Before a person starts a business, it is important to have a business proposal which is a document that outlines the idea an entrepreneur has for a new business. It entails the new name of the business, describes the business itself, target market, competitors, success factors, short-term and long-term goals as well as the sources of finance. All entrepreneurs should ensure that they have a business proposal as it is a guideline for the company’s operations. This paper will provide a business plan for a new business.
The new business will be named HAVYOS. It is an acronym for having your own style. As the name suggests, all our customers will have the opportunity to come to our store and pick whatever type or style of shoes, clothes, bags and other accessories they may need. All tastes and preferences for all customers will be available. The business will mainly focus on selling shoes, bags, accessories and clothes from all over the world and from new designers. The products will be purchased from different leading designers and ordered from different countries and store in the company store.
The main mission of the new business is to provide products to all people across the world. The products will be available at affordable prices and in all kinds of styles will be availed. No single person will come to the store and miss a brand they are looking for as it will be available. Designers will have the opportunity to showcase new and leading designs in our stores. Customers will be attended with due diligence by our attendants and they will be free to ask questions and offer their feedback at our customer care desk or through our online forums.
Many businesses offer the same products as our business. However, our business will provide unique designs from all over the world. Several designers will also showcase their new designs only in our stores. Delivery and shipping services will also be available and within the shortest time possible. All these make our shop unique and thus help us gain a significant percentage of the market share. The target market includes all male and female individuals between the age of 24 and 36. People in this age bracket love fashion, have a high income of $40,000 and above and they also like shopping unique things when they get the chance. Our brands will thus inspire them to shop at our store as they are unique and fashionable (Tiege, 5).
The global clothing and accessories industry was estimated to be worth $20 billion in 2012. Currently, the industry is worth about $25 billion. By last year, in the United States alone, handbag market was worth $9 billion. The high demand for handbags and other accessories, especially designer ones are said to contribute to this large figure. The market is still expected to continue growing, and thus, it is a viable business opportunity a new entrepreneur can invest in (Pearson 2). Urban Outfitters are the main competition in the region. They provide similar services and have a large market share currently. However, this business will outshine them in the next four years and become the leading clothes and accessories store.
The advertisement is one of the ways through which we will make our business known. Billboards and social media will be the main areas of advertisement. Customer satisfaction will be our main marketing strategy. We will rely on the loyalty of our clients. The brands will be unique and affordable, thus, any customer that comes to our store will inform a friend about our great services. In the end, one customer will bring a friend and the friend will bring another friend and the cycle continues to ensure a large market share. Our business will be open twenty-four hours to maximize sales. Online marketing, as well as an online shop, will be open to allow customers to make their orders online, and our sales people will deliver them within a short while (Global Purchasing Group, 23).
Starting capital of about $50,000 is required for his kind of business. The business will start small and expand as the customer base and demands increase. Additional capital will be obtained from investors as well as personal savings. The vision of the company is that by the end of five years, the company will be the largest clothes and accessories store in the region. The founding team comprises of highly qualified personnel. Most are experienced sales persons, manager, accountants. They have all the requirements to make the business succeed.
Global Purchasing Group. How to start and run a successful retail store. New York: 2014
Pearson, Lewis. Global Clothing and Acessories Forecast Statistics. Market Forecast. United States: Report Linker, 2010.
Tiege, Tina. Lane Bryant Strategic Marketing Plan. North Central Technical College. 2008