with a wide range of products and services available. In most cases,
customers prefer to deal with retailers rather than wholesalers or manufacturers when it comes to
buying items.
2.3 Proposed Ownership / Legal Structure
The proposed legal structure for the business will be sole proprietorship. This is a type of
legal structure where the business is run by one person and there is no distinction between the
business and the (Bernoster, et al., 2019). The choice of a sole proprietorship is due to the
numerous advantages of such a legal structure. A sole proprietorship is easier to start and
considered cost-effective for startups. The owner of the business also has control over the
business, making it easier to make decisions that impact the business, decisions can be made
quickly as the business will be owned by one person. As a retail business, it will be both store-
based and non-store-based leveraging on the internet and social media.
2.4 Unique Product or Service
The business will offer unique products and services. It will deal with the printing of T-
shirts and caps. It will offer both goods and services where companies and individuals can use
their T-shirts and the company will only charge them for the printing services. The company will
also sell customized t-shirts to the customers. Other unique services would include the customers
using the business’ website to create unique messages they want to be printed on their T-shirts or
caps. The company will also help the customers in coming up with unique messages they want
printed on the T-shirts or caps. The business will offer companies branding services where they
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will ensure they print brand messages according to the orders of the company. This will be a
unique way for companies to advertise and improve their brands.
3.0 Mission Statement
The mission statement is “At Clasica Prints, our mission is to provide efficient and
unique fashion and printing solutions that increase brand loyalty and save time and money for
businesses and individuals alike."
4.0 Goals and Objectives
The strategic goals and objectives of the business are divided into three groups. The
groups are finance goals and objectives, customer-focused goals and objectives, and growth
goals and objectives. These goals are important in the strategic plan of the business. Strategic
goals are long-term goals that the business will set for itself to reach its intended future state.
These goals are to be achieved over a specified period, usually the next three to five years.
4.1 Finance Goals
These are the goals that will center around different financial metrics like financial sustainability
for the business, attaining and maintaining profitability for the new venture, and increasing
revenue for the business. They include.
1. The business should be able to increase its revenue by 20% annually after the third year
of business.
2. The business should make profits by ensuring a net profit margin of 30% for the next five
years.
3. The business should be able to reduce its costs by 20% to increase profitability by 2026
to enhance financial sustainability.
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4.2 Customer-Focused Goals and Objectives
These are goals focusing on the customer. As a new business, these goals are supposed to
help the business in breaking into new markets and territories. They are also supposed to help the
business in developing a trustworthy brand. They are based on metrics like increasing the
number of new customers, increasing customer retention, increasing the number of new markets,
and offering customer value. The goals include.
1. The business should be able to provide the best customer experience in the local market
by 2026 based on numerous factors like reaction time, customer feedback, and increased
orders.
2. The business should ensure a customer retention rate of 5% from 2025.
3. The number of orders from new customers should increase by 30% from 2025.
4.3 Growth
These are strategic goals that show how the business will grow and expand over the next
several years. They are based on metrics like increasing market share, entering new markets, and
brand-building on social media.
4.3.1 Goals Chart
1. The business should be able to increase its revenue by 20% annually after the third year of
business.
● Specific
o The goal ensures business sustainability with an increase in revenue.
● Measurable
o The increase in revenue should be by thirty percent.
● Achievable
o This is achievable as it starts after three years of operations.
● Relevant
o It is important for the growth of the business.
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● Time-Bound
o It is pegged from three years after the operation begins.
2. The business should make profits by ensuring a net profit margin of 30% for the next five
years.
● Specific
o It is specific on profit making for the business. It looks at the net profits of the business.
● Measurable
o Yes, at metrics of 30%.
● Achievable
o Yes, it is a financial measure of whether the business is doing well.
● Relevant
o Yes, important as it will show whether the business is sustainable with a return on
investment.
● Time-Bound
o Yes, for the next five years.
3. The business should be able to reduce its costs by 20% to increase profitability by 2026 to
enhance financial sustainability.
● Specific
o Yes, to the costs the business incurs.
● Measurable
o Yes, measuring a reduction of costs by 20%.
● Achievable
o Yes, a reduction of 20% of costs can be achieved by budgeting and other strategies.
● Relevant
o Yes, to ensure an increase in profits for the business and ensure financial sustainability.
● Time-Bound
o Yes, to be measured starting in 2026
4. The business should be able to provide the best customer experience in the local market by
2026 based on a range of factors like reaction time, customer feedback, and increased orders.
● Specific
o Yes, pegged on improving customer experience for the business in the local market.
● Measurable
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o Yes, measurable based on factors like reaction time, customer feedback, and increased
orders.
● Achievable
o Yes, this can be achieved by leveraging social media to communicate with customers and
capturing feedback in real-time.
● Relevant
o Relevant for increasing market share and number of customers.
● Time-Bound
o Yes, by the year 2026.
5. The business should ensure a customer retention rate of 5% from 2025.
● Specific
o Yes, customer retention rate to ensure the business does not lose existing customers.
● Measurable
o Yes, based on the metric of 5%.
● Achievable
o Yes, the business can ensure the customer retention rate is low for the business by
implementing different strategies like excellent customer experience.
● Relevant
o Yes, ensures the business maintains its customers.
● Time-Bound
o Yes, by 2025.
6. The number of orders from new customers should increase by 30% from 2025.
● Specific
o Yes, on the number of orders from new customers.
● Measurable
o Yes, an increase of 30%
● Achievable
o Yes, excellent customer experience will ensure the business can get orders from new
customers.
● Relevant
o Yes, relevant for the growth and expansion of the business.
● Time-Bound
o Yes, from the year 2025.
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7. The business should be able to capture 30% of the local market by 2026.
● Specific
o Yes, capturing the local market.
● Measurable
o Yes, by 30%
● Achievable
o Yes, increasing market share can be done by increasing marketing activities.
● Relevant
o Yes, for the growth and expansion of the business.
● Time-Bound
o Yes, by 2026.
8. The business should increase its social media presence by 40% by 2025.
● Specific
o Yes, to the social media growth of the business.
● Measurable
o Yes, the metrics are at 40%
● Achievable
o Yes, to ensure the business has a social media presence by increasing the number of
followers on social media.
● Relevant
o Yes, the goal is to increase the number of potential customers and new markets.
● Time-Bound
o Yes, by 2025.
5.0 Stakeholder Analysis
Every business has an individual or group with an interest in its operations. Stakeholders
are the individuals or groups that have an interest in the business because they are affected by the
activities of the business. Stakeholder analysis helps in producing strategies that will help in
managing the relations. There are several types of stakeholders divided into internal and external.
The internal stakeholders at Classica include the employees and departments within the
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organization. The external stakeholders are customers, suppliers, regulating bodies like the
government, and others. The identification of the stakeholders in an organization is the first step
towards understanding their various needs. The identification of the stakeholders will mean
understanding their influence, interests, and expectations of the business. A knowledge of
stakeholder analysis is sufficient to ensure the business has the right tools for managing the
different stakeholders. There is a need for increased training in understanding the needs of the
various stakeholders to be able to manage them better. Constant knowledge is required in
managing external groups like the government or other regulatory bodies due to the changes in
legislation that affect the business.
The employees belong to the biggest group of internal stakeholders. Their influence in
the organization is high, which makes understanding their needs critical. They have an interest in
the business as they would want the business to succeed for personal reasons. Due to the high
influence of employees, it is relevant for the organization to maintain good relations with the
employees. The customers fall into the group of external stakeholders and are also highly
influential to the business. Their interests are mostly satisfaction which will lead to an increase in
the number of customers. The business relies on the customers for growth; therefore, it is
important to ensure their needs are met. The suppliers are also external stakeholders and are
influential in the growth of the business. Their influence is also high as the business also relies
on their goods and services to grow. Understanding the key needs of the suppliers is key to
maintaining relations with these stakeholders.
6.0 Industry Analysis
6.1 A brief overview and long-term outlook for growth
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The industry is divided into the t-shirt market and the custom t-shirt market. The T-shirt
market is the largest, accounting for over 80% of the global market. The custom t-shirt printing
industry is one of the fastest-growing markets in the world. This has been fueled by the need for
customized t-shirts by companies globally for advertising. Globalization has also led to the
growth of industry with the entire world becoming one marketplace. Technologies like the
Internet and e-commerce have made it simpler for businesses to be able to transact globally. The
revenue from the industry is likely to grow with increased growth annually. An estimated growth
of 11.1% is estimated from 2023 to 2030 (Grandview Research, 2023).
6.2 Review industry size, trends, and target market segment
An overview of the industry shows that the revenue from the t-shirt market amounted to
$43.94 billion in 2023 (Statista Research, 2023). Its subsidiary the custom t-shirt market account
for $4,310 million in 2022. The average annual growth rate of the market is 11.1% from 2023 to
2030 (Grandview Research, 2023). This is due to the increasing demand for customized T-shirts,
not only from companies but also from individuals. The projected growth of the industry is
supposed to be experienced in markets like Asia where the industry is huge and the United States
which leads in the North American market. Other regions are also expected to show significant
growth with the growth of the Internet and e-commerce.
The current trend in the industry is an increase in the number of corporations using
custom t-shirts for advertising. Companies have over the last years increased demand for
customized T-shirts with their brand names and other aspects like their vision as a form of
advertising. The trend is good for the industry as it has over the years ensured growth in an
increase in revenue each year. There is also an increase in demand for custom T-shirts with
funny slogans, movie titles, TV series, and others.
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The target market would be Generation Z. Some of the characteristics of Gen Z include
being more artistic than the other generations. Custom t-shirts are more likely to sell among the
people in this generation. This is because it would represent their style, personality, and
preference. The characteristics of the target market also include being tech savvy as they will be
able to log onto the organization's website and design the message they want on their t-shirt. The
target market has embraced technology globally and would be able to order the t-shirt from any
part of the world.
The secondary target market would be companies. The trend where companies have
increased their demand for custom-designed t-shirts as part of their branding strategy makes
them an appropriate target market. This will require engaging companies through the available
channels like emails, social media, and direct marketing.
6.3 Identify who leads the industry in terms of:
6.3.1 Price
The average price of a t-shirt is $15 while that of a custom t-shirt would be
between $25 to $50 (Sellfy.com, 2023). The price of custom T-shirts depends on several factors
including the cost of production. The cost of production will entail the design costs. Some of the
websites allow the customer to design their t-shirt, reducing the cost of production. Industry
leaders like UberPrints, Inc. charge based on the content with their prices starting from $15.
6.3.2 Quality
The T-shirts must be of excellent quality to be able to compete with other
businesses in the industry. Inferior quality t-shirts are more likely to lead to loss of business.
Industry leaders like UberPrints, Inc., CafePress, Inc., Custom Ink, and Custom Thread are
known for the quality of the materials that are used.
6.3.3 Market Share
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The industry leaders like UberPrints, Inc., CafePress, Inc., Custom Inc, and
Custom Thread dominate the market. These are established companies offering different
services including digital printing and screen printing. This has led to their dominance of
the custom t-shirt market.
7.0 Competitor Analysis
7.1 UberPrints, Inc.
This is an American corporation with state-of-the-art machinery in design and printing.
This is one of its biggest strengths as the company has heavily invested in equipment. The huge
revenues generated from the business have enabled the company to invest more in its business.
The company is also able to deliver the items to the customers fast. However, one of the
weaknesses of the company is the quality of its hoodies. There have been complaints of mediocre
quality of hoodies which has adversely affected their business.
7.2 CafePress, Inc.
The company has also invested in equipment, making it one of its biggest strengths.
Printing equipment is a major priority in the business, and it is difficult for a company to be
successful without the right equipment. The company also delivers its products to the customers
and the customer is not required to visit the company. Its major weakness is the slow delivery of
finished goods.
7.3 Custom Ink
The company provides a variety of products that appeal to various markets including
sporting and business markets. The company is purely an online company leading to a wide
range of customers. However, this is also a weakness for the company as with no physical
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location it is difficult to reach certain customers who do not rely on technology. This also means
there is rarely face-to-face communication with potential and existing customers.
7.3.1 Sales, quality, distribution, price, production capabilities, reputation, and
products/services.
The competition has experience in areas of sales, quality, production capabilities, and
reputation. This makes it difficult for new businesses in the industry to compete. However, a
review of the competition also shows various weaknesses in the areas of sales, quality,
production capabilities, and reputation. Therefore, leveraging on the weaknesses will ensure the
business remains competitive.
7.3.2 How the product or service measures pricing and identify your
competitive advantage.
Quality products are more likely to sell better and attract more customers. The business
plans to use quality T-shirts and others to ensure quality is delivered to the customers. This will
lead to a competitive pricing strategy. So long as the product is of superior quality the business
will successfully apply a competitive pricing strategy. The required equipment for production
will also ensure quality products. Production equipment for screen printing and digital printing
will help the business become competitive. The competitive advantage will be quality. The
expertise available in design and printing will ensure that the business uses quality as a
competitive advantage.
3-year sales forecast in dollars and units.
Year 1 Year 2 Year 3
Unit Sales
Shortsleeve T-shirt 2000 2300 3000
Long-sleeved T-shirt 1500 1800 2200
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Ladies Shortsleeve T-shit 3500 4500 5000
Ladies Long-sleeved T-shirt 2500 2800 3200
Youth T-shirts 3000 3300 3800
Baby T-shirts 1000 1200 1500
Sweats and Hoodies 1800 2200 2500
Polos 3000 3500 4000
Hats 1000 1300 1600
Sales (USD)
Shortsleeve T-shirt 30000 34500 45000
Long-sleeved T-shirt 22500 27000 33000
Ladies Shortsleeve T-shit 52500 67500 75000
Ladies Long-sleeved T-shirt 37500 42000 48000
Youth T-shirts 30000 33000 38000
Baby T-shirts 10000 12000 15000
Sweats and Hoodies 36000 44000 50000
Polos 51000 59500 68000
Hats 7000 9100 11200
7.4 Sales and Advertising
Leveraging the power of the internet and social media will be an effective strategy to
advertise the business. Social media marketing will help in being able to interact with the target
market (Voorveld et al.,2018). It will be an effective strategy to increase sales as more markets
are targeted. Social media allows for a wide range of potential customers. The business will be
advertised on all social media platforms including Instagram, Facebook, Twitter, Snapchat, Pin
interest, Tik Tok, and YouTube. Targeting the online market will allow the business to interact
with the members of the target market globally.
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13.0 References
Bernoster, I., Khedhaouria, A., & Thurik, R. (2019). Positive affect, the entrepreneurial process,
and the entrepreneurial success of sole proprietors. Management, 22(2), 273-296.
Grandview Research. (2023). Custom T-shirt Printing Market Size, Share & Trends Analysis
Report by Printing Technique (Screen Printing, Digital Printing, Plot Printing), By
Design, By Sales Channel, By End-use, By Region, And Segment Forecasts, 2023 – 2030.
Retrieved from https://www.grandviewresearch.com/industry-analysis/custom-t-shirt-
printing-market
Sabanoglu, T. (2023). Retail Market Worldwide; Statistics and Facts. Statista. Retrieved from
https://www.statista.com/topics/5922/retail-market-worldwide/#topicOverview.
Selllfy.com. (2023). How to price t-shirts (get more sales & profit). Retrieved from
https://blog.sellfy.com/how-to-price-t-shirts/
Statista Research. (2023). T-shirts Worldwide. Retrieved from
https://www.statista.com/outlook/cmo/apparel/men-s-apparel/t-shirts/worldwide
Voorveld, H. A., Van Noort, G., Muntinga, D. G., & Bronner, F. (2018). Engagement with social
media and social media advertising: The differentiating role of platform type. Journal of
advertising, 47(1), 38-54.
