1

Table of Contents
Executive Summary.....................................................................................................................................3
Business Overview......................................................................................................................................3
Mission Statement.......................................................................................................................................4
Policies........................................................................................................................................................5
Motto...........................................................................................................................................................5
Purpose........................................................................................................................................................6
Objectives....................................................................................................................................................6
Problem being converted into opportunity...................................................................................................6
Solution being converted into Business.......................................................................................................6
Product and service definition.....................................................................................................................7
Market Analysis..........................................................................................................................................7
Target Market..............................................................................................................................................8
Position Strategy..........................................................................................................................................8
Sales and Marketing Strategy......................................................................................................................9
Pricing strategy..........................................................................................................................................10
Competitive edge.......................................................................................................................................10
Start up financing......................................................................................................................................10
Projected Income Statement......................................................................................................................11
Balance Sheet for 5 years..........................................................................................................................12
Performance information for 5 years.........................................................................................................13
Conclusion.................................................................................................................................................14

2
Executive Summary
HoneyComb Beeswax Candles Enterprise Limited wants to start operating a business that will be
supplying bee wax to organizations that manufacture candles and individual consumers of
beeswax products. The proprietor Thandy has decided to supply bees wax due to the increase in
the demand for this product. Beeswax candles and other products from beeswax are in high
demand due to their natural ingredients and clean burning properties and healthy benefits they
provide respectively. The business will operate with a focus on sustainability, using locally
sourced beeswax and eco-friendly packaging. The target market includes eco-conscious
individuals, gift shops, and home decor stores and manufacturing companies. The business will
be based on a direct-to-consumer model in its first three years of operation and will also explore
wholesale opportunities and some manufacturing organizations.

The following are some of the characteristics of beeswax that has promoted the proprietor to
venture in this business:

(i) A wide range of applications of beeswax in different end-use industries is the key
factor that drives market growth. Due to the various therapeutical benefits associated
with beeswax, it is used to treat several dermatological conditions, including boils,
wounds, atopic dermatitis, psoriasis, and pediatric dermatitis. It also aids in lowering
cholesterol, relieving pain, and treating inflammation, ulcers, diarrhea, and hiccups.
(ii) Beeswax has a multitude of skincare benefits. It forms a protective barrier on the
skin's surface from environmental irritants and harsh weather. Its anti-allergenic, anti-
inflammatory, antioxidant, anti-bacterial, and germicidal properties make it a highly
stable base ingredient in extending the shelf life of cosmetic products. Yellow and
white beeswax are used as thickeners, emulsifiers, and stiffening agents in cosmetic
manufacturing. Beeswax is used as a fragrance in soaps and perfumes

Business Overview
HoneyComb Beeswax Candles Enterprise Limited makes and optimizes beeswax by – products
for retail brands and individual customers across the country. HoneyComb Beeswax Candles
Enterprise Limited is headquartered in Livingstone, but has locations in Lusaka and Western

3
provinces to support our widespread presence and clients. The company was founded five years
ago by Tandy who is the only shareholder. She is an industry expert with over 10 years of
industry experience. She realized selling beeswax by – products through loyalty programs were
an innovative way to attract and maintain a strong customer base. She decided to begin
HoneyComb Beeswax Candles Enterprise Limited to focus on this concept and develop unique
beeswax by - prodcuts to help businesses manage better manage customers and their data.

In the past three years, HoneyComb Beeswax Candles Enterprise Limited has grown by One
Hundred and Fifty percent. We attribute that growth to our commitment to identifying new
clients and markets and hope to double that within the next two years. Currently, we are seeking
an investment of Two Hundred Thousand Kwacha K200,000 to help scale our company and
grow our team across the Zambia and the neighboring countries. We also aim to use those funds
to help continue innovating our products to create exciting and rewarding experiences for our
customers.

HoneyComb Beeswax Candles Enterprise Limited intends to be one of the major suppliers of
beeswax products both locally and globally. HoneyComb Beeswax Candles Enterprise Limited is
run by the proprietor Thandy as the Chief Executive Officer, who holds a Bachelor’s degree in
Agriculture from the University of Zambia. Production Manager Mr. Muleya Bernard who also
holds a Bachelor’s degree in Horticulture, from University of Wales in UK, Sales and Marketing
Ms Nelly Banda who holds a Bachelor’s in Business Administration from Copperbelt University,
Finance Manager Ms Peggy Sitala who holds a Bachelor’s degree in Finance and Accounts from
University of Lusaka, Two beekeepers who each hold a Diplomas in Beekeeping from National
Research Development Centre (NRDC), Mrs Betty Mweemba the Secretary who holds a
Diploma in Management from National Institute of Public Administration (NIPA) University.

The goal for the firm is provide our customers with the best quality of beeswax products. We
will achieve this through the rigorous process of ensuring that we get the best type of beeswax on
the market.

Mission Statement
"The very purpose of HoneyComb Beeswax Candles Enterprise Limited 's existence is to
accelerate the world's transition to sustainable healthful living. We believe the world cannot

4
reduce carbon emissions without addressing generation and consumption of natural products like
beeswax, and we are designing and manufacturing a complete energy and transportation
ecosystem to achieve this goal. As we expand, we are building each new factory to be more
efficient and sustainably designed than the previous one, including with respect to waste
reduction and water usage, and we are focused on reducing the carbon footprint of our supply
chain."

Policies
The company policy for HoneyComb Beeswax Candles Enterprise Limited stipulates that
employees when at the work premise must conduct themselves in a professional way which
would not bring disrupt to the firm. Employees are not allowed to use the internet for personal
business. The internet is to be used for company business only. Employees are given company
email addresses which shall only be used for communication related to company business only.

Employees should not use their mobile phones when they are with the clients. They can use their
mobile phones when they are free mainly during lunch greak.

Employees are not allowed to smoke while in offices. HoneyComb Beeswax Candles Enterprise
Limited has provided a smoking bar where all those who want to smoke and go. The company
has zero tolerance to use of drug and alcohol at the premises of the firm.

HoneyComb Beeswax Candles Enterprise Limited upholds high standards of health and safety.
The company has the motto of safety which says that “Do it right the first time and there after”.

The company has strong ant – discrimination and harassment policy. It takes serious and stern
action against anyone found wanting in this regard.

Motto
Use of beeswax by – products the best solution to global warming.

5
Purpose
The Company is organized for the purposes of transacting any and all lawful business for which
a corporation may be incorporated under the Company Act of 2017

To manufacture, process, develop, and produce in any way; to sell, supply, and distribute in any
way; beeswax by – products to customers to use in a beneficial and not harmful way in
accordance with the requirement of the law.

HoneyComb Beeswax Candles Enterprise Limited products can be used in medicine, agriculture,
industry, and environmental protection. Biotechnology has been used for centuries. For example,
people have used fermentation to make beer and wine and to preserve food. In recent times,
biotechnology has been used to develop vaccines and produce human insulin and other
medications. Beeswax by – products can be a solution to some of the problems mankind of
facing today.

Objectives
The objectives HoneyComb Beeswax Candles Enterprise Limited is to become the world best
suppliers of the by – products of beeswax. It intends to become the world’s best suppliers of
good quality and environment friendly beeswax,

Problem being converted into opportunity

The shortage of good quality beeswax has created a problem in the world which has led to the
inadequate supply of candles in the market. Many people who depend on candles for light at
night have been going for days without this commodity. This challenge has created an
opportunity for this firm to start supplying beeswax by – products to mitigate on the short
supply.

Solution being converted into Business

In order for HoneyComb Beeswax Candles Enterprise Limited to solve the above problem, it
was forced to start a business entity. This business entity will be used as a means by which the
problem will be solved.

6
Product and service definition
The product we supply has several benefits to both people and the environment. The following
are these benefits:

 Beeswax has a multitude of skincare benefits. It forms a protective barrier on the skin's
surface from environmental irritants and harsh weather. Its anti-allergenic, anti-
inflammatory, antioxidant, anti-bacterial, and germicidal properties make it a highly
stable base ingredient in extending the shelf life of cosmetic products. Yellow and white
beeswax are used as thickeners, emulsifiers, and stiffening agents in cosmetic
manufacturing. Beeswax is used as a fragrance in soaps and perfumes

 Beeswax contains various natural compounds, including fatty-acid esters, hydrocarbons,

diesters, triesters, and acid polyesters. The edible coating of beeswax, coconut oil, and
sunflower oil on fruits like strawberries and apricots retains moisture and maintains
appearance, texture, and firmness. Thus, due to its antimicrobial properties against
several bacteria and fungi, beeswax is used as a wax cover for fermented foods and
cheeses. Moreover, in the food and beverage industry, yellow beeswax treated with
alcohol is used as a stiffening agent.
 Besides this, government initiatives provide lucrative opportunities for key players to
expand their consumer base, boosting market growth. For instance, in 2022, the
Government of India launched Sweet Revolution, which aims to promote apiculture,
known as beekeeping, and accelerate the production of quality honey and other related
products. To provide a booster shot to Sweet Revolution, the government also launched
the National Beekeeping and Honey Mission to promote and develop scientific
beekeeping in mission mode.

Market Analysis
Beeswax is a wax acquired by dissolving the dividers of honeycomb made by the bumblebee.
Assortment of beeswax is accessible, going from unrefined yellow beeswax to white beeswax
which is made from fading yellow beeswax.
7
Beeswax has various applications, including coating specialists which are utilized in food,
explicitly bread shops, and confectionaries. Beeswax is likewise utilized as a delivery specialist,
texturizer for biting gum base, stabilizer, and transporter for food added substances, and as an
obfuscating specialist.
Beeswax is used in a variety of ways, including as a covering specialist in food, particularly in
bakeries and confectioneries. Beeswax is also used as a delivery agent, a texturizer for chewing
gum bases, a stabilizer and transporter for food additives, and as an obfuscator. It is used in a
variety of applications, including cosmetics and pharmaceuticals.
One of the main drivers of the boost in natural products has been the consumer trend toward
healthier lifestyles through the use of organic products. Good health is often associated in the
consumers' minds with all things natural, while chemicals are considered to be the cause of side
effects.

Consequently, these perceptions have given rise to a demand for natural additives and
ingredients used in cosmetics. In addition, national trends in consumerism are expected to set the
stage for the expansion of eco-conscious and naturally-derived cosmetic enhancements; this is
expected to open up new opportunities in the near future. Increased concerns about

Target Market
The demand for beeswax is expected to increase the rise for the next few years due to the
explosion of diseases in the Afro-Asian region, and beeswax is essential to cure some of those
diseases. Organic beeswax is also being produced due to high demand in Europe and the United
States. The key importing countries like Germany, the United States, France, and Germany have
a high demand for both organic and conventional.

Position Strategy
Market positioning strategy refers to the ability of HoneyComb Beeswax Candles Enterprise
Limited to influence consumer perception regarding its beeswax by – products relative to its
competitors. The objective of HoneyComb Beeswax Candles Enterprise Limited creating a
market positioning is to establish the image or identity of its product so that consumers perceive
it in a certain way.

8
HoneyComb Beeswax Candles Enterprise Limited will create its market positioning by instilling
the idea that its products are unique and provide special health benefits to its users. The beeswax
HoneyComb Beeswax Candles Enterprise Limited uses are extracted from natural honey which
contains special ingredients which can assist in speeding up the healing process for wounds or
cuts.

HoneyComb Beeswax Candles Enterprise Limited also established its current position in the
market by first identifying the conditions of the marketplace and the amount influence each
competitor can have on each other. This also enabled HoneyComb Beeswax Candles Enterprise
Limited achieve an understanding of what its company is, and how it is different from its
competitors.

Sales and Marketing Strategy

HoneyComb Beeswax Candles Enterprise Limited formulated its sales and marketing strategy by
undertaking the following steps:

1. Determining its target audience. The firm undertook a market research to determine its
target audience. The research was aimed at establishing the needs of its potential
customers and determining size of this audience,
2. Conducting an analysis. The firm conducted an analysis of the demographic
representation of its potential customers. The information obtained was used to
formulate goals.
3. Setting goals. After the HoneyComb Beeswax Candles Enterprise Limited had collected
the necessary about the demographics of its potential customers, it went ahead to set
goals in relation to the specific needs and wants of its potential customers.
4. Understanding the KPIs. The firm after setting its goals, it then set measurable
deliverables which were the key performance indicator used to monitor and evaluate the
implementation of the undertaking.
5. Identifying the bidgets. HoneyComb Beeswax Candles Enterprise Limited set a
budgeting process which was used to plan on the costs for the intended undertaking and
set clear sources of finance for the entire undertaking.

9
Pricing strategy
Pricing strategy are methods and procedures firms employ to determine the rates they charge for
their goods or services. Pricing strategy is a very important aspect of operation in HoneyComb
Beeswax Candles Enterprise Limited. It is used to assess the business requirements of the firm.
thereafter, it was used to evaluate the level of competition in the sector and the market as a
whole. The final stage in this process was to interview the target audience, would be consumers
about their views regarding the product .

The pricing strategy which HoneyComb Beeswax Candles Enterprise Limited was the
penetration marketing strategy. The price for its products were deliberately set at prices lower
than their prices. This was done to attract more customers as the firm introduced its product on
the market.

Competitive edge
In the first year of its operation, HoneyComb Beeswax Candles Enterprise Limited operated at
relatively lower than its capacity. During its first year of operation, HoneyComb Beeswax
Candles Enterprise Limited, spent quiet a large sum of funds conducting both marketing and
market researches. These researches eventually yielded positive results. The firm now ihas the
largest market share and now command the market. It is the price leader. All its competitors
imitate it whenever it changes its price. HoneyComb Beeswax Candles Enterprise Limited.
Equally invested heavily in the research on production which has resulted in the firm producing
the best quality of beeswax in the market. These attributes has enabled HoneyComb Beeswax
Candles Enterprise Limited to have a competitive edge over its competitors.

Start up financing
The start up capital was introduced by the proprietor Thandy who had been saving for over 15
years. The ordinary share capital at the commencement of the firm was One Hundred and Fifty
Thousand Kwacha only. Much of these funds were invested in the acquisition of machinery and
equipment used in the newly established firm.

10
Projected Income Statement
Years 1 2 3 4 5
K'000 K'000 K'000 K'000 K'000
Sales 750 800 820 860 1000
Cost of sales 225 240 246 258 300
Gross profit 525 560 574 602 700
opesting expenses 315 336 344.4 361.2 420
opesting profit 210 224 229.6 240.8 280
Taxation 63 67.2 68.88 72.24 84
Profit after tax 147 156.8 160.72 168.56 196

11
Balance Sheet for 5 years
Years 1 2 3 4 5

Non-Current Assets
150,00 120,00 90,00 140,00 90,00
Motor Vehicles 0 0 0 0 0
60,00 55,00 50,00 15,00 40,00
Office Furnitures 0 0 0 0 0
210,00 175,00 140,00 155,00 130,00
Total Non Current Assets 0 0 0 0 0
Current Assets
15,00 25,00 52,00 45,00 55,00
Invetories 0 0 0 0 0
28,00 38,00 48,00 39,00 45,00
Receivables 0 0 0 0 0
15,00 35,00 32,00 45,00 56,00
Cash and Bank 0 0 0 0 0
58,00 98,00 132,00 129,00 156,00
Total Current Assets 0 0 0 0 0
268,00 273,00 272,00 284,00 286,00
Total Assets 0 0 0 0 0

Equity and Liabilities

150,00 150,00 150,00 150,00 150,00
Ordimary share capital 0 0 0 0 0
84,00 98,00 98,00 99,00 100,50
Retained earnngs 0 0 0 0 0
234,00 248,00 248,00 249,00 250,50
Total Equity 0 0 0 0 0
Non - Current Liabilities
10,00 10,00 10,00 10,00 10,00
Long term long 0 0 0 0 0
Current Liabilities
21,00 10,00 12,00 18,00 19,50
Payables 0 0 0 0 0
3,00 5,00 2,00 7,00 6,00
Accrues 0 0 0 0 0
34,00 25,00 24,00 35,00 35,50
Total Liabilities 0 0 0 0 0
Total Equity and 268,00 273,00 272,00 284,00 286,00
Liabilities 0 0 0 0 0

12
Performance information for 5 years
The firm intends to increase its sales by ten percent every for the next tens. It will achieve thos
through the acquisition of a new equipment at the cost of K250,000. This will be financed by a
long term which it will get from the bank at an annual interest rate of 11%.

This new piece of equipment will increase the productivity efficiently which would ultimately
reduce operating costs by eight percent.

The firm will also sign a contract with some suppliers of materials. The contract prices will be
fixed for a period of two years and they will be competitive. This will reduce the cost of sales by
yen percent.

Ultimately the balance sheet position is likely to improve to be above Three Hundred Thousand.

13
Conclusion
The beeswax business project is a profitable venture. HoneyComb Beeswax Candles Enterprise
Limited will continue in this line of business for a foreseeable future. Beeswax by products is a
profitable business which a long product life cycle. The market for these products increase each
day.

The global beeswax market is fragmented, with the top ten companies accounting for a smaller
share. There are many small and regional players in the market. The main reason for the revenue
of top companies is diversified product portfolio, brand image, and global presence. Their global
presence is also one of the reasons for their sales. These companies are focusing on further
expansion of their presence and new product launches to increase their revenue.

14
References

Onyango, R.A. (2018). Effects of knowledge management practices in financial institutions: A

study of lion asset management limited in Nairobi. Kenya: University Press

Philip K.., Gary A., John S., Veronica . Principles of Marketing 8th edition. published by
Prentice Hall Inc

15