Sonnet130 Amy Newell
MISSION STATEMENT// Defending. Preserving. Inspiring. Bringing you the best in luxury silk products as part of a conservational and inspirational journey. Educating those of the past, preserving the present and celebrating the future. Be part of a vision. Be part of an adventure.
“THERE IS NO BEAUTY IN THE FINEST CLOTH IF IT CREATES HUNGER AND UNHAPPINESS.” -MAHATMA GHANDI
There is a great demand for British manufactured products, associated with quality and brilliant craftsmanship.
Sonnet130(1)(Please
appendix
1
of
Business
Report
will integrate recreational and creative activities to create a business that is fundamentally, a grand conservation and renovation project, aiming to promote and provide an ethical fashion service and will be part of something much greater and more exciting; supporting the British economy, providing jobs in a wide array of skilled practices within fabric manufacturing and cultivation, educating those of the past, preserving the present as well as embracing and celebrating the future. for
BUSINESS OPPORTUNITY//
see
details)
Sonnet130
will specialise in, is the manufacturing process of ahimsa
silk(2)(Please
see
appendix
2
of
Business
Report
&
research
, and transforming this beautifully crafted, ethical and organic material into luxury silk scarves, ties & homeware, within a premises that houses it’s own indoor wall garden and silk moth house, in Oxford.(3)(Please see appendix 3 of research folder for details) folder
for
details)
FINANCIAL PROFIT PROJECTIONS// Year 1: £63,700 Year 2: £181,300 Year 3: £298,900 Year 4: £416,500 Year 5: £534,100 (Please see appendix 4 of Business Report for details).
GROSS REVENUE VS. NET REVENUE://
no. of units
The business industries Sonnet130 is to penetrate are: Recreation(5) industry (Please
see
appendix
5
of
Business
Report
AND, Creative(6) industry (Please see appendix 6 of Business Report for details). Given the present economical climate, and the up-andcoming evolution of the consumer market, Sonnet130 will be of great interest to: (7) Traditionalists , Generation Y(8), Baby Boomers(9) and Empty Nesters(10), the current and forecasted spenders of the future. (Please see for details)
INDUSTRY OVERVIEW//
appendix 7, 8, 9, 10 of Business Report &
. The recreational industry has had a difficult time these Research folder for details)
past 5 years, due to new trends within domestic and global travelling, and predicted economical trends within the UK. However, the recreational industry
“Economic indicators are showing that consumers are increasingly optimistic and willing to spend. This is good news for a large number of industries.�
Consumer Attitudes toward Debt, US, July 2013
has a chance to revive and thrive. A financial report on the recreational industry, published on the finance site Mintel(11), Domestic
Toursism City Vs.
In 2014: Country(12),
informs that domestic holidays are popular, being easily affordable for the average working wage, with visits to towns & cities being the most popular, compared to rural trips and seaside breaks, due to poor weather, and an increasingly popular trend in urban (Please exploration(13). see
appendix
11,
12,
13
of
Business
. However, growing consumer confidence, slow increases in wages and the strengthening of the ÂŁ, there is a potential surge in holidays abroad, with extreme Report
&
Research
folder
for
details)
British weather pushing holiday-makers for a bit of foreign summer sun. BUT, this can be evaded. Short holidays are still popular, with short-term breakers looking for a product mix centred on VALUE FOR MONEY and INNOVATION. Urban exploration is set to be a long-term trend, promoting new visitor opportunities nationally within culturally rich metropolitan areas, such as; Bath, York and even Hull, which is set to be the UK’s next City Of Culture(14), 2017. (Please see appendix 14 of Business Report for details).
Technology will be a vital aid in the resurgence of British travel, combining the virtual with the actual; opening up the British tourist industry to global markets utilising multiple marketing platforms (Please
see
Marketing
&
PR
of
Business
. Product innovation will also help. Luxury goods are proving to be most popular with foreign tourists, and 4 of 10 households expect their financial situations to improve in the next year, to Report
&
Research
folder
for
details)
a Mintel report, Consumer Attitudes toward Debt, US, July 2013*(15)(Please see appendix 15 of Business Report for details).
PROJECTED POSITION FOR THE FUTURE// Sonnet130
will grow into a spectacle of modern design, architecture, cultivation and wildlife preservation, where we will be able to undertake the necessary steps to create a monumental living museum(16). (Please see appendix 16 of Business Report for details). It will be a grand space where people can physically come and interact on an enlightening and educational journey, and see the numerous stages of ahimsa silk manufacture, watch the fabric be transformed into luxury silk products that they are then able to purchase at the end of their visit. People will start in a grand bio dome, where inside there are multiple floors, and can witness the growth and nuturing of the plants that are home to 1,000’s of silk moths(17)(Please see appendix 17 of Business Report for details). The silk moth will live a full and
happy lifecycle and be part of a promotional campaign of animal welfare. Their used cocoons are then harvested, and tour will continue to an adjoining, renovated brownfield site(18)(Please see appendix 18 of Business Report for details), which houses the tools necessary to mill and weave ahimsa silk fabric. Visitors progress to the production of the making of the silk products, through the design studios to the workshops; onlookers will witness the extensive processes in designing, dying, printing, and sewing. The tour concludes in the gift shop to purchase their luxury silk souvenir. Products will be available online, and Sonnet130 would begin to reach a production level where fabric produced can be supplied to other luxury creative designers, and form long-term partnerships.
Two young children, working fulltime in her managerial role for the charity Trussell
Trust(19)(Please
, Katie uses her free time creatively. Around taking the kids to school, juggling sports clubs and work, Katie and hubby, Tom, will arrange dates visiting museums or exhibitions, call upon their personal babysitter, and relish in one-to-one together. Tom, Co-Director of a Law firm, and Katie, have built a family home in Bucklebury, Berkshire, perfectly placed for both a rural and urban lifestyle, not to far away from London and their favourite market town, Oxford. Holidays & weekends are a time for the family to go out and explore, interacting & learning together. With a little fund Katie sets aside for herself, Katie spends her money on small luxuries, reading reviews in lifestyle magazines & online, adopting tried & tested trends. Her charity work reflects in her consumerism habits, buying eco, and feeling a great sense of fulfilment from living an ethical and green lifestyle.
for details)
CUSTOMERS & CONSUMERS//
see appendix 19 of Business Report
25 year-old Sam, has established himself a successful career as an Army Officer and an extremely comfortable salary. Living with his long-term partner Georgia. Together they rent an ultra modern apartment in Reading, and with a double income, and no children, trying to build a home together. Sam likes to live a luxurious lifestyle, “money is to be spent, not admired from afar�; embracing new trends, tired of massproduced rubbish, investing in perfect, beautifully crafted souvenirs from his domestic & global travels, shaping him into a very culturally and politically aware individual. With his Officer duties, helping out at the community allotment, Sam spends very little time with Georgia during the week, so they like to go out together whenever they have spare time. Sam’s background growing up in the agricultural industry, means that he yearns for green space within his urban surroundings, combining his metropolitan lifestyle with his rural roots.
No longer tied by commitments to her children, Sharon is now able to enjoy the perks of an empty nest, now that her children have grown up and built there own homes & families. Sharon is a highly educated, independent individual, and is enjoying being able to indulge her hard-earned money as the VicePresident of Sales & Services in American Express. Her role has seen her travel across the globe, and defined her as a very cultural and politically aware individual, adventurous, tending to initiate and adopt new products & services before others. Sharon is looking forward to celebrating her 60th birthday soon, and is due for a comfortable pension, especially now her husband successfully sold his business. With this newfound income & free time, Sharon no longer wants to just spend her money idly, and actively seeks out to learn about where her money goes. Investing in experiences with the grandchildren, her husband and friends.
COMPETITORS//
INTERNAL
NATIONAL TRUST://
Please see appendix 20, 22 of research folder for details.
EXTERNAL
EXISTING PRODUCTS
- Stong collection of supporters & trustees who make genourous donations. - Had an income of £50.2million from legacies = +12% compared to 2011/2012. Supporters & trustees becoming more and more genrous = some level of financial stability. - Charity = Good PR – encourage supporters. - Over 3.7million members, 17million visitors who pay for entry to properties, and an estimated 50million paid entry visits to openair locations = National Trust incredibly popular. - +2.5% on annual memberships, +8.1% on membership income & 84.2% membership retention, compared to 2011/2012. - Partnering with other heritage sites & London museums = able to reach larger target market. - Over 70,000 volunteers. Saves on staff expenses, and provides a free recreational activity to communities. - Host events throughout the year to encourage continual footfall. Positve response to strong marketing & investment of 2012 Christmas events = worthwhile venture. - Encourage interactive learning in all properties = appealing to younger aud. who prefer more practical/hands-on enxperiences. - Improve technology on National Trust sites = Opens up virtually. Able to be more engaging with national & global markets on multiple platforms. - Offer product mix, value & innovation to counter threat to domestic tourism due to potential surge in holidays abroad. - Product innovation = growing potential. Develop luxury products - popular with international markets. - Engage with customers. What are their expectations? Appeal to Gen Y. - Develop commercial enterprises & income streams.
NEW PRODUCTS - Relies on membership fees, donations, legacies & revenue raised from commercial operations. Lack of income security. - Very specific target market (young families with children & retirees.) When this market dries up, how are they going to replace it? At present, not that appealling to Gen Y – the new big spenders of the future. - Entry fees, food & drink, souvenirs = incredibly expensive – puts off customers. £ not readily available. - Extreme weather changing Britain’s landscape = National Trust cannot afford to repair ALL damaged properties. Having to sacrifice some sites to protect others = Some communities’ heritage will be lost entirely. - Customer expectations greater. Customer satisfaction falling, resulting in poorer results of customer recomendations. - Dependent on weather. Cold, wet summer 2013 = negative impact on footfall. - Gov’s new planning policy agenda = negative impact on unprotected rural land. - Fall in customer rating ‘very enjoyable’ (67% 2011/12 to 62% 2012/13). Partly due to poor weather BUT , evidence National Trust not keeping pace with visitor expectations. - Potentially new ethnic customers – feeling of uncomfortable & unable to relate to National Trust projects. Need to become more welcoming to minority ethnic groups. - National Trust = recreational industry. Growing customer confidence, slow rise in wages & stronger £ = may trigger surge in holidays abroad – fall in domestic tourism. - Unrestricted reserves = not sufficient to address long term needs. Greater pressure on restricted funds to fund projects & acquisitions.
INTERNAL
ENGLISH HERITAGE://
Please see appendix 21, 22 of research folder for details.
EXTERNAL
EXISTING PRODUCTS
- Links with Gov. & authorities, advises them on heritage sites of national importance. - Provides £24million(approx.) grants per year. Encourages others in like-minded causes. - Sponsored by Department for Culture, Media & Sport. Gov. funding = greater financial security. - Free educational visits = promote interest in younger auds. - Extensive events programme hosted throughout year = encourages year round footfall & income. - Launches successful schemes. (e.g. Counter Fraud Strategy = increase in fraud awareness & prevention.) - Owns historical sites & artifacts. (Approx. 400 properties, 500,000 artifacts, 12million photos). - Free access to sites & museums for EH & National Trust members = larger cliental base. - Upward trend in memberships over past 5yrs. - Gov. to provide £80million and aid EH into becoming an independent charity. Greater freedom over EH’s future. - Focus on areas where EH provides distinctive service. Hopefully encourage greater customer investment. - Greater marketing & PR of volunteer opportunities. May help decrease level of expenses. - Families still feeling financial pinch, preferring to take UK based holidays. Take advantage by offering greater value & innovation to encourage continued domestic tourism. - Becoming more involved in national conservation projects = maintained pressence in public eye & positive contribution to PR – encourage continued growth in annual memberships. - Embark on campaigns that will engage with GEN Y, the new big spenders of the future. - Successfully attracted £5.4million in third party funding. Continue to encourage & develop third party funding for continued financial support of future endeavours.
NEW PRODUCTS - Pressure on budget = suspended conservation of National Herita ge Collection. - 2012/13 = 2nd year of Gov. pay freeze – negative effect on staff morale. - National Trust has much larger fan base compared to EH. - National Trust & EH targeting same market. Competing for funding & donations. - Solely focused on British heritage. Cutting off potential international cliental. - June 2013, British Gov. announce plans for EH to become independent chairty, BUT sites & artifacts still publically owned. EH, no assets of its own for financial security. - British economy evolving faster than EH. Gen Y, Baby Boomers (entering retirement), very different demands & expectations comapered to EH’s current target market. - Non-profit organisation. EH needs financial security in present financial climate.
- Funding for planning, advice & grants at risk. - Wet weather = damaged recreational industry. Economy to see a fall in domestic tourism. - Uncompetitive pay rates may impact ability to recruit. - Pressure on budgets means that conservation plans are suspended, resulting in increasing bill for dealing with priority conservation defects. Larger expenses = smaller profits. - Due to prolonged inability to begin rectifying conservation defects, may negative impact condition of sites & attractiveness to visitors & members. - Funding derived from taxation. Gov. under pressure to reduce level of taxes. Lower taxes = less funding. - Rapidly evolving economy risks EH unsuccessfully engaging with the new spending powers (Gen Y & Baby Boomers/Empty Nesters entering retirement). Jeopardises EH ’s future.
INTERNAL
EDEN PROJECT://
Please see appendix 23, 22 of research folder for details.
EXTERNAL
EXISTING PRODUCTS
- Customers choose to make one-off / regular donations to Ede n P ro j ec t ( EP ), or a particular project that E P is hosting. Providing cutomers options = enables customers to donate to a cause they are passionate about. Greater flexibilty. - Extremely open & honest about how donations are spent. (For every £1 donated, 74p directly to EP’s charitable projects, 26p towards findraising & governence.)
- It is not a typical museum/exhibiton. Real life examples & immersive learning, which involves and inspires. - Very up-to-date site, that is appealing to the modern market. - Offers free educational trips to highereducation students. Creating a positive relationship with G en Y now = befriending the next big super spender. - Sustainable green credentials = Good PR = promotes customer interest & loyalty. - Positive contributor to the local economy encouring much community support. - Encourage footfall by offering discounted rates for those who travel by public transport/other forms of low-emission travel. - Urban exploration is the current trend, there will be a demand for urban respite. E P can offer a product mix, value & innovated offers, build upon its current holiday packages to reignite rural visits. - Embarking on new projects to ensure the continual rejuvination of the EP site, and maintain an inspiring and aesthetically enthralling location. (Projects include: The Canopy
Journey, HOW2: Learning & Exhibition Centre, Geothermal Energy Project, The Business Space & The Arena.)
- E P’s modern architecture and captivating setting = extremely appealing for hosting musical festivals etc. EP make greater effort to promote private & corporate venue hire (e.g. weddings etc.) = potential source of great income. - Expand into other locations across the UK to become a more available scheme & open up to larger customer base.
NEW PRODUCTS - Ended financial year of 2012/13 with a deficit, due to Olympics, poor summer & autumn weather & lasting effects of the recession. -Severe cost-saving requirements has resulted in prgramme of consultation staff redundances & restructure. Staff morale = low. - Operational needs = suspension of EP ’s horticulture courses for general public = limited service for customers. - Limited customer flexibility. Location of E P very remote, not easily accessible. Tourists = biggest source of income, but will only have the time to visit during the holiday months. - Limits availability. No other sites within UK. - Poor weather, unaware of old equipment running ineffciently, & greater demand on catering service = increased use of gas & electricity. Adds to expenses + hinders EP ’s ‘green credentials’. - Do not use Bio-fuels! This could help with huge savings, is tax-free & good PR!
-Growing customer confidence, small increases in wages & stronger £ = surge in holdiays abroad. Negatively impact domestic holidays within the UK. - Current trend in urban exploration, pulling visitors away from rural locations. - Location & landscape = extremely susceptible to the elements (flooding etc.). = risk damaged property & equipment. Repairs cost £ that is not readily available. - Charitable organisation trying to encourage funding from third parties. Competing for the same investors as N at io n al Tr us t & E ng li s h H er it a ge (main rivals). - No other sites within UK close to significant metropolitan locations. E P limiting its availability & potential funds. - Very low presence on social media & national news. Falling from public eye = will not capture customer attention.
INTERNAL
VICTORIA & ALBERT MUSEUM:// Please see appendix 24, 22 of research folder for details.
EXTERNAL
EXISTING PRODUCTS - Situated in a key tourist attraction location & near the major art universities. - Embarking on a £15 0m renovation project, V &A becoming more appealing & practical. - Houses diverse range of arts. Appeals to incredibly expansive array of creatives. - Student rates = building positive relationship with the next big spending power (Gen Y .) - Continually introducing new exhibitions = continually evolving & remaining current. - Reputation & prestige = able to access & curate inspirational enthralling (E.g. 2015: Alexander McQueen Savage Beauty.)
- Museum’s achitecture & setting = desireable venue. Available for private & corporate hire, aids in bringing additional income. - Strong national & international presence. - Visiting numbers reflect an upward trend over the past 5 years. Still extremely popular. - Appealing to broad age bracket (juniorsenior). - Technology is not widely used throughtout the museum. V &A ’s renovation programme could aid museum intergrate real experiences with virtual world and engage learning on multiple platforms. - Growing trend in urban exploration. See rise in tourism within city. - Encourage positive interaction with customers and determine their needs & expectations. Tailor renovation plans & future exhibits to meet these needs and connect successfully with the interests of G en Y / Ba b y Bo o me rs / Em pt y N es te r s – the new economic groups to focus on in the coming years. - V &A ’s broad collection of arts = appealing to wide varitey of ethnic groups. Continued growth of ethnic diversity = more postive international reputation – contribute to V &A ’s aim to become the arts & design curation superpower. - V &A ’s D ig it a l F ut ur e Pl an Pr og r am m e will see the museum have a greater digital presence.
NEW PRODUCTS
- Total annual income over the past 5 years remains inconsistent and difficult to predict. - Overly sophisticated & confusing terminology used = difficult to understand & relate to subject if no prior knowledge. - Atmosphere = intimidating & aloof. Lack of buzz & excitement, detracts from what could be an enjoyable visit. - Lack of third party funding sees greater reliance on private fundraising and visitor income. - Total funds have seen a decrease compared to 2011/12. - Current liabilites have grown compared to 2011/12 figures. - V &A does not promote it’s ‘G re en ’ status awarded to it by the Internal Audit reviewers, or its close relations to other charity organisations. These links can aid in attracting new cliental and maintaining loyalty of current customer base – why do they not exploit this?
- Large part of V &A funding = donations & grants. Other heritage & conservational schemes competing for same funding. Great amount of competition for the same sources of thi rd pa r ty funding. - The increase in current liabilities means that there is a greater finacial strain on museums funds. - Growing customer confidence, small increases in wages & stronger £ = surge in holdiays abroad. Negatively impact domestic holidays within the UK. - Rapidly evolving economy risks V&A unsuccessfully engaging with the new spending powers (G en Y & B ab y B oo m er s/E mp ty Ne s te rs entering retirement). Jeopardises V &A ’s future. - Current political climate may hinder ease of developing greater international relationships with Eastern communities & enterprises. - Total Gov. funding = declining.
MARKETING & PR// Sonnet130 is about selling a story, inviting people to be part of a
vision that educates, preserves and celebrates. It is these values that Sonnet130’s customers will invest in, so the PR(25) strategies will be the strength behind Sonnet130’s financial prosperity, rather than marketing(26) campaigns, that will prove to be expensive, although a small investment in this area, will be required in order to penetrate the business market. (Please see appendix 25, 26 Research folder for details). Sonnet130 must establish a positive and social relationship with audiences and cater for their needs; allow them to indulge in a luxurious lifestyle, feed the tantalising thirst for knowledge and wisdom, and provide them with an emotional outlet which allows them to partake in activities that they enjoy and gain fulfilment from.
Sonnet130 shall start penetrating the market by, sending information packs
with free samples, to influential media representatives in order to gain their attention. Composing fashion films and e-magazines , and sharing them online via social websites, such as YouTube, Issuu and LinkedIn, where Sonnet130 will be able to attract interest from members of the public and professionals alike. Links will be found on all promotional sources and redirect them to Sonnet130’s websites, social media pages and other marketing material.
CHARITY SUPPORTED//
Sonnet130 will promote its status as a certified business that complies with the rules and ethos of a number of charities. This will support a positive public image that customers will wish to invest in. Sonnet130 shall liaise with World Fair Trade Organisation (WFTO)(27) and the Ethical Fashion Forum(27) as part of its conservational business venture. (Please see appendix 27 of Research folder for details).
NEWSLETTER//
Customers will have the option to be emailed or posted a monthly newsletter that informs them of the latest happenings at Sonnet130. Although posted newsletters will incur a minute cost, the benefit is that customers will have a tactile representation of the brand and will show greater gratification, thus, building a greater, positive, long-term relationship. Encouraging customers to enlist onto the newsletter service will build Sonnet130’s intellectual property and act as another tool of communication between the brand and customer.
EVENTS//
Sonnet130 shall partake in events that relate to its values and interests, such as: the Chelsea Flower Show, London Fashion Week, and even community events. This will provide ample opportunity to interact with audiences and build support. By allowing audiences to put a face to the brand, they are able to build a greater understanding of Sonnet130’s values and build personal ties. These events will also provide an opportunity to network and build links with suppliers, investors and more.
Social Media//
Facebook Vs. Twitter: What’s best for your business?(25), an online article,
posed interesting arguments for and against the world’s most popular social media platforms in relation to business promotion, even so, Sonnet130 shall utilise both media platforms in order to reach a wide audience that is both national & international. (Please see appendix 25 of Research folder for details).
WEBSITE & BLOG//
Sonnet130’s website will act as primarily, a marketing tool, where customers will be able to browse and purchase a range of luxury ahimsa silk products available. The website will also aid PR with a blog of the daily happenings at Sonnet130, a fashion film, competitions, and live video feeds of ahimsa silk moths. Customers can therefore be fully involved with Sonnet130 and have a sense of elitism with the brand.
EXISTING MARKETS
BENEFITS MATRIX//
NEW MARKETS
EXISTING PRODUCTS
NEW PRODUCTS
A spin-off of my business concept is ethical fashion, already an existing product within an existing market, HOWEVER, I will be offering a more expansive product package, offering a journey, a memorable experience, AND the opportunity for the customer to then invest in their own sample of beautifully ethical and luxury products as a souvenir of their experience. Not only is this improving upon a current service in ethical fashion, but will also result in customer loyalty and therefore encourage an increase in customer numbers.
There is already an existing market that offers ethical & sustainable products/services to please customers & consumers who are more environmentally aware, BUT, Customers will select their ethical purchases judging by the official stamps of approval, but never actually knowing the true story behind the production of these ethical & sustainable products/services. I am offering a new way of interacting and engaging with the consumer, inviting them to be part of a voyage of discovery, and to invest in this vision.
My enterprise is aspiring to create a merge between two different market sectors. Recreation and the Creative. Together, customers will be able to engage with an entrepreneurial enterprise that is fulfilling a need for creativity and inspiration as well as those who wish to submerge themselves in culture and history. My business idea is not only something that can grow and spread nationally, but also penetrate international markets.
I would describe my business venture as a recreational enterprise that incorporates a creative extension that will appeal to customers who have greater interest in the artistic industries. My recreational scheme will involve needing to teach long forgotten skills as part of my values to protect and safeguard historical traditions within fabric manufacturing, but by merging into fashion/creative orientated products, I am also offering a chance to combine the traditional with the modern, bringing in a wide range of cliental, increasing volume of sales and the number of customers, who share a common interest in defending, preserving and inspiring!
Strategic
risks,
RISK MANAGEMENT PLAN//
which are associated with the general operations of Sonnet130, for example, the breaking of needles & thread, which has been classed as a risk which has a high probability, but a low impact; Compliance risks, that are linked to the following of laws & regulations, a highly unlikely compliance risk within Sonnet130 is Tax evasion, however Sonnet130 will have an Accountant (Please see
The risk management plan has aided in the organisation of Sonnet130’s operations, and defines clear parameters that need to be addressed to ensure the smooth and easy running of daily procedures. By establishing a detailed risk management plan, Sonnet130 is able to keep minute issues, which may arise, from developing into seriously problematic situations. These include:
, so that no compliance risks are inadvertently challenged; Financial risks, risks that relate to the financial structure of Sonnet130, such as negative cash-flow, which has been assessed as a probable likelihood with minor damage to Sonnet130’s wellbeing, as strategies will be put in place to evade any major damage, such as putting a percentage of the Sonnet130’s profits into a separate business account for financial security;
Organisational Structure of business report & research folder for details)
Operational
risks, which to Sonnet130’s
are connected operational & managerial procedures. These risks are of low probability with very little damage to the operations of Sonnet130 as it will utilise freelance Accountants & Web Designers for example, that will be outsourced to reduce Sonnet130’s costs and legal obligations (Please see Organisational Structure of business report & research folder for details); And finally, Market & Environmental risks, refer to the risks that Sonnet130 has extremely little or no control over, but strategies are in place, so that if such events occur, such as flooding or theft, the necessary safeguards are in place to protect Sonnet130 from detrimental harm. In these instances, Sonnet130 will utilise insurance policies, so that in the extremely unlikely event of theft or weather damage, the risk is transferred onto a third party to help lessen the damage.
For more information on Sonnet130’s risk management plan, please see appendix 32 of research folder.
DIGITAL PRINTER SPECIALIST:
-Freelance -Prints print designs onto ahimsa silk, that is supplied by
Sonnet130
ORGANISATIONAL STRUCTURE//
ACCOUNTANT:
-Fees part of Sonnet130’s variable costs (Please see Costing for details)
-Freelance -Manages Sonnet130’s finances -Fees part of Sonnet130’s fixed costs (Please see Costing for details)
WEB DESIGNER
-Freelance -Builds & manages Sonnet130’s website -Fees part of Sonnet130’s fixed costs(Please see Costing for details)
AMY NEWELL: -CEO Sonnet130
-PR & Marketing Director -Art Director -Product Designer & Producer -Graphics Designer
AHIMSA SILK SUPPLIER:
-Outsourced -Supplies Sonnet130 with varying grades of ahimsa silk, depending on client’s requests. -Fees part of Sonnet130’s variable costs (Please see Costing for details)
VOLUNTEER(S):
-Members of the public who volunteer their time, in exchange, Sonnet130 provides individual with new & creative skills in sewing & customer service. -Part-take in Sonnet130’s operations for work experience, professional references, citizenship schemes or emotional outlet.
COSTING//
STARTUP COSTS:// * per month Accountant* Web Designer* Building/Premises Utility Bills* Equipment Stationary* Advertising & Promotion
£150.00 £150.00 £60,000.00 £350.00 £1,500.00 £50.00 £300.00
Product
£4,000.00
TOTAL
£66,500.00
FIXED COSTS:// Accountant Web Designer Bills Other TOTAL
£150.00 £150.00 £350.00 £50.00 £700.00
VARIABLE COSTS:// Ahimsa Silk
£2,800.00
Other TOTAL
£1,200.00 £4,000.00 75 £53.33 £75.00
(150
metres)
units per 150m, 2m per product
COST PER UNIT PRICE PER UNIT
VARIABLE COSTS VS. FIXED COSTS://
no. of units
BREAKEVEN://
no. of units
FUNDING//(29)
There are multiple schemes available to businesses that supply a combination of funding and business mentoring, however, different funding schemes are aimed at different industries, and play a key part of the eligibility criteria. Sonnet130 is more suitable to funding that is targeted at creativity eco-innovation, and with values that are, at present, key issues within current society, it is therefore easier to attract grant funds, which do not require repayment, whereas, although the Government has put in place laws to enable small businesses to have easier access business loans, these can incur high rates of interest and restrictive repayment time limits. Sonnet130 will be applying for a number of grant funding programmes that are targeted at the cultural and ecological industries.
Not only will Sonnet130 be applying for funding programmes, but will also be appealing to private thirdparties, trustees and benefactors, whom share the same ideologies as Sonnet130, and in return for our gratitude, Sonnet130 will exchange equity as insurance. (Please see appendix 29 of research folder for details)
GRANTS & FUNDING PROGRAMMES://(29) Natural England Grants & Funding: a publically funded body, provide financial support to businesses that follow Natural England’s key values. Funds are decided on an evidence-based assessment. Creative Industry Finance: a pilot programme
that helps creative enterprises develop and grow, offering between £5,000-£25,000 loan finance. Funded by the Arts Council England, the Creative Industry Finance operates in the London and Yorkshire & Humber regions only.
Crafts Council: and independent body, founded by the Arts Council England. Crafts Council
provides economic support, based on individual assessments, and aids makers in the exhibiting and selling of their work.
Arts Council England: a national development
agency that supports a range of creative activities, from museums & libraries to digital art theatre and dance. Finance is decided by assessment and individual business plans.
Grants for Eco Innovation: grants provided
are to aid in the promotion and selling of a product/service that makes improvements to the environment by either reducing environmental impact or a more efficient and responsible use of resources. ÂŁ1,000-ÂŁ3,000 of funds is available and decided by the fulfilment of the eligibility criteria and a 6-month assessment.
Textiles Growth Programme: a scheme that is
aimed at all sizes of business to create and safeguard jobs within the textile industry via a multi million pound grant-funded scheme. The programme involves one-to-one mentoring with experienced textile business advisors who will guide the applicant through the application process and after. The amount of grant given will vary depending on the assessment of the application.
(Please see appendix 29 of research folder for details)
Part
building the finances for Sonnet130 start-up costs (Please see Costing for more details) will be through Crowd-Funding and Crowd-Sourcing. There are many crowd-funding platforms, Sonnet130, will utilise two that best fit with its fundamentals:
CROWD FUNDING(30) & CROWD SOURCING(31)://
of
INDIEGOGO:
A flexible crowd-funding platform that has multiple options available to campaigns that do or don’t meet their target. And Kickstarter, an American based crowdfunding scheme that is targeted at creative projects. (Please see appendix 30, 31 of business report & research folder for details)
Establish a global fan base.
FIVE YEAR STRATEGY// For Sonnet130 to enable CEO to take a working salary.
The first two years of launching Sonnet130, will be focused on building cliental from the immediate local area, and establishing a presence online through social media, Sonnet130’s own website and blog. Sonnet130 will also need to establish a healthy cash flow within the initial stages of opening to the market, so that it can sustain itself, meet customers’ needs and demands, and begin to return the equity that investors were promised.
Gain a celebrity representative.
Be
Feature in a
publication/ film as part of an interview/ documentary.
part
of
a
concession within Liberty or Harrods.
Collaborate with a designer within the designer fashion industry.
Expand Sonnet130’s homeware range.
CONCLUSION//
With the research I have collected, I am of the strong opinion that Sonnet130 will be a profitable entrepreneurial enterprise that fulfils both a recreational and creative market niche. Fundamentally, Sonnet130 is a gigantic conservation and renovation project, aiming to promote and provide an ethical fashion service and will be part of something much grander and more exciting; supporting the British economy, providing jobs in a wide array of skilled practices within fabric manufacturing and cultivation, educating those of the past, preserving the present as well as embracing and celebrating the future. I have identified a collection of customers that have strong interests in recreational activities, and enjoy partaking in pursuits that help address cultural and environmental issues of the present day, whilst enjoying tastes of luxury consumerism. Although the recreational industry does forecast tough times ahead, Sonnet130’s business plan has been constructed to evade this danger, combining the best of urban and rural exploration within a metropolitan
setting that dynamism.
exudes
culture
and
Providing people with an opportunity to learn about and engage with the processes of their fashion purchases, they are able to partake in a journey of education and enlightenment, and able to invest in luxury ethically crafted souvenirs as a memento of this journey, which will essentially be the main source of income for Sonnet130. This business venture, addresses issues that are at the forefront of public interest and will attract much support and funding from Government business support schemes, the public and private third-parties, all who wish to be part of this inspirational venture. The future of Sonnet130 holds much exciting anticipation, with opportunities to collaborate with influential and notable individuals & corporations, as well as expanding and engaging a greater audience both nationally and internationally. It is an enterprise that is rich with opportunities, and one I have high hopes for.
APPENDICES// 1. Sonnet130
A working title for this entrepreneurial venture, based on the famous Shakespearean sonnet, Sonnet 130: ‘My mistress’ eyes are nothing like the sun; Coral is far more red than her lips’ red; If snow be white, why then her breasts are dun; If hairs be wires, black wires grow on her head. I have seen roses damask’d, red and white, But no such roses see I in her cheeks; And in some perfumes is there more delight, Than in the breath that from my mistress reeks. I love to hear her speak, yet well I know That music hath a far more pleasing sound; I grant I never saw a goddess go; My mistress, when she walks, treads on the ground: And yet, by heaven, I think my love as rare, as any she belied with false compare.’
Silk Moths are not the most beautiful of creatures, but what they produce is truly wondrous.
2. Ahimsa Silk
Also know as Wild-silk or Peace-silk, ahimsa silk, a Sanskrit term that literally translates as “nonviolence”, production involves the cultivation on silkworms in an environment that supplies an easy source of food and no hazardous chemicals. This not only promotes animal welfare, but also acts as a preservation scheme for the preservation and protection of natural ecosystems, and provides a livelihood for many communities within third-world countries. Where regular cultivated silk involves the boiling of silkworm chrysalises whilst the larvae is inside, it essentially involves boiling the grub alive, to prevent the worm from breaking or damaging the silk thread of the cocoon so that the silk fibre can be reeled in one continuous yarn. Ahimsa silk involves the harvesting of the silkworms’ chrysalises after the silk moth has emerged naturally, so instead of reeling in the silk to make the yarn, the silk fibres are firstly spun in a similar way to staple fibres, such as cotton, before it is then treated and weaved into silk fabric. Whilst Ahimsa silk does not have the same sheen as regular silk, it is much softer, finer and has a more pearl-matt finish.
YA RN MA NUF ACTU RE: Spinning
FA BRI C MA NUF ACTU RE: Knitting, Weaving
PR ODU CT MA NUF ACTU RE: Cut-Make-Trim
FIBRE
YARN
FABRIC
FINISHING PROCESSES E.g. Scouring, Bleaching, Dyeing, Printing, Finishing AHIMSA SILK MANUFACTURING PROCESS.
5. Recreational
Activities of leisure often done for self-fulfillment, enjoyment pleasure and amusement. Industries that may fall into this category include: museums, galleries, cinema, parks or public conservation sites.
6. Creative
Term used to describe relating to or involving the use of the imagination and original concepts to create something. Industries that may fall into this category include: Galleries, dance, media, fashion, sculpture or architecture.
7. Traditionalists
Also known as the Veteran Generation, this generation group was approximately born between 1925-1945, the events of the world wars have shaped these individuals to be hardworking, cautious and financially conservative individuals. Change is not readily accepted, however will show keen interest if it appeals to their personal interests. This generation is well within retirement age, and enjoying investing their hard-earned retirement payments on personal indulgences, as well as spending time with their own children & grandchildren.
8. Generation Y
Born between 1981-2000, Generation Y (aka. The Millennials), These individuals prefer to spend money now and enjoy living, rather than save and invest in the future and are set to be the next big spenders of the future, key to the sustenance of the economy. This large collection of individuals is confident in making their own choices and, was raised in a rapidly evolving technological & virtual age and consumer economy.
9. Baby Boomers
Defined to be born between 1946-1964, and is set to be one of the main contributors to the economy, as this generation begin to near leaving work and entering healthy retirement packages, able to finally indulge in the own hobbies and interests now that their own children have grown up. So named ‘boomer’ due to the surge in birth rate after WW2, Baby Boomers were the first to challenge conventional attitudes of their time, and embrace new and daring ideologies, which still has an influence over the approach to society today. They are more prone to purchase from businesses that offer, good service and quality products Some are beginning to welcome their first grandchildren, and are excited to dote upon young children with gifts and day trips.
10. Empty Nesters
This group is on the trailing edge of the Baby Boomer generation, maintaining jobs, not yet ready for retirement, and born in the later stages of the age (19541964). This group of individuals are beginning to see their own children and dependents, leave the family home to set up their own homes elsewhere. Now that the responsibilities of children is waning, Empty Nesters are now able to feel the benefits have freed up income and invest this additional disposable income on small luxuries for themselves.
11. Mintel
Founded in 1972, Mintel is a privately owned, London-based market research firm. The database is a bountiful source consumer research, latest market trends, financial reports and more, targeted at higher-education students and business cliental.
12. Domestic Tourism In 2014: City Vs. Country For full report, please see research folder. Appendix 12.
13. Urban Exploration
Urban exploration involves the exploration of man-made structures, sometimesderelict ruins, which can have much historical and photographical interest. Urban exploration also has links with ‘Psychogeography’, an approach to geographical landscape, involving the enjoyment of investigating urban environments, sharing associations with the Situationist International.
14. City of Culture
The City of Culture is an award programme that utilises culture and creativity to transform and aid communities and artistic talent. Benefits of being awarded the title help to: attract more visitors to the city, supporting the local economy, and increased media attention that aids with longer-term tourism, which again, supports the local economy.
12. Mintel: Consumer Attitude Towards Debt, US, July 2013
This report provides analysis and insight, providing and overview on a selection of financial issues. This report is available for purchase via the Mintel website. Please visit for http://academic.mintel.com/display/637696/ for more details.
16. Living Museum
A living museum is a space where historical, cultural and environmental conditions are recreated and brought to life within a domain. This allows a visitor to submerge him or herself in a living example that aims to reflect conditions of a desired atmosphere to its fullest extent.
17. Silk Moth
There are many different species of silkworm, which also goes by the name Bombyx Mori, is a larvae/caterpillar uses silk fibres to encase itself in a cocoon. Their diet consists of mulberry leaves, which are rich in vitamins and amino acids. The eggs of silkworms hatch within 10 days of being laid, and when the head of the larva turns dark, it signifies that it is time to shed their skins. This process will repeat itself on average 4-5 times, before the silkworm’s bodies turn acutely yellow; at this point the silkworm has reached the stage for it to become a pupa, which will then go on to become a moth. Before metamorphosing into a pupa, the silkworm wraps must wrap itself in a protective cocoon, which is spun using raw silk from its mouth. It is this raw material that is so valuable in the production to silk fabric.
18. Brownfield Site
Often an expanse of disused or derelict land that was once a developed site to prevent urban expansion. Brownfield sites are more readily available in the Northern & Midland areas of the UK, due to high housing demand in the South East regions. Brownfield sites are usually situated in large urban areas, ad more popular for housing development, but can usually be expensive to renovate if the land is needed to be cleared first due to contamination from industrial use.
19. Trussell Trust
A Christian organization, working with the people and providing practical help through sustainable projects.
30. Crowd Funding
The act of promoting a campaign to a crowd of people, encouraging them to donate a money towards a specific cause or project that have an interest in, and in exchange, receive various rewards. Crowd-funding can be defined under three general categories: Equity, asking for donations to your business/project in exchange for equity; Donation, asking a crowd to donate towards a project in exchange for a finished product, such as a t-shirt or book; and Debt, asking for donations in exchange for financial return and/or interest once the business has been established. Please see research folder for further details. Appendix 30.
31. Crowd Sourcing
Crowd sourcing is similar to crowd funding, but rather than asking for financial investment, you request peoples’ skill sets in exchange for an equity of debt based agreement. Please see research folder for further details. Appendix 30.
*For the bibliography, please see research folder for details*
Sonnet130
amy newell//3240396@live.aucb.ac.uk//Arts University Bournemouth, wallisdown, poole, dorset, BH12 5HH//printed by. Uniprint Limited.