How To Create A Stationery Business Plan?

A Stationery business is an evergreen business that finds an audience in all age groups, ranging from toddlers and school kids to elderly citizens. The demand for the stationery items might change according to the age group but there are takers for stationery items across all generations. And the current times of social distancing has generated an even greater demand for stationery items as individuals tap into their artistic and creative sides by exploring their hobbies. Also, since children cannot go outdoors and socialize much, they need to be engaged with crafts and art activities, which too, require stationery items. A stationery items business is thus a great business idea for enthusiastic and interested entrepreneurs.

Many however consider a stationery business to be one that deals with different types of paper and paper products and invitations such as personalized invites, envelopes, cards, letterheads, etc. But a stationery business includes a number of items that need to be stocked, where along with different types of paper such as chart paper, A4 sized printing paper, varying GSM paper, other items include pencils, pens, erasers, sharpeners, paint brushes, crayons, paints, oil pastels, and varying types of colours and craft materials needed for creative and artistic pursuits.

The stationery business has a great scope for development and can be started easily by keeping certain points in mind. 

The starting point, however, for this business is to create a stationery business plan. This business plan is necessary in order to have a written goal where the detailed description of the business is outlined. The business plan also includes ways and methods to be employed by the business to achieve the goals along with the time frame and the investment required for the achievement of the goals. 

The business plan must be designed such that it answers several questions arising at each step of the business, such as-

• What will be the startup and ongoing costs for the business?
• Who is the target market for the business?
• How long will it take for the entrepreneur to break even?

And several other questions pertinent to the business must be considered and addressed in the business plan for stationery company. 

Stationery Business Plan

• What Is A Business Plan

A business plan is defined as a written document that describes in detail how a business, usually a new one, is going to achieve its goals. The business plan lays out a written plan from a marketing, financial and operational viewpoint elaborating it’s business mission and vision in detail along with steps to achieve them.

• Importance Of Business Plan

A business plan acts as a strategic tool for any and every business. A good business plan helps entrepreneurs to focus on the specific steps necessary to make the business ideas succeed, but it also helps the business to achieve both its short-term and long-term objectives. This is the chief reason why a business plan is important and the first step for any new business. Other points highlighting the importance of a business plan include-

• Business planning helps to set up a structured business and saves time and resources in the long run.
• A business plan is the first step to secure funding as it addresses all concerns of funding institutions.
• The projections in a business plan give the entrepreneur a good understanding of how the business will operate in the future.
• A business plan helps validate the assumptions made by an entrepreneur while planning the business and determines if there is a need for the said product or service.

• Contents Of A Business Plan

• Executive Summary

• • • • The summary of a business plan includes a description of the exact business in brief. The executive summary of the stationery business is a one page overview that includes the mission of the business, along with the basic details of the business such as entrepreneur/s who started the business, when and where they plan to start it, what type of business will it be, the description of the stationery items and how the entrepreneur plans for the business to grow.

• Description And Overview

• • • • This is a detailed description of the business. It elaborates on what the business type will be, what the business will deal in- whether it will be a retail store or a wholesale outlet or a business solely supplying to offices and organizations. Other details included in the description and overview of the stationery business include the audience the business will target, how it will stand out from the competition, the location and details of the store, the business entity etc.
      • The mission and vision of the business also needs to be included in the business description. 

• Market Analysis

• • • • The market analysis of the business plan dives deeper into the research regarding the business. The market analysis of the stationery business plan includes details regarding the identification of the target market for the business- the demographics of the target audience, their specific needs, historical records, analysis and purchasing trends, size of the market, the forecasted growth rates, and similar details. The identification and analysis of these factors will help the stationery business determine what market to capture, how and in what way. 

• Competitive Analysis

• • • • After the market analysis, the next essential in a business plan includes the competitive analysis. Once the entrepreneur carries out and maintains a record of the market for the stationery business, the next step is to determine what the competition is like and how to survive against them. This includes carrying out an analysis to determine what the strengths and weaknesses of the entrepreneur and the business are and how they can be worked on. It also includes an analysis of what the business wishes to achieve, and by using which marketing techniques, what hurdles the business will face and how can they be overcome. Further it also includes analysing how the stationery business can make use of the opportunities to make a name in the market, against the competition and attract more customers. An example of how this could be achieved is by keeping unique stationery supplies like craft materials, niche products like handmade paper products or variety of colours, papers and supplies used by artists, etc. All these when mentioned in a written format within the business plan, can help the business with a clear action plan for the future.

• Management & Operations

• • • • This part of the business plan includes details of how the business operates. The information that must be added in the stationery business plan operational details includes 
        • the type of business entity the organisation will conform to- proprietorship, partnership, or LLP
        • The information regarding the ownership of the business, the number of employees hired
        • The information regarding the role of each of the employee hired- management roles, staff at the store, marketing heads, maintenance personnel, accountant, etc.

• Marketing and Sales

• • • • The next part of the business plan includes the marketing and sales details. Here the owners can explain their marketing and sales strategies to locate customers and create a loyal following. The stationery business can elaborate on how they can cater to the customers through the retail shop and techniques used to advertise the business via print ads and flyers.
      • Further in this digital age, the business can elaborate on how they can reach out to customers via a website and provide delivery options too (which are much sought after in the social-distancing times). Along with an online shop the stationery business plan can even include having a digital presence on various social media platforms, thus reaching out to a wider customer base.

• Financial Summary

• • • The financial summary of the business plan contains information regarding the businesses financial health and requirements. The stationery business plan can include information regarding what the financial requirements for the business are, such as
      • Procuring commercial space for the shop
      • Procuring all the inventory – art supplies, stationery items, craft material, etc.
      • Furnishing the shop such as having display racks, shelves, storage space, cash counter, etc. and its daily maintenance too- lighting, air conditioning, and its servicing etc
      • Arranging the salaries of the employees
      • Arranging for registration fees for the registrations required for the business- Shop Act, business entity registration, GST, etc 
    • Along with the details of the financial requirements of the business, the business plan must also include details of how these requirements will be fulfilled- via bank loans or loans via non-banking financial companies or through borrowings from friends and family or via personal savings.

These are the important contents to be included in any business plan, including the stationery business plan. For ensuring that all the essential factors are included, entrepreneurs can always download the business plan checklist to be certain.

• Important Factors To Consider In The Stationery Business Plan

Apart from the above mentioned content that needs to be included in the business plan for the stationery company or enterprise, there are certain additional factors which must be considered and mentioned in the business plan.

These include the-

• Business Location

• • • The location of the stationery shop or wholesale warehouse must be provided. Along with that the dimensions and other details of the space must be mentioned. The factors contemplated when zeroing in on the location must also be mentioned, such as why the particular locality, the neighbouring competition, the ease of access, the proximity to target audience, etc.

• Legal Requirements

• • • The legal permissions and permits mandatory for running the business must also be mentioned in the business plan. These include 
      • Shop Act for the stationery shop
      • Business entity registration- whether proprietorship, partnership, one person company or limited liability partnership
      • GST registration for ease of taxation
      • Other legal registrations necessary for the business

The stationery business will definitely benefit from the business plan. Business planning is an essential step for every business. It helps create a roadmap with detailed instructions which the business needs to follow for fulfilling its goals. The feasibility and viability of the business can also be gauged by availing business planning services that helps create a business plan. The business plan also helps while applying for loans for the stationery business. 

Therefore,  for any assistance in creating a stationery business plan, entrepreneurs can take the assistance of experienced experts such as those at deAsra Foundation, therefore ensuring the right start to their flourishing stationery business.