Ownership and Company Structure
The business the one plans to start is a manufacturing firm of orthopedic shoes. The company structure is that of a sole proprietorship where ownership is solely vested in the founder. One plans to establish the business using funds that have been saved so far, as well as funds from family members (parents, specifically) and some relatives who would like to invest. The startup amount is projected at $500,000. The company would be operated by the founder, as the proprietor and chief operating officer. In addition, an operating manager who would be knowledgeable in financial matters would be hired, as well as a marketing manager. At the start-up stage, only the members of the executive management team would be hired, including just enough staff to man the operations or manufacturing of the firm.
Description of the Business
The planned start-up business would manufacture orthopedic shoes. The impetus that drove conceptualization for the business came from experience with family members, relatives, and friends who have encountered challenges in locating comfortable shoes, especially for those with foot ailments (due to illness, accidents, or physical deformities). In addition, due to the number of illnesses that affect people’s feet, like diabetes, sprains, infections, and the like, it is relevant to take into account that manufacturing shoes that cater to the specific needs of these segment are appropriately addressed (Illinois Podiatric Medical Association, 2014; World Health Organization, 2015). Thus, the business aims to produce orthopedic shoes made from very soft and comfortable materials that would fit people with foot ailments in the most specialized manner. Aside from standard designs made from soft but durable materials, people with foot deformities could seek services from footwear professionals or podiatrists, through our online website, and have specifically designed shoes tailor made to address their distinct needs. The
planned business name is OrthoShoes.
Mission Statement
The mission of the organization is to manufacture orthopedic shoes that would surely
cater to the distinct and specialized needs of people diagnosed with foot problems through the use of state-of-the art technology and innovative materials (locally sourced or that which could be supplied within the financial resources of the customer).
Marketing Goals
OrthoShoes plans to sell 3,000 pairs of shoes within the next six months after targeted launching date on March 2016. From the marketing goal, it is clearly discerned that the goal is specific and measurable (sell 3,000 pairs), actionable (within the next six months after launching date), realistic (since the number of pairs that are projected to be produced are well within the financial resources of the firm), and time bound (after March 2016 which is the launching date, six months from then would be on September 2016).
Profile of the Customer
The profile of the typical customer of OrthoShoes is as follows: male and female diagnosed with foot ailments and within the age ranges of 20 and above; with a minimum educational level of high school, and currently working with average income level. The important distinguishing characteristics of the customer is that he or she is looking for a pair of shoes that are very comfortable and that the shoes manufactured by OrthoShoes would address the currently diagnosed foot ailment. In addition, the shoes that would be produced would be competitively priced; meaning, depending on the materials that would be recommended to be used by podiatrists, the shoes could be manufactured to cater to the financial resources of the customer.
References
Illinois Podiatric Medical Association. (2014). Resources for Patients: Podiatry Facts and Statistics. Retrieved from ipma.net: http://www.ipma.net/?page=15
World Health Organization. (2015, January). Diabetes. Retrieved from who.int: http://www.who.int/mediacentre/factsheets/fs312/en/
