Ritually- a new business

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Information about Ritually- a new business
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Published on February 24, 2014

Author: ApoorvaJain6

Source: slideshare.net

Description

Conceptualising a new system to revive culture in today's urban society

Store Occasion partner

EXECUTIVE SUMMARY Ritually endeavours to provide a complete spiritual experience. Ritually provides all tangibles for puja, from samagri, prasad to flowers. The product lines for Puja, Tyohar is created in consultation with experts from all religions and communities. Apart from providing samagri, Ritually also organizes rituals ranging from all Hindu samskars to festivals of other religions with the guidance of our experts. Within our services we cater to all ceremonial needs from puja, catering, space bookings, ambience to styling, grooming of participants. With increased convenience, customization and accessibiity, Ritually brings everything you need at one point. Be it Pujas, Havans, or Hindu samskaras, the aim is not just to provide people with the samagri but also an experience which is spiritual and inspiring in the true sense. An elaborate market research was done to find out if the project was actually feasible and would have any takers in Bangalore. A whole lot of data was found out in terms of the population and behavior of people in Bangalore. These included the total population of Bangalore, Sex ratio, Literacy, Religious population, Ethnicity, Birth rate, Mortality, Number of nuclear households, Number of immigrants yearly, Prevelant population, Temple and other religious areas, Qualitative study of markets (malleswaram) and also Upcoming residential estates. According to census 2010, Bangalore is home to 9.6 million people, 53% of which is local population. the rest is a mixture of Tamilians, telugites, keralites and a mixure of other races. As per the Residential Market Report April 2012, about 20,600 residential units were absorbed in 2011. The growing IT sector in the city is adding an average of 1 lakh individuals to the workforce every year. This itself opens up a huge market for us which is uncatered to by the existing businesses.

VALUE PROPOSITION Ritually is an attempt to help one connect to one’s roots. It endeavors to bring all resources that one needs to fulfil one’s religious practices and other rituals. Let your religion guide you by letting us make it simple for you to live your celebrations, mourns, and your prayers in this journey called life. Ritually envisions to give meanings to ordinary rituals and spread the true reasonings for their initiation, all through an experience that is captured, recalled and thus remembered forever. A life time/ life changing experience which will revive and imbibe culture in people who have unknowingly ditanced from it. Ritually is a house of knowledge with the vision to revive cultural practices by rebonding with age old traditions. Once in a life time experience Novelty Everything at one point MEANING A life changing experience VALUE to customers Experience is captured, recalled & remembered Convenience Customization Accessibility

PRODUCTS & SERVICES Ritually has a wide variety of products to offer. It has four different categories of material bundles which include general necessary items (samagri) to carry out the puja. Besides ritual samagri, other items are availabe separately which may or may not be bundled in any of the packages as wished, such as; Murti Jhoola Vastra Puja Utensils Decorative items, e.g., toran Aarti Lamps Rangoli colors By helping people with occassions, Ritualy provides a life time- life changing experience which will revive and imbibe culture in people who have unknowingly ditanced from it. This is also categories into three major divisions, namely, Budget, Premium and Luxe. This again is governed by numerous add ons in each category, namely No. of People Photographer Performing Artists Grooming Experts

Product Segmentation Price Bands samagri Cost Price Profit 1 Puja 300 501 201 2 Puja Fresh 400 701 301 3 Puja Prasad 500 1001 501 4 Puja sarv 800 1101 301 Tokri 1 Tokri 2 Tokri fresh 3 Tokri prasad 4 Tokri sarv 1 Murthi 2 Vastra 3 Deep 4 décor total 200 300 400 500 301 501 601 701 101 201 201 201 2500 3500 1000 350 499 149 100 200 100 100 200 100 6450 9807 3357 Services Sno. 1 2 3 Rituals segmantation Cost(Rupees) Selling Price Tax Tax Total Cost Total Profit Budget 6500 11000 12.36% 1359.6 7859.6 3140.4 Premium 27000 40000 12.36% 4944 31944 8056 Luxe 120000 180000 12.36% 22248 142248 37752 Total 153500 231000 28551.6 182051.6 48948.4

INDUSTRY : CURRENT SCENARIO Bangalore is becomig more and more cosmopolitan each day with men and women from across the country settling down in the country’s largely growing IT hub. It is these group of people that constitute the mojor chunk of nuclear families in the city. These nulcear families are insufficiently knowledgeable and often absolutely unaware of their own religious rituals and practices due to isolation from their families. The stress of corporate life makes them vulnerable to depression. Some of these individuals seek peace by engaging in physical activities, while a lot of them find solace in religious activities. Getting back to their roots and spirituality has become a common word of discussion among the corporate classes today. To fulfil these religious and spiritual needs there is, in the market available, a plethora of products and services. However, the products are available only in the vicinity of temples and other such religious neighbourhoods. Unfortunately, the selling of these products and services is extremely traditional and localised, and hasnt evolved or grown to meet the needs of the cosmopolitan consumers. In the case of services, such as organising religious functions, the traditional approach of individuals/ families has been to perform each task and prepare for puja individually. But in the busy city life, people can spare little time to perform these chores, thus it becomes cumbersome to manage a religious/ spiritual event, which may be of low social value but has a high individual spiritual value. As a result, there is a huge potential in reviving these rituals for the multi-ethnic groups with variable economic conditions. GAPS * Social obligations have rendered cultural necessities useless * Finding pujaris, priests, religious experts * Difficulty in acquiring all puja samagri * Managing and organising an event * Need to know/believe as to why things are done in a certain way * This sector needs to be streamlined

COMPETITORS

Street markets IT hub, offices, upcoming residential areas Potential suppliers (venders) LOCATION : STORE & WAREHOUSE

HINDUISM January CHRISTIANITY Makar Sankranti Lohri Pongal February ISLAM Basant Panchami Shivratri March April May Palm Sunday Good Friday Easter Ugadi Chhoti Holi Kaveri Sankraman Ayudha Pooja Mahavir Jayanti Buddha Poornima June July August September October Rath Yatra Ramzaan Naga Panchami Teej Varahlakshmi Eid (Ifteaar) Gauri Poojan Ganesh Hebba Onam Dussehra Karwa Cauth November Deepawali December Hutari Chanukah St Andrews day Eid Christmas FESTIVE TIMELINE OTHER OCCASIONS Gruh Shanti, Gruh Pravesh, Baby shower, Jatakarma, Nama-karana, Nishkramana, Annaprashana, Chudakarana, Karna-vedha, Upanayan & Vedarambha, Antyeshthi

TARGET CUSTOMERS Young Professional | NRIs | Nuclear families | Joint families All religious and castes

TARGET CUSTOMER PROFILE Young Professional Bangalore is not only a IT hub but also a place with fast growing market and trends. Many young professionals come in due to the opportunites and environment which gives us a healthy market. NRIs There are particular seasons for NRIs to come in India. Also they like to conduct their occassions with great pomp, together with their families and friends whom they have met after a long time. Nuclear families As we see the IT sector growing rapidly, a lot of corporate professionals are moving to Bangalore. These have settled as nuclear families and as they have moved away from their regions, prove to be our potential customers. Joint families People always opt for a convenient and hassle-free event. Joint families have enough resourses and so want their occasions to be more organised and donot want all the task to become a burden on one member, hence become a very potential customer for our business. All religious and castes India is a secular country and there are people of different religion, caste and creed. We cater to people of all religion, region, caste and language.

BUSINESS STRATEGY Market strategy Closer to consumers: Locations have been identified where this business model is most likely to flourish. In Bangalore, the most profitable location is Banashankari.where there is a greater amount of Kannadiga population. Closer to Suppliers: Also, the suppliers are located in and around central Bangalore and mostly in Gandhi Market. Being closer to the supplier will reduce the costs of logistics. Closer to Needs: There will always be an opportunity to customize the baskets in accordance to the consumer needs. This will automatically give input to our research database on consumers and the religious practices Long term bonds: An endeavor will always be made to target consumers for a longer period and organize all their family rituals. A sort of bond will be made and hence will spread our business. Experience Creation: More importantly, stress will be laid to create a more spiritual experience in accordance with our value proposition Model.

Growth strategy Short term plans: A focus will be laid on forecasting and meeting short term targets. Based on sales analysis, a review will be done first monthly and the quarterly to evaluate product line performances. Seasons: Our business seasons will be based on festivals. Corresponding to other industries we will always have classics which will be the 16 Hindu samskaras. Our endeavor will be to grow with every season. Retail to Ritual: We would like to convert our store customers into our event customers by means of counseling them. Hence for growth, we would like more of these conversions because the profitability of events is higher than the profitability of Retail store. Long term Plans: A parallel focus will be to forecast trends in the longer term. This will include estimation of expansion. Finding newer areas of business potential. Based on which newer stores will be opened. Going Digital: With ‘digital’ media getting involved in the interfaces, the whole experience of an ancient Puja is gone. Our attempt will be to use this knowledge in the back end and come up with a Buying system which will ease our work with the suppliers. Going Lean: Our attempt will be to reduce all sorts of waste at every level of supply chain. This will happen by carefully estimating the inventory and store supply. Fresh items will not be a part of inventory and will be directly bought at the time of purchase by customers.

TEAM MAKE-UP PERMANENT TEMPORARY 3 2 Owners (Salary based on profits, 3 members) 2 Volunteers for events (Salary: 750 per occasion) Staff in the store (Salary: 10,000 per month) (Skill set: Graduate, Good communication, Basic computer softwares, Selling/ marketing skills) Religious experts (Salary: 1000 for every puja) 2 2 Staff in the warehouse (Salary: 5,000 per month) (Skill set: 12th pass, Driving, Basic mathematics) Beautician/stylist (Salary: 200/ 500/ 5000 for every occasion) Photographer (Salary: 4000 for every occasion)

BUSINESS MODEL

KEY PARTNERS KEY ACTIVITIES KEY RESOURCES Caterer Printer Flower Vendor Grooming Experts Travel Agents Photographers Performing Artists Suppliers Forecasting & Planning Sourcing & Buying Selling & Replenishment Marketing & Promotion FIXED Retail Space Warehouse Software-hardware Graphic Team Conceptual Experts Transportation VALUE PROPOSITION CUSTOMER RELATIONSHIP Direct Orders Direct Selling Cross Selling Online Orders Word of Mouth Social Media Radio Print Ritual Samagri Murti/ Jhoola/ Utensils Clothes Decorative items/ Lamps Event/ Experience A life time/ life changing experience which will revive and imbibe culture in people who have moved away from it presently. VARIABLE Caterer Printer Performing Artists Grooming Experts Travel Agents Photographers CUSTOMER SEGMENTATION Young Couples Joint Families Nuclear Families *all religions and ceremonies

DISTRIBUTION CHANNELS

COST STRUCTURE & REVENUE MODEL Retail Store For calculation of costs of the products in the product line, a research was done to to find out the wholesale cost of products and then dividing them by the number of products that go in the store per month including monthly inventory. This was also compared with the market prices and margins were calculated for all the product ranges. CASE II Samagri for PONGAL Cost Price Decoration 75 100 Rangoli Making Kit 50 100 Food prep 50 100 Dry fruit 100 100 Flowers 80 99 Fruit 80 99 TOTAL 435 598

CASE II Samagri for GRUHA SHANTI POOJAN Cost Price Chandan powder / paste Flowers 1 bunch Aggarbatti Kapoor Jaggery Plate for keeping rice Rice bag 10 lbs Corn, separate seeds and stalks. Dhoop Deep (niranjan) Sweet dish to offer (like kheer/halwa) Kum kum Red blouse pieces 2. (2 feet by 2 feet) White blouse pieces 2 (2 feet by 2 feet) Kalash or lota (big sized which can hold coconut & leaves) Mango or bettle leaves New vessel Milk Deity Idol Real Cow or Cow idol or picture (optional) Few spoons (metal preferred to light camphor) Few plates Tumeric powder Ghee /oil for lamp 2 puja Coconuts (with coir on top ) + 1 for every door Cow Dung and cow urine Curd Red sewing thread Lemons- 4 for every door Aluminium foil role 20 20 15 15 15 30 60 07 07 30 40 07 125 125 50 10 90 20 30 30 20 25 25 18 45 30 10 15 15 30 30 30 20 20 20 40 75 10 10 40 50 10 150 150 60 10 100 20 30 30 20 30 30 20 50 40 20 20 20 30 TOTAL 984 1195 Packaging Logistics 100 100 20 50 GRAND TOTAL 1104 1345

Plan for Inventory and the store quantities for the product lines The cost price, selling price and profit sheets for product line is also included. Price Bands Monthly stock Target samagri Cos t Pri ce Profit Uni ts Fi rs t i nvestment Monthly ta rget Fi rs t Sa l es Fi rs t Returns Monthl y replenishment Monthl y Repl eni s hment cos t Puja 300 501 201 20 6000 10 5010 -990 10 3000 Puja Fresh 400 701 301 30 12000 15 10515 -1485 15 6000 Puja Prasad Puja sarv 500 1001 501 30 15000 15 15015 15 15 7500 800 1101 301 20 16000 10 11010 -4990 10 8000 Tokri 200 301 101 20 4000 10 3010 -990 10 2000 Tokri fresh Tokri prasad Tokri sarv 300 501 201 30 9000 15 7515 -1485 15 4500 400 601 201 30 12000 15 9015 -2985 15 6000 500 701 201 20 10000 10 7010 -2990 10 5000 Murthi 2500 3500 1000 15 37500 3 10500 -27000 3 7500 Vastra 350 499 149 20 7000 10 4990 -2010 10 3500 Deep 100 200 100 20 2000 10 2000 0 10 1000 décor 100 200 100 30 3000 15 3000 0 15 1500 total 6450 9807 3357 285 133500 138 88590 -44910 138 55500 Tokri The Salary of employess is calculated and included in costs. It is to be Noted that there is an increase oin salary of employees in the second year Appraisal time in august 2015 and from then every year onwards. Ma n Power (s tore) Work hours /da y Sa l a ry/month INR 1 Owner 1 6 2 Owner 2 6 3 Owner 3 6 4 Store s ta ff1 8 10000 5 Store s ta ff2 8 10000 6 Wa rehous e Sta ff1 6 5000 7 Wa rehous e Sta ff2 6 5000 8 Hous ekeepi ng 1 1000 Tota l 47 31000

Below is the segmentation or package line for the occassions Budget, Premium and High end resp. Budget(25 ppl) Sno Acti vi ty Cos t Pri ce Profi t 1 Pa ndi t(pooja ) 1000 1500 500 2 Sa ma gri 800 1500 700 3 Decora ti on 500 1000 500 4 Sta ff 500 1000 500 5 Hous e keepi ng 400 500 100 6 Ca teri ng 2500 3000 500 7 Logi s ti cs 500 1000 500 Total 6200 9500 3300 Add ons 8 Styl i s t 500 750 250 9 Photogra pher 2500 3000 500 Total 9200 13250 4050 Sno 1 2 3 4 5 6 7 8 9 Premium(25 ppl) Activity Cost Price Profit Pandit(pooja) 1500 2000 500 Samagri 1000 1500 500 Decoration 1500 2000 500 Beautition 2000 2500 500 Space 10000 15000 5000 Catering 5000 6000 1000 Logistics 500 1000 500 Staff(electricians) 1000 1200 200 Photographer 4500 6000 1500 Total 27000 37200 10200 Sno 1 2 3 4 5 6 7 8 9 10 Luxe Activity Cost Price Pandit 1500 2000 Samagri 1500 2000 Decoration 5000 10000 Stylist 5000 7000 Resort/Hotel/Hall 25000 50000 Transport 40000 50000 Performance/event 2000 5000 Photographer 5000 10000 logistics 500 1000 Food 37500 50000 Total 123000 187000 Profit 500 500 5000 2000 25000 10000 3000 5000 500 12500 64000 Based on the target sales to made every year, the number of rituals to be organized every year in each of these segments were estimated. Sno. 1 2 3 Rituals segmantation Budget Premium Luxe Total per month First year 25 12 10 47 4 Second Year 30 40 10 80 7 Third year 30 45 25 100 8

Initial Investment Investment Store 1 Space on Rent(security) Interior(Design and construction) Amenities Costs 2,00,000 2,00,000 50,000 Rituals Inventory sets 50,000 50,000 Common Registration Logistics Marketing Hardware Software 100 20,000 50,000 1,00,000 15,000 Total 7,35,100 Half yearly cost Reccurring Investment(Half yearly) Store Maintenance Uniform Costs 3,000 3,000 Logistics(vehicle maintenance) Marketing(web page maintenance) Hardware Software 3,000 10,000 Total Quarterly monthly 19,000 9500 3167

Cost Structure for 5 years Jan-14 Initial Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Total 7,35,100 Reccurring 3167 Total 3167 3167 3167 3167 3167 3167 3167 3167 3167 3167 3167 38000 52,500 Monthly 52,500 52,500 52,500 52,500 52,500 52,500 52,500 52,500 52,500 52,500 52,650 630150 7,35,100 2015 1403250 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 3293 3293 3293 3293 3293 3293 3293 3293 3293 3293 3293 39520 52,650 Monthly Jan-15 3293 Reccurring Tot2015 52,650 52,650 52,650 52,650 52,650 52,650 55,750 55,750 55,750 57,400 57,400 650600 690120 2016 Reccurring Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Tot2016 3425 3425 3425 3425 3425 3425 3425 3425 3425 3425 3425 3425 41101 57400 Monthly 57400 57400 57400 57400 57400 57400 57710 57710 59525 59525 59525 695795 736896 2017 Reccurring Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 60000 84525 Monthly 84525 84525 84525 84525 84525 84525 84525 84525 84525 84525 84525 1014300 1074300 2018 Reccurring Monthly Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 5200 5200 5200 5200 5200 5200 5200 5200 5200 5200 5200 5200 62400 99525 99525 99525 99525 99525 99525 99525 99525 99525 99525 99525 99525 1194300

Monthly costs Reccurring Investment(Monthly) Store Employees 31,000 34100 Electricity 3,000 37510 Water 500 rent( increases @10% every 11 months) 15,000 Rituals 16500 18150 Common Logistics(fuel) 3,000 Marketing Hardware Software Total 52,500 The costs highlighted in blue are the incremental values after . appraisal in salaries of employees. Third year Investment Investment Store 2 Space on Rent(security) 2,00,000 Interior(Design and construction) 2,00,000 Amenities 50,000 Common Logistics 20,000 Marketing 50,000 Hardware 30,000 Total 5,50,000

BREAKEVEN ANALYSIS & TIMELINE

REFERENCES www.vestianglobal.com http://www.censusindia.gov.in/pca/default.aspx http://www.censusindia.gov.in/2011-prov-results/prov_data_products_karnatka.html http://en.wikipedia.org/wiki/Hindu_calendar http://www.lladro.com/themes/temas.india-CATALOG_BUDDHISM_AND_HINDUISM/ http://en.wikipedia.org/wiki/Places_of_worship_in_Bangalore http://en.wikipedia.org/wiki/Economy_of_Bangalore http://en.wikipedia.org/wiki/Gross_domestic_product http://en.wikipedia.org/wiki/Housing_in_India http://en.wikipedia.org/wiki/Bangalore http://www.asienkunde.de/articles/A103_Dittrich.pdf http://www.iimahd.ernet.in/publications/data/2006-05-02rbasant.pdf http://www.saranam.com/fasting http://www.eventeducation.com/forming-event-company.php http://en.wikipedia.org/wiki/Cost–benefit_analysis http://management.about.com/cs/money/a/CostBenefit_2.htm

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