Cool Wrist Entrepreneurship Business Plan
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Business Plan[pic 1]FoundersDerek ReevesAustin SteeleSteven GrantSaith CorreaGabriel QuinnCoolWrist408 Brighton Drive Edmond, OK 73003PHONE: (918) 527-6604FAX: (918) [email protected][pic 2]Executive Summary We developed CoolWrist in October of 2016, for those who plan on spending any period of time being in the heat. Our sole purpose is to provide a cool down mechanism that can be easily worn to help keep the body cool. Our goal is to reach every person that is active in the heat, and save them from the possibility of suffering from heat exhaustion or other heat related illnesses. We plan to use a material similar to “frog togg”, but spice it up with a few upgrades of our own special formula. Our product may look like a regular wristband from the first glance, but when you put it on and your wrist experiences an instant cool sensation, it is tough to shy away from our product. Part of our formula is gel like squares on the inside the wrist bands. Making it so when you put these specialized bands on coolness flows over your wrist cooling your blood allowing you to play longer, go harder, and keep working cool. Cool bands offer a variety of unique features. For athletes a sweet band that is legal to wear in every sport. Its updated technology will make this item hot on the market. There is a market belong huge for both wrist bands and cooling devices, however the market for a combination of both is what gives us the room to compete. This product also has an advantage in the market, because like other companies we are here to promote heat safety and raise awareness, rather than sell our product for the [pic 3]purpose of making money. We seek to make a difference in the sports world. Yes, we plan to gauge our product to athletes. We believe that they will eat a product like this up. We also have a very large source of clientele; how many people spend time outside? Rather you are working, going for a walk, or even mowing the lawn, where most people would prefer to stay cool. In correlation to the management of our team, we are a devoted group of men to selling the product that we have created. All of our founders have received business degrees at the University of Central Oklahoma, meaning that we have been taught and trained the steps it takes to be successful in a business deal or sale. When we hire employees, we will expect applicants to have prior experience of selling such as this. Several strengths that our group of founders has is the ability to form relationships and a high level of likeability. If you want to be able to sell to your target you must have the skills to have that particular person like you or else the sale will never happen. Another strength that stands out in this group would be the constant drive for success. We are constantly looking for new way and new ideas to make our product even more tasteful than our competitors. CoolWrist management is a team filled with problem-solvers and leaders who are not willing to give up until our goals are met.
[pic 4]It has taken a lot of time for us to acquire manufacturing needs for our company such as warehouse and space for equipment. Every month we have a fee to use the facilities we have built. It is vital that we continue to sell and make profit as we progress to keep these facilities up and running, and in our possession. year 1year 2year 3 year 4year 5production50010000502502502501000500revenue3750112500750000375000015000000cogs2500375001875009375003500000gross profit125075000562500281250011500000operating expenses0warehouse rent:70000patent:5000warehouse rent:90000Professional endorsement:100000warehouse rent:90000retail space: 250000professional endorsements: 100000warehouse rent:90000retail space: 250000professional endorsements:300000net income12500372500237250010860000 Posted above is a financial summary that shows the statistics we expect to meet over a period of 5 years. Selling over 1,000,000 wristbands is a major goal for us by year 5. At this point, we will have several buyers and athletes that we have endorsed. In our first year we will make nothing due to establishing a good foundation for our company. [pic 5]Contact Information408 Brighton Drive Edmond, OK 73003PHONE: (918) 527-6604FAX: (918) [email protected][pic 6]TABLE OF CONTENTSEXECUTIVE SUMMARY………………….… 2TABLE OF CONTENTS……………………. 6COMPANY OVERVIEW & BACKGROUND… 7MANAGEMENT………….……………………. 12IMPLEMENTATION PLAN…………………….. 15FINANCIALS………….……………………….. 18[pic 7]Company Overview & BackgroundPitch Did you know that heat stroke is the third leading cause of death when people are physically active? When was the last time you exercised and had an overwhelming exhaustion that you could not control? Well there’s a solution for you that can defeat both of those questions.