Business Project Plan

VICTORIA LEDWELL| STICHIN’ MEMORIES

Project Description

HERE AT STICHIN’ MEMORIES WE SELL THE FABRIC TO HELP YOU CREATE YOUR HEIRLOOM QUILT. FOR THOSE WHO HAVE NO KNOWLEDGE OF HOW TO CREATE THAT SPECIAL QUILT, WE OFFER CLASSES TO TEACH YOU HOW TO MAKE IT FROM SCRATCH. WE ALSO OFFER PROFESSIONAL MACHINE QUILTING TO FINISH ASSEMBLING YOUR QUILT IF YOU NEED IT TO BE FINISHED. AS THE ONLY QUILT SHOP IN ASHEBORO THAT CAN OFFER YOU THE ONE ON ONE CLASSES WE WILL BE HAPPY TO TEACH YOU ANYTHING THAT YOU FEEL LIKE YOU NEED TO LEARN. I FEEL THAT BEING ABLE TO LEARN SOMETHING THAT YOU CAN MAKE A FAMILY TREASURE WITH IS AN AMAZING ADVENTURE THAT I WOULD LOVE TO SHARE WITH YOU.

Project Scope

• Make quilts

• Teach classes

• Offer Binding and finishing help

• Offer Machine quilting services

• Teach life lessons as we go

Objectives

• Make Heirloom Quilts that will last a lifetime

• Teach life lessons

• Maintain relationships with customers

• Keep costs as low as possible

• Make experience as memorable as possible

• Keep size right to be able to always focus on customers

Products And Services

• At Stichin’ Memories we will have the fabric and all the items needed to make quilts.

• We will have room set up for classes on quilting or other needs as seen needed.

• We will offer machine quilting services to finish the quilts with a professional look.

Success Factors

• Currently in Asheboro there are no quilt shops that are open and available to teach classes.

• Make what clients are interested in

• Keep classes simple

• Offer loyalty discounts and services

• According to the staff writer of The Journal, Josh Moniz, “Quilting has been exploding as hobby around the state and country.” (Moniez, 2013)

Management Team and Responsibilities

Victoria Ledwell

Owner/Manager

Barbara Burgess Office

Assistant

Stella Kearns Sales

Associate/ Teacher

Sarah LedwellSales

Associate/ Teacher

Jessica Thomas Co-

Manager/Teacher

Getting Started

• Get building and Quilting machine, licenses and tax information

• Set in place the procedures that have been established for business

• Make sure everyone knows how to use machines

• Be prepared to make changes if necessary

Resources

PeopleMaxton McDowell

Chamber of CommerceBernatex Quilt Fabrics, Quilt

Cottons

Accountant, Member, Several

EquipmentSinger

Machine Quilter

For class and finishing product

Start-up costBusiness Licenses 15.00

Incorporation Expenses 100.00

Deposits 25,000.00

Bank Account 25,000.00

Rent 600.00

Interior Modifications 1,500.00

Equipment/Machinery Required:  

Long arm quilting machine 10,000.00

shelves 200.00

Cash register, tables, chairs 500.00

Total Equipment/Machinery 10,700.00

Insurance 100.00

Stationery/Business Cards 50.00

Brochures 25.00

Pre-Opening Advertising 100.00

Opening Inventory 5,000.00

Other (list):  

   

   

TOTAL STARTUP EXPENSES 18,190

Cost Analysis

Sales Price COGS Contribution Margin Profit Marg.% of Sales Profit Weighted

0%

2000%

4000%

6000%

8000%

10000%

12000%

14000%

0.259.00 6.87

2.13 0.24 0.060.255.00 3.13 1.87 0.37 0.090.30

30.00

15.00 15.00

0.50 0.150.10

80.00

40.00 40.00

0.50 0.050.10

120.00

30.00

90.00

0.75 0.081 0 0 0.4276666666666670

32.5

Break even analysis

Batik Fabric Batiste Fabric Classes Machine Quilting QueenMachine Quilting King (Must equal 100%) Series7

Project Schedule and Milestones

Milestone 1•Acquire building and quilting machine by May 10

Milestone 2•Open doors by May 30

Milestone 3•Add more products in 1 year

Milestone 4• Become full hobby and craft store in 2 years

Risk Management Plan

Risk Probability Impact Owner Mitigation Plan

Poor economy Medium High Victoria Ledwell

Try to offer incentives to keep customers coming in.

Competition Medium Medium Victoria Ledwell

Keep offering specialized products.

Management and Return Policies

• Have in place a return policy with receipt ( cut fabric excluded)

• Monitor all sales and transactions to make sure done correctly

• Schedule for employees will be basically the same weekly with either manager or co-manager at store at all times.

Stichin’ Memories would love to help you make your heirloom quilt. We would consider it a blessing to help you create a lifetime memory. Please come and let us be a part of your quilt making experience.

Appendix

Works Cited

Moniez, J. (2013). Quilting surging as popular hobby in New Ulm. The Journal.