Business Idea

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Dolls Manufacturing

Table of Contents

Introduction

The business idea in the report will discuss the feasibility of the manufacturing of dolls. In the report, the two ideas will be discussed, and the ideas having high feasibility scoring will be further used as a start-up business. It is expected that the business idea will primarily focus on either customizing dolls as per the client’s demand or using recycled material in the production process. The factory settlement will be in the region of Oman and thus making it necessary to evaluate the feasibility and successful aspect of the idea.

Idea generation and validation

Idea generation is a necessary aspect of starting any business as this phase will help the investor in conducting market research and feasibility study for achieving success. Idea generation is defined as a process related to creating, developing, and communicating concrete and visual ideas. The business plan will focus on the two ideas:

Idea 1: Setting up a small factory for making customized dolls for customers

Figure 1- Idea 1 (Customizing dolls)

Figure 2 – Idea 2 (Recycled Dolls)

Both ideas will have their own effectiveness, and the criteria for evaluating the ideas are given in Table 1 below:

Criteria	Idea 1	Idea 2
1. Market need/gap	5	3
2. Able to identify the customers	4	2
3. Market demand/need	3	5
4. Market size	3	5
5. Market growth	2	5
6. Number of existing competitors	4	3
7. Risk of replication	1	5
8. Margins (profits)	5	3
9. Start-up costs	5	2
10. Financeable (funders, e.g., self, Banks, VCs, investors)	3	4
11. Your knowledge/experience	4	2
12. Scalability (rate of returns on investment	3	4
Total Score	42	43

Table 1 – Criteria for evaluating ideas

Figure 3 – Location map for Business (Dolly)

Type of products

The product which is planned by the business is to sell dolls that are made from recycled items. As the dolls will be made from recycled materials thus, plastic and old clothes will be the primary raw materials that will be required for making dolls. It is expected that making dolls, following a thorough process in terms of gathering recycled items and turning them into finished items, should be through a centralized business process.

The process that will be followed in terms of making dolls using recycled material is:

Step 1: Gathering of raw materials

This is the first step in which the management of the factory should look at ways through which they will be able to gather recycled materials such as clothes or plastic. The recycled material will be gathered by setting up recycled bins all across Oman, and people will be motivated to discard their materials in those bins. The material gathering should be done in a precise manner so that the quality of dolls ade will not be compromised.

Step2: Transferring of raw materials

It is necessary that the raw materials should be transferred to the production facility so that the production process will start promptly. This activity will also be extended to other neighboring countries as the scrap for clothes and plastic will also be bought for further processing.

Step 3: Brainstorming of designs

The brainstorming of doll designs is necessary as it is necessary for a business to provide uniqueness in their product to attract the consumer market. The teams must be divided to design dolls made of plastic and cloth-filled squishy dolls.

Figure 4 – Dolls designing using clothes and plastic

Step 4: Marketing the idea

The marketing of the idea is necessary so that the consumers will understand the importance of buying recycled dolls. The marketing idea will primarily focus on the importance of promoting the recycling aspect of the business. It is necessary that the consumers should be made aware of the importance of recycling and its direct relation with the saving of the planet. The environmental sustainability initiatives taken by the government and people living in Oman can be used as a market positioning statement, i.e., “join hand to save the environment and entertain kids.” This positioning statement will help in projecting a positive image of Dolly’s business.

Figure 5 – Marketing approach of Dolly Business

(McCarty & Shrum, 2021)

Justification for a business idea

The business idea selected is to make dolls using recycled materials such as clothes or plastic. The business idea generation must be accompanied by industrial statistics as the markets which have potential growth are feasible for starting a new business. In terms of the toys industry, a growth of 8.5% is estimated in the year 2020. The global sales of toys reached $104.2 Billion in the year 2021. By the end of 2026, it is expected that the toy industry will reach $194.69 with a CAGR of 12.5%. This indicates that there is an increased potential for growth for Dolly’s business. It is going to be easy for the management of Dolly business to have high sales if they are able to maintain the differentiation aspect. Also, the social aspects cannot be denied as for consumers of Oman; environmental sustainability is a priority. The global warming issue is a reality, and it cannot be denied as it is expected that by the next 20 years, the global temperature will reach 1.5°C.

Figure 6 – Global warming statistics

(McGee, 2022)

By using recycled items, it is also going to be easy for the business to minimize its cost levels. The cost of raw materials will be minimum. Hence, the overall cost for dolls will be low, which can help Dolly business to generate high profits and a considerate consumer base. Also, the business which is focusing on contributing to the environment will also get support from the Government of Oman, and thus the financing will be easy. The business will also get loans on flexible terms from banks or grants from the government with ease due to the social and environmental aspects.

Conclusion

The above business idea concludes that if Dolly’s business is established and factories are established in Muscat, then it will become easy for the investors to generate high returns due to increasing social acceptance of business. Also, it concludes that when business ideas are based on sustainability aspects, then it would become easy for them to arrange for finances, develop positive brand recognition and generate a consumer base.