P1- Present the initial organization idea applying relevant conditions
Chosen business type:
My chosen business is usually opening my very own clothing label called " Gold” in which I will promote the latest trend in both equally men and woman trend. The slogan I decided to develop is ‘A style for each and every day'. My own business type might be a sole investor as I will be running my personal business because an individual. My business will probably be an online business as it is cheaper to maintain rather than a retailer. This is my personal logo.
My business is designed and targets:
To survive the first season of trading
To draw customers
To gain company awareness
Maintaining an income from the clothing collection
Providing top quality service
To receive a 20% profit margin within the 1st year
To experience a customer base of 1, 000 by the end of the 1st operating 12 months. To recruit 10 personnel
To achieve 10% revenue of all items by the end of the first working year To have 70% customer satisfaction by Summer 2015
USP and the competitive edge the company venture may have: My USP is all about supplying my buyers high quality and classy clothing for low prices. Let me also offer my customers exceptional services such since free and fast shipping and delivery on their instructions which the majority of competitors ask customers to purchase or have the very least amount of order to get the delivery to be cost-free. I will also provide an exclusive services in which the client can personalize their product for example , pertaining to the Tee shirt, jersey they can choose from a variety of print out which is back for a clothing line to supply. All these USPs will make my business have the competitive advantage form my own competitors.
Potential demand for the new business:
I think the need in the garments industry has grown in the last year or two and it has become one of the most effective due to the people who are always likely to buy garments. Unlike other clothing businesses I will be supplying high quality trendy clothes at low prices and so i will be planning on a lot of demand by customers. A lot of the younger generation will like the customising service form my own business which could have a lot of require due to the popularity of having white-colored T-shirts with print-outs. Marketplace:
My target audience will normally be young men and woman from age range of of sixteen to 35 who have a passion for fashion and always finding the latest fashion trends. I will be targeting individuals with high profits in seek out high quality clothes at a lower price than normally. How could you balance business and personal demands?
As I was a only trade business type I will need to cover almost all of my time in focusing and building my own business to success. The first yr I will be spending so much time and hard on weekdays and resting on trips as I i am only starting. As my own business begins to progress and I start to help to make enough income, I will start to search and recruit several employees in order to balance the task between the other person and for me to take more days off or have time for other important concerns in my life. I will use my own money properly and split my personal money with the cash of the business until I start producing enough cash to shell out myself. Potential profitability
To be able to check the potential profitability of my idea I will execute Market Research that we will be exhibiting consumers samples of my clothes and asking them the actual think about it and how much will they anticipate to pay for it. I do believe that this business is successful as research workers have discovered that we now buy 40% of all each of our clothes by value stores, with simply 17% of your clothing budget and that Outfits have been the most popular items bought on the internet this year. (Ethical fashion community forum, 2006) (BBC News, 2014) I will produce a basic earnings and damage forecast accounts in order to have a concept of what to anticipate in the commercial note buyers of my personal business. This will likely include the organization expenses, revenue of goods and gross and net earnings. By foretelling of all these numbers I will give my organization a plan to...
Ethical trend forum (2006) The issues 2006 [online]. Available at: http://www.ethicalfashionforum.com/the-issues/fast-fashion-cheap-fashion (Accessed 1/11/14)
BBC Media (2014) Business 2014 [online]. Readily available: http://www.bbc.co.uk/news/business-28691147 (Accessed 1/11/14)