Miss Scrunch-It
CONTACT
Miss Scrunch It
ATU Campus
Accra, Ghana.
EXECUTIVE SUMMARY
Scrunchies is a piece of elastic wrapped in a loose fabric that forms a
ruffle when twisted around a pony tail. The brand’s hair tie fit in easily
with the relaxed, colorful cool look.
Our Hair tie are produced with high quality materials, taking into
considerations current trends and demands of customers. We also
ensure every hair tie produced Is made with care and tender stitching so
as to satisfy our customers and give them value for their money.
We are aware that there are several Hair tie brands scattered all around
Accra, which is why we spent time and resources to conduct our
feasibility studies and market survey.
Beyond producing stylist, quality and trending scrunchies, our customer
care is going to be second to none. We know that our customers are the
reason why we are in business which is why we will go the extra mile to
ensure they get the value for their money when they purchase our
VISION
our vision is to produce quality accessories that satisfies
daily lifestyle demands.
MISSION
To establish a world class hair accessories production
company that will manufacture different types and designs
of hair related accessories at quality and affordable prices.
COMPANY OVERVIEW
Miss scrunch-It (Herein after referred to as “The company”) is a startup brand
that seeks to produce and serve current and future generations of fashion
accessories. The start-up brand was founded by AGBEMORDZI
ANTOINETTE, ABAKE MAVIS ELIKPLIM, NAA ANGORKOR
TSAKLE, FAUSTINA ADONGO, SOPHIA EMEFA AMEDUME,
EMMY ABENA AIDOO, CHARLOTTE AFOAKWAH, EUNICE
POKUAA AGYEKUM, VERONICA AFFUL, SEKINATU PEPRAH
ADJEI and DZOBO SOPHIA MAKAFUI who have structured the business
as a partnership. The management of the company possesses the skills, talent,
education, and employment background required to effectively direct the
company.
CONTINUATION OF COMPANY
OVERVIEW
A detailed financial plan that includes close monitoring of financial data, the use of
professionals for accounting, legal and tax preparation needs to ensure compliance
with standard. Also develop strong banking relationship with financial institutions.
By following this business plan, Miss Scrunch-It has the opportunity for stable and
continued growth and profitability for years to come.
Financial input
The current financial plan of Miss Scrunch-IT includes obtaining a capital injection
through contribution from partners in the amount of GH GH₵880.
THE PROBLEM VS OUR SOLUTION
Over the years, Hair tie products • After thorough research, we have been able to
of different kinds have been identify some loopholes in other hair tie
released into the market, most of
product, some of which includes poor stitching,
which do not contain enough
binding strength to hold hair Usage of low-quality materials. Hence, Miss
firmly and some also slack after Scrunch-It Hair bands are being produced with
one or two usages. The lack of the best of materials and usage of modern
binding strength causes sewing machines so as to get firm and durable
breakages of hair and also slips scrunchies that solves the problem of hair
from the hair. Some Ladies also
breakages and tangling as compared to other
resort to rubber band usage
which also causes breakages of products and also keeps hair in position and
hair tight.
MARKET ANALYSIS
MARKET SIZE & SEGMENTS
The Market we intend to engage in first is ATU campus which is located at the
heart of Accra with Approximately 20,000 students of which 12,000 are females.
We also have Female Teaching and Non-teaching staffs of about 500.
Market segment
Since Our product is gender specific, we intend to capture the interest of all
females on ATU campus before spanning to other campuses and Accra
market at large. In other to quickly penetrate the market, our product will
serve all age range; from kids to teens and adults.
Due to rise in fashion trends, growth in e commerce sector and regular use of
social media. We intend to capitalize on these to sprout the growth in sales of
our product. We would create a social media account purposely to capture
potential customers outside the zone of ATU
Potential Customers Growt Year Year Year
h 1 2 3
ATU Students 40% 200 350 440
Working Class (Teaching & Non-teaching 35% 150 220 300
staff)
Customers Outside the Zone of ATU 25% 70 130 240
Potential Customers chart
ATU Students
25% Working Class
40%
Customers outside
ATU zone
35%
TARGET MARKET SEGMENT STRATEGY
Since student do not earn Income and are not willing to purchase expensive products. We will
be producing scrunchies of pocket friendly prices. Thus,
Small Size - GH₵ 3.00
Medium Size - GH₵ 7.00
Large Size - GH₵ 10.00
With affordability considered, we will also ensure to do regular visitations to lecturer’s
block, Class rooms and hostel so as to get our product to our potential.
Solid brand Image Is also a key factor in sales boosting. Thus, our product will be delivered
in colorful branded packages.
COMPETITIVE ANALYSIS, PRODUCT OR SERVICE
OFFERINGS
Our Main competition will come from brands that produces same or similar product.
Especially brands that has been in the system for a long period of time.
Established brands like;
1. Satin Scrunchies located at Spintex will be a major competitor since they produce
wide range of similar product and they offer delivery services that covers most part of
accra.
2. Ohemma bonnet is also a brand that has solidified their grounds in scrunchies
production in Ghana and offers variety of scrunchies.
Part of what is going to count as competitive advantage for us is the willingness to adopt
and learn ability of our team. Also, our prices are going to be slightly lower with regards to
what our competitors are charging.
MARKETING
MARKETING PLAN
Marketing is very important to the growth of every business. As part of our marketing
plan, we will wear our brands and rock them in styles. We will also carry out hostel and
classrooms visitations. We will as well make use of ATU Radio to further market our
brand so as to reach wider audience. Social media ads will also be carried out.
Flyers will be printed and shared around campus to also create awareness about our
brand. As sales increases, Billboards and TV ads will be done to widen our reach.
Other cost-effective marketing strategies will also be adapted.
ORGANIZATION AND MANAGEMENT
Miss Scrunch-It is made up of 11 members who make up the functional staffs.
AGBEMORDZI ANTOINETTE
CHARLOTTE AFOAKWAH
ABAKE MAVIS ELIKPLIM
EUNICE POKUAA AGYEKUM
NAA ANGORKOR TSAKLE
VERONICA AFFUL
FAUSTINA ADONGO
SEKINATU PEPRAH ADJEI
SOPHIA EMEFA AMEDUME
DZOBO SOPHIA MAKAFUI
EMMY ABENA AIDOO
FINANCIAL PLAN
START-UP FINANCING
All funds were internally generated. The company is owned by the original 11
founders, who Contributed GH₵80.00 each which amounted to GH₵880.00 and this
will cover the start-up requirements, and provide the business with a cash cushion to
use for expansion over the first three years.
Table. Cost of materials needed and expected expense
Requirements for start up GH₵
Raw materials (Fabrics) 300
Thread 80
Elastic band 50
Packages 40
Flyer and promotional materials 80
Transport 30
Electricity 50
Other miscellaneous expenses 20
TOTAL COST 650
Cash Required 100
Other Current Assets 130
TOTAL ASSET 230
TOTAL REQUIREMENTS 880
All cost will be catered for by capital contributed by founding members
FINANCIAL PLAN AND FORECAST
ANNUAL PROJECT COST
GH₵ GH₵ GH₵
Fabrics 1,200 2,050 3,000
Thread 500 900 1600
Elastic Band 200 310 400
Total
1,900 3,260 5,000
ANNUAL PROJECT COST FOR 3 YEARS
3500
3000
2500
2000
1500
1000
500
Fabrics Thread Elastic Band
1 2 3
st year nd year rd year
PROFIT OR LOSS ANALYSIS
Miss scrunch-It will start making profit at the end of year one. All profit realized
will be ploughed back so as to expand the business to other nearby campus and
retail shops Profit Projection
1200 2150 3100
1st Year 2nd Year 3rd Year
Pro forma
Income statement
Year 1 Year 2 Year 3
GH₵ GH₵ GH₵
Sales 3,500 5,410 8,100
Cost of sales (1,900) (3,260) (5,000)
Gross Profit 1,600 2,150 3,100
Operating Expenses;
Advertising 90 160 260
Electricity 70 125 200
Miscellaneous 55 75 110
Transportation 80 150 215
Total Expenses (245) (510) (785)
Net Profit 1,305 1,640 2,315
PRO FORMA BALANCE SHEET
YEAR 1 YEAR 2 YEAR 3
GH₵ GH₵ GH₵
FIXED ASSET
Equipment 300 300 300
Accumulated depreciation 30 60 90
Net book value 270 240 210
CURRENT ASSET
Stocks 190 210 260
cash 1725 2140 2725
TOTAL ASSET 2,185 2,590 3195
Financed by
Capital 880 880 880
Net Profit 1,305 1,690 2,315
2,185 2,590 3,195
PROFORMA CASH FLOW
YEAR 1 YEAR 2 YEAR 3
GH₵ GH₵ GH₵
INFLOWS
Revenue 3,500 5,410 8,100
Total Inflows 3,500 5,410 8,100
OUTFLOWS
Direct material cost 1,900 3,260 5,000
Advertising 90 160 260
Electricity 70 125 200
Miscellaneous 55 75 110
Transportation 80 150 215
Total outflow 2,195 3,770 5,785
Net Cash Flow 1,305 1,640 2,315
