TM
little feet, big steps
BUSINESS PLAN DECEMBER 7, 2011
bhandari
connors
lapann
salguero schlegel
2 imprint™ Business Plan: Executive Summary
Copyright © 2011, imprint™ All Rights Reserved This document contains proprietary information that is the property of imprint™ and may not be copied, published, summarized, disclosed to others, or used for any purpose other than to review, without express written authorization of an authorized officer of this company. All information contained herein shall be held in strictest confidence and in trust for the sold and exclusive benefit of imprint™. This document is subject to exemption from disclosure under the freedom of information act, 5 U.S.C. 552(b) (4). This document must be kept only in imprint™ confidential files when not in use.
imprint™
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imprint™ Business Plan: Executive Summary
CONTENTS mission statement executive summary the problem the product competition positioning the market personas marketing strategy the imprint system™ manufacturing distribution cost of goods financials rollout team structure key risks the future
5 6 8 10 14 15 16 17 18 19 20 22 24 25 26 28 29 30
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4 imprint™ Business Plan: Executive Summary
imprint™
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imprint™ Business Plan: Executive Summary
MISSION STATEMENT
No Shoes = No Education Haitian children can’t attend school without shoes. We believe that every child deserves an education. imprint™ produces shoes made for Haitians, by Haitians, to create jobs locally and provide children with the opportunity to learn.
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6 imprint™ Business Plan: Executive Summary
EXECUTIVE SUMMARY
“children [in haiti] cannot attend school without a pair of shoes.”
50% of Haitian children ages 5-8 cannot go to school because they cannot afford to buy a pair of shoes.
imprint™
In Haiti there is a law: “children cannot attend school without a pair of shoes.” Imprint™ envisions every child with an opportunity for education. We create that opportunity through the design of a shoe, made by Haitians, for Haitians, that allows kids to go to school while simultaneously stimulating an underdeveloped economy. There are approximately 1,000,000 children in Haiti between the ages of 5-8 - only 50% of them attend school. The other 50% cannot go to school because they cannot afford to buy the pair of shoes required for their uniform. There are few areas where shoes can be purchased within the country. Otherwise, shoes are too expensive for the poor because they are imported from other countries. Since the recent earthquakes in 2010 and hurricanes in 2008, no product has been able to restimulate the Haitian economy. Our manufacturing plan utilizes an established cotton industry and a highly skilled fabrics and soft goods workforce to create our headlining product, the Vole™ Shoe. This same industry will be used to obtain all materials to manufacture the upper of the shoe. The soles of the shoe will be made from an abundant resource that is part of the Haitian culture, bicycle tires. This will all be managed through our main office in Port-auPrince, Haiti. The template of the shoe and the fastening system will be manufactured at the main factory in Port-au-Prince, Haiti. Templates will be distributed to several satellite facilities established throughout Haiti that are centralized to a group of elementary schools within each individual region. These factories will construct the shoe from the templates and give them to the schools in their region. These schools will then donate the shoes to the local children in need. Having the children come to school to receive a pair of shoes will reinforce their connection with education and provide a central distribution post as opposed to going to each individual home. The first year after launch will be used to conduct a pilot study to prove the success of Vole™. The pilot will allow us to market the shoe in the US and establish the core competency of the imprint™ brand in the American market, leading us into Phase Two. We will set up a distribution warehouse in Miami, Florida to sell our shoe in the United States. Our research has shown that there are socially conscious families that want to purchase affordable and durable shoes for their children in the
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imprint™ Business Plan: Executive Summary
United States. Haitian children can access shoes by donations from companies such as TOMS, BOBS and PUMA. However, they are not designed for the terrain and cannot sustain the wear and tear. Companies such as TOMS and BOBS are “one-for-one” programs that are not selfsustaining in markets such as Haiti. After a few years of use, they fall apart and the kids are back to square one. This situation is our product opportunity gap to capitalize on a market that has a large potential for growth. Vole™ is a sustainable alternative to temporary solutions. The shape of Vole™ was designed after soccer cleats, Haiti’s most popular sport. The shoes color scheme was derived from the palate of Haitian paintings. The sole of the shoe is created from repurposed bicycle tires, a plentiful material that is otherwise discarded in Haiti. The fastening system uses a stamped metal clip that alludes to the shape of Haiti. This fastening system adapts to the rapid growth of children’s feet and is more affordable and sustainable than shoelaces. This attention to the Haitian needs, skills, and resources is what gives Vole™ a symbol of empowerment. This story will be used to market Vole™ in global markets and allow consumers to become a part of a Haitian success story. Vole™, designed by James Connors, Oscar Salguero and Reid Schlegel, has already found success in the form of International design competitions. The first award was a 2010 honorable mention in the INDEX Design Challenge: Design for Education competition. This competition recognizes design projects that help children in third world countries receive or further their education. Secondly, in 2011 Vole™ was a finalist in the pinnacle of International design competitions, The International Design Excellence Awards (IDEA): Student Category. The designers received the 2011 Eastman Innovation Lab Scholarship for their work on Vole™ and the project story can be found in the insight section of Eastman Innovation Lab’s website, http://www.innovationlab.eastman.com/Insights/ SchlegelConnorsSalguero/ShoeDifferentFootprint.aspx. Initially, imprint™ is asking for a $350,000 investment. This money will be used to set up the main factory in Port-au-Prince Haiti, hire employees, purchase materials and acquire the necessary equipment. This investment will also be used for a pilot study with the
Vole™ shoe and its adaptation in Haiti over the first year. With an extensive marketing strategy and the development of The Imprint system™, we will make a $4.6 million profit over the course of five years. Although Imprint™ plans to donate at least 50% of its shoes every year, the projection is based on the assumption that we will be able to sell 30,000 pairs of shoes by the second year in the US market and double that amount every year thereafter. The distribution warehouse for the US will be set up in Miami due to its proximity to Haiti and low rental cost.
“sell our shoe to socially conscious families that want to purchase affordable and durable shoes for their children.”
[ [ [
Honorable Mention INDEX Design Challenge
INDEX
Featured in
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] ] ]
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8 imprint™ Business Plan: Executive Summary
THE PROBLEM Looking at the current conditions of Haiti, imprint™ believes that now is the time to offer the people of Haiti a product and system to revitalize their economy and their country.
1994
1998
Hurricane Georges destroys
80 percent of Haiti’s crops while killing more than 400. Hurricane Gordon blamed for around 2000
deaths in Haiti
How can we propose a sustainable solution to this problem?
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HAITI
a timeline of disasters
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T th OM 20 rou S h 09 gh as Pa giv rtn en er sh sI o n es He to alt H h ai sin ti by ce gi Fe ch ven b 2 ild 3 01 re 0,0 0, n in 00 TOM Ha pa S iti irs w of ill h sh av oe e st o
imprint™ Business Plan: Executive Summary
2004 May
2007 Oct
2004 Sep
2010 Jan
2008 Aug + Sep 2009
Tropical Storm Noel triggers mudslides and floods, killing at least 57 Haitians.
Tropical Storm Jeanne causes flooding and landslides that kill
2011 Oct
?
2010
Three hurricanes and tropical storm kill some 800 in Haiti, devastate crops and cause $1 billion in
damage.
1,900 and leave 200,000 homeless in Gonaives, Haiti’s
Local cholera outbreak is now the worst in the world with over 6,000
third-largest city.
people killed Three days of heavy rains cause floods that kill more
than 2,600.
Magnitude-7.0 quake levels buildings in Port-Au-Prince, leaving above 230
000 deaths.
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THE PRODUCT INTRODUCTION
“The product goal is to give children a pair of shoes, so that they can attain an education.”
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imprint™ provides an innovative product to an underdeveloped community in the form of footwear. Vole will be the first product launched by the company, and it will be designed with new and reusable materials that are local to the Haitian population. The product goal is to give children a pair of shoes, so that they can attain an education. The shoe also provides protection from ground-born parasites, flexibility for foot development and durability for the rugged terrain. Through the elimination of shoelaces, the Vole™ shoe also provides a new innovation in the form of the shoe wing strap. This strap provides a larger opening for sliding a foot in and out of the shoe, and the custom designed button acts as a quick fastening point. Materials for the shoe were selected based on Haiti’s available machinery, the materials inherent qualities and their accessibility. The upper part of the shoe is manufactured using Duck cloth, the specialty button is stamped and formed from 16-gauge steel, and the sole is made using repurposed bicycle tires that are cut and flattened.
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STYLING
sample of Haitian Paintings
Since it is socially frowned upon to wear things like sandals in Haiti, and because of school uniform regulations, it was necessary to create a closed toed shoe. Taking cues from the Haitian culture, Vole is made from the same bright color palate that resonates through Haitian painting. Soccer is an extremely popular sport in Haiti. The inspiration for the shoes aesthetics was taken from soccer cleats. Bikes are a common means of transportation in Haiti. Repurposing the tires for the soles of the shoes gives further use to discarded tires. Using a thriving cotton industry and a highly skilled fabrics and soft goods workforce the shoe will provide a stimulating economy
Unused Bicycle Tires
Soccer Influence
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12 imprint™ Business Plan: Executive Summary
THE PRODUCT
WING STRAP
BIKE TIRE SOLE
WING CLASP BUTTON
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1. DUCK CLOTH 2. INSOLE 3. INTERFACING 4. BIKE TIRE
1
1 YARD FABRIC = 3.5 PAIRS OF SHOES
2
3
4 1 BIKE TIRE = 4 PAIRS OF SHOE SOLES
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14 imprint™ Business Plan: Executive Summary
COMPETITION “Vole is a culturally sustainable alternative to temporary solutions.”
Haitian children can access shoes by donations from companies such as TOM’S, BOB’s and PUMA. However, they are not designed for the terrain and cannot suffer the abuse. Companies such as TOMS and BOBS are “one-for-one” programs that are not self-sustaining in markets such as Haiti. After a few years of use, they fall apart and the kids are back to square one. This situation is our product opportunity gap to capitalize on a market that has a large potential for growth. Vole™ is a culturally sustainable alternative to temporary solutions.
ONE FOR ONE
Started in Argentina in 2006 by founder, Blake Mycoskie, TOMS™ donates one pair of shoes for each shoe bought within the United States. The shoe which they donate is the Spanish alpargata.
BOBS™ is sketchers version of TOMS and has the same exact ‘One-for-one’ scheme. They even use the same shoe as TOMS.
CHARITY
Started by Philip Cleary and his family in 2006, Donate Your Old Shoes is a non profit focused on assisting schools, businesses and churches organizes shoe drives to collect old shoes and send them to those in need.
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Started in 2004, Soles4Souls collects donation from footwear companies, retailers, churches, nonprofit ministries, civic groups, schools, and individuals to help those in dire need of relief.
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POSITIONING
Culturally Relevant
vole
empowerment
vole Free Instant Access Culture Specific Sustainable Supply Personalized Use Recycled Materials Local Employment
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16 imprint™ Business Plan: Executive Summary
THE MARKET
“imprint™ will offer the opportunity for Haitians to make 500% more per day of the standard salary and give them the opportunity to raise their standard of living.”
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imprint™ will be focusing on two different, but distinct markets. The initial target market is Haitian adults and children. Due to the law in Haiti that does not allow Haitian children to go to school without shoes, Vole™ will have an instant appeal in the market. In order to extend their need with children, Vole™ has been designed with a distinct pattern and color palate derived from symbols and paintings from Haitian culture. The shoes are durable, easy to clean, and simple to maintain; allowing them to have a sustainable impact. Vole™ has been designed with the manufacturing capabilities of Haiti in mind. Utilizing an established cotton industry and a highly skilled fabrics and soft goods workforce, imprint™ will offer the opportunity for Haitians to make 500% more per day of the standard salary and give them the opportunity to raise their standard of living. This stability will bring trust and loyalty to imprints™ brand. The final market is the socially conscious American Consumer. 62% of Americans feel that it is no longer enough for corporations to give money away for good causes. They need to integrate social issues into their day to day business. For four years in a row, consumers rank purpose as significantly more important than design, innovation, or brand loyalty as a purchasing trigger when quality and price are the same. The companies that address this need are marketing on a charitable basis, which translates into temporary solutions. imprint™ will fill this product opportunity gap by marketing Vole as a wellmade shoe that consumers are paying Haitians directly for instead of an indirect donation. TOMS gives Haitians shoes so that kids can go to school for a day, Vole™ is teaching Haitians how to make shoes so that they may go to school for a lifetime.
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PERSONAS LELA AMONY Lela and her four children live on lass than $1 a day. She cannot afford shoes for her family without a job. Jobs are hard to come by.
CINDY SMITH Cindy is a working mother of two kids. She is an active member of the church and has traveled the world on several mission trips. Imprint’s mission resonates with her socially and economically conscious life style.
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18 imprint™ Business Plan: Executive Summary
MARKETING STRATEGY
Using ethnographic research to understand how the shoe can be used in the United States, we will establish new insights to grow our brand.
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By first establishing a brand identity through a durable, useful, and emotional product in Haiti, imprint™ will set up “show and tells” at elementary schools around the United States. Setting up at the elementary schools will not only further the educational vision of imprint™, but get the children excited about Vole™, and in turn transmitting that to the parents at home. Secondly, we will display Vole™ in MoMa (Museum of Modern Art) exhibits across major cities in the United States that exemplify products that have economic impact in the third world. This correlation will help elevate Imprints brand identity and credibility. Thirdly, imprint™ will take Vole™ to sustainability and recycling trade shows to develop relationships with vendors in order to have access to the newest and innovative materials. Fourthly, imprint™ will use viral marketing on social networks to promote Vole™. By creating a website, facebook group, and twitter page, Vole will give people inside access to the company and to Haiti. imprint™ will also expand our story through websites such as TED and the insight section on Eastman Innovation Labs website. The final part of the Marketing strategy is to give out free shoes to American consumers to take home to their children. Using ethnographic research to understand how the shoe can be used in the United States, we will establish new insights to grow our brand.
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imprint™ Business Plan: Executive Summary
THE IMPRINT SYSTEM™ The imprint system™ works in two phases. The First phase manufactures and donates the shoes to children in need in Haiti. The second phase takes the shoes to vendors in the United States and sells them to a socially conscious family market while continuing donating to the children in need. The future goal is to start producing other products that children need for education and translating them into needs of the US Market. The first phase involves making the template of the shoe and the fastening system at the main factory in Port-au-Prince, Haiti. These templates will be distributed to satellite facilities that are centralized to a group of elementary schools throughout Haiti. These factories will construct the shoe from the templates and give them to the schools in their region. These schools will then donate the shoes to the local children in need. Having the children come to school to receive a pair of shoes will reinforce their connection with education and provide a central distribution post as opposed to going to each individual home. Phase Two will involve setting up a distribution warehouse in Miami, Florida to sell the shoes in the United States through various vendors such as Target and Kids Foot Locker.
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MANUFACTURING Manufacturing of the Vole™ Shoe begins at the manufacturing facility. Here they have the technology to be able to accurately mass produce template cutouts for specific size shoes. They also have the capabilities to be able to stamp and bend the button as well as cut and press the tires into form. From here, the cut parts are sent to the many assembly facilities planned throughout Haiti. These facilities take the cut pieces and assemble them into the ordered number of shoes for the school children within their region. Also apart of this order are the shoes ordered for export. After completion, the shoes are given to the Haitian children in need while the rest are collected to go back to Port-au-prince. From here, they are shipped out of the country.
1
FACTORY 2
3
4
5
Raw Materials
Template Cut
Compile Cutouts
Hem Pieces
Packaging
Cotton and metal materials are shipped into the country. Bicycle Tires are collected.
Using templates provided for shoe sizes, the appropriate templates are cut.
After the template cutouts are finished, they are compiled into their categories.
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All cotton pieces are hemmed.
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All cut materials are packaged and shipped to the assembly facilities.
imprint™ Business Plan: Executive Summary
ASSEMBLY FACILITY 6
7
8
9
10
Delivery
Construction
Completion
Donation
Packaging
Cut materials are delivered to the assembly facility.
Shoes are constructed Correct orders of by hired community shoes are completed. members.
Shoes are donated to Haitian children in need within that district.
Shoes for export are packaged and sent back to Port-auPrince.
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DISTRIBUTION Distribution starts when the raw materials are flown into Port-au-prince Haiti into our manufacturing plant. These materials are then cut into their respective templates and distributed to the assembly facilities around Haiti by way of vans. After assembly is complete, the assembly facilities disseminate the goods completed to the surround schools. Children come to the schools to collect their shoes. The remaining shoes are collected by the vans and brought back to Port-au-prince and flown out of the country to our warehouse in Miami Florida. From here, they will be disseminated around the United States to retailers such as Target and Kids Foot Locker.
imprint™
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imprint™ Business Plan: Executive Summary
YEAR 5 MATERIAL DISTRIBUTION
YEAR 5 FINISHED SHOE DISTRIBUTION
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COST OF GOODS Income Statement
2012
2013
2014
2015
2016
Annual Sales Sales Returns and Allowances
- $1,070,160.00 $2,358,720.00 $4,040,400.00 $7,098,000.00 2.00% 2.00% 2.00% 2.00% 2.00%
Number of Units Sold (35$) Number of Units Donated
12,480
30,576 13,104
67,392 44.928
115,440 115,440
202,800 202,800
Production Costs $9,984.00 Shipping Expense (Import Material) $2,044.75 Distribution & Collection (Haiti) $4,074.98 $Construct Assembly Facility (Haiti) $Assembly Facility Equipment $30,449.20 Employee Salary (Haiti-Rural) $7,612.30 Employee Salary (Haiti-Factory)
$34,944.00 $15,031.15 $30,062.31 $18,00.00 $4,500.00 $76,123.00 $19,030.75
$89,856.00 $33,125.52 $66,251.04 $36,00.00 $9,000.00 $167,470.60 $41,867.65
$184,704.00 $56,751.71 $113,503.43 $54,000.00 $13,500.00 $282,267.40 $72,316.85
$324,480.00 $99,683.29 $199,366.60 $54,000.00 $13,500.00 $380,615.00 $95,153.75
40.00%
40.00%
40.00%
40.00%
Federal-plus-state tax rate
40.00%
Sales Revenue Net Sales Less: Sales Returns and Allowances Net Sales Revenue Cost of Goods Sold Gross Profit
- $1,070,160.00 $2,358,720.00 $4,040,400.00 $7,098,000.00 $21,403.20 $47,174.40 $80,808.00 $141,960.00 - $1,048,756.80 $2,311,545.60 $3,959,592.00 $6,956,040.00 $9,984.00
$ (54,165.23)
$34,944.00
$89,856.00
$184,704.00 $6,956,040.00
$872,568.79 $1,915,149.19 $3,256,356.62 $5,931,201.40
Assumptions: • Cost of raw materials = 1/3 retail price • Haitians work 6 days a week, 8 hours per day • each rural Haitian assembles 2 pairs per day • % donated per year: 1=100, 2=30, 3=40, 4=50, 5=50 • Haitian square footage prices based off of $5000 • 2000sq ft Haitian warehouse price, $2.5 per sq. ft. • each Haitian employee is paid $.61 per hour
imprint™
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imprint™ Business Plan: Executive Summary
FINANCIALS Operating Expenses Selling Expenses Warehousing Expense (U.S.) Warehousing Expense (Haiti) $2,000.80 $4,089.49 Shipping (Freight Out) Expense Trade Show Expense Advertising and Promotion General Travel $5,000.00 Association Dues $500.00 Administrative Expense CEO Expense CFO Salary Lead Designer $45,000.00 Junior Designer Student Interns Fashion Consultant Facility Manager $10,000.00 General Manager $10,000.00 Warehouse Employees Employee Benefits and Taxes $20,317.14 Product Liability Insurance Consulting Rent Expense $8,000.00 Design Costs - Equipment $500.00 Design Costs - Materials $1,000.00 Design Costs - Software $1,500.00 Depreciation $1,000.00 Insurance - CEO $1,050.00 Telephone and Internet Expense $5,000.00 $1,000.00 Office Supplies Utilities Expense $3,000.00 Copyright, Trademark Upkeep $25,000.00 Legal Services/Fees (Consultant) $100,000.00 Accountant Services/Fees (Consultant) $35,000.00 Stationary Supplies and Postage $1,000.00 Property Insurance $500.00 Subscriptions $200.00
$11,211.20 $3,397.33 $30,062.31 $20,000.00 $24,000.00 $7,500.00 $500.00
$24,710.40 $7,487.25 $66,251.04 $25,000.00 $35,000.00 $10,000.00 $1,000.00
$42,328.00 $12,825.38 $113,503.42 $25,000.00 $35,000.00 $12,000.00 $1,000.00
$74,369.99 $22,531.09 $199,366.60 $25,000.00 $35,000.00 $15,000.00 $1,000.00
$55,000.00 $47,500.00 $45,000.00 $35,000.00 $11,000.00 $11,000.00 $83,200.00 $101,858.27 $21,403.20 $12,000.00 $9,600.00 $600.00 $1,000.00 $1,500.00 $1,000.00 $1,050.00 $7,000.00 $1,750.00 $5,000.00 $25,000.00 $100,000.00 $35,000.00 $2,000.00 $600.00 $200.00
$60,000.00 $50,000.00 $50,000.00 $47,500.00 $5,000.00 $35,000.00 $12,000.00 $12,000.00 $83,200.00 $138,899.40 $47,174.40 $12,000.00 $9,600.00 $700.00 $1,00000 $1,500.00 $1,00000 $1,050.00 $8,000.00 $2,250.00 $7,000.00 $35,000.00 $100,000.00 $2,500.00 $600.00 $200.00
$62,500.00 $52,500.00 $52,500.00 $50,000.00 $5,000.00 $13,000.00 $13,000.00 $166,440.00 $173,998.15 $80,808.00 $18,000.00 $11,000.00 $800.00 $1,000.00 $1,500.00 $1,000.00 $1,050.00 $8,000.00 $2,250.00 $7,000.00 $35,000.00 $100,000.00 $3,000.00 $800.00 $200.00
$65,000.00 $55,000.00 $55,000.00 $52,500.00 $5,000.00 $14,000.00 $14,000.00 $249,600.00 $233,827.44 $141,960.00 $18,000.00 $11,000.00 $800.00 $1,000.00 $1,500.00 $1,000.00 $1,050.00 $8,000.00 $2,250.00 $7,000.00 $40,000.00 $100,000.00 $3,500.00 $800.00 $200.00
Total Operating Expenses
$710,932.31
$892,622.49 $1,102,002.95 $1,454,255.12
$280,736.90
Earnings Before Interest and Taxes $334,902.13
Net Income
$334,902.13
$161,636.48 $1,022,526.70 $2,154,353.67 $4,476,946.28 $96,981.89
$613,516.02 $1,292,612.20 $2,686,167.77
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$334,902
Lead designer Facility Manager General Manager
imprint™ oM A
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26 imprint™ Business Plan: Executive Summary
ROLLOUT
$96 ,981.89 $613,516.02
CEO Junior Designer
CFO Student Intern
$1,292,612.20
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imprint™ Business Plan: Executive Summary
$2 686,167.77
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28 imprint™ Business Plan: Executive Summary
TEAM STRUCTURE The corporate structure depicted bellow for imprint™ is what is envisioned at the five year mark.
CEO
Board of Advisors Haitian Representative Shoe Expert Entrepreneur Humanitarian Foreign Affairs Liaison
CFO
Lead Designer
Facility Manager
Junior Designer
General Manager
Intern
imprint™
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imprint™ Business Plan: Executive Summary
KEY RISKS When undergoing such a business venture as imprint™ is executing, it is important to understand the key risks involved.
Risk: US Consumers view us as exploiting the Haitian population to make a profit. Our Solution: Through social networking such as facebook and twitter, we will document the positive impact we are making in Haiti. This includes the superior working conditions of the Vole™ production facilities as well as the happy children attaining their opportunity for an education. Risk: Competing with established Brands. Our Solution: imprint™ will focus on our socially conscious strategy to market to the current trend in which “consumers rank purpose as significantly more important than design, innovation, or brand loyalty as a purchasing trigger when quality and price are the same.” Risk: Acceptance by the Haitian government to establish our company there Our Solution: In the past, the Haitian government had requested companies to raise the pay to employees from 32 cents to 62 cents. However, the U.S. government intervened on behalf of American Corporations operating in Haiti to keep the pay where it was prior. imprint™ plans to pay their employees the amount that the Haitian government requested and will therefore have a significant opportunity for acceptance
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30 imprint™ Business Plan: Executive Summary
THE FUTURE
1ST DONATED SHOES!
picture taken November 25, 2011 imprint™
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imprint™ Business Plan: Executive Summary
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