Apricraft Botanicals: An Enterprise Study

Date

5-2024

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Rei Chino C. Pua

Committee Member

Remund Jordan D. Labios, Reginald B. Vargas, Melodee Marciana E. De Castro

Restrictions

Restricted: Not available to the general public. Access is available only after consultation with author/thesis adviser and only to those bound by the confidentiality agreement.

Abstract

ApiCraft Botanicals, established in November 2023 and registered in Pagbilao, Quezon in January 2024, is an agribusiness start-up offering naturally-derived, artisanal bath and beauty products utilizing key ingredients from Philippine Stingless Bees (Tetragonula biroi). Structured as a sole proprietorship, ApiCraft Botanicals consists of a two-women team: Macyl Viccah Lee, the business owner, and Gianne Ericka Dedicatoria, her business partner. With a strong background in leadership and project management from their respective organizations, the two entrepreneurs work together to drive the business to achieve its milestones. Since the enterprise caters to consumers in Metro Manila and Laguna, Macyl oversees activities within Metro Manila while Gianne represents ApiCraft as the main account manager for Laguna-based organizations. In the Philippines, the demand for personal care products is on the rise with a growing preference for natural and sustainable products. The company caters to environmentally conscious consumers seeking sustainable and health-oriented alternatives while effectively addressing agribusiness challenges, specifically the underutilization of propolis as a valuable resource harvested from beehives, low consumer awareness about bee-based technologies, and the growing market for sustainable bee products that could benefit local beekeepers. The company aims to contribute to the agribusiness landscape by addressing the increasing demand for natural and eco-friendly personal care products amidst growing consumer awareness about the harmful effects of synthetic ingredients. ApiCraft Botanicals seeks to capitalize on this market gap by offering premium handmade personal care products infused with propolis, such as Purely Bee Soaps, ApiCraft Propolis Lip Balm, and Nature Nourish Hair Growth Oil. Each product is infused with propolis extract to capitalize on the antibacterial and healing properties of propolis. The Purely Bee Soaps are meticulously crafted using a plant-based glycerin base, infused with propolis extract and various essential oils to protect the skin against harmful microorganisms and free radicals. The Nature Nourish Hair Growth Oil harnesses the hair growth-promoting properties of both propolis and rosemary while adding shine and strengthening hair. The ApiCraft Propolis Lip Balm introduces propolis extract in its formulation to target damaged lips.

Throughout its seven months of continuous business operations, ApiCraft Botanicals has achieved an upward trend in revenue, exhibiting a 30.3% growth in sales for May versus February. An actual revenue of ₱44,822 was derived from sales of the Purely Bee Soap, Nature Nourish Hair Oil, and Propolis Lip Balm. The cost of goods sold amounted to ₱19,715, revealing a gross profit of 25,107. SG&A expenses were ₱12,265.83, resulting in an operating income of ₱1,659.85. Less the tax payment of 408.09 in April, a net profit of ₱1,251.76 was reported. This is in contrast to the lower projected revenue of ₱32,465 against a cost of goods sold of ₱11,472.75 and SG&A expenses of ₱21,296.83, contributing to a net loss of ₱1,075.31. A starting capital of ₱40,000 was dedicated to the establishment of the business in its development stage and initial year of operations, reporting a positive cash budget of ₱5,319.74. While operating across various online and offline channels, the business has implemented several strategies to build the brand, secure sales opportunities, and improve production efficiency. The enterprise has focused on reaching out to personal contacts and participating in bazaars to drive sales, and intensifying its marketing efforts through brand ambassadorship and organizational partnerships. While the business has attempted to tap into business-to-business sales with special event organizers and hotels, these efforts have not yet resulted in closed sales. Despite this, the enterprise continues to explore other methods to expand beyond business-to-consumer transactions. The business has identified critical points that need to be addressed and the action steps necessary. This includes ongoing refinement of existing products, cost-cutting measures, improved cash flow management, networking, and other measures applied across the four functional areas of the business. ApiCraft Botanicals will continue to operate and grow in the succeeding months to realize its goal of being a profitable and sustainable enterprise.

Language

English

LC Subject

Hygiene products, Market surveys

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2024 M17 L44

Notes

Award: Best Special Problem (Agribusiness Entrepreneurship)

Not available to the general public. Access may available after consultation with author/SP Adviser and to those bound by confidentiality agreement.

Document Type

Thesis

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