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The fact that we have chosen an easy enough name for merchants and customers to remember and easy enough to rank high in search engines means that we have strategically positioned ourselves to take on the available market and generate the revenue that will be needed to grow, sustain and expand our business.
Through our estimation, we are confident of meeting our target shopify business plan template recouping our investment within our first three years of starting the business. Our optimistic evaluation is borne out of the fact that we have conducted a critical evaluation of the eCommerce industry and our chances of making it in the industry.
We engaged the services of a reputable business consultant who understands the business thoroughly to help evaluate our chances, and using data and information from similar startups such as ours in the industry, our projections were predicted.
Therefore, the findings of the business consultant for Juvia. It should be noted that the above sales projection was conducted based on what is obtainable in the industry during the period of the projection.
Several factors were taken into consideration such as the arrival of a major competitor, change in government policies and downturn of the economy. Should the factors change from what it is now either positively or negatively, the sales projections for Juvia.
Through marketing, a business cannot only generate awareness but also generate the revenue that will allow the business to shopify business plan template profitable. The right marketing strategies will not only enable us to penetrate our intended target market but we will also enable us gain a huge share of the market for ourselves and compete favorably against our competitors in the United States and even globally.
Before any marketing strategies can however be crafted and deemed effective, it is necessary that there be an overall marketing plan as this is what will act as a guide for any strategies that will be created.
Our marketing plan was formulated based on the market survey that we conducted in our bid to know and understand or target market and know what is expected from us as well as what we should expect from them. We intend to engage the services of a reputable brand consultant who has a thorough understanding of the market to help us create the right strategies that will be of huge benefit to our business and therefore enable us win a large percentage of the market not only here in the United States of America but also globally as well.
We will also engage a sales and marketing team to engage in marketing strategies on behalf of the company. Below are some of the sales and marketing strategies that Juvia. We intend to use our publicity and advertising strategies to not only penetrate the market but also gain a huge share of the market that we can convert into revenue generation and profit maximization for our business.
Because we intend to hit the ground running when we start our business, we are going to hire the services of a brand consultant to help us create and deploy the right publicity and advertising strategies that will help boost our brand and communicate our image positively to the public. Some of the publicity and advertising strategies that we intend to use in creating awareness for our business include; Promotion of our story and values to leading online blogs and forums Install our billboards in strategic locations all around Virginia as well as in certain cities in the United States of America Place adverts about our platform in newspapers and various magazines as well as on radio and television stations Sponsor and participate in relevant programs in various communities across the country Use our social media platform such as Facebook and Twitter to effectively promote our platform Our Pricing Strategy We have used a whole lot of factors to determine how our rates will be set.
We intend to conduct a market research that will enable us know the right rates to set that will be affordable to our merchants, while not allowing us to run at a loss. We will also ensure that the prices we offer for our various packages are within the range of what our competitors are offering.
In order for us to attract more customers and increase awareness for our business, we intend to reduce our rates for at least three months across all packages and also offer a free two weeks trial for certain category of products that will be offered on our platform.
We have conducted a thorough analysis on whether our promo offer will hurt our bottom line and have found that even though we may not be making much during the three months period, but what we stand to gain will be for a long term.
Payment Options As an ecommerce platform, we are concerned about the convenience for our various merchants and their customers when it comes to providing payment options that will suit their different tastes and preferences.
Therefore the different payment options that we intend to offer all our customers include; Payment via Juvia Pay Payment via Cyrptocurrency such as Bitcoin Payment via credit card Payment via Google pay Payment via Apple pay It should be noted that the above payment options were carefully chosen because we had the interest of our several clients in mind.
The payment options we know will work for all parties involved without hitches of any sort. Startup Expenditure Budget Even though starting an eCommerce platform might look easy since it is a service based business, it requires a substantial amount of capital in order to be able to stand out and compete with other existing eCommerce platforms.
Capital will be needed to pay the salaries of employees, lease a facility, handle secure hosting and take care of other running costs till the business is able to generate revenue to take care of itself. The areas where the generated capital will be spent on include; Fees for registering and incorporating Juvia.
It should be noted that the bulk of the capital will go into paying the salaries of employees for at least one year as well as providing secure hosting on our platform.
They have plans of allowing external investors inject capital into their business both at the start-up phase as well as the expansion phase.
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The areas where they are therefore looking to generate their startup capital from are; Generate part of the start-up capital from sale of stock and properties Apply for loan from the commercial bank Get startup capital from external investor N.
We consider this to be a fair deal and have signed the necessary documents. All the documents with the bank will be signed within the week and we will have the money credited to our account after then.
Shopify Business Plan — Sustainability and Expansion Strategy Even though our intention is to offer a hassle free platform for merchants and visitors, we are established to generate revenue and maximize profit that will allow us to sustain and expand our business.
We are starting off our business with a substantial amount of capital from our pockets and also borrowed from the commercial bank and an external investor and it is therefore important that we have laid down plans and strategies that will enable us recoup this investment in order that we not remain indebted further than we should be, while also striving for profitability.
We have a competent director of finance who will conduct periodic financial analysis and statement and ensure that we remain on the right path when it comes to our finances.
The eCommerce industry is filled with intense competition especially as there are already huge brands that have taken a huge share of the market; however in order to be able to gain awareness in the market, we intend to offer all our customers — merchants, buying customers and visitors quality service.A Sample Shopify Store Business Plan Template Business Overview The fact that consumers have been finding it difficult to visit brick and mortar stores due to hectic schedules has allowed for the growth of the e-commerce industry where customers can sit at home or in their office to shop.
Best Website Builder Reviews for Best Website Builder Reviews the right way to evaluate each Shopify pricing plan is to consider how the additional tools can help you grow your business, and make more money!
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