18/LAW01/024

BEEJAY’S TOYS ENTERPRISE

BUSINESS PLAN

AUTHOR: AJAYI BISOLA FAVOUR

MATRIC NUMBER: 18/LAW01/024
COURSE: ENTERPRENURSHIP
COURSE CODE: GST212

2020
 TOPIC PAGE NO
COVER PAGE

TABLE OF CONTENT 1

EXECUTIVE SUMMARY 2
a. Product
b. Customers
c. Future of the company
COMPANY DESCRIPTION 3
a. Mission statement
b. Principal members
c. Legal structure
MARKET RESEARCH 4
a. Industry
b. Detailed description of customers
COMPANY ADVANTAGES 5
a. Regulations
SERVICE LINE 6
a. Product or service
PRICING STRUCTURE 7
a. Product life cycle
b. Intellectual property right
c. Research and development
MARKET AND SALES 8
a. Growth strategy
b. Communicating with customers
HOW TO SELL 9
a. Business projection
GRAPHICAL REPRESNTATION 10
a. Comment
b. Conclusion

BEEJAY’S TOYS ENTERPRISE 1

EXECUTIVE SUMMARY
PRODUCT

Beejay’s toys company manufactures toys for children aged 3-10. All toys are made from solid
hardwoods including maple, beech, birch, cherry, and oak. The toys are built to be long lasting
with sufficient moving parts to engage each child’s interest, but not limit his or her imagination.
Each toy comes with a guideline manual to help for the setup of the toy in case of any confusion
for toys that needs to be reconstructed and all toys comes with a user manual to help with the
operation. Beejay’s toy company manufactures toys for both the male and female gender.

Customers

The target audience for Beejay’s toys is adults, specifically parents, and grandparents who wish
to give their children or grandchildren the opportunity to play with a toy that is not only durable
and aesthetically pleasing, but also foster the child’s creativity and imagination.

Future of the Company

Although the toy manufacturing business is highly competitive, we believe that there is a place
for high-quality, attractive, durable, and affordable toys. Our goal is to build and market toys that
will entertain children and encourage their imagination which also can stand the test of time.

BEEJAY’S TOYS ENTERPRISE 2

COMPANY DESCRIPTION

Mission Statement

To manufacture and sell high-quality toys that will bloom the imagination of a growing child.

Principal Members

AJAYI BISOLA — owner, designer and primary builder.

JATTO ZUBIDAT — business manager/bookkeeper.
BENKOKO ELIZABETH & HART SOPRINYE— builders, assemblers, and painters.
EZEIGBO SAMUEL— web master and handles shipping for web, mail, and special orders.

Legal Structure

Beejay’s toys company is a solepropertiorship. The company was registered in Nigeria with
certificate number RC1456889 dated April 23, 2019. The company started with four experienced
and technical staff to manage the various departments for effective service delivery.

BEEJAY’S TOYS ENTERPRISE 3

MARKET RESEARCH

Industry

Beejay’s toys will be a part of the toy manufacturing industry. Currently, beejay’s toys are
considered a niche market, comprised of different sized companies. The largest companies, such
as Plastique Toys and Metal Happy Toys, have large inventories of products that are offered
internationally. The smallest companies sell locally either in shops, at craft fairs, or online.

This industry is currently suffering from the economic recession as consumers are spending less
on non-essentials. However, average industry revenues stood at over N100 million in the
1st quarter of year 2020. This means there is a potential for growth as the economy recovers.

Detailed Description of Customers

The two groups that the company plans to market the products to are, parents and grandparents
of young children and with an income range of N500,000 and above per annum. Our target
customers are interested in giving durable, well-made toys to their children and grandchildren to
help foster creativity and imagination. They value quality and they research the products they
buy. Our target customers are willing to spend more money on products that are of high quality
and last long.

BEEJAY’S TOYS ENTERPRISE 4

Company Advantages

Beejay’s toys have the following advantages compared to competitors:

 Basic, practical designs.

 Safe, non-toxic paints, parts, and accessories.
 Easy-to-assemble parts.
 All components are manufactured in America and made with grade-A wood, high quality
steel, and rubber.
 Quick, 48-hour delivery since our goal is to keep at least 50 units of each toy in stock.
 High-quality, interactive website.
 Face-to-face interaction with customers at craft shows over a three state area.

Regulations

Beejay’s toys must meet all federal and state regulations concerning toy manufacturing.
Including but not limited to Health, Safety and Environmental regulations.

BEEJAY’S TOYS ENTERPRISE 5

SERVICE LINE
Product/Service

Beejay’s toys will sell wooden toys made from solid hardwoods (maple, beech, birch, cherry,
and oak) and steel rivets. The toys are handcrafted and designed for small children to easily use.
Our line currently includes the following nine models:

 All-Purpose Pick-Up Truck with movable doors and tailgate

 Dump Truck with functioning dumping mechanism and box
 Biplane (two-seater) with movable propeller
 Steam engine with coal tender - additional cars available separately:
o Caboose, flat car w/logs, box car, tank car, coal car
 City Bus
 Tow Truck
 Flat-Bed Truck with logs
 Sports Car
 Dolls
 Sedan

BEEJAY’S TOYS ENTERPRISE 6

Pricing Structure

Beejay’s toys will offer its products for the following prices:

 All-Purpose Pick-Up Truck w/movable doors and tailgate – N50,000

 Dump Truck w/functioning dumping mechanism and box - N65,000
 Biplane (two-seater) w/movable propeller - N90,000
 Additional train cars (single car) - N50,000
 Additional train cars (three cars) - N120,000
 City Bus - N55,000
 Tow Truck - N85,000
 Flat-Bed Truck w/logs - N95,000
 Sports Car - N89,850
 Dolls - N70,000
 Sedan - N100,000

Product Lifecycle

All current Beejay’s toys have 6 months warranty period with 3 years validity.

Intellectual Property Rights

Beejay’s toys are a trademarked name well known in the western part of Nigeria.

Research and Development

The company is planning to conduct the following research and development:

 Include a feedback mechanism on the website for ideas, suggestions, and improvements
 Provide comment cards for distribution at craft fairs
 Review available market research to identify top children’s toys and reason(s) for their
faults

BEEJAY’S TOYS ENTERPRISE 7

MARKETING AND SALES

GROWTH STRATEGY

To grow the company, Beejay’s toys will do the following:

 Sell products at craft fairs in the east, west, and North part of Nigeria.
 As business grows, advertise in target markets, especially in advance of the holiday
season.

 Attend seminars and female conferences in all parts of Nigeria.

Communicate with the Customer

Beejay’s toys will communicate with its customers by:

 Providing an email newsletter with company news, product information, and craft fair
schedule.
 Using targeted Google and Facebook advertisements.
 Utilizing social media such as Twitter, YouTube, Facebook, LinkedIn, Pintrest,
instagram and Tumblr.
 Providing contact information on the company website.
 Adding labels on toys that include company name, contact info, and web address.

How to Sell

Currently, the only person in charge of sales for Beejay’s toys is the owner, Ajayi Bisola. As
profits increase, Beejay’s toys will look to add an employee to assist with social media and
online marketing. The target demographic for the company will be parents of children aged 3-10.
The company will increase awareness to our targeted customers through online advertising and
attending craft fairs.

BUSINESS PROJECTION

BEEJAY’S TOYS ENTERPRISE 8

BUSINESS PROJECTION FORBUSINESS
BEEJAY'S TOYS
PROJECTION FOR BEEJAY'S TOYS
YEAR 1 YEAR 2 YEAR 3

REVENUE 500,000.00 800,000.00 1,200,000.00

DIRECT OST 175,000.00 280,000.00 420,000.00

INDIRECT COST 200,000.00 320,000.00 480,000.00

TOTAL COST 375,000.00 600,000.00 900,000.00

PROFIT 125,000.00 200,000.00 300,000.00

ASSETS 2,000,000 2,200,000 2,400,000

SHARE CAPITAL 1,500,000 1,500,000 1,500,000

LIABILITY 500,000 700,000 900,000

GRAPHIC REPRESENTATION

BEEJAY’S TOYS ENTERPRISE 9

COMMENT

From the above projection it could be seen that the business would be making good progress
from year one to year three and the financial base is very strong based on the capital and the
asset projection.

CONCLUSION

Beejay’s toys company is set to take over the toys company in Nigeria and plans to improve her
business share in the sector.

BEEJAY’S TOYS ENTERPRISE 10