Dormi Headphones LLC | Application Preview
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General Information
Business Registration Number: 85-2052240
Location: MENOMONEE FALLS, WI, United States
Length of Operation: 1
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
I plan to use the money to launch new products for two underserved markets - the natural hair community and the hard-of-hearing community. Also, I will use it to re-stock our best selling headphones and hire full-time employees to help grow the company alongside me and scale it to the moon.
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Business Plan
In the next 5 years, I want to hire full-time staff including a social media manager, a customer service rep, a hiring manager, a designer, and an accountant. I plan to steadily expand Dormi into other markets such as Amazon and Walmart marketplace. We're also slowly beginning to sell in other countries such as Canada, Australia and the UK. I plan to continue to expand into new countries, new underserved parts of the market, and always launch new and improved products. I am a 25 year old female entrepreneur from Milwaukee, Wisconsin. However, my entrepreneurial journey began about four years ago (right after college) when I decided I was absolutely going to work for myself one day. I tried (and failed) at a number of different business ventures such as selling T-shirts, beauty products, baby towels, skincare products and more. For each venture, I gave it my absolute all and learned valuable skills about branding, networking, SEO marketing, website design, and money management along the way. I also learned the valuable skill of knowing when to kill a business idea and move on (this lesson was one of the hardest for me). Despite my previous business ventures ending in failures (which I prefer to call lessons), I came out of each one even hungrier for success. I learned to fail forward and fail faster, I even have a "failure box" in my room where I keep packaging and prototypes from failed business ventures along with what lesson I learned fron it. Now I'm here - tenacious and ready for success. In August, I did 22k in sales and in September I did 25k in sales, but right now I don't have enough profits to reinvest in my company for things like advertising and restocking, and it's making growth a lot slower than larger companies with tons of capital to reinvest. With a bit of financial help, I can purchase inventory, hire my first employees, launch new products, and really scale this company to the moon.
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Self Identified Competition
I would say the top two competitors are Sleepphones, a company that sells a similar style of headphones but exclusively for sleep, and Cozyphones, a company that sells similar headphones but exclusively for children. These are the two biggest competitors - all other competitors sell almost exclusively on Amazon and include companies like Lavince and Winonly. What differentiates Dormi from these other companies is three things - price point, ownership, and target audience. First, our price point is somewhere between the luxury Sleepphones and the extremely affordable options on Amazon. We're a premium-without-the-price-tag brand. Secondly, we are a female-owned and Black-owned company. Lots of people are looking to support small business right now owned by women of color - I am a small business owned by a woman of color. Yes, they're purchasing the headphones because they want to improve their quality of sleep or make their workouts easier, but those who believe that a dollar is a vote and want to give less money to Jeff Bezos and more money to female women-of-color business owners come to Dormi. Thirdly, every other business out there caters primarily to customers looking to improve their sleep quality and their workouts. We also have best-selling products that improve sleep and make workouts easier, however, we've also discovered two new sections of the Bluetooth headband headphones market that desperately need attention and that's the natural hair community and the harder-of-hearing community. We have plans to launch a product that's never been launched before - Bluetooth headphones designed not to mess up natural hair (afros, twist outs, braids, locs, and more) and also Bluetooth headphones with bone conduction (allowing folks who are harder of hearing or who wear hearing aids to enjoy music just like everyone else). No one else has done this before - and by being the sole point of contact between my business and my customers I've gotten exclusive access to what the customers really want and need. I can do this - I can create a product, target, and serve this underserved market and really secure Dormi as the #1 provider of headphones for these groups, I just need a bit of financial help.
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