Ba (Hons) Fashion Communication

Fashion Business & Entrepeneurship

Amaia del Cid

1765 words
Business Plan
06/06/21
1
 CONTENTS PAGE

Introduction 4

Objectives & Start-Up Loan 6

Skills and Experience 7

Target Customers 9

Customer Personas 10

Market 12

SWOT 14

Competitor Analysis 16

Sales and Marketing Plan 17

Operations Plan 19

Other Considerations 20

Reference List 23
Picture Reference 24
Other Sources 25

Appendix 30
Pestel 31
Marketing Mix 32
Brand Onion 33
Positioning Map 34
Potential Customers 35
Porter’s Five Forces 36
Logo Design 37
Business Model Canvas 38
Survey 40
Financial Planning 44
Cash Out Flow Justification 46

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Business Plan
(Ellie V3
ail, 2021)
 INTRODUCTION

FindMe is a brand that provides safety at hand in a fashionable way; jewellery equipped
with a GPS and call button to be able to call for help when feeling unsafe but disguised
as either a necklace, bracelet or ring.

When the founder Amaia was living in Dublin at just 16 she was harassed and her phone
got stolen, she then found herself lost at late hours of the night in an unknown area,
this idea comes from her experience as well as other women’s that have been put under
a dangerous situation with nowhere to go or call.

The mission statement for FindMe is to provide protection, trust and safety for women
as they go through their day to day in a fashionable way.

FindMe will be launched in Spain and it will be found at:

www.FindMe.com
www.instagram.com/findme
www.tiktok.com/findme
www.facebook.com/findme

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(Etsy, 2021) Business Plan
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 OBJECTIVES & START-UP LOAN

1. Objectives

Short term (current year)

Start selling in Spain and be able to offer 1-2 days delivery

Sell up to 2500 products by the end of the year

Reach 15k followers in the main social media platforms

Medium term (1-2 years)

Start selling in Europe

Increase sales revenue by at least 50% by end of year 2

Introduce new items such as hair accessories

Long term (3 years and beyond)

Partner with department stores and boutiques around Europe to sell

FindMe items physically

Launch new season collections

2. Start Up Loan

FindMe has 4000 in assets, 2000 in capital and 20,000 as a start up bu-
siness loan. This loan would be used in order to pay the website domain,
the packaging, manufacturing and advertisements

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 SKILLS AND EXPERIENCE

1. Previous experience and employment relevant to the business

Regarding the jewelry sector, I worked for 3 months (Christmas campaign and
January sales) at the Aristocrazy firm, occupying positions as a sales assistant
(retail assistant) and order manager. Direct experience with customers helped
me to know their tastes and help them in their purchasing decisions. I also did
an internship at Ralph Lauren where I worked on the PR side and my job was or-
ganizing events. This helped me learn how to figure out short term goals as well
as predicting what the customers needed beforehand.

2. Education and training relevant to the business

I’m currently undertaking an undergraduate of Fashion Communication at Condé

Nast College which provides insight into the marketing side of fashion and how
to be able to sell products differently and how to look for trends and anticipate
them.

3. Transferable skills, talents or traits pertinent to the business

I am a creative, organized and responsible person. When I start a project I get

totally involved in it and I like to develop it as perfectly as possible until the end.
I am good at teamwork and I have a great capacity for resolution and decision
making, the degree has also provided me with skills in marketing and public re-
lations side of the business.

4. Gaps in skills, experience or qualifications

My greatest deficiency in carrying out a project of this type is the lack of expe-
rience in the economic part of it; accounting, taxes, calculations ... But I have the
help of one of my uncles who is a manager in several companies and has offered
me support and advice that I need in this field. I am also willing to teach myself
as I have always done throughout my educational preparation. I will also need the
help of a designer to help me translate my ideas into the creation of the jewels,
but the company that is going to carry out the manufacture has one on its staff.

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Business Plan
(Windsor, 2021)
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 TARGET CUSTOMERS

1. Demographic details

FindMe aims to target to:

Gender: Female
Age: 18-40 yrs old
Types: Individuals
Income: 26,000 to 80,000 a year; ABC1
Target Region: Spain (all cities)

2. Potential Customers

FindMe has 3,9M potential customers in Spain (see app)

3. Customer needs/problems FindMe addresses

Providing them with security within easy reach

Making the customer and their families/friends feel safe in case of need

4. Pricing approach

The pricing approach is based on a competitor analysis (see page )

and a deep market research. Rings will be priced at £85, Bracelets at £110, Necklaces at
£125, Earrings at £95, this gives FindMe a gross margin of %113, %175, %213, %138 per
unit respectively.

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 CUSTOMER PERSONAS

Olivia

She is 20 years old and lives in Bilbao, she is a graphic design student and sha-
res a flat with two colleagues. He has started working part time 3 days a week
in an art gallery. She likes fashion and keeps up to date on the latest trends, she
loves to go shopping and parties on weekends with her friends.
She usually uses public transport to get around and sometimes feels unsafe
coming home alone at night, she thinks she would feel safer if she could keep
in touch with her friends without using her phone.

Emma

She is 32 years old and lives in Madrid. She is a nurse and works shifts in a
hospital. She has just moved to Madrid from a small city and lives alone in an
apartment in a central neighborhood.
She is not overly concerned with her appearance, likes to dress comfortably,
and does not often wear jewelry. She likes sports and usually jogs in a park near
her home.
Her work requires her to move around the city at dawn and drive through places
that seem unsafe. She has purchased a key fob with an alarm and is considering
purchasing some other security device.

Victoria

She is 40 years old, she is a single mother. and director of an architecture stu-
dio. She lives in Barcelona with her 16 and 12-year-old daughters. Because of
her work, she usually likes to dress smart and wear luxury accessories as well
as jewellery.
She enjoys art, traveling, and organizing meetings at home with her friends, but
she enjoys spending quality time with her daughters the most.
She is an independent woman who has strived to pursue her career and raise
her daughters on her own. Now that they’re older they ask for more freedom to
go out with their friends and spend more time away from home, when the ol-
dest goes out sometimes she does not respond to her messages so Victoria has
installed an application on her mobile to locate her, but is afraid that at some
point she may find herself in danger and not be able to have her mobile. She’s
looking for some kind of discreet device that her daughter would like to keep
her located and so that both feel more secure.

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 Business Plan
(Bulgari, 2021) 11
 MARKET

1. Smart jewellery market overview

The market for smart jewellery as part of digital wearables has been on the rise
since 2014 (Baker, 2014) and according to market reports its development will
increase at least until 2026 (Smart jewelry and accessories market 2021-2025)
On the other hand, according to market search future.com, the size of the market
for wearable security devices in which smart jewelry is included will reach a value
of 6 billion USD in the year 2023.

2. consumer insights

FindMe belongs to the type of smart jewelry that offers security, equipped with
a GPS device that allows real-time location of the person using it in case of loss
or theft of their mobile phone. The feeling of insecurity of many young women,
especially in urban environments, is opposed to their freedom of movement or
activities (Ministerio Igualdad, 2021) Although Spain is the fifth safest country
in the world for women according to the report from Georgetown University and
the Peace Research Institute of Oslo (Georgetown,2020) there is a subjective rise
in the perception of the increase in crime and the feeling of exposure to it by
Spanish women (INE, 2021). In a survey conducted with over 300 women from
the ages of 18-40 93% answered “Yes” when asked if they had felt threatened or
when walking in the street alone (see appendix)

3. jewellery trends

FindMe jewelry will maintain a minimalist, discreet and characterful, timeless and
youthful style that can be worn alone or in combination with other traditional
jewelry pieces of both modern and classic design. This minimalist style in jewelry
design has been a trend in recent years (Codinha, 2018)

4.usp

High tech jewellery currently not in the market

Elegant and discreet design that can be worn on a daily basis

1-2 days delivery

Free returns

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93% of women between the ages of 18 to 40 responded “Yes” when asked if

they had felt threatened when walking alone in the street (see appendix)

99% of women between the ages of 18 to 40 responded “Yes” when asked

if they would be interested in a product like FindMe that would provide

them with a call button and gps integrated into jewellery (see appendix)

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 SWOT

Strenghts Weaknesses

New Product
Not well known enough market
High Quality
Not enough information about smart
Barely any competitors jewellery

Locally produced Start up business

Timeless and minimal design Lack of variety in designs at the be-

ginning

Brands that could offer similar products

for lower

Increase market niche and interest in

these type of products Limited Market

World Economy

Opportunities Threats

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 Business Plan
(Sarah O. Jewelry, 2021) 15
 COMPETITOR ANALYSIS

Totwoo Talsam

Totwoo provides you with two sepa- Smart jewellery charm designed
rate bracelets to be connected with to keep you connected with your
the person of your choice and being loved ones, the bluetooth device
able to send messages through vibra- is integrated into a semi-pre-
tions as well as tracking your sleep, cious stone and can be worn as
and steps. Price range: $119 - $403 either a bracelet or a necklace.
Price range: $129 - $200
https://www.totwooglobal.com/
https://talsam.com/
Strengths:
Strengths:
Sold on Amazon
Unique design of charms
Blog for people to review
and share experiences Able to send personalized
messages through the charm

Weaknesses:
Weaknesses:
High prices for what they offer
Very noticeable
Only bracelets
Not a wide selection of
Not provided with an emergency call designs or products
button

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 SALES AND MARKETING PLAN

1. Promotion activities

FindMe will use the following promotional activities to promote the brand across a va-
riety of different channels:

Social Media: Instagram, Facebook, Tiktok, Pinterest

PPC
Nano and Micro Influencer Marketing
PR
Email Marketing
Giveaways
Discounts

2. Key promotional activities

Social Media

Instagram, Facebook and Tiktok will be used to show the products and new collections
as well as to promote giveaways and discounts as an strategy to bring in new followers
that might be interested in the brand.

PPC

PPC is a very useful direct tool for getting sales and attracting new customers and it’s
very recommended for new businesses (Clutch, 2018). FindMe will enforce a Pay per
Click strategy on the apps mentioned above which aim to be the platforms with the most
engagement as well as through Google ads that would be found when searching for key
words such as “safety device” “GPS tracking” or “smart jewellery”

nano and Micro influencer Marketing

Nano and Micro influencers have better engagement with their audience and they trans-
mit a bigger sense of authenticity when promoting a product (Landers, 2020). FindMe
aims to find 5 women across their main channels that would become ambassadors of
the brand through the first year and would post regularly about tips and benefits of
FindMe.

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 Business Plan
(Grace Loves Lace, 2021)
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 OPERATIONS PLAN

Key Suppliers

Taller de Joyería Tito Ortiz is FindMe’s manufacturing partner, it’s based in La Coruña,
Spain which is where the brand is based as well. They have been designing and ma-
nufacturing jewellery across Spain since and for 50 brands since 1955. But the key to
their business is the personal design and care of all their jewelry and they have been
willing from the beginning to accept the challenge of designing the jewellery so that
it could be adapted to the needs of the gps microchip assembly and to collaborate
and participate throughout the entire process. Antonio Ponce Ortiz, a member of the
jewelry workshop and a specialist in watchmaking, will be in charge of taking care of
the assembly of the microchip and its commissioning. The relationship with the com-
pany is based on a closed price contract per piece manufactured, starting with the
manufacture of 50 pieces in January. The company is in charge of the supply of the
materials for the manufacture of the pieces. This partnership will be a project based
arrangement, meaning FindMe holds no contract with Taller de Joyería Tito Ortiz so
if in the future the brand feels the need to change the manufacturer it can do so with
total liberty.
(Taller joyería tito ortiz, 2021)

Shenzhen Runton Technology Co. Ltd

Guangdong, China Technology Component Factory will provide the microchips. Found
after doing an extensive internet search with the advice of Breixo Vázquez García. An
initial order of 1000 units of the microchip will be placed priced at $3,02

(Cnrunton.en.made-in-china.com, 2021)

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 OTHER CONSIDERATIONS

Do you currently emply staff?

FindMe will not employ any staff for the first year, once the business starts growing em-
ploying staff will be considered a priority

How many staff do you intend to take on in the next 12 months?

During the first 12 months the founder of the brand will run FindMe on her own, with the
help in certain aspects of a mentor (see page )

Where does or will your business operate from?

FindMe will operate from a home office in La Coruña, Spain

What laws or regulations have you considered for your business and/or industry?

Protection of self-employed workers

Retail Trade Agreement

E-Commerce services

General Law for the Defense of Consumers and Users and other complementary laws

Protection of Personal Data and guarantee of digital rights

What insurance do you currently have in place or do you intend to put in place for your business?

Santander Seguros will provide insurance for FindMe (see appendix)

Product damage
Theft
Goods in transit
Business interruption
Legal expenses

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Business Plan
21Vail, 2021)
(Ellie
 Business Plan

22 , 2019)
(The Zoe Report
REFERENCE LIST

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Shewan, D. (2021). How Much Does Google Ads Cost? [2021]. [online] Wordstream.com.
Available at: <https://www.wordstream.com/blog/ws/2015/05/21/how-much-does-ad-
words-cost#:~:text=The%20average%20cost%20per%20click,%2450%20or%20more%20
per%20click> [Accessed 1 June 2021].

Squarespace.com. (2021). Squarespace prices. [online] Available at: <https://aard-

vark-guitar-2sz8.squarespace.com/config/> [Accessed 26 May 2021].

Statista. (2021). Population in by age range Spain 2010-2021 | Statista. [online] Available
at: <https://es.statista.com/estadisticas/924647/distribucion-del-numero-de-habitan-

Business Plan
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Taller de Joyería Tito Ortiz. (2021). Tito Ortiz Joyería A Coruña: Diseño y fabricación ar-
tesanal de joyas. [online] Available at: <https://tallerdejoyeriatitoortiz.es/diseno-y-fa-
bricacion-de-joyas-en-a-coruna/> [Accessed 31 May 2021].

Talsam. (2021). Talsam: Smart Jewelry For Love. [online] Available at: <https://talsam.
com/> [Accessed 10 May 2021].

Totwoo Smart Jewelry. (2021). Totwoo Smart Jewelry | Connect with your love ones. [on-
line] Available at: <https://www.totwooglobal.com/> [Accessed 10 May 2021].

UN Women. (2021). UN. [online] Available at: <https://www.unwomen.org/es/what-we-

do/ending-violence-against-women/take-action/commit/government-commitments>
[Accessed 1 June 2021].

Violenciagenero.igualdad.gob.es. (2021). Ministerio de Igualdad Violencia de Género.

[online] Available at: <https://violenciagenero.igualdad.gob.es/> [Accessed 26 May
2021].

Webfx.com. (2021). How Much Does It Cost to Advertise on Instagram? | WebFX. [on-
line] Available at: <https://www.webfx.com/social-media/how-much-does-it-cost-
to-advertise-on-instagram.html#:~:text=LinkedIn%20Advertising%20Costs-,How%20
much%20do%20Instagram%20ads%20cost%3F,pay%20%246.70%20per%201000%20im-
pressions.> [Accessed 1 June 2021].

Worldometers.info. (2021). Spain Population (2021) - Worldometer. [online] Available

at: <https://www.worldometers.info/world-population/spain-population/> [Accessed
11 May 2021].

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Business Plan
29 2019)
(Missoma
APPENDIX

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 PESTEL

political

The United Nations seeks government commitments from its member countries
to implement policies that prosecute violence against women

(UN, 2021)

Social

The experiences of street harassment reported by girls and young women show
that it’s more frequent when women are alone.
One in three women have suffered sexual harassment during the pandemic
according to a study carried out by the Ipsos consultancy for L’Oréal Paris with
more than 15,000 participants in 15 countries
(Plan Spain, 2021)

Technological

Technological advances have allowed the development of chips that allow

locating any object, animal or person.
These are chips implanted in a very discreet way and that remain active for a
long period of time, thus maximizing the performance and efficiency of the
locators.
(Yahoo Finance, 2021)

Legal

The sexual freedom law approved by the Spanish Parliament punishes all
non-consensual sexual behavior, including street harassment.

(Amnesty.org, 2021)

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 MARKETING MIX

Product

Smart jewellery consisting of the following: Rings, Bracelets, Earrings and Nec-
klaces

Small range at time of launch

The products will be linked to an app that chosen family/friends of the customer
will use to see location as well as receive an alert/call when in danger

Exclusively for women 18-40 but the goal is to expand the target customer in the
future

Place

FindMe will be launched and sold solely in Spain at least during the first year,
depending on the success of it the goal would be to start selling all over Europe.

Promotion

PPC will be used as the main promotional tool through instagram, facebook and
tiktok ads

Price

Rings priced at £85, Earrings at £95, Bracelets at £110, Necklaces at £125

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 BRAND ONION
3RD LAYER PERSONALITY: Open
2ND LAYER CORE VALUES: High
minded, Reliable, strong tone of voice,
quality, Innovative, Transparent; Aware,
trustworthy
Engaging

4TH LAYER BRAND IN ACTION: Providing the customer with the most advanced
tech to feel protected at every instant

clients are aware they’re safe when wearing findme because of its efficacy

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 POSITIONING MAP OF SMART JEWELLERY

High price point

Classical Modern

Entry price point

(All Brands fully referenced in

the reference list)

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 POTENTIAL CUSTOMERS

The potential customers for FindMe have been calculated through the following research:

According to Worldometer (2021) the current population in Spain is of 46,771,540 (as

of May 2021) from which 23,584,814 are women (Country Meters, 2021). From the
23,584,814 the age range of 18-40 is 7,829,629 (Statista, 2021). The ABC1 demogra-
phic consists of 56% of people that win 2200+ a month (INE, 2021). 56% of 7,829,629
is 3,920,000 which means there are 3,9 potential customers for FindMe in Spain.

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 PORTER’S FIVE FORCES

Rivalry among competitors

For FindMe the rivalry among competitors is very minimal for the time being since
there’s no current product with the same characteristics FindMe has.

Threat of New Entrants

The threat for new entrants is quite high because as explained above there is no
product that could currently compete however there are similar products that could
improve their design and become a direct competitor for FindMe and it could be a
potential threat in the future. To differentiate itself from possible competition Find-
Me aims to build a community of loyal customers through the years.

Threat of Substitutes

Jewellery is an overcrowded market that is predicted to reach $266 billion by 2027

(GlobeNewswire, 2021) where competition is strong especially among smaller brands
that are trying to make a name for themselves. Smart jewellery is a market that is
also on the rise and that will continue growing over the years. This means there’s
a potential threat of customers finding a substitute brand, however the risk of this
happening is currently small for FindMe since no other smart jewellery brands are
offering the same products FindMe offers.

Bargaining power of suppliers

Suppliers for the jewellery industry are high and can be found all over the world (Mc-
Kinsey, 2020) which means it’s easy to shift to other suppliers. However for FindMe
this may be a more difficult task since they specialise in smart jewellery containing
a small microchip and a call button.

Bargaining power of buyers

FindMe has a potential customer of 3,9M just in Spain, they are free to change to
other brands but it would be hard for customers to bring prices down as well as for
them to find the exclusivity FindMe provides them with.

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 LOGO DESIGN

The logo idea came from the story explained in the introduction, a week before
everything happened I had managed to find a four leave clover and I used to keep
it in the pocked of my school jacket. To my belief in that very moment the clover
was what gave me luck and saved me from things being worse so I made myself a
promise to always keep it. Later when I turned 18 I tattooed it on my wrist to always
carry it with me. So when thinking about the logo the clover came straight into my
head as well as the brand colours, it was made on illustrator and I drew the clover
myself.

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BUSINESS MODEL CANVAS

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SURVEY

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 FINANCIAL PLANNING

Cost Price: Total Fixed Costs + Total Variable Costs / Total Units

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 CASH OUT FLOW JUSTIFICATIONS

Insurance

The Insurance chosen is Santander Seguros which

would be all paid at the starting point in a single quote
of €290 (£260) this insurance will cover:
Product damage
Theft
Goods in transit
Business interruption (Banco Santander, 2021)
Legal expenses

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 Phone Contract

The phone contract chosen is Orange it will be paid

montly at a rate of €29 (£25) a month

(Orange, 2021)

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 Advertising

The advertising would consist of the following:

Facebook ads that would run at £2 daily (Paquette, 2021)

Instagram ads that would run at £3 daily (Webfx, 2021)

Tiktok ads that would run at £1 daily (Jungletopp, 2020)

Google ads that would run at £1 daily (Shewan, 2021)

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 Packaging

The boxes for the packaging will be bought from Estil Estuches in two sets of
1000, one at the starting point and the second one in the 6th month, the boxes
are €0.75 (£0.69) 1000 boxes then would add up to €750 (£690)

(Estil estuches, 2021)

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 Shipping

Correos Express has been chosen

for the shipping which runs at €3.91
(£2.89) per order. To be delivered in
a maximum of 3 days.

(Correos express, 2021)

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 Cuota de autónomos

The so-called “Cuota de Autónomos” is the payment that self-employed workers

must make to the Social Security in Spain every month from the first day they start
their business. It is a figure that is calculated by applying the rate to the contribu-
tion base. In addition, first-time freelancers have access to an 80% discount.

(Info Autónomos, 2021)

This comes out to £60 a month

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 Manufacturers

Taller de Joyería Tito Ortiz charges a fixed price for each unit made; £20 per ring made, £30
per bracelet made, £35 per necklace made and £25 per earrings made, all negotiations were
made in person.
(Taller joyería tito ortiz, 2021)

Material

Shenzhen Runton Technology Co.

Ltd will provide the microchips that
would then later be put in the jewe-
llery, an initial order of 1000 chips
for $3.02 (£2.13) and a second or-
der during the 6th month of another
1000.

(Cnrunton.en.made-in-china.com, 2021)

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 Website

For the website SquareSpace has been chosen with a mon-

thly payment of €24 (£20) and an added £20 at the start
before launching the business to be able to have the web-
site up and running beforehand

(Squarespace, 2021)

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 Loan

The loan is made through the aid platform that the Spanish state
offers to young entrepreneurs within the plan called ICO Credits for
small and medium-sized companies. This year 2021 and as "COVID
19 Guarantees" they offer a lack of interest and capital of between 1
and 3 years, not having to pay any fee during the initial 12 months of
the company

(ICo, 2021)

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55
 Online transactions

January July

1.4% x £3755 = £52.57 1.4% x £16495 = £258.93

+ +
£0.2 x 36 = £7 £0.2 x 178 = £35.6

January Total: £59.57 July Total: £294.53

February August

1.4% x £5735 = £80.29 1.4% x £21610 = £302.54

+ +
£0.2 x 55 = £11 £0.2 x 208 = £41.6

February Total: £91.29 August Total: £344.14

March September

1.4% x £7480 = £104.72 1.4% x £24340 = £340.76

+ +
The European transaction fee
£0.2 x 72 = £14.4 £0.2 x 234 = £46.8
is 1.4% +£0.2

March Total: £119.12 September Total: £386.56

April October

1.4% x £9825 = £137.55 1.4% x £27690 = £387.66

+ +
£0.2 x 95 = £19 £0.2 x 266 = £53.2

April Total: £156.55 October Total: £440.86

May November

1.4% x £12650 = £177.1 1.4% x £31665 = £443.31

+ +
£0.2 x 122 = £24.4 £0.2 x 305 = £61

May Total: £201.5 November Total: £504.31

June December

1.4% x £15600 = £218.4 1.4% x £36850 = £515.9

+ +
£0.2 x 150 = £30 £0.2 x 355 = £71

June Total: £248.4 December Total: £586.9

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