Sweet Aroma Candles LLC | Application Preview
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General Information
Business Registration Number: 85-3078017
Location: Anniston, AL, United States
Length of Operation: 2
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
Funds will be used to expand my company and increase employee salaries. Currently, my employees only get paid $7.00 per hour, which is below Alabama minimum wage. They were given the choice to leave the company because of the minimum pay, but they declined. They have elected to obtain insurance on their own since funds are limited within the company. They have been diligent in attendance and producing a quality product. The funds will also be able to send advance payments for rent to the owner/building that I currently rent from to alleviate the asphyxiation that COVID-19 has caused the economy and community. Additionally, I will use the funds for promotional ads, purchasing of supplies and materials, and increasing promotion/branding opportunities via a website and new logos with branding.
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Business Plan
Over the course of the next 3 years, I plan on growing my business by expanding my product line to include more eco-friendly products, essential oils, and memorable candles for a variety of occasions such as birthday's, marriages, graduations, etc. I will continue to use social media platforms as an avenue for advertising, but will also will promote in other cities, counties, and states through partnerships of other candle making/spa companies. I will incorporate fundraiser opportunities within schools, churches, and community activity groups as a means of income that will also increase visibility to my company. The last 2 years of my plan, I will have a building within the community that will not only increase revenue for my business, but will also increase revenue for the city, state, and local communities. This will benefit each by providing jobs for individuals with no skills or trades, allow them to become more independent learners, and decrease the unemployment rate of 7.5%. By risking an investment into my company, the profit margins will be much greater in the run. Capitalizing now will not only increase your share profits by 10%, but will build equity. My products have a burn time of 50 hours for 9 oz candles and illuminate the fragrance within a standard room within 15 minutes. Compared to some of my competitors that have a lesser burn time and decreased scent throw, my candles are a valued asset within the candle community. This is what people are looking for; a quality product with a reasonable price. I provide that. By providing that quality product and price, the influx of my customer base will double; simultaneously doubling your investment.
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Self Identified Competition
My top 3 competitors are Bath & Body Works, Yankee Candles, and Heritage Candles. BBW offers a wide range of candle selections; some for discounted rates and are globally known. My advantage over them is there is only one within my community and I plan on having multiple locations within communities within a 25 mile range. Yankee candle company though are the more expensive company of the 3 and have been around for years. The disadvantage for them is there is no local company with 65 miles of my city. Heritage candles is a local company that only offers candles in a mason jar form which doesn't suit the needs for every candle lover. What makes me different from my competitors is my passion, prices, and variety product line. I looked at all my competition, saw where they were lacking for my community, and combined them all within my company. I meet the needs of all customers; vegans, ones with allergies to smoke, and children safe. In addition to that, I also provide excellent and competitive prices.
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