Capstone

Jasmeen Jhawar

Background

For my capstone project, I will be creating my own business. I am going to sell a product by taking orders personally at school to students. The product I going to sell is lip gloss. It is something I can make for a low price and market at a higher price. I will order the supplies and make the lip glosses myself at home. My target audience will be ages 12 to 18. I have always been interested in the idea of opening my own company, which is why I want to create my own business for my capstone project. I chose to sell lip gloss because I love makeup and my passion is doing makeup on myself and others, so I can include both my interests in my capstone project.

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Survey

How many times a month do you buy lip gloss?

I asked people how many times a month do you purchase lip gloss, so I have an idea of how many lip glosses I should make and majority of the responses are one so customers are likely to purchases at least one lip gloss.

At what age did you start wearing lip gloss?

Majority of the people who first started where lip gloss are from ages 10 to 12, so my target market audiences is ages 10 to 18. Delview students are in that age group so I will be advertising my product to them.

What price are you willing to pay for lip gloss?

I asked consumers what price they are willing to pay for lip gloss, so I know who high or low the price for my product should be and 41.7% of the responses was $3. I will be marketing my product for $3.

What colour lip gloss do you prefer?

I asked consumers what colour they prefer, so I know what colour lip glosses I should come out with and the least voted colour was peach. I will be making clear, pink, and red lip gloss shades.

Business plan

Executive Summary

Company Overview

Product and Services

The company's name is JasGloss and I am going to be selling lip gloss. I will buy the products to make the lip gloss and assemble it at home by myself. I will be selling this product to students of Delview and taking orders from them online or in person. The advertisement will be online by making an Instagram page and posting the products and posters to promote it. The main target audience is Delview students, usually girls because most girls buy makeup, but boys can buy it too.

My main objective is to sell lip gloss that will satisfy my customers. The product is homemade and of good quality. The price will be affordable so Delview students can purchase it. I hope to get good feedback from customers about my product. I also hope to sell out since I have a limited amount. I wanted to sell lip gloss because I am passionate about makeup and I love to wear lip gloss, also it is simple to make, so that’s why I choose it.

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Lip gloss is a popular item that can range from many different prices and designs. My lipgloss is something affordable people can use. The product I am going to sell is lip gloss. I will have three different shades of lip gloss. Customers can order the product online by texting or email and can pick it up at school during lunch when we are free. Each lip gloss will be $3. I am going to be selling for two weeks right before spring break.

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Marketing

Operations

Management

There are about 700 students at Delview and my product is a beauty item, so my main target audience is girls in Delview. I am going to make an Instagram page for my lip gloss people can follow so they can get more information on the product. Once I make the product I’ll post I can Instagram and Snapchat so people can place an order for it. I’ll also have posters on the wall with my contact information, so if anyone is interested they can just contact me. I don’t have any competitors at Delview because no one else sells beauty products at Delview.

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I am going to order the products online and make the products myself at home. Customers can place an order online on Instagram or Snapchat, also email or text me. They can pick up the order at school during lunch. I will be selling for two weeks before spring break. The cost of the products is $92.78 and I plan on making a revenue of $135 if all my products sell out. A potential risk could be the production process. If it doesn’t go smoothly and one thing messes up then everything can be ruined. Since I have a limited amount I need to carefully make the product by following the recipe. I will be needing funding of $92.78 for all the lip gloss products.

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I will have pre-orders online and not set a spot to sell because it would be easier for customers to look at the shades online and make their decision on which one to buy and bring their money the next day which is why I choose to sell my products online. I have background knowledge in entrepreneurship and experience in interacting with customers which can be helpful. I can also speak English and Punjabi Fluently.

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Product

The product I am selling is lip gloss. I made three different shades for my product using the most popular lip gloss shades for my survey. The red shade is called Cherry, the pink is called pink glitter, and the clear is called clear gloss. I added glitter in the clear and pink shades and for the red one I didn’t just so there is an option for anyone who doesn’t like glitter. I used a tube packaging because it is low in cost and it is the easiest to use for applying lip gloss. I added a thank you note to all the lip glosses with a ribbon for my customers.

Advertisement

For advertisement, I created a instagram page where people can check out the different lip gloss shades I have before ordering. I made a logo for my company to post on my instagram which is the company name, Jasgloss cosmetics, in a modern font with a simple peach colour in the background. On the page, I posted pictures of the product, when and how you can order, and how much the product is. I made a poster and posted it on all of my social media accounts including instagram and snapchat. Also, I made tik tok videos and posted it on my account to let people what product I am selling.

Cost/Profit

Cost/Profit

I ordered my supplies online on TBK Trading and Amazon and only got a limited amount of supplies because I plan on selling for a short period of time. The cost of all my supplies was $92.78 and if I sell out all my lip glosses then I can have a net profit of $42.22.

Accounting

Balance Sheet

Cash Proof

Income Statement

Inventory Sheet

I had a total of 45 lip glosses to begin with and sold 42 in two weeks for $3 each. I repaid my parents back with the money they let me borrow for my products. I ended with a net profit of $33.22.

Reflection

Reflection

I enjoyed doing this project because I got a chance to do something I love. I learned about what resources I need in business. Building connections is important to be successful in business because you can help each other reach your goals. Without my parent’s help, this project wouldn’t be possible because I got all my fundings for my business from them. Starting a business is difficult, but hard work can help you succeed. A lot of research is required before you begin like what your customer’s needs and wants are and how are you going to communicate with them. The most difficult I had was communicating with my customers and how to give them their product. It took a while for some customers to receive their product because of miscommunication, but in the future, I’ll try to deliver the products in a different method. I learned a lot from this experience that can help me in the future.

The End