The Medicine Palace LLC | Application Preview
The Medicine Palace LLC is seeking government grant funding for various aspects of their business. They have outlined a planned budget that includes $2,000 for photography equipment and staging/props, $600 for transportation to deliver or pick up sale items and to set up vendor booths, and $4,160 for paid social media advertising. Additionally, they plan to allocate $2,000 for print materials such as flyers and business cards, as well as $30,000 for overhead costs to maintain inventory of various healthcare-related items like scrubs, badge reels, and personalized clothing. They also budget $200 for booth rental fees at events and $300 for shipping and packaging.
The business's growth strategy revolves around enhancing online advertising, attending conventions for promotional activities, and conducting professional photoshoots to increase customer engagement. The goal is to retain customers through promotions and targeted email advertising within healthcare and related fields.
The Medicine Palace believes that fashionable and personalized accessories can enhance pride in professional credentials, particularly within the healthcare sector. The owner’s background and passion for healthcare inspire the business, which aims to empower women, particularly within the Black community, to pursue their entrepreneurial aspirations.
In the competitive landscape, local competitors include Klassi Scrubs and Jay Scrubs. However, The Medicine Palace offers superior quality, focusing on comfort, durability, and inclusivity in sizing, catering to all genders and body types. This commitment to quality sets them apart from competitors who may prioritize lower price points over product integrity.
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General Information
Business Registration Number: 202107011503766
Location: Indianapolis, IN, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Photography equipment and staging/props - $2000.00 Transportation to deliver/pick up sale items and to advertise or set up vendor booths (annual expenses estimated for 1 year) - $600.00 Paid advertising on social media (annual expenses for 1 year) - $4160.00 Annual print material including paper flyers, business cards, thank you cards, receipts, etc. - $2000.00 Overhead to keep a one year supply of: scrubs (415), badge toppers and reels (350), lanyards (200), wrist bands to note vitals (200), blue-screen protected eye glasses for computer use (100), personalized clothing including screen printed tees and embroidered scrubs (300), stethoscope cases (100), plastic or stainless steel tumblers/cups (200), and all personalization supplies in stock to sell - Total $30,000.00 Annual booth rental fees at vendor fairs and sales events - $200.00 Shipping/packaging - $300.00
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Business Plan
1. Expanding and improving online advertising through social media and vlogging. 2. Traveling to surrounding and national facilities and conventions to advertise. 3. Professional advertising and photoshoots to boost interactions with advertising resulting in sales. 4. Promotions for current and repeat customers to ensure customer retention. 5. Email listserv advertising to reach target populations in the healthcare, dental, veterinary, and similar fields. People take pride in the credentials that they earn in school and professional promotions, so having fashionable and personalized accessories and attire will boost and support this passion for why they furthered their education in their field. I am passionate about the healthcare field and have experience in this field, and that passion extends to others working in similar fields. My business and promoting my products can give women more courage and motivation to work toward entrepreneurship goals of their own if they see a female, Black-owned business thriving in their local community.
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Self Identified Competition
There are a limited number of local competitors, but a few include Klassi Scrubs and Jay Scrubs. The first uses a bit lower quality, see-through material, and the latter is primarily for women's apparel only. Many other local vendors do not focus as heavily on the quality of the materials they are selling. Their price points may be slightly cheaper, but you get what you pay for. The scrubs I sell have higher elasticity and comfortability, while using a thicker more durable material. Sales are targeted at all genders, rather than some who gear marketing and sales toward women. Especially for plus-size or curvier people, not having thin material that can be seen through will be a huge perk. There are also benefits for taller individuals, as the scrub pants have better length and sizing options.
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Contact Applicant
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