Empire Jewelry

BUSINESS PLAN
Table of Contents

Contents Page Number

Executive Summary 1

Background Information 2

Products and Services 3

Structure of Business/Operating Strategy 4

4.1
4.2

Market Analysis 5

Resource Analysis 6

Financial Strategy 7
7.1
7.2

Appendices 8
Executive Summary

Empire Jewelry is an accessories retailer located in the Enver Mall and is owned
by myself, Harneet Deol through a sole proprietorship. My main goal is to have
an accessory for everyone who walks through the door. My business sell rings,
sunglasses, watches, chains and bracelets to consumers. My business sells
medium to high-end products and provide a high-end treatment to customers. My
store location is structured to have our products in glass cases with couches in
front and our employees on the opposite side showcasing the products to the
customers while they are sitting relaxed. I have carefully accounted for my
businesses competitors such as, Pandora, Fossil and Sunglass Hut. Our rough
estimate for all our costs comes to $120,000C in which we will be putting
$25,000 of our own and will be taking a business loan of $90,000C from RBC.
Background Information

My business is an accessories retail store with the name of Empire Jewelry. This
name was chosen carefully and mainly because my business sells higher end
products with the best quality possible. My businesses name also represents the
atmosphere provided. You would be treated with care as if you were from royalty
in an Empire The store will be located in the Fleetwood area of Surrey,
specifically in the Enver Mall shopping center. This business will be a sole
proprietorship owned by myself, Harneet Deol. What this type of business means
is, the business is under control by myself only. This helps prevents mistakes
from being made by others in control. All decisions that have to be made do not
have to seek approval or consent by anyone else other than myself. Tax
reporting is also simplified due to this type of business compared to a
partnership. All debts, liabilities, and power will be my own responsibilities
throughout the business. All main profits would be my income after the
employee’s payments and deductions necessary. My business will be in the
medium to high-end market because the inventory is split between these two
types of price lines, with a few more affordable items on display. Regardless of
the product price and mixture, I want to provide each customer a high-end
atmosphere and experience by visiting our store. Brown leather sofas, imported
from Italy, will be lined up against the glass cases for comfort. Employees will
offer each customer their choice of sparkling water or orange juice upon arrival
into the store. Protective glass cases to box the products and a security guard to
prevent theft will be available for each and every single product.
Products and Services

Empire Jewelry is a male and female accessory retailer that sells a wide range of
accessories ranging from high-end products to medium-end/affordable products.
I hope to have an accessory for every potential customer who walks through the
door; from someone who is ready to spend a large sum to someone who needs
something on the more affordable range. Empire Jewelry should be located in a
mall because I want people walking in a mall to see our store and walk right in,
whether it is out of curiosity, with a motive, or by seeing a special displayed
product. If the business is located in an area where our store is alone, not many
people will go to it because it will require them to specially travel to our store. The
benefit of a mall is that a large number of people and consumers who visit a mall
to browse and walk around is high, especially during the winter season. I want
people to just walk into the store to browse and while they are browsing, they can
see our products and that can lead them to the later purchasing them.
Structure of Business/Operating Strategy

I will hire competent people who are 20 years and older to work at the store.
There will be 5-6 employees working and they will be given the training of
knowing what brands cater to what type of customer. My staff will be wearing
black dress pants and a white tucked in shirt. Over the shirt, all employees have
the option of a dark green sweater or black blazer. This dress code is chosen so
the staff looks professional. The staff is required to greet customers walking in
and give them some time to take a look at things. The staff will be educated
about the brands and other knowledge on the different products so they can
inform the customers about all this information. Also, each branch of accessory
will be in its own section in a case. For example, the watches will be in a glass
case and there will be couches in front so the customers can sit down and try
them while the employee is standing on the opposite side showcasing the
product. All the staff working the floor will receive minimum wage ($13.65) when
hired and the pay will go up $0.60 every 6 months for the first 3 years so the
employee reaches higher hourly pay. This method is used because we are
choosing staff above 20 years of age and in order for them to stay and work, they
are going to want a decent pay. The manager will receive ($18.00) because the
manager has many duties such as handling the staff and filling out some of the
paperwork. Both the employees and manager will have opportunities to gain their
pay by demonstrating good work ethic and skills.
Structure of Business/Operating Strategy

I. All staff must follow the Empire jewelry dress code.

II. All customers must be treated equally and respectfully. They must not be judged by
their looks.

III. All staff must showcase products to customers when asked by them.

IV. All staff must be 20 years or older of age to work.

V. All staff must showcase products with gloves to look professional and avoid
fingerprints.

VI. Employees must follow proper safety and health policies.

VII. Any absence or late arrival due to illness, injury or any other reason, and the
expected duration of leave must be personally reported to your supervisor as soon
as possible.
VIII. Your workstation and or desk remains clean and tidy and free of boxes, papers and
magazines.
IX. Exercise fairness, equality, courtesy, consideration and sensitivity in dealing with
other employees, clients and suppliers.
X. Under no circumstances may employees offer or accept money.
XI. Be responsible and scrupulous in the proper use of company information, funds,
equipment and facilities.
XII. Act and maintain a high standard of integrity and professionalism.
XIII. Preform duties with skill, honesty, care and diligence.
XIV. Under no circumstances may employees offer or accept money.
 Structure of Business/Operating Strategy

Sole Proprietors/Owner

Finance Manager Vice President HR

Accounts Billing Recruitment Staff Development

Regional Managers Merchandising Public Relations Distribution Manager

Product Placement
Customer Service

Purchasing Marketing

Store Managers
Delivery

Product Inspection Advertising

Packaging
Associates
Market Analysis

My target market for sales is from teens to senior citizens. I chose this market
because Fleetwood is a very diverse area filled with all types of ages. The
average income for employees in Fleetwood (in 2015) was roughly $50000 per
year with around 75% of the population working. The average income for families
was around $90000. As this data shows, Fleetwood is a very average area in
terms of income, hence the few choices of affordable products. Surrey in general
also spends a large amount of money, with $1,000C per person in one month.
This will be excellent for our more medium to high-end items. We are also
planning to attract people from not only other areas in Surrey, but also other
cities in British Columbia for more sales. Similar to the McArthur Glen outlets in
Richmond. My businesses competitors are definitely the many jewelry stores
(Pandora, Reid), watch stores (Fossil) and glasses stores (Eye star) located in
the Guildford Mall shopping centre. This is because Guildford Mall is very close
and popular therefore making all these stores competition. But the one
advantage we have is that instead of only selling and specializing in one product
like all of these stores, we sell all of those items together so customers can just
visit our store instead of going to all of these different ones for looking at different
products.
Resource Analysis

Material, Supplies and Technology

Couches: 5 in total for each display of accessory estimating at about $5000C
Glass cases for accessories: 5 in total costing around $3,500C
Other shelves: Around $1,000C
The watches: Medium-end watches cost around $200C-$300C therefore, using
the rough estimate of $250C for 25 watches, the cost is around $6250C
Sunglasses: Medium-end sunglasses cost around $250C so the estimate of 25
glasses costs $6250
Rings: Cost around $400C therefore, 20 watches roughly cost $8000C
Chains: $200C therefore, 20 chains cost $4000C
Bracelets: $200C therefore, 20 bracelets cost $4000C
Cash register $300X
10 4K Ultra HD Cameras = $10000C
Total= $38300C rounded amount is $40000C
Financial Strategy

Since majority of the products are medium to high-end, I will need to put in a
large sum of money. The costs of buying all the products from different producers
and all the materials needed comes to around $50000. The biggest price tag is
renting the retail store space. In Surrey, renting a space for a retail store in a
busy shopping center comes to $23 per square foot. Our store will be 3000
square feet therefore it comes to around $70000 per year. So we will need
approximately $120000 to start our business. We will be putting in $12500 of our
own money each which adds up to $25000 in total. This means we will need to
take a $95000 loan from the bank for the rest of the costs. The bank we chose is
RBC Royal bank in Surrey. I will be using the loan money to cover any of the
businesses expenses, supplies, insurance etc.
Financial Strategy
Financial Strategy
Appendices