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BOHTEN - Eyeglassess Condensed
- 500,000 $
Designed in Canada & inspired by Africa, Bôhten Eyeglasses Inc. is committed to producing designer quality eyeglasses from reclaimed material. We offer prescription and non prescription eyeglasses. Bôhten’s mission is to create an eyewear production hub to create fair paying jobs for local artisans, designers and timberman. We are poised to be the leading eyewear manufacturer in the west african region focused on on the production of eyewear and creation of similar production hubs across the continent. A move that will open the door extensive innovation in the fashion, eyewear and craft industries respectively.
Bôhten targets millennials between 24-35 who primary need prescription frames for vision but also seek to combine their desire and support for a sustainable Africa with their need / appreciation for fashionable prescription eyeglasses for maximum comfort.
Our customer solution prescription & non prescription eyeglasses made from reclaimed material sourced from the Volta lake that serves to cater a growing middle class in African market but also diaspora in North America, Europe, Asia and Australia. Wood is also more comfortable on the skin than metal even under bad weather conditions. People who suffer from skin irritations will be able to use the light weight glasses with maximum comfort on the face.
Contrary to the approach of our competition which focuses exclusively on producing sustainable eyeglasses to empower communities in second and third world countries.
Bôhten’s marketing efforts are concentrated on our brand referral program, our home try on program digital marketing campaigns on social media and partnerships with fashion magazines with extensive reach such as British GQ (500,000 readership) and British Vogue (15,000,000 readers). We also planning on partaking in the Vision Expo trade show in New York and Las Vegas. Sales on our ecommerce store have increased over 800% over the last 4 years. Since then our revenue has been growing at average of 26% a month with 33% repeat customers. Currently we have a fan base of over 30,000 followers and and over 1500 unique customers. This approach allows us to pre-qualify clients by focusing on women and men between 18 and 35 years old with medium to high disposable incomes.
Bôhten believes in educating people on how to to live more sustainable lifestyles by example. We have put together a project proposal to run a production hub in Ghana, Africa for the next year. We plan on hiring 20 artisans to help us produce an average 2700/units a month. This will allow us to scale our marketing, distribution and ecommerce store with ease especially if we can establish and execute our marketing strategies to perfection. Bohten already has a established network in the media and fashion industry such as CBC, Global News, TOMS fashion week, Ghana Fashion Week, Dragons Den, Mashable, british GQ, Vogue Italia and many more.
Production hub – $175,000
● Machinery Equipment & Tools - 100k
● (2 CNC Router,2 tumblr machines, 2 laser engravers, sanding/polishing tools)
● Reclaimed Walnut, Ebony, Mahogany, Teak material - 17k
● Factory logistics ( transport, furniture, security, renovations) - 10k USD
● Wages - 48k USD/year
● Employees/year- 20
● Units produced per worker/week- 31
● Units produced per worker/month - 125
● Salary per worker a month - 200 USD
● Wage/worker/day - 10 USD
● (minimum wage is 2 USD)
● Overall Factory Costs - 125k USD
Bôhten Eyeglasses, Inc. will appoint a project leader. He / she will be continually involved in all aspects of the project and will serve as the primary contact for the proposed production facility. Bôhten Eyeglasses, Inc. will also appoint a leadership team who will:
● Develop Case-for-Support, project budgets, and identify key project members
● Review the draft report
● Execute project plan
The Project Manager will be responsible for scheduling of meetings, obtaining necessary facilities, equipment, and any related support for the first prototype.
Project Location: We already have a space in the Sakumono in Tema that is ready to be used for small scale manufacturing ( 5-10 workers). We are evaluating long term options for production spaces with factors based on a variety of factors including, but not limited to, their legislative environments, tax regimes, attractiveness of their investment climate, infrastructural development, political stability and governance, market conditions and diversification, entrepreneurial support and ecosystem, proximity and access to raw materials, socio- economic conditions, possibility of scaling the project, channels of export, and proximity to current demand. The creation of 1 production hub will provide will provide over $2.5 Million into the Ghanaian economy through creating jobs in the artisans, design and wood suppliers respectively.
15 USD - Cost per acquisition ads based ons shopify ads
2500 USD/month - Budget for Look alive ads to acquire new customer based
2500 USD/month - Budget for remarketing on instagram and facebook
2500 USD/month - Budget for Google ads to acquire lookalike audiences
2500 USD/month - Budget for influencer marketing with photographers, models, artists, bloggers and athletes via instagram
Return On Investment
Cost of goods sold - 7500 USD
Digital marketing overall cost - 10000 USD
Commission for Digital Marketing/month specialist - 2160 (3 percent commission)
Digital Ad Manager - 5 hours/week - 400/month
Overall cost - 22,310 USD
Revenue/month - 72,000 USD
Net Income - 49,690 USD
Brand Ambassador Program
Set Up - 100 USD Cost for 5 samples (Initial Investment per brand ambassador)
Store - 1275 USD Revenue ( Per wholesale deal)
Customer - 180 USD Revenue (Based on Ecommerce Stats)
Number of units to sell in month 1 - 5 units
Number of units to sell in month 6 - 7 units
Numbers of brand ambassadors in month 1 - 25
Numbers of brand ambassadors in month 6 - 25
Revenue in month 1 - 25,000 USD
Revenue in month 6 - 54,360 USD
Units/Month 1 - 125
Units/Month 6 - 302
Number of Wholesale deals by Month 1 end per ambassador - 2 stores
Number of Wholesale deals by Month 3 end per ambassador - 3 stores
Number of Wholesale deals by Month 6 end per ambassador - 4 stores
Marketing & travel costs - 200 USD
Cost of goods sold per order - 300 USD
Overall cost per wholesale order - 500USD
Revenue per order - 1275 USD
Revenue per month per ambassador - 2550 USD
Overall costs of operation per ambassador - 500USD
Pricing - Margins
We retail online at $150-300, ( 55% margins, cost price for frames + packaging on average is 25 USD + 35 USD ( including shipping and Single Vision Prescription lenses) a price point that is suits working professionals with insurance for prescription eyewear
o Projecting production of 33,193.1 units produced by 2022
o Projecting a yearly Gross revenue of 6,287,068 USD by December 2022
o Projecting a yearly Net revenue of $2,138,673.8 USD by December 2022
Our Ask is $500,000 for 25%
Use of funds
IR will be used for production facility start up costs, worker wages, factory logistics costs, distribution logistic costs, packaging and marketing expenses.
1) 35 % - Factory Equipment/Logistics/Wages/Reclaimed Wood - $175,000
2) 30% - Marketing - $ 153,600
3) 2% Feasibility Study for production hubs - $10,000
4) 11% Packaging for glasses with reclaimed wood - $17,000
5) 6.6 % - Toronto Flagship - $33,000
6) 14.8% Other inventory, logistics & Manufacturing costs - $74,000