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Business established

1

Baycrafts: Going National

baycrafts aims to keep women in fashion by providing them unique and handcrafted costume jewelry.

Baycrafts is a sole-prorietorship company which produces and sells costume jewelry made from both indigenous and synthetic materials such as pearls, wood, fiber, seeds, crystals and glass.

Classified as a micro-enterprise, Baycrafts manufactures and retails its own products. It sells them through its website,, Trade Fairs and in its boutique, and through its reseller network and distributor program..

Facts

Legal status business
Formally registered
Year of establishment

2004

Sales (US$)
Two years ago: 11,111
Last year: 33,333
This year (forecast): 59,786
Year 2 (forecast): 60,711
Year 3 (forecast): 97,966
Net profit after tax (US$)
Two years ago: 888
Last year: 6,666
This year (forecast): 9,999
Year 2 (forecast): 14,998
Year 3 (forecast): 22,497
Total number of Employees
Two years ago: 8
Last year: 12
This year (forecast): 15
Year 2 (forecast): 20
Year 3 (forecast): 25

Finance needed

Finance needed for fixed assets (buying of machines, buildings, ...) 12,444
Finance needed for working capital (salaries, stock, rental, leasing, transport, ...) 5,571
Total finance needed (US$) 18,015

How do you expect this to be financed? Please note: the total amount mentioned here should be equal to the total finance needed at the previous question.

Own Contribution in cash 9,007
Loans (debt) 4,909
Share capital that you seek from investors (equity) 2,500
Other sources 2,500
Total finance needed (US$) 18,916

The Business

What is your product/service?

Baycrafts is a sole-prorietorship company which produces and sells costume jewelry made from both indigenous and synthetic materials such as pearls, wood, fiber, seeds, crystals and glass.

It has a complete line of jewelry like necklaces, bracelets, earrings, hair ornaments, rings and even feet accessories.

What customer need/problem do your products/services satisfy?

Women need to feel fashionable without busting their budget. At Baycrafts, we provide them with real value by making one-of-a-kind accessories which are affordable yet wearable at the same time.

How will you make the product/service?

We make one-of-a-kind fashion jewelry by buying beads from different sources and assembling them in our factory in Naga City. We also make our own components by mixing media such as seeds, textiles, fabric and etc.

Explain how you will sell your product/service (marketing strategy) and how you will reach your customers (distribution strategy)?

Baycrafts has both B2B and B2C markets. We sell to resellers and distributors who in turn, re-sell our products to their friends or in their boutiques.

We also sell directly to customers during our trade exhibits and our website

To whom are you selling, what is your market?

Our jewelry primarily caters to women, aged 30 and above, professionals and entrepreneurs, with a very active social life.

At present, we have resellers in Manila , Cebu, Ilo-Ilo, Baguio, Pangasinan, Leyte, Legazpi and Iriga City. We also have distributors in US, Canada and UK.

Describe your competitors?

Our major competitors are cebu-based jewelry manufacturers . However, they don’t sell in the domestic market and mainly export their products abroad.

Another source of competition are cheap jewelry made from China who have been flooding the Philippine market. But, since these are mass produced, the designs has questionable quality and does not provide exclusivity. They have become very common, turning off some women who want something unique.

What makes your business different/better than your competitors (competitive advantage)?

Baycrafts serves a niche –affordable designer jewelry which are available to both local and international market. . We can serve smaller orders and we can serve faster.

What makes your business, your product or service innovative?

Our designs are not mass produced, but are very versatile, dynamic and functional. We have belts which can be necklaces, charms which can serve as pendants, and a whole lot of options which provide our customers real value

How will you ensure the growth of your business?

We plan to grow from Micro to SME by:
a. Expanding our Market base - by opening a factory outlet in Manila, conducting Business opportunity meetings in Naga City.

b. Strengthening the Brand - by creating a packaging for baycrafts and creating ready baycraft stores for set up

C. Creating a system - such as barcodes, POS and inventory system which will enable us to serve customers better and faster

The Entrepreneur & Management

Describe the entrepreneur & management

Marianne Olano – is the sole proprietor of Baycrafts. Olano graduated cum laude with a degree in Development Communication from Ateneo de Naga. At present, she handles the salient processes such as: product and Development, Marketing and Sales of the company.

What specifically makes you and (if relevant) your management team most qualified to build this business?

Creativity is a key factor in this industry. That, combined with my previous knowledge in marketing and my penchant for organizing makes me confident that I can build this business from a micro-enterprise into a full-pledged SME in three years or less.

How much time do/will you expect to spend per week in the business?

I have been engaged in business for the past 4 years full-time -- 7 days a week, 8 to 16 hours a day.

Development

How does your business improve the local living standards (social and environmental)?

We provide:

women empowerment since our employees are mostly women who are either out of school youth or unemployed mothers.

Work and Income - We provide work around the community since we outsource most tasks which are not directly related to jewelry making such as carpentery, masonry, painting, crocheting and etc.

WE also provide additional income to women who enter into our reseller program.

1 comment

congrats!

More power!

23 June 10, 01:20 Romy Miranda, 23 June 10, 01:20