TIMOTHY AMARACHI FAVOUR
22D/209POS/979
GST 301
HUMAN AND FINANCIAL RESOURCE
PLANNING ENTREPRENEURSHIP
DR AISHA SALAUDEEN
A BUSINESS IDEA PLAN FOR
AMILA AURA PERFUMERY.
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EXECUTIVE SUMMARY
Amila Aura Perfumery is a luxury fragrance brand that specializes in
crafting unique, high-quality perfumes that evoke emotions and create lasting
impressions. Our mission is to provide exceptional fragrances that not only smell
amazing but also tell a story. We aim to establish ourselves as a leading luxury
fragrance brand, known for our unique blends, exceptional customer service, and
commitment to quality.
Company Description
Amila Aura Perfumery will be a limited liability company (LLC) registered
in Nigeria. Our headquarters will be located in Abuja with plans to expand to
other locations in the future. Our team will consist of experienced perfumers,
marketing professionals, and customer service specialists.
Market Analysis
The luxury fragrance market is a growing industry, with an expected
compound annual growth rate (CAGR) of 5% from 2023 to 2028. The market is
driven by increasing demand for premium and niche fragrances, as well as the
growing popularity of online shopping.
Our target market will be affluent individuals, perfume connoisseurs, and
those seeking unique gifts. We will target customers through online marketing,
social media, and influencer partnerships.
Market Trends
1. *Sustainability*: Consumers are increasingly seeking eco-friendly and
sustainable products, including fragrances.
2. *Niche and artisanal*: The demand for niche and artisanal fragrances is
growing, driven by consumers seeking unique and exclusive scents.
3. *Online shopping*: Online shopping is becoming increasingly popular, with
consumers seeking convenient and personalized shopping experiences.
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4. *Experiential retail*: Consumers are seeking immersive and experiential retail
experiences, including personalized consultations and workshops.
Market Size and Growth
The global luxury fragrance market is expected to reach $15.6 billion by 2028,
growing at a CAGR of 5% from 2023 to 2028. The market is driven by increasing
demand for premium and niche fragrances, as well as the growing popularity of
online shopping.
Target Market Segments
1. Demographics*: Affluent individuals, aged 25-50, with a high disposable
income.
2. *Psychographics*: Individuals seeking unique and exclusive fragrances,
valuing quality, sustainability, and exceptional customer service.
3. *Behavioral characteristics*: Individuals seeking personalized shopping
experiences, valuing convenience, and seeking immersive and experiential
retail experiences.
Products
Our product line will include:
1. Signature Perfumes*: A collection of exclusive, handcrafted fragrances
made from rare and exquisite ingredients.
2. *Customized Perfumes*: Bespoke fragrances tailored to individual
preferences, ensuring a truly unique scent.
3. *Home Fragrances*: Luxurious candles, diffusers, and room scented candles
from the rarest ingredients, sourced from around the world.
4. 2. *Unique blends*: Our perfumes will be crafted with unique and complex
blends, ensuring a truly distinctive scent.
5. 3. *Sustainable packaging*: Our packaging will be eco-friendly and
sustainable, reflecting our commitment to environmental responsibility and
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Product Benefits
1. Emotional connection*: Our perfumes will evoke emotions and create
lasting impressions, providing a truly personal and emotional connection.
2. *Unique and exclusive*: Our perfumes will be unique exclusive, ensuring
that our customers stand out from the crowd.
Marketing Strategy
Our marketing strategy will include:
1. Online Presence*: E-commerce website, social media, and influencer
partnerships.
2. *Experiential Marketing*: Pop-up events, workshops, and personalized
consultations.
3. *Word-of-Mouth*: Encourage customer loyalty and referrals.
Online Presence
1. E-commerce website*: Our website will provide a seamless and
personalized shopping experience, with easy navigation and secure payment
processing.
2. *Social media*: We will maintain an active presence on social media
platforms, including Instagram, Facebook, and Twitter.
3. *Influencer partnerships*: We will partner with influencers and bloggers
in the fragrance industry, to showcase our products and reach new audiences.
Experiential Marketing
1. Pop-up events*: We will host pop-up events and workshops, to provide
immersive and experiential experiences for our customers.
2. *Personalized consultations*: We will offer personalized consultations, to
help our customers find their perfect fragrance.
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3. *Workshops*: We will host workshops and masterclasses, to educate our
customers about the art of perfumery and the craftsmanship behind our
fragrances.
Operations
1. Supply Chain*: Establish relationships with reputable fragrance suppliers.
2. *Production*: Invest in high-quality equipment and expert perfumers.
3. *Customer Service*: Provide exceptional support through multiple
channels.
Management Team
Our management team will include:
1. CEO/Perfumer*: Oversee overall strategy, fragrance development, and
operations.
2. *Marketing Manager*: Develop and implement marketing strategies.
3. *Customer Service Manager*: Ensure exceptional customer service and
support.
Financial Projections
Our financial projections include:
1. Initial Investment*: 100,000 thousand (including setup costs, marketing,
and initial inventory).
2. *Revenue Streams*: Online sales, in-store sales, and custom orders.
3. *Growth Projections*: Anticipate steady growth through strategic
marketing and customer loyalty, with projected annual revenue of 500,000
thousand by the end of year three.
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Timeline
Our timeline includes:
1. Month 1-3*: Establish business entity, develop brand identity, and create
website.
2. *Month 4-6*: Launch marketing campaigns, develop fragrance collection,
and establish supply chain.
3. *Month 7-12*: Analyze sales data, refine marketing strategies, and plan for
expansion.
This business plan provides a comprehensive roadmap for Amila Aura
Perfumery to establish itself as a leading luxury fragrance brand. With a focus on
unique, high-quality fragrances and exceptional customer service, we are confident
that we can achieve our goals and become a successful and sustainable business.
