a report of opening a new book shop
DESCRIPTION
A full Report of opening a new book shop with lots of information like strategy,competitors.TRANSCRIPT
Entrepreneurship – Creating a Business Opportunity (M059LON)
Children’sBookstore
2
The business opportunity
“DreamCatcherisaChildrens’Bookstorethatprovidesanexcitingexperienceforchildrenandparentswithaunique
varietyofEnglishliteraturecoupledwithexcellentcustomerservice.”
3
ContentsExecutiveSummary 4BusinessOpportunity 6
MarketGap ProductOffering
MicroMarketAnalysis 8
TargetMarketSize CurrentTrends Dynamics Targetprofile TargetBehaviour CustomerProfile
MacroMarket&Drivers 11
PESTELAnalysisCompetitiveEnvironment&DirectCompetitors 12
Porter’s5ForcesSustainability 14
USP CriticalSuccessFactors(CSF) Start‐upFinances PostStart‐upFinances SWOTanalysis
ManagerialCapabilities(TeamDomain) 17
PersonalTraits ExecutionofCSF Business&SocialNetworks
References 19Appendix 21ExecutiveSummary
4
DreamCatcherisachildrens’bookstorebasedinKualaLumpur,Malaysiawhere there isapopulationof1.7millionand97.3%are literate(DOSM2013).This bookstore will provide ambience that will excite children 12 years andbelow and amaze the adults. The store will carry a majority of independentchildrens’ English literature books and provide excellent customer service. Inthis feasibility report, the business opportunity will be evaluated based onMullin’s7Domains.MarketResearchandDataCollection Primaryresearchwascarriedoutthroughquestionnaires,interviewsandfeedback from potential target market and book distributor in Malaysia. 22participants took part in the survey were Malaysians married with children.Certain information like the current book market size and segments weredifficult to identifyhence,assumptionsweremadebasedonthestatistics fromtheDepartmentofStatisticsMalaysianandapublisher’smarketreportreleasedbytheNationalBookCouncilMalaysia.MicroMarketAnalysis From the research conducted, DreamCatcher’s target market wasidentifiedbasedontheVALS™ratherthanMintel’sbooksegmentation,asitwasmore relevant. This resulted in opting for Innovators as the perfect targetaudience,asthebusinessopportunityisnicheandvaryfromexistingbookstores.MacroMarket&Drivers According to thePESTEL analysis, there is a trend for books. Though itmay not be strong, with encouragement from the government, who is takinginitiative to cultivate a reading habit among Malaysians by giving them taxexemptionsofup toRM1000(£200)will indeedhelp thebusiness.Also,basedontheprimarysurvey,parentswouldliketoinvestintheirchildrens’pre‐schoollearning.Competition MajorbookchainssuchasMPH,Borders,PopularBooksandTheTimesdominate the Malaysian book market. However they cater for all genres andcarry popular titles for children.DreamCatcher’s direct competitor is Trisha&Sasha bookstore that specializes in childrens’ books. However, they cater forexpatriatesandarelocatedinadiscreetarea,hencearenotverywellknown.Sustainability Thesustainabilityofthisbusinessopportunitymaybeleadupto5yearsasitcanbeeasilyimitated.However,thecriticalfactorsthatmakeitsuccessfulinitiallywillevolve.Newproductsandserviceswillbeintroducedinthefutures.
5
Breakevenpoint isspeculatedinthesecondyearwiththefirstyeargeneratingsalesofRM735,000(£147,000)withaprofitmarginof54%.ManagerialCapabilities(TeamDomain) The 3 domains are evaluated and found to compliment the businessopportunity allowing it to be viable entrepreneurship. Though there will beareas that I personally will need to improve on, particularly in taking risks.However doing in depth research has made the risk less intimidating. Alsothrough connections through the value chain, will make it easier to get theprojectunderway. Based on all these domains, the business opportunity is feasible andneedstotakeoffassoonaspossiblebeforethemarketbecomessaturated.
6
TheBusinessOpportunityMarketGapThough the literacy rate inMalaysia has not reached 100%, there is a steadygrowthinthepublishingindustryinMalaysia.Thisisduetoafewfactorssuchasthe Government’s initiative to encourage its readers through the MillenniumDevelopment Goal (MDG). One of the objectives of this program is to achieve100% literate countryby2015 (Mallya2012).According to theDepartmentofStatistics Malaysia, the literate level for citizens above 10 years old is 95.2%(2010).ItisreportedthatChildren’sbooksarereceivinggooddemandthusbeingaverylucrative market (Mallya 2012). To supply this demand, the marketplace isdominatedmainlybychain‐sellers,MPH,BordersandPopularBooks.Followedbyahandfulof independent sellers suchasBookXcess, SilverfishBookswhomcoverallgenresofbooks.AsforspecialisedChildren’sbookstore,thereisonlyasinglecompanywhooperatesinthisnichemarketcalledTrisha&Sasha.ThesestoresaremostlylocatedinurbanareasaroundMalaysia.Parentsofyoungfamiliesarealsobeginningtoencouragetheirchildrentoreadmore.Theystartreadingtotheirbabiesataveryearlystage,someevenwhilstthechild is in thewomb(BabyCenter2011).Thoughtheseparentsaremostlyfrom Gen‐Y, they still believe that physical books plan an important part in achild’sdevelopmenthencealwaysonthelookoutforthebooksthatwillenhanceachild’sgrowth.According to my survey where 21 parents participated, all of them preferredpurchasingchildrens’booksfromthestoreandmajorityoftheparticipantssaidtheambienceofthestoreisalsoimportantwhenpurchasingabookforachild.Therefore, the experience when a customer walks into a store is essential tocreatethemoodandencouragethepurchase.Anestimatetargetmarketsizeis250,000population.Based on these finding, we can see there is a lack in children’s bookshop inMalaysia,morespecificallyinKualaLumpurandSelangor,bothwithacombinedpopulation of 7.2 million and there is a strong demand for this product(DepartmentofStatisticsMalaysia2013).
7
ProductOfferingDreamCatcher is an independent children’s bookshop located in a residentialareainKualaLumpurorSelangor,whereparentsareabletobringtheirchildrento.Thisbookstorewillprovideanambiencethatwillexcitechildrenanddazzletheparents.Customerswhowalk‐intothestorewillbegreetedbybooksellerswhoareincharacterandfollowthecurrentthemeofthestore,i.eDinosaurAge,Pirates of the Caribbean, Pink Princess and so on. These themes will changeevery3months.Thesebooksellers(customerassistant)willhaveawideknowledgeinchildren’sliterature and the books sold in the store providing value added service. Thisserviceusuallylacksinmajorchainbookstores.Thebooksthatwillbestockedaremeantforchildrenbetweentheagesof0‐12yearsold.Thesebookswillcompriseofbothlocalandforeignpublishersandarenot usually available from chain‐bookstores. There will also a small sectiondedicatedtonewparentsandchildrenwithspecialneedssuchasautism.Ibelievewiththisproductoffering,Iwillbeabletofillthegapinthechildren’sbooksectorthat’sgraduallyincreasing.
8
Feasibility: Micro-market analysis
TargetmarketsizeAsthereisnospecificsourcethatisavailabletodeterminethebookmarketsizeinMalaysia,itwillbeassumedbasedontheliteracylevelinKualaLumpurandthebirthrate.Thenumberofliteratepeopleis1.65millionandthebirthrateis14.9%per1000population (DOSM2013). Therefore,we can assume thatwewillhavemarketof254,850potentialconsumersinKualaLumpur.The 2010 country report released by Malaysian Book Publishers Association(MABOPA)93 publishers earned revenue betweenRM5‐10million (2010). Thenumber of childrens’ books locally published were 3751, a slight declinecompared topreviousyears.However,Mallya reported recently that therehasbeen increase inChildrens localpublication (2012).Mostof localpublishing isreportedtobeasacademicbooks(MOBAPO2010).Therealsomanychildrens’bookfair to evidence the growth of childrens’ books (Mummy’s Home School2013).Fromhereweareabletogaugethatthechildrens’bookmarketgrowingbutataveryslowrate.CurrenttrendsThecurrenttrendsinthebookindustryareeBooksandpurchasingbooksontheInternet.EBooksisgrowingrapidlyinEuropeandtheUSA,butinMalaysiathereaccess is limited. Amazon only provides limited titles under the Asia Pacificoption (Kindle Malaysia 2013) and MPH a local bookstore chain has onlyrecentlylaunchedtheireBooksstore.However,despitethesetwonewtrendsinthebookmarket,theyhaveverylittleeffect on Children’s Literature as books are usually purchased based on theillustrations and feel of the books. EBooks are not able to replicate the heavydesigns normally used in Childrens’ books (PublishGreen 2013). Moreover,basedon theprimary research conducted, all 21participantspreferred tobuychildren’sbooksinstoreratherthanontheInternet.DynamicsThedynamics in thebook industry isverysloworsomemaysay it’s stagnant.Nonetheless,withtheGovernment’sencouragement,thereadinghabitisslowlypickingupandmorebooksarebeingpublished.Mostbookspublishedlocallyarein thenative language,BahasaMalaysia.But therearea fewpublishinggroupssuchasSilverfishbookswhoencouragelocalEnglishauthors.As far as Childrens’ books are concerned there are publishers such as YusofGajah that represent the writers, publishers and illustrators of children andyoung adults inMalaysia are becoming recognized locally and throughout theworld (Yusof Gajah 2013). Hence, the children’s book sector is not justdominatedbyforeignmarketsbut localpublishersareencouragedbytheneedinthemarket.
9
TargetProfileThe target profile here is based on the primary research conducted. Asmentionedearlier, the survey formsweredistributed specifically toparents inMalaysiatounderstandwhattheythoughtaboutchildrens’bookstore.Outofthe22participants,6participantswiththehighestbookexpenditurewereselectedastargetaudienceasthebooksweremorelikelytosuittheir lifestyle.PleaserefertoAppendices1.Belowarethesimilaritiesbetweentheseparticipants:
Age:30–40yearsold Occupation:4differentprofessionalsand1homemaker NumberofChildren:between1or2 Childrens’Age:Below7yearsold Averageexpenditureonbooksperyear:AboveRM800(£160) Numberoftimesthesamebookisread:varies Bookneedstointeresttheparent:Yes Ambience:Important Preferstobuybooksinstore Wouldbringchildrenbelow3yearsoldtothestore Mostoptforqualityofthestoryratherthanfamousauthors
TargetBehaviours
VALS™framework
DreamCatcher’sTargetAudience:Innovators:
ChangeLeaders Receptivetonewideas Cultivatetasteforniche&upscale
product&service Imageimportance Seekschallenges Opentonewideas Possessions&Recreationreflect
finertaste
TheMintheCon
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eVALS™ frntel targetformersee
nsumerPr
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or theChilr’scustometoexperien
reamCatch
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omer
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11
Feasibility: Macro market and drivers
PESTELAnalysisPolitics
Government provides tax relief up to RM1000 per person on books,magazines, journals andpublications to encourage readinghabit amongMalaysianssince2010(MIDA2013)
Government provided financial assistance to tertiary students of up toRM200tobuyeducationalbooks(PMR2012)
Economic
MalaysianGDP is consistently increasing. In 2012, itwas reported overUSD$300millionwithagrowthof6%(WorldBank2013)
IncomelevelisUpperMiddleIncome(WorldBank2013) To manage intense competitions, retailers are beginning to focus in
suburbanresidentialareas(PWC2005)Social
3.4millionnewspaperreaderseachmonthin2012(DOSM2013) 97.3%populationinKualaLumpurareliteratestartingfrom10‐yearolds
(DOSM2010) 34.5%populationinKualaLumpurhaveahighereducation(DOSM2010) Anaverageof800,000copiesofEnglishnewspaperssoldin2012(DOSM
2013) Parentsprefertobuychildren’sbooksinstoreratherthantheInternet Malaysianparentsalsovaluethecontentofthebookratherthanfamous
titles.Technology
AlthoughMalaysians are becomingmore tech savvy, most of them stillbuybooksfrombookstores
Many Malaysian bookstore websites are not attractive or effective andhaveverylimitedtitles,hencetheytendtobuybooksfromAmazonUSorUK
Environment Rainyweather or extreme heatmay deter consumers towalk by street
shopsandwouldprefertoshopatmallsLegal
Raidbyreligiousdepartment,confiscatingbooksthatwasdetrimentaltoIslam,charged2employeesofBorders(Borders2012)
12
Feasibility: competitive environment and direct competitors
Porter’s 5 Forces SupplierPower(LowtoMedium)As mentioned previously, the numbers of local publishers have increasedrecently.However,therehavebeenonlyahandfulofchildren’sEnglishliteraturepublishers.Tonameafew,YusofGajah,SilverfishBooksandAku&Kamu.Thebookstorewill carrybooks thatdiffer to themainstreamtitles, suppliers fromUKandUSwhodonotsupplytomajorchainslikeRandomHouse,HachetteBookGroup and HarperCollins (MPH Distributors 2013). Instead publishers likeEgmont UK, Bloomsbury UK and Albert Whitman & Company US will beapproachedtosupplybooks.Hence,thesupplypowerwillbelowtomediumforthisbusiness.ConsumerPower(LowtoMedium)Consumers have many options in the marketplace to buy children’s books.Howevermostofthetitlescarriedareusuallyoffamoustitlesandauthors,thusare not exposed to books that are published independently. According to thesurvey conducted, 91% of the feedback received, placed importance on thequality of story rather than celebrated books. This shows that parents have atendency to buy books by independent publishers, which are not available atchain bookstores in Malaysia. Therefore, consumer power is rendered tobetweenlowtomedium.CompetitionRivalry(MediumtoHigh)The marketplace is dominated with chain bookstores such as MPH, Borders,Popular Books, The Times & Kinokuniya. These stores cater for all genres ofbooksincludingacomprehensivesectionforchildrens’books.Thesestorescarrybooks by major publishing houses from UK and US. However, the directcompetitorisTrisha&Sashabookstorewhospecializesinchildren’sbookstorein Kuala Lumpur and provides similar services such as storybook readingsession.ThestoredoesnotoffertheambienceandvarietyofbooksthatIintendtosell.Also theyarenotverywellknownandmostly targetexpatriatesratherthanlocals(ExpatMalaysia2001).The competition with online book retailers such as Amazon is low becauseaccordingtothesurveyresultsconducted,100%oftheparticipantspreferredtobuy childrens’ books in store and the chances of these books of becoming e‐booksareevenless(PublishGreen2013).EntryBarriers(LowtoMedium)Despite havingmany competitors in themarket, the entre barrier is relativelylow for Children’s bookstore. There is a growing demand for children’s booksand for a specialty shopwould certainly be able to thrive. This is because the
13
localpublishersarewillingtodistributetheirbookstoreachasmanyconsumersas possible and the foreign publication that will be imported will vary to themainstream.Thegovernmentwill imposeimporttax,howeverasmentionedinthemacroanalysis,theyprovideexemptionofuptoRM1000.Substitutes(Low)Thepossiblesubstituteforbooksforchildreninteractive‐learningthroughtabletdevices and computers. However, children exposed too much to this sort oflearning will not be exposed to actual senses hencemaking books difficult toreplace.E‐bookshasalsorecentlypickedup,butitisdifficulttocovertchildren’sbooksintoadigitalformatasitisdifficulttoimitatetheheavydesignsandfeelsphysicalbookshave.
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16
DreamCatcher.Assuch,continuousproductandservicedevelopmentmayfollowin to future. Including distributing books to pre‐schoolers, introducing otherservicestothestoresuchasactivityclassesforchildrenandasmallcafé.
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18
*There are more roles that are imperative to the success of this businessopportunitysuchascleaners,howeverthejobsmentionedabovearevital.Business&SocialNetworkAsastartupproject,ithasbeenadvisedthatitisbesttouseknowncontactsasitmayleadtoabetterexecution.Italsolessensthecostandriskofengagingwithunknowncontactstodelivertheresultswewant.Belowaresomeofthecontactsidentifiedforfuturepotentiallaunch:Contractor:Steve,EspritDesignCompany.Portfolio:renovatingnumerousNandosoutletsinKualaLumpurandSelangor.Relationship:WorkedpreviouslywithhimonanotherprojectInteriorDesigner:SzeTeckWee,LinearVistaCompanyPortfolio:IntiCollege,MetropolitancollegeRelationship:FriendJournalist:SheilaPriya,TheStarnewspaperPortfolio: Writes columns about on‐goings around Kuala Lumpur & Selangor.Alsodoesfeaturestories.Relationship:FriendAccountant:Abdul,AuditorPortfolio:ConsultantatEY,ShellandinternalAuditoratPetronasRelationship:BrotherBookDistributor:MohdNisharPortfolio: Been a book distributor for almost 20 years. Able to introducepublishersandshareexperience.Relationship:UncleFor booksellers and publishers I will need to establish new contacts andinterview personnelwhowill be capable to take on the responsibilities at thestore.
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ReferencesAbdulKarim,N.S.,Hasan,A.(2007)‘Readinghabitsandattitudeinthedigitalage:AnalysisofgenderandacademicprogramdifferencesinMalaysia’TheElectronicLibrary25(3),285‐298BabyCenter(2011)Readingtoyourbaby[online]availablefromhttp://www.babycenter.com/0_reading‐to‐your‐baby_368.bc#articlesection1>[12September2013]CompaniesCommissionofMalaysia(2013)GuidelinesforRegistrationofNewBusiness[online]availablefrom<http://www.ssm.com.my/files/GUIDELINES%20FOR%20REGISTRATION%20OF%20NEW%20BUSINESS.pdf>[12September2013]DOSM(2010)Education&LiteracyinMalaysia[online]availablefromhttp://www.statistics.gov.my/portal/download_Population/files/census2010/education/4.Key_Statistics_Table.pdf>[12September2013]DOSM(2012)PopulationinKualaLumpur[online]availablefrom<http://www.statistics.gov.my/portal/index.php?option=com_content&view=article&id=536&Itemid=111&lang=en&negeri=W.P.Kuala%20Lumpur>[12September2013]Expat(2013)Trisha&SashaChildrenBookstore[online]availablefromhttp://www.expat.com.my/tsmission.htm>[12September2013]iProperty(2013)ForRent–BangsarKL[online]availablefrom<http://www.iproperty.com.my/propertylisting/1471264/bangsar‐kl‐shop‐forrent>[12September2013]KotabukuBookmark(2012)AsianFestivalofChildren’sContent2012[online]availablefromhttp://kotabukubookmark.com/?p=180>[12September2013]Mallya,V.(2012)‘AsKLBookFairOpens,PublishersEyeBoomingSoutheastAsia’.PublishingPerspectives[online]25April.Availablefromhttp://publishingperspectives.com/2012/04/as‐kl‐book‐fair‐opens‐publishers‐eye‐booming‐southeast‐asia/>[12September2013]MIDA(2013)InvestinMalaysia[online]availablefromhttp://www.mida.gov.my/env3/index.php?page=personal‐income‐tax>[12September2013]MOBAPO(2010)CountryReportMalaysia2011[online]availablefromhttp://mabopa.com.my/upload/attc/ABPAAGM2011‐CountryReport‐Malaysia.pdf>[12September2013]
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MPHDistributors(2013)AboutUs[online]availablefromhttp://distributors.mph.com.my/welcome/index.php>[12September2013]Mummyshomeschool(2013)KidsEducation&BookFairs2013(Malaysia,KualaLumpur)[online]availablefromhttp://www.mummyshomeschool.com/kids‐education‐book‐fairs‐2013‐malaysia‐kuala‐lumpur/>[12September2013]NationalBookCouncilofMalaysia(2012)MBKMBackground[online]availablefromhttp://mbkm.shakespot.net/?page_id=297>[12September2013]NewsStraitTimes(2012)AreMalaysiansreadingenough?[online]availablefromhttp://www.nst.com.my/nation/general/are‐malaysians‐reading‐enough‐1.88043>[12September2013]PerfectPitch(2013)Children’sBookPublishersWorldwide[online]availablefromhttp://myperfectpitch.com/childrens‐book‐publishers‐worldwide/>[12September2013]PMR(2012)GarisPanduanBaucarBuku1malaysia(BB1m)RM200[online]availablefromhttp://pmr.penerangan.gov.my/index.php/pendidikan/11994‐garis‐panduan‐baucar‐buku‐1malaysia‐bb1m‐rm200.html>[12September2013]PricewaterhouseCoopers(2005)Malaysia[online]availablefromhttp://www.pwc.com/en_GX/gx/retail‐consumer/pdf/malaysia.pdf>[12September2013]PublishGreen(2013)EbookLimitations[online]availablefromhttps://www.publishgreen.com/ebook‐limitations>[12September2013]Tan,T.(2013)‘Children'sPublishinginAsia2012:AMixofTranslations,Originals,E‐books,andApps’.PublishersWeekly[online]8January.Availablefrom<http://www.publishersweekly.com/pw/by‐topic/childrens/childrens‐industry‐news/article/55557‐children‐s‐publishing‐in‐asia‐2012‐a‐mix‐of‐translations‐originals‐e‐books‐and‐apps.html>[12September2013]TheWorldBank(2013)Malaysia[online]availablefromhttp://data.worldbank.org/country/malaysia>[12September2013]YusofGajahLingar(2013)AboutUS[online]availablefromhttp://www.yusofgajahlingard.com>[12September2013]
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AppendixAppendices1–SurveyQuestions1. Age: ☐20–25 ☐26–30 ☐30–40 ☐40andabove2. Occupation: ____________________________ 3. No. of Children and their age _____________ 4. How many times would you read the same book to your child? ☐1–5 ☐6‐10☐Morethan10times5. When you pick out a book for your child, does it need to be interesting to you as well? ☐Yes ☐No6. How much would you spend on books annually? ☐RM0–200 ☐RM200–400 ☐RM400–600 ☐RM600–800☐AboveRM8007. Do you think ambience play important role in buying the book? ☐Yes ☐No8. Would you bring your child below 3 years old to buy books? ☐Yes ☐No9. Where do you prefer to buy children’s books? ☐Instores ☐Internet10. Which is more important to you when you purchase a book for your child? ☐FamousAuthororPublishers(i.e.RoaldDahl,LadyBirdbook,JKRowling)☐StoryConcept(textinformative&lively,moralvalues,illustration,ageappropriatelanguage)11. What sort of books would you buy your baby 0 – 12 months ☐Picturebooks ☐Boardbooks ☐Activitybooks ☐FirstLearning☐NurseryRhymes12. What sort of books would you buy your toddlers age 1 – 3 years ☐EarlyLearning ☐PictureBooks ☐BoardBooks ☐ActivityBooks☐MoralStories ☐Humour(Jokes,Riddles)
13. ☐Pi☐H14. ☐Fi☐H☐Re15. ☐Fi☐CoRes
What sort of b
ictureBookumour(Jok
What sort of b
ictionumour(Jokeferences(
What sort of b
ictionomics
sponsesfro
books would y
ks ☐Bkes,Riddle
books would y
☐Hobbieskes,Riddle(Schoolwo
books would y
☐Non‐Fict☐Religious
omquesti
you buy your
oardBookss) ☐Educ
you buy your
&Interestss) ☐Morarkbooks,d
you buy your
tionsStories
onnaires
children age 4
s ☐Aation ☐C
children 7 – 9
s ☐PalStoriesdictionary)
children 10-
☐Hobbies☐Referenc
4 – 6 years
ActivityBooomics
9 years
oetry☐Relig
12 years
&Interestsces(Schoo
oks ☐M☐Religious
☐ComicsgiousStorie
s ☐Plworkbook
MoralStoriesStories
es
oetryks,dictiona
22
es
ary)
Stat
*No
tisticsfor
ote:Curren
Questionn
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geis£1.00–RM5.00
23
App
App
*No
pendices2
pendices3
ote:Curren
–Example
–DreamCa
cyExchang
ofStoreou
atcherCash
geis£1.00
utlook
hFlowStat
–RM5.00
ement
24
App
pendices4‐GETResuults
25