Queentea Honeybee Products Store: An Entrepreneurial Venture Report

Date

6-2023

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Emil John C. Cabrera

Committee Member

Rei Chino C. Pua, Glenn N. Baticados, Cris Edwin B. Bonalos, Renen Szilardo, Mar B. Cruz

Abstract

QueenTea Honeybee Products Store was established in September 2021 but officially registered as a sole proprietorship business on February 13, 2023. One of its main products is QT Combs, made from candied honey infused with concentrated tea flavors to provide a healthy and instant beverage alternative to individuals aged 50 and above. Other offerings include pure honey and tea-steeped honey. The company aims to distribute good quality and authentic products to uplift the tea and honey industry here in the Philippines. It captures individuals that deprive themselves of sweet and generally tastier beverages to try and be healthy by giving them QT combs because, in this company, they want them to Bee Healtea.

With the real-life experiences of the company, it has come to learn that it needs to shift its target customers and focus on its return buyers. These return buyers are mostly in the age demographics of 50 and above and individuals who are originally tea lovers. The shift of target customers caused a scaled-down production and lowered demand, but the entrepreneur believes in its long-term profitability. Currently, with the level of operations still being small, the entrepreneur manages it all by himself. In the future growth of the company, it hopes to hire individuals that are willing to learn and will uphold the company values together with the quality and safety of the food and services it offers. The company will mainly focus on professionalism inside the company to maintain high standards for its products and a close relationship for a healthy workplace environment. It can be developed as the company matures and further builds its own work culture. As a new company that is still working its way around the know-how, they understand that mistakes are opportunities for learning and a chance to be better.

For the marketing plan, the company promises to provide health and convenience simultaneously through deliciously-made QueenTea products. It also aims to uplift one of its stakeholders which are the honey farmers in the Philippines. The entrepreneur also believes that doing good is good business which is why partnering with local and trusted honey producers is really important. The company incorporated core values such as inclusivity, quality, adaptability, sustainability, and innovation. It will be upheld in all of its operations to ensure the long-term sustainability of the business itself.

With operations, the entrepreneur is currently doing its own key activities. To minimize costs, the company does all of its delivery and processing of raw materials up to packaging. They operate in the proprietor’s registered home and as an online shop. The products are manufactured in their working facility with its sanitary and operations permits to keep the quality and food safety of the company offerings.

QueenTea, to this day, is operating and making strides in developing partnerships specifically with its suppliers and partners such as pasalubong centers. The company has its current partners, namely: Silent Integrated Farm for the honey supplies, Belen’s Original Espasol for the pasalubong center, and Seeds of Life Cooperative as a temporary establishment where QueenTea products are sold. These partnerships are a big help in minimizing the costs and continuity of product sales. With their help, the company has turned over a total of Php 11,950 in revenues throughout its life. It has even obtained a net profit of Php 1,114.35 even after taking out the costly equipment costs.

Financially, even in small-scale operations and productions, they are continuously making a profit. In one serving of QT combs the company spends Php 36.00 on direct materials and utilities used in making it. At a Php 50.00 selling price, it is able to make 28% of profits in each sale. In the long run, the unit cost is expected to be smaller due to increased buying power from the suppliers and efficiencies in making the product.

Language

English

LC Subject

Bee products industry, Product management

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2023 M17 K56

Notes

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Document Type

Thesis

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