Business Plan for Kay Gift Services

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Kay Gift Services is an online gift store and delivery service that offers a process of selecting a wide array of customized gifts, packaging and delivering the exotic gifts on behalf of the client and helps them surprise their friends and loved ones creating a lasting memory.

With the rise in social events and the busy life of individuals, Kay Gift Services will bridge the gap and let the recipient appreciated by the giver though not physically present.

Vision and Opportunity

The concept is to create a lasting memory to all the clients we are given an opportunity to serve through customized gifts and quick and efficient delivery services at the doorstep.

Establish a relationship with the clients and the company to ensure the warm feelings of love and appreciation are felt between the parties during the delivery process.

Act as an agent to spread the love no matter the distance between the parties.

Create a one-stop online shop for all the gift delivery services for all the events: baby shower, a birthday, engagement, wedding or a corporate event.

Develop a software application that saves the special dates of the clients and sends a reminder to the client for any upcoming events and allows them to make prior bookings.

Marketing and Implementation Strategy

Inform the potential clients about the actual opening of the business through FM radio and the various platforms available on the internet such as a website and a massive campaign on a social network such as Instagram, Facebook, and Pinterest.

The company website will ease the process of booking and selection of gift packages. Within the site, multiple templates will be made available, and a customization option will also be incorporated.

Offer discounted rates for the first three months as a promotional tool.

For returning customers, loyalty coupon points will be awarded that will be redeemed in the future for a gift of their choice based on the points.

Invest in personnel who are friendly and polite to make the surprises and gifting memorable.

Upload new ideas and themes based on the seasons and reasons for gifting on the website to bring out creativity and more inspirational styles to the clientele.

Have an efficient delivery system that guarantees next day delivery to have a competitive edge from the current competitors, who require a minimum seventy-two hours to make a delivery.

With a software application, it will be easier for the clientele to create a calendar that acts as a reminder of those events that they would like to gift their loved ones and make it a priority during the planning and budgeting process as every month the pop-up message will have all events happening that month.

Risk and Mitigation

Failure

Not so long that I operated a small coffee shop at a nearby educational institution, without proper market research. My partner and I found ourselves with a product that was not on demand as we had anticipated and the expenses were way more than we had roughly projected. Through this experience, we came to learn the importance of a comprehensive business plan following a massive market survey and how the business plan serves as a good guide to the trajectory a business is thought to follow. Probably, with a comprehensive account, it would have lasted longer.

Risk and Mitigation

With risk comes reward; thus all entrepreneurial journey must carry a level of uncertainty. A business plan tries to mitigate the uncertainty by developing a detailed account of the conversion of the entrepreneur's ideas and vision into a real, functional business.

A comprehensive business plan will be part of the mitigation strategy and workings on the client's feedback promptly to ensure all their grief are timely and effectively handled.

 Embrace globalization as a way to mitigate the risk. With globalization, not only will the company face local competition but also international firms thus we have to be in a position to embrace current industry requirements so as not to become obsolete.

Ensure that we embrace current technology to cut on the production cost, increase efficiency and increase the output levels.

Involve consultants both legal and accountants to ensure we do not face charges of failure to file taxes in the appropriate time frame and advice on matters dealing with effective management.

Have contracts drawn with all the participants' we engage in our service delivery to minimize the risk of getting into legal litigations that may result into expensive court battles and a bad image of the company portrayed to the public. 

Entrepreneurial ethics, personal “board of directors,” and 6-word summary

Ethical behavior is the key to a successful business in the twenty-first century because customers tend to pick services from a certain company based on the customer services offered and referrals from friends and family.

The company will ensure that ethics is part of the service delivery by carrying out a background check on all potential employees to evaluate the conduct and principles them possess.

As a company, we will host periodic seminars and workshops that are geared towards achieving and maintaining ethical practices in the working environment.

6-word Summary

Kay Gift Services, customized-gifts with next day delivery.

October 30, 2023
Category:

Business

Number of pages

4

Number of words

860

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25

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