PASSPORT Pieces

BUSINESS PLAN

Business Plan Prepared By Maricette Pia CEO 1199 W. 11th Street Austin, TX 78701 (830) 255-1549 maricettep@yahoo.com www.passportpieces.com

Date Prepared March 22, 2011

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Table of Contents EXECUTIVE SUMMARY ...................................................................................................... 4 MANAGEMENT AND ORGANIZATION ........................................................................... 6 Management Team......................................................................................................6 Compensation and Ownership ....................................................................................6 Board of Directors/Advisory Council .........................................................................7 Infrastructure ...............................................................................................................7 Contracts and Franchise Agreements..........................................................................7 Insurance .....................................................................................................................7 Employee Stock Option Plan and Other Incentives ....................................................8 Organization Charts ....................................................................................................9 PRODUCT/SERVICE ............................................................................................................ 10 Purpose of the Product/Service .................................................................................10 Unique Features ........................................................................................................10 Stage of Development ...............................................................................................13 Future Research and Development ...........................................................................13 Trademarks, Patents, Copyrights, Licenses, Royalties .............................................14 Government Approvals .............................................................................................14 Product/Service Limitations......................................................................................14 Product/Service Liability ..........................................................................................14 Related Products/Services and Spin-Offs .................................................................15 Production .................................................................................................................15 Facilities ....................................................................................................................16 Suppliers ...................................................................................................................16 Environmental Factors ..............................................................................................16 MARKETING PLAN ............................................................................................................. 17 Industry Profile .........................................................................................................17 Current Size ..................................................................................................17 Growth Potential...........................................................................................17 Geographic Locations ...................................................................................17 Industry Trends .............................................................................................17 Seasonality Factors .......................................................................................18 Profit Characteristics....................................................................................18 Distribution Channels ...................................................................................18 Basis of Competition .....................................................................................18 Competition Profile...................................................................................................19 Customer Profile .......................................................................................................19 Target Market Profile ................................................................................................20 Market Penetration ....................................................................................................22 Distribution Channels ...................................................................................22 Sales Representatives ....................................................................................22 Direct-Sales Force ........................................................................................22

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Direct Mail/Telemarketing............................................................................22 Advertising and Promotion .......................................................................................23 Packaging and Labeling ............................................................................................23 Service and Warranties .............................................................................................23 Trade Shows..............................................................................................................24 Future Markets ..........................................................................................................24 OPERATING AND CONTROL SYSTEMS ........................................................................ 25 Administrative Policies, Procedures and Controls....................................................25 Receiving Orders ..........................................................................................25 Billing the Customers....................................................................................25 Paying the Suppliers .....................................................................................25 Collecting the Accounts Receivable ..............................................................25 Reporting to Management.............................................................................25 Staff Development .........................................................................................25 Inventory Control ..........................................................................................26 Handling Warranties and Returns ................................................................26 Monitoring the Company Budgets ................................................................26 Security Systems ............................................................................................26 Documents and Paper Flow ......................................................................................27 Planning Chart ..........................................................................................................28 Product/Service Development .......................................................................28 Manufacturing...............................................................................................28 Financial Requirements ................................................................................28 Marketing Flow Chart ..................................................................................28 Market Penetration .......................................................................................29 Management and Infrastructure ...................................................................30 Risk Analysis ............................................................................................................30 Salvaging Assets .......................................................................................................30 GROWTH PLAN .................................................................................................................... 31 New Offerings to Market ..........................................................................................31 Capital Requirements ................................................................................................31 Personnel Requirements............................................................................................31 Exit Strategy..............................................................................................................32 FINANCIAL PLAN ................................................................................................................ 33 Startup Cost Worksheet ............................................................................................33 One-time startup expenses ...................................................................................33 First three months ................................................................................................34 Break Even Analysis..35 Sources Funds ...........................................................................................................36 SUPPORTING DOCUMENTS ............................................................................................. 37

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EXECUTIVE SUMMARY Venture History Passport Pieces was formed in January 2011 to fulfill a market demand in exclusivity, culture, and innovation. Luxury items from around the world are in demand in the city of Austin. Global trade is a multi-billion market that has existed in the United States for centuries. Texas has felt this particular market demand for over a century, and is always seeking innovative ways to keep trade between borders friendly, safe, and marketable. Texas houses the largest inland port in the United States, and one of the largest markets of imported goods from all around the world. The market continues to grow exponentially each year creating new demands for a variety of products within the retail industry. Venture Description Passport Pieces, a retail boutique, will provide distinguishing, superior, products and merchandise to avid retail consumers, with an enormous emphasis placed on individuality and exclusivity in the retail market. The business will offer products that are imported from countries around the world and travel accessories by local designers. This shall fulfill the consumers desire for fine culture and luxury at better rates creating an opportunity to better suit their desires without the expense of travelling abroad. Passport Pieces is in the start-up stage of operation, and will offer unique merchandise imported from a limited number of countries known for a specific textile or product. A major feature will include a personalized passport created with photo per customer for the boutique, and will require a stamp for each piece purchased from a different country that will educate the consumer on the pieces culture and country of origin. Proprietary rights the business will have include intellectual property, any text and images displayed in the store or at the store web site, and the business logo and trademark. Venture Organization Passport Pieces will operate under the form of a sole proprietorship in Austin, Texas in the downtown area of the city. Key management personnel of the business will be operated by owner and head manager Maricette Pia, investor and business manager Karrie Cox, and retail store manager Shannon C. Holmes. Miss Pia has twelve years of management and customer service experience, and four years of experience in work with contractors in public relations, financial operations, advanced electronics, and layout design for the US Navy. Mrs. Cox is a business owner and has had eleven years of experience in advertising and marketing and business management. Mrs. Holmes holds nine years of management experience in customer service and retail operations, and will serve as the main manager in hiring an additional full time employee and one part-time employee to complete the personnel team. In addition to management, a support group will exist including Juan J. Rivera Jr., acting as a business advisor and attorney at law.

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Venture Market While there is a diverse population in the area, there is a lack of product import and innovation due to the cost of travel in todays economy. Consumers have faced issues with imports, customs, and taxes when returning to the city discouraging consumer desire to bring culture into homes. The retail market is a profitable industry in Texas, and Passport Pieces will expand the demand for import items at lower costs in the heart and capital of Texas meeting demographic trends. The idea created exists to meet consumer demands by purchasing exclusive merchandise that appears to be exclusive and luxurious. Travel is normally required abroad to attain such items, but the target market to be reached purchases without actually travelling or spending a high amount of disposable income, but still creating the image of that lifestyle. Market penetration will be utilized by local advertising media such as the Austin American Statesman, 96.7 KISS FM Radio Station, and other social media that reach the target market. Competitors such as Cierra Interiors, Hobby Lobby, and Big Lots offer similar products as a whole, but lack the services, variety, quality, and exclusivity offered by Passport Pieces. Venture Operations Passport Pieces will need $200,000 to support the growth of the business in product development, marketing, and operational costs for the first two years of operation. There will be $75, 000 of initial capital investment from the company owner and one additional investor. The business is seeking the additional $125, 000 as a loan to meet the necessary costs of operation. This will include pre-paid rent, employee salary distributed and paid to the owner, manager, and two employees of the business. Production and development are included, as well as marketing, advertising, and promotional costs. An additional amount will be allocated for operating cash including any additional unexpected operating expenses and changes in seasonal demands. A profit is expected to generate during the second year of operation. Venture Financing Passport Pieces is seeking finance of a small business loan in the amount of $125,000 to meet the needs of business operation, and $75,000 of start-up capital will be provided by the business owner and one personal investor. The small business loan shall cover expenses including the following: Equipment Rental Pre-paid Rent Payroll Utility Deposits Production, Development, Marketing, Advertising Operating Cash The initial investment and any profits generated after two years shall be paid to investors and financers on a quarterly basis by percentage invested after three years of operation. The loan is expected to be paid in full after three years of successful operation.

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MANAGEMENT AND ORGANIZATION Management Team The management team will consist of three people who will take active roles in leadership, staff training and hiring, and company organization as the business expands. These key roles and tasks will be determined in order to have a successful designation of tasks (Granger and Sterling, 2003). Maricette Pia, will be the owner of Passport Pieces, and is the primary manager of the business. Miss Pia has twelve years of management and customer service experience. In additional to management experience, Miss Pia holds four years of experience in work with contractors in public relations, financial operations, advanced electronics, and layout design for the US Navy. Maricette Pia will be directly in charge of the business analysis, decision-making, marketing strategies, and accounting financial goals throughout the first few years of business operation. Miss Pia will also be responsible for store layout and design decisions, general contracting, and business projects to successfully operate and represent the business. Responsibilities will be shared with a second manager upon the success and expansion of the business after the third year of operation. Karrie Cox, will serve as an investor and business manager, owner of Through Films, LLC is responsible for maintaining building projects, assistance in financial operations, and prospective advertising campaigns. Karrie Cox has had eleven years of experience in advertising and marketing and business management. This position will serve as an avenue to correlate marketing strategies with the owner. Shannon C. Holmes, will serve as the retail store manager. Mrs. Holmes holds nine years of management experience in customer service and retail operations. Mrs. Holmes will be responsible for hiring one full time sales associate and one part-time sales associate and delegating duties to the employees after the first year of operation. This position will entail maintaining day-to-day operations with sales associates, managing visual merchandising displays, and keeping a daily count of store sales and inventory. Compensation and Ownership The owner will determine the salary to be paid for each position, including owner salary, according to the sales of the term (Narvin, 2007). It is projected that for the first two years, the primary owner shall receive a salary of $22, 000. The business manager, Karrie Cox, is investing in the company not expecting any compensation until after the second year. The retail store manager will receive salary compensation competitive with market rates. The future fulltime employee and part-time employee will receive an hourly wage of $10 per hour. The majority of the business ownership will remain with Maricette Pia for the first three years, and the minority will remain with Mrs. Karrie Cox as an investor until plans for expansion occur.

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The ownership percentage is as follows: Maricette Pia Karrie Cox 70% 30%

Board of Directors/Advisory Council The board of advisors will consist of two industry professionals with experience related to business ownership and operations of strategic manners and planning. Advisors are as follows: Juan J. Rivera Jr.-In charge of major business operations and advisor in decisions that directly affect business operations Karrie Cox-Investor in charge of financial advising and entrepreneurship Infrastructure Professional consultants will exist in incidental matters. Compensation will be provided on a case by case basis. Juan J. Rivera Jr.-Attorney at Law will assist in all legal matters associated with the business. Compensation will be paid hourly or by project Nathaniel L. Petri-Information technology and electronics maintenance person will assist in all matters associated with store computer system and web design. Compensation will be provided on a case by case basis hourly or by project. Lynn Vaughn-Insurance agent of State Farm Insurance that provides advice on business insurance and plan. Compensated hourly.

Contracts and Franchise Agreements Contractual agreements have been comprised by Mr. Juan J. Rivera, Attorney at Law. The contracts consist of business information pertaining to operations concerning contractors, suppliers, vendors, and manufacturers. These contracts will exist in order to protect the business against law suits and fraud, in addition to protecting business assets. There are currently no plans for franchising or licensing for the business. However, there are prospective licensing agreements that will be considered in the future. Insurance The business will hold an insurance policy through State Farm Insurance Agent Lynn Vaughn, which will protect the heirs of the company in the event of an unexpected death of the owner or the investor. This policy will insure that the heir(s) of the company receive enough

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compensation to buy that portion of the company, and include funds to pay estate taxes and liabilities (Vaughan, 2011). Loyal personnel in a business are an important part of a business success, and shall be covered through a life insurance policy that will cover all liabilities in the event of an unexpected death (Vaughan, 2011). Additional insurance suggested by Lynn Vaughn of State Farm Insurance will cover the following: Employee Health Insurance Property Damage Accidental Coverage Natural Disaster Damage General Liability Workers Compensation

Employee Stock Option Plan and Other Incentives There are no employee stock option plans in place. After two years of successful operations, the owner and investor shall receive a portion of profit distribution according to percentage of ownership. The remainder of profit will remain as part of the business assets in order to maintain the success of the business and possible expansion. Ownership will remain between the owner and investor. No expansion to employees will exist. Employees will receive other incentives such as a three percent commission or incentive pay according to gross sales. After five years of dedicated service to the business, the employees may be evaluated to receive higher salary compensation.

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Organization Charts

Owner/Manager
(Marketing, design, finance, PR)

Maricette Pia

Manager/Investor
(Finance, Entrepreneurial Advice, Advertising)

Karrie Cox

Sales/Retail Store Manager Shannon C. Holmes

Operations
(Infrastructure, Legal, IT)

Sales Associates

Typical Weekly Time Schedule Monday through Friday Open 10am-8pm Saturday Open 10am-10pm Closed Sundays
Sunday Closed Monday Karrie 10-6 Shannon 12-8 Employee 2/12-8 Tuesday Maricette 10-6 Shannon 12-8 Employee 1/12-8 Wednesday Maricette10-6 Karrie 12-8 Employee 1/12-8 Thursday Maricette 10-6 Shannon 10-6 Employee 1/12-8 Friday Maricette 12-8 Shannon 10-6 Employee 1/12-8 Saturday Karrie 10-4 Shannon 2-10 Employee1/10-6 Employee2/2-10

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PRODUCT/SERVICE Purpose of the Product/Service Passport Pieces, a retail boutique, will provide distinguishing, superior, products and merchandise to avid retail consumers. With the enormous emphasis placed on individuality and exclusivity in the retail market, Passport Pieces will offer products that are imported from countries around the world and travel accessories by local designers, fulfilling the consumers desire for fine culture. Luxury items will be offered at better rates creating an opportunity for consumers to better suit their desires without the expense of travelling abroad. The companys pieces will include accessories, luggage, or unique finds from around the world, along with small travel accessories. Unique Features Passport Pieces will be a retail store offering a limited number of pieces for each item available, in order to assure the consumers exclusivity in their purchases. There will only be products from a small number of countries known for the specific textile or product. Unique features of the merchandise will include: o A Passport for the guest will be created by the boutique that will require a stamp for each piece purchased from a different country. This will educate the consumer on the pieces culture and country of origin. Refer to Appendix for example of Passport Cover. o All pieces constructed will be handmade or hand painted so that each piece has a unique design that differs from the next. o Environmentally friendly products will be used for the treatment and care of all pieces, and recyclable paper and packaging materials will be used for the proper care and packaging of each piece. o Merchandise will not be available for sale online through foreign companies, but will be for sale at the Passport Pieces web site.

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o The only countries in which pieces will be imported from are: India- beadwork and cashmere

Mexico- manufacturing of quality denim

Spain- chocolate

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Italy-leather

Egypt- jewelry, fertility doll art pieces, and fragrance serums

China-decorative pottery

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All other small items or merchandise will be from local designers that cater to the traveler or tourist

Stage of Development Passport Pieces is in the start-up stage. The business plans to lease a retail space and begin construction by August 1, 2011. The projected grand opening is November 1, 2011, which will allow ample time to complete construction, and begin sales in order to be fully ready for the holiday shopping season. Profitability is projected during the second year of operation. The following is the Passport Pieces projected schedule: o o o o o o February 2011 March 2011 April 2011 May 2011 July 2011 August 2011 Store design and manufacturer details Begin construction of retail space and building Complete construction and equipment installation Initiate local and state licensing agreements Obtain approvals, fix discrepancies, and begin production Import first shipment of merchandise and approve all items for sale Begin store layout, disperse merchandise, and begin marketing Finalize all discrepancies, disperse second shipment of merchandise Opening day, begin sales

o September 2011 o October 2011 o November 2011

Future Research and Development Passport Pieces will continuously monitor consumer behavior and market changes in order to provide the best foreign shopping experience in a local establishment available. The business will conduct research on consumer trends to correlate the merchandise sought after with the demand in market trends. The business owner and managers understand the market is constantly changing, and understand the need to keep the environments best interest in mind. Therefore, the business will also continuously conduct research on sustainability methods to assure the best possible ways to utilize resources and increase profitability.

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Trademarks, Patents, Copyrights, Licenses, Royalties Passport Pieces will obtain a trademark for the business name and logo. All artwork used in packaging and marketing materials will be held as copyrighted material by Passport Pieces. Government Approvals Passport Pieces will obtain the multiple licenses required in order to meet local, state, and federal laws necessary to operate the business. There will be documentation and required research to assure all guidelines are met and up-to-date each year. The following are required in order to operate the business: Local Licenses/permits: Alcohol License (retailer or wholesaler), Business license, and alarm permit County Licenses: Alarm permit and Alcohol license State Licenses: Alcohol License (retailer or wholesaler), Business license, employment agency license, Sales Tax Registration, and Tax Registration Federal Licenses: Tax License, Alcohol License(retail or wholesaler) Product/Service Limitations The product limitations will mainly be related to the imported merchandise. Although there will be some merchandise sold that is locally made, the majority is imported which could limit the consumer attention in some aspects. The following are limitations that Passport Pieces may encounter: Consumer only seeks American made products Consumer not able to purchase more products online through another company While limiting the items creates exclusivity, it may limit the sales in some sections The business will be limited to stores that agree not to sell these particular items online, which can limit the number of businesses Passport Pieces conducts business with. Change in market trends that will effect where people wish to purchase merchandise War or conflict with a country conducting business with the store Product/Service Liability The products may pose liabilities if something happens to be defective, due to the cost of returning the item overseas. Final sales could pose a liability in consumer returns. When consumers know that the item may only be returned within a short number of days after the sale, they may be inclined leave and not make a purchase. The Austin area is generally within a distance that is affected by tornadoes or outside effects of hurricanes, and this issue leads to liabilities. The weather could affect sales or store traffic, and natural disasters could damage the building and merchandise. Other possible liabilities entail store related accidents. Therefore, the business will purchase an insurance policy that protects against accidents, injury, natural disasters, and lawsuits. Passport Pieces will be insured through Stormy Insurance and Financial. The policy will include coverage on the following:

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o o o o o o o Property damage Criminal theft Monies and securities Natural disasters Accidents Equipment (mechanical and repair) Accounts Receivable

Related Products/Services and Spin-Offs Related services and products that will be provided by Passport Pieces are accessories for travel and care of your travel items. They are designed locally such as leather protectors, cleaners, pens, notebooks, and personalized passport holders. For the import items, the main related item that will be sold from time to time is wine. It will correspond to the items consumers buy from that country, and each week or month a different country will be showcased. This will enhance profitability of the store through accessible pieces that project the store and brand image, while supporting the local designers. The wine sales will reach a different demographic that may then purchase wine in addition to imported pieces of merchandise. That will raise the amount of their purchase. The business owner shall hire an employee to be the sole designer and developer for particular pieces in order to build a customer loyalty from those who only seek to purchase American made products. A product spin-off for future development will be pieces that are made in the United States, but convey the traveler lifestyle. It will promote the brand image, and assure a larger customer base. Although some consumers can afford to travel, it is geared towards attracting attention of those who wish they did not always have to travel in order to purchase unique pieces. Designing and developing pieces for the business will expand the products offered, as well as, expand the sales and profit for the store. Production Some production will be constructed internally as some of the accessories will be locally produced. However, until expansion begins, and a designer is hired to design and construct pieces, the main production will be subcontracted. Approximately eighty percent of the work will be subcontracted out. The products will already be created by hand or manufactured by the designer or manufacturer in the country of origin. Cost will differ according to the amount of work dedicated to each piece. The services involved in the subcontracting are geared towards having the actual designer make the pieces, or to have them made in small amounts by a manufacturer in their local city before exporting the pieces to the store. The backup subcontractors will be local designers who the business provides with ideas and textiles that are imported in order to create similar products.

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Facilities The facility will be located in a downtown retail location in Austin, TX with two floors. The first floor will consist of an office for the owner or business manager, and the retail space itself. The second floor will be designated for local design, storage, and manufacturing of local products. The manufacturing facilities for subcontractors will each consist of a small facility in each country that does not mass produce merchandise. It will be researched to assure this work is created and perfected by adult professionals in the industry who manufacture their work to design professionals. Suppliers Passport Pieces has chosen MSC Direct located in San Antonio, Texas, as the provider for raw materials. They have materials ranging from eco-friendly resources and 3M resources to lighting and machinery resources. The wide range and variety will allow the business to successfully supply the building with all the raw materials needed to operate properly. There is no purchasing contract as of yet. Backup suppliers will be from the same company at a different location. Due to the central location of Austin, there is an advantage to choosing MSC Direct as a supplier, because there are locations in Dallas, Texas and Houston, Texas in addition to San Antonio.

Environmental Factors Passport Pieces is motivated to conduct business in an environmentally friendly atmosphere, with as little waste as possible. Sustainability is an important aspect of the business. All products and packaging materials that can be recycled will be sent to local recycling facilities. All cleaning products used in the retail space will be environmentally friendly. It is a priority to take charge and comply with all practices in accordance with the Environmental Protection Agency (EPA). There will be minimal landscaping located around the building to reduce the use or waste of water. Electricity and water will be used as little as possible to conserve energy throughout the building. Any pieces returned that cannot be sent back to the country of origin shall be used to reproduce another product and repaired for auction. The collection from auctions will be donated to a local charity. The business will keep semi-annual reports on use of electricity, water, heating and air conditioning, and waste. With those numbers, the business can set a projected goal in overall sustainability each year in order to continuously raise the percentages of conservation for the environment. The environment should be a concern for every business, and Passport Pieces understands the toll it takes on the environment in order to successfully operate.

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MARKETING PLAN Industry Profile Current Size The United States retail industry is large, and it accounts for more than 12% of trade volume for businesses based in the country. Small businesses account for approximately 95% of retailers conducting business in the US. The retail segment accounts for $215 billion dollars in clothing and accessories and $1.37 billion dollars in import goods. (Stanley St. Labs, 2011). In terms of local size, the Austin Metropolitan Statistical Area, (MSA), includes cities in Austin, TX and the surrounding cities. This area contains the cities of Austin, Cedar Park, Pflugerville, Leander, Round Rock, Georgetown, San Marcos, Lockhart, Bastrop, Taylor and Lakeway among others (Chapman, 2011). The Austin MSA contains 1,246 businesses in the apparel/accessories sector and 323 retailers in general merchandise sector as of 2008 (Stanley St. Labs, 2011). Growth Potential The Austin Chamber of Commerce includes statistics and research proving the growth potential of the retail industry in the state of Texas and the city of Austin and the Metropolitan Statistical Area. The retail industry in accessories, imports, and general merchandise is rapidly growing. Total retail sales for the Austin MSA have increased 6.5% in the last two years. This is an average of a 6.4% semi-annual growth in the industry, (Austin Chamber of Commerce, 2011). Although the economy has taken a toll on the retail industry in previous years, there is potential for much growth in the industry in years to come. Geographic Locations The retail industry exists all over the world and is constantly growing and expanding. Areas with a higher population density also have a higher number of retail businesses in the surrounding areas. The more populated geographic areas will generate more sales and allow for expansion of the retail industry. The Austin MSA contains a population of 1.7 million, (Austin Chamber of Commerce, 2011). A central location will allow for potential of greater success and accessibility within the industry. Industry Trends The trends in the industry are mainly affected by the status of the economy and the employment rate in most states and around the world. When the economy is doing well, people shop and have a higher disposable income to pull from, which leads to purchases that do not necessarily have to be a great investment. During times of economic hardship, consumers tend to use disposable income on pieces or merchandise that are better quality and a better investment assuring their expenses have been carefully spent. Trends such as these lead to a rise in sales for retail businesses. In addition to retail sales for quality merchandise, the economic status of a specific area may dictate how much people shop and travel. The current status of the economy has impacted travelling and has reduced which may force consumers to shop at local businesses

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that offer merchandise that would normally be purchased overseas. There must always be anticipation of change in technology differences that affect how the business reaches the consumer and what it offers. The effects of this can alter how the business is run, and can also add to the overall success of expansion and distribution. Seasonality Factors The special season for this particular sector of the retail industry is highest during the winter holiday season. This particular time begins approximately the fourth week of November introducing sales and higher profits the day after Thanksgiving, also known as, Black Friday. The season continues to have peak sales until the beginning of the New Year during the first week of January. Profit Characteristics The profit characteristics for the retail industry increase year to year and account for approximately 49% of sales in Austin, TX and Austin MSA (Metropolitan Statistical Area). Profits have risen between $4 million and $5 million each year since the beginning of 2009. Between the end of 2008 and the beginning of 2011 profits in retail sales have risen a total of 10% and continue to rise, (Austin Chamber of Commerce, 2011). With a consistency in increase such as this, it is in the best interest of the business to adjust their prices to allow for a better profit margin in order to match that of the retail industry average markup of 50%. Distribution Channels Many avenues exist for distribution channels within the retail industry. Currently, the distribution channels that exist to support the sale of products for the business are direct sales from the business and the internet. Approximately 80% of all sales will initially rely on direct sales from the establishment, while the internet will be the second highest form of distribution channel available to meet the industry goals. Utilizing the internet and social media shall aide in expanding customer base and customer knowledge. Future distribution channels will be in place to account for customers not reached through the initial process. Basis of Competition The basis of competition for Passport Pieces is to target the largest sector of consumers in the retail industry which is women. The business shall implement a concept and strategies that assure the consumer a series of different experiences when entering the store. The initial passport for new customers will be the initial start up process creating exclusivity. Customers will have their photo taken, and a passport will be created with a profile listing their interests in merchandise and culture in order to keep their attention and provide a sense of belonging to a specific group. In addition, the passport will serve as a customer contact record for the business that will separate customers by geographic profile, preferences in culture and taste, and contact information. Each time the passport is stamped, the customer will reach a new tier in customer rewards and incentives. Rather than a simple rewards card with name and contact information that retailers use, creating a passport will create a sense of belonging and importance for

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customer relationships. Providing an establishment that promotes culture and emphasizes the feel of vacationing or travelling will promote customer loyalty. Competition Profile The competition will consist of retailers that offer merchandise that appear to be from foreign countries or designers, but are made in the United States. These retailers may offer products at a price somewhat lower than Passport Pieces, and therefore stand as the ultimate competition. Passport Pieces must offer authenticity and an experience that cannot be found at the competitors establishment. Cierra Interiors, a local business, is a competitor that offers quality imported pieces at an affordable price yet, they specialize in furniture and art work. Other businesses that offer similar pieces of merchandise are Hobby Lobby and Big Lots. These businesses all offer merchandise in different price ranges. They offer merchandise that appears to be imported and offered at discounted prices. While they are successful, they lack the experience and variety created at Passport Pieces. The competitive advantage lies within the variety of merchandise as a whole. The competitors cater to specific home dcor or furniture and lack a better shopping experience. They do not offer merchandise or products in other areas of interest. It is in the interest of the consumer to attain quality, variety, exclusivity, and affordability in one location that will be offered by Passport Pieces. Customer Profile Although Passport Pieces will offer merchandise that suits men and women of all ages, it is in the best interest of the business to seek the customer that best fits the overall profile. The Passport Pieces customer is a 27-40 year old woman, who has a college undergraduate degree or higher that is employed at a management position or higher in a business or corporation earning $40, 000-$80,000 per year. Her marital status is not of importance, as her income level maintains the amount of disposable income she depends on. She lives in Austin, Texas or one of the cities surrounding the Austin city limits in a town home or apartment. Passport Pieces understands the importance of knowing the core customer. The ideal Passport Pieces customer is Julienne. Julienne lives in a small town home and is saving to buy her first home. She is a strong, independent woman who absolutely knows what she wants from life, and does not take no for an answer. She has a positive attitude towards life, health, and education. Julienne values right from wrong, family, knowledge, courage, and honesty. She appreciates art, culture, diversity, and different types of cuisine. Her belief system continues to grow on the values and religion she was raised upon. Her social status is middle to lower upper class. While Julienne earns a reasonable salary, she does not spend her disposable income on pieces that she will not get multiple use of. Julienne enjoys spending her free time in art galleries, charity events, wine tastings, and outdoor events. She will attend any event that is discounted, and always chooses a product that is a bit higher priced if a portion of the proceeds will be donated to a charity. Although she cannot always afford high luxury items, she purchases items that are of good quality that appear to be of great luxury.

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Target Market Profile The target market for the business is based on the age, sex, income distribution, and population density of Austin, TX and Austin Metropolitan Statistical Area, (US Bureau of the Census, 2008).

Population by Age & Sex, Austin MSA

Male 0-17 18-24 25-44 45-64 65+ Total 220,720 96,008 288,822 185,811 54,381 845,742 Female 209,396 91,785 251,412 183,633 70,634 806,860 Total 430,116 187,793 540,234 369,444 125,015 1,652,602

Income
Austin MSA Median household income Per capita income Households by Income Group $59,221 30,380 Texas $50,043 25,096 United States $52,029 27,589

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Population Density: Persons per Square Mile

Austin

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Market Penetration Distribution Channels There will be two main distribution channels that will exist to sell products to the end user. Direct sales at the store will be the main distribution channel, followed by an online catalog. Direct sales will assure that the profit remains the largest through consumer purchases at the store. An online catalog will exist, but only for existing customers who already have a passport and mini customer profile established. This will encourage customers to visit the store at least once before shopping online is at all possible. The internet will be used for multiple marketing avenues, and the possibility of online sales, besides membership catalog sales, will be reevaluated in the future upon sales and profit growth after the first two years in business. Sales Representatives Sales representatives will not exist for the business, as Passport Pieces is a small company with only four to five employees. Any future growth or expansion upon the success of the company shall be reevaluated at a future time to consider independent sales representatives when the opportunity and resources permit. Direct-Sales Force There will be no direct-sales force for the business as of this time. Direct Mail/Telemarketing There will be a form of direct mail utilized through the business. The direct mail will be comprised and mailed quarterly via email. The email list will consist of customers who have visited the store, and have created a mini profile and passport officially becoming a member of the Passport Pieces incentive program. The email will include the Passport Pieces news letter including the following: sales, new arrivals, member discounts, and any future events Passport Pieces will be taking part in. There is no cost for email, but the cost of internet is $39.00 per month in order to keep up with the newsletter and day to day business online.

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Advertising and Promotion For the first two years, advertising and promotion media will consist of local radio stations, press releases, news paper ads, the store web site, and social media networks, (Gaebler, 2011). The list is as follows: Local radio stations: Cost is $84/every 30 seconds 96.7 Kiss FM, 94.7 The Beat, and 98.1 Country Music Station (twice per day on weekdays, three times per day on Weekends) four weeks prior to grand opening and four weeks after grand opening.

Press Releases: Cost of Chronicle $45/ad Cost of Statesman $330/ad Cost of Internet ad-FREE Web site: Cost-FREE Social Media: Cost-FREE Refer to Appendix for Advertisement. Packaging and Labeling

Austin American Statesman reaches 59% of people Austin Chronicle reaches 29% of people

Passport Pieces web site reaches every customer and all other potential viewers Facebook, Twitter, LinkedIn Reaches all customers and all other potential clients

Packaging and labeling should reflect the company image. Labeling will consist of the company logo and trademark. All labeling will be in vintage style, tan colored recyclable paper that has a vintage green or blue logo. The logo will resemble a stamp on a regular passport in the shape of a globe. All packaging will contain the same logo and trademark on each package. The packages will resemble stamped paper, and different styles will exist that all mimic a familiar image from each country with a corresponding stamp. Color themes will reflect the color palette of the store, the logo, and the current season. Service and Warranties A sixty day limited warranty will be offered on all non-edible items that are purchased. Passport Pieces guarantees the quality of the merchandise with proper care by the consumer. All merchandise is inspected upon arrival from manufacturer, and therefore have a limited warranty. Passport Pieces guarantees honest delivery of non-damaged merchandise. If merchandise is damaged upon return by the consumer, there will be no refund or exchange. If merchandise is not damaged upon return within the appropriate number of days, it may be returned or exchanged for store credit if paid with a credit card, and a full refund will be returned for items paid for in cash from the date of purchase. There are no guarantees for the life of any edible items passed the expiration date on the package.

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Trade Shows The owner will attend trade shows to keep up with current and future market trends. Local and national trade shows such as the SXSW South by Southwest Trade Show in Austin, Texas, Magic in Las Vegas, Nevada, and Austin Convention Center Trade Show in Austin, Texas will be among the main interests that pertain to the store competition and relevance in the industry. Trade shows outside of the Austin area will serve as a tool to research market trends, while local trade shows will also serve as tools for sales and marketing. Future Markets Passport Pieces will maintain a local market presence, with potential to expand in the Central Texas area. The business will continue future research in the state wide market after three years of successful operations with possibilities for expansion.

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OPERATING AND CONTROL SYSTEMS Administrative Policies, Procedures and Controls Receiving Orders Orders received shall only be entered into inventory by owner or sales manager on the Passport Pieces database and spreadsheet, and the second person will verify and sign orders received to assure accuracy. Billing the Customers At this time there is no policy set for billing the customers, as there is no other form of accounts receivable or credit issued to customers. All merchandise must be paid for at time of purchase. Cash, checks, and credit cards will be accepted as forms of payments for all transactions. Paying the Suppliers Only the owners financial consultant will be authorized to pay suppliers. All merchandise must be paid within 30 days of the initial order, and if possible, shall be paid earlier in order to receive any applicable discounts. Payment shall be issued by authorized person in the form of a company check or credit card, and shall be documented by the authorized person to the Passport Pieces database. Collecting the Accounts Receivable There shall not be any accounts receivable account as Passport Pieces will only accept cash, check, or credit card as forms of payment for purchases of any merchandise. Reporting to Management In regards to personal or work related issues, reporting to management can be made verbally or by written statement. There is an open door policy, and under particular circumstances, complaints or reports may be filed anonymously or in formal writing. Reports regarding sales and profits or losses of the business and all operations shall be documented and printed nightly by the owner or manager present at the close of each business day. The report shall require a signature of the closing manager on duty, and shall reflect all business of the day to ensure a proper start of the next business day. Staff Development Staff development shall be controlled by monthly training sessions according to the needs of the business and the store. Training is absolutely important, and must exist on a regular basis to improve staff performance and to maintain interest. Quarterly sessions will also take place to

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track the sales and records of the business that affect the overall success of the business. Incentives for sales and development will be developed to meet the demands of the staff and to keep sales from diminishing. Staff benefits such as health insurance and paid vacations will exist for those working on salary on a full-time schedule. Inventory Control Inventory procedures shall be monitored by the owner in addition to the sales manager on a weekly basis to assure accuracy of sales and stock, and to keep track of the sales flow of merchandise trends. The business database shall have templates that correlate to the business merchandise and stock, and that can be tracked on a system day-to-day. All inventories older than six months shall be placed in an archive file to compare to upon the needs of the business and to study semi-annual sales and trends of merchandise. Each person conducting inventory including the owner, shall have a second person sign-off on the inventory list to ensure accuracy and precise inventory statistics. Handling Warranties and Returns All warranties and returns shall be handled by a manager or sales person with a receipt only. With proof of a receipt a full refund or exchange may be made for merchandise. If a receipt is not present at time of return and product is known to be under warranty by Passport Pieces, the customer shall receive store credit. No other refunds or exchanges will be allowed under any other policy. Monitoring the Company Budgets The company budgets shall be monitored by the store owner. Sales Force, an internet company specializing in tracking and monitoring company budgets and information, will be utilized to track company budgets, sales, expenses, and projected numbers every quarter and at the end of every fiscal year. A separate accountant shall be hired semi-annually to correlate the budgets projected and monitored by Sales Force. Security Systems Security for the business will exist with security cameras in place within the establishment. There will be emergency procedures that exist and shall be listed within the business. Training shall be held quarterly and provided to employees on how to handle security issues if or when they arise. Information shall be kept current to contact local authorities in case of emergencies, and a security alarm system will be placed in the building in order prevent a break in or other disturbance. The alarm system will be linked directly to the local police department.

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Documents and Paper Flow Transactions shall be printed for the sale of each piece of merchandise, and must be prepared according to stock number and date. Transactions will be documented into the computer database and then printed upon sale for the customer and the business. Transactions between the business and companies, manufacturers, or designers shall be printed with all information of merchandise descriptions, prices, and quantities to track sales and flow of merchandise. Planning Chart Marketing Chart Prior to Opening THREE MONTHS PRIOR TO OPENING DAY August, Order Shipments from each country and confirm contract agreements September, Enter all shipments received into inventory and set price tags October, Sort all merchandise and make any changes to inventory and pricing Product/Service Development The product will be ready to market approximately three months before the opening day of the store. The merchandise will be imported from other countries with existing companies and designers that already have the merchandise manufactured and ready to export, therefore, the merchandise will be more accessible and readily available to the business when needed. This will allow time for changes in orders according to changes in market trends or any discrepancies that may arise.

Manufacturing Due to the merchandise already being in existence through other companies and designers, the manufacturing schedule will follow the process dictated by the personal designer or company from that particular country. Orders will be placed six months ahead of time depending on how quickly new designs are developed. Manufactured merchandise will be ordered on a quarterly basis according to the changes or stability in market trends. Financial Requirements Financial requirements will be needed six months prior in the amount of $33, 000 in order to make any necessary repairs and renovations, merchandise purchases and inventory, and applicable marketing and advertising. Itemized amounts of for each requirement are as follows: Necessary repairs and renovations-$20,000 Merchandise Purchases and Inventory-$6,000 Applicable Marketing and Advertising-$5,000

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Marketing Flow Chart According to the market penetration schedule, advertising will be placed in the local Sunday newspapers twice a month for three months prior to opening day. Brochures and or direct mailers shall be developed six weeks prior to opening day and mailed bi-weekly in accordance with social media advertisements and radio advertisements that shall air two weeks prior to opening. See chart in Market Penetration for specific time schedules on marketing and advertising. Sunday Paper August Week 2

Sunday Paper August Week 4

Sunday Paper September Week 2

Sunday Paper September Week 4

Wednesday Direct Mailers printed

Thursday Direct Mailers mailed Thursday Direct Mailers mailed Thursday Direct Mailers mailed Radio Ad Airs

Sunday Paper October Week 2

Wednesday Direct Mailers printed

Sunday Paper October Week 3 and 4

Wednesday Direct Mailers printed Radio Ad Airs

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Market Penetration THREE MONTHS PRIOR TO OPENING DAY August, Order Shipments from each country September, Advertise by weekly Direct Mailer and Sunday Paper

Month 6, October 2011 Sunday Monday Wednesday Thursday Friday 2 3 Construct Print & direct Email mailers Email& Coupons 7 8 9 10 Send Mail Direct Coupons to Mailers corresponding demographic areas 14 15 16 17 1 Print In-store Signage Pieces Radio Ad Week 1 Tuesday Saturday 4 5 Post Social Media Ad

6 Put up In-store Signage

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12 Change to new social media Ad

13 Sunday Paper Ads 20

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19 !!!!!!!!!!!!!!

Passport

!!!!!!!!!!!!!

21 Pieces

22

23 Radio Ad

24 Week 2

25 !!!!!!!!!!!!!

26 !!!!!!!!!!!!!!

Sunday Passport Paper Ads 27 28 Sunday Email/Send Paper Invites to Ads and Grand Grand Opening Opening Coupons

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GRAND NOVEMBER

OPENING! 1ST & 2ND

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Management and Infrastructure Additional management shall be hired after six months of operation if necessary. The original sales manager shall begin work 30 days prior to opening to train and learn the Passport Pieces daily operations and procedures. After six months, if needed, an additional manager or assistant manager will be hired to aid the owner and sales manager in the work load. An attorney and insurance agent shall be hired six months prior to the opening of the business on a case by case basis to provide services needed in order to operate according to legal and safety standards. Risk Analysis The venture might face risks or problems in low sales or if other competitors are able to afford pricing lower than the business prices that Passport Pieces offers. While Passport Pieces shall be moderately priced merchandise to meet and beat competitor prices, the prices must be set higher than that of Hobby Lobby or Big Lots due to the originality and quality of the merchandise. The business risks a profit to competitors that offer similar merchandise at better prices, even though the merchandise is of lower quality. If sales drop below the breakeven point more often than not, the business risks not earning a steady profit over time, which will cut all future plans to expand. Salvaging Assets The initial option shall be to mark 50% off of merchandise to reach the original manufacturer price the business first bought the merchandise at to break even. All of the merchandise remaining can be salvaged by either auctioning off to charity for tax filing purposes, or by selling at the lowest markdown price possible.

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GROWTH PLAN New Offerings to Market The business will pursue expansion of a store location to South Padre Island, Texas. South Padre Island is one of the largest attractions in South Texas for Americans and Mexican nationals and the number three highest ranking vacation spot for Texas year round (Realty Executives of South Padre Island, 1). Depending on the season, different demographic profiles can be targeted and concentrated on to expand knowledge of the store and brand image. South Padre Island is a small area with a large attraction for tourists and prospective sales and profit. It is located in the Rio Grande Valley of Texas. The Rio Grande Valley area is one of the fastest growing areas in the nation and has had a 54% increase in population since 1980 (Realty Executives of South Padre Island, 1). The merchandise will cater to the tourist population and theme of the area. The marketplace will penetrate the southern area with merchandise from areas not common to the city. There is a demand for exclusive merchandise and culture in the area that will be met with the presence of Passport Pieces. The projected revenues from the new store location will be approximately 50% higher than the projected profit of the Austin location within the first three years due to the higher tourist traffic, demand in the market, and the current absence of this type of business for the area. Since South Padre Island is a highly populated resort area most of the year, revenue will be generated year round. Tourists that are attracted to this area will be intrigued by the businesss unique merchandise offered and the experience of international travel received while in the store. Capital Requirements Financial requirements for pursuing this new store location are to be drawn from a small percentage of revenue earned from the first location in Austin, Texas. After four years of successful business operation and the initial small business loan is paid in full, Passport Pieces will use revenue from the next year of operation to open the new location. This will cover costs for pre-paid rent and utilities along with other operating expenses to open the store. In order to test the market, a pop-up store (temporary location) will be constructed for the tourist peak season to research the market and assure the business will succeed in the area. The revenue earned from the pop-up store will be used to build, market, and open a new store location in South Padre Island, Texas after one year. Personnel Requirements Management will begin with the owner temporarily relocating to start the business, while the additional investor will monitor and operate the current business. The owner shall work to open and construct the new location to match the style of the existing store in Austin, Texas. The owner shall hire a store manager and two full time employees to meet the success of store operability and functionality. If the growth potential anticipated is larger, then additional employees will be hired when the need arises at a future time.

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Exit Strategy The exit strategy for the Austin location will differ than that of any future locations. The prospective plan will be to allow employees to purchase the business if they so wish to pursue the company vision. After three to four years of operation, a proposal will exist to allow particular employees to invest in the business or consider methods to buy the business from the owner and investor should they decide to exit and sell the business. The exit plan will change according to the amount of locations currently open at the time of exit by transporting all merchandise to the Austin location if needed. All sales can aid in the exit process if the business reaches a point of unsuccessful goals in sales and profit. The merchandise already in stock can raise the revenue of the Austin location to supplement any potential loss incurred by the business venture. The amount raised from the pop-up location should cover additional costs that will prevent any other loss from the store closing, and potentially aid the future employees that buy the business to have a better starting point.

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FINANCIAL PLAN Startup Cost Worksheet

STARTUP COSTS WORKSHEET Startup Capital Requirements: One-time Startup Expenses Startup Expenses Amount Description Advertising Starting inventory Building construction Cash Decorating Deposits Fixtures & equipment Insurance Lease Payments Licenses & permits Miscellaneous Professional fees Remodeling/renovations Rent Services Signs Supplies Unanticipated expenses Packaging/Boxes/Bags Logo/Stationery/Cards Store opening event Inventory buying Store equipment Total Startup Costs 5000 Promotion for business opening (Sunday paper, radio, flyers, direct mailers) 4000 Jewelry, accessories, purses, home dcor, chocolate, perfumes 0 Amount charged by chosen contractor 1000 Cash register starting at opening day 2000 Art, framing, mirrors 500 Cable, Phone, electricity, trash, gas, water, internet 8000 Camera, Shelves, tables, racks 700 Liability, property, earnings 2000 Due before opening day 1500 Renovation, inspection, zoning 1000 Additional necessities 1500 Attorney 20000 Built-in fixtures, lighting, flooring, painting 4000 Deposit and first month 750 Cleaning, shipping (UPS and USPS) 2000 Store entrance sign 500 Camera, Tape, stapler, register, paper, photo paper, glue, cleaners 2500 Unexpected expenses 3000 Shipping boxes, store bags, tissue paper, bubble wrap, tags 2200 Logo design, direct mail pieces, business cards 3000 Advertising, entertainment, refreshments 2000 Market buying online or trips 3000 POS system & bank card equipment 70,150 Amount of costs before opening

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First three months

STARTUP COSTS WORKSHEET Startup Capital Requirements: Repeating Monthly Expenses (First 3 Months) Expenses (x3) Advertising Bank service fees Credit card charges Delivery fees Dues & subscriptions Health insurance Insurance Inventory Lease Payments Loan payments Office expenses Payroll other than owner Payroll taxes Professional fees Rent Repairs & maintenance Sales tax Supplies Telephone Utilities Your salary Total Repeating Costs Total Startup Costs Total Cash Needed Amount Description

3000 Austin American Statesman (Sunday), Austin Chronicle, 96.7 KISS FM, 94.7 The Beat 0 Monthly fees Free Checking and Savings 500 Charge per credit card transaction 100 USPS only for business. (No delivery to customers) 0 300 Excludes amount on previous page 210 Excludes amount on previous page 6000 Retail stock 4000 Excludes amount on previous page 3000 Principal & interest payments 210 Supplies 5000 3 employees (2FT, 1PT) 300 500 Accountant, attorney 0 Storage unit, storage in store closet 300 Specific repairs 500 600 Bags, tissues, boxes, hang tags 220 Internet, local/long distance, cell 600 Electric, water, garbage 7500 If applicable for first 3 months 32,840 70,150 Amount from preceding page 102,990 Repeating costs + startup costs

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Break Even Analysis One Year of Operations total cost Quarterly Cost of operations Total Repeating Costs per Month Total Repeating Costs per Week: Total Cost of Operations per Day Prices for unit at 50% Markup $ 131, 360.00 $ 32,840.00 $ 10, 946.00 $ 2,736.00 $ 456.11 (26 days/month, closed Sundays) $ 15.00 $ 50.00 $ 100.00 $ 150.00 $ 200.00 $ 85.83 6 $76.08 6

Average Price per Unit Number of customers needed per day Amount per transaction needed Number of units that must be sold to BREAK EVEN

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Sources Funds Funding Passport Pieces will need $200,000 to support the growth of the business in product development, marketing, and operational costs for the first two years of operation. An initial capital investment of $50, 000 from the owners savings and $25, 000 from additional investor will be used to start the business. The business is seeking the additional $125, 000 as a loan to meet the necessary costs of operation. A profit is expected to generate during the second year of operation. Funding Details The small business loan shall cover expenses including the following: Equipment Rental Utility Deposits Packaging materials Credit Card charges Insurance Supplies Taxes Pre-paid Rent Payroll Production and Development Marketing and Advertising Operating Cash

The capital investment along with the loan will sum up to the startup expenses, operating expenses for the first quarter, and an estimate for the first year including additional operating cash. The initial investment and any profits generated after two years shall be paid to investors and financers on a quarterly basis by percentage invested after three years of operation. The loan is expected to be paid in full after three years of successful operation.

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SUPPORTING DOCUMENTS

APPENDIX

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Passport

PASSPORT

Pieces

Appendix

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Advertisement

Appendix

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References Austin Chamber of Commerce, (2011). Business Report. Retrieved February 14, 2011 from www.austinchamber.com

Business Licenses. (2011). Austin, TX Business and License Permit List. Retrieved January 29, 2011, from http://www.businesslicenses.com/Licenses/TX/Travis/Austin-4845305000/

Chapman, Sam. (2011). Austin Metropolitan Statistical Area (MSA) Facts. Retrieved February 14, 2011 from www.austinrealestateguy.com

Environmental Protection Agency. (2011). Laws and Regulations. Retrieved January 30, 2011 from www.epa.gov/

Etsy.com. (2011). Austin, Texas Designers. Retrieved March 11, 2011 from www.etsy.com

Gaebler.com. (2011). Austin Advertising Costs. Retrieved February 14, 2011 from www.gaebler.com

MSC Direct. (2011). Supplies. Retrieved January 30, 2011, from http://www1.mscdirect.com/content/aboutmsc/loc_home.html

Nardin, P. (2007). Small and Mid-Sized Business Owner Compensation Data. Retrieved February 5, 2011 from www.greenwich.com

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Realty Executives of South Padre Island. (2011). South Padre Island Fact Sheet. Retrieved March 8, 2011 from www.southpadreproperty.com

Stanley St. Labs, (2011). Economy Watch. US Retail Industry. Retrieved February 14, 2011 from www.economywatch.com

Sterling, T. and Granger, M. (2003). Fashion Entrepreneurship Retail Business Planning. New York: Fairchild Publications, Inc.

Stormy Insurance and Financial. (2011). Retail Service Insurance. Retrieved January 29, 2011, from http://stormyjinsurance.com/Retail%20Service%20Insurance.htm

US Bureau of the Census. (2008). Austin MSA Distribution. Retrieved February 14, 2011 from www.austinchamber.com

Vaughan, Lynn. (2011). Business Owner Solution/Business Life. Insurance Products. Retrieved February 6, 2011 from www.vaughanagency.com

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