www.justwebresearch.blogspot.com public by Just-web Research Institute [8th
May, 2020] debbyhorsafall143@gmail.com
HOW TO EFFECTIVELY CARRY-OUT
BY
Deedenwii, Bariture Neele
(ND, & D.CL)
EXECUTIVE SUMMARY
Glory’s collection is
established to intrigue our clients with our fashion pieces while also
identifying with the uniqueness in each of our clients. Our aim is to become a
worldwide brand name in the 2023 here in Port Harcourt.
We therefore are in business
in order to generate revenue, make profit whilst also favorably competing with
other leading brands in the fashion design industry in seven years time.
Our location in Airport Road, Port
Harcourt, Rivers State, Nigeria is a very strategic one as we are located in
the hub of the fashion industry and with the right strategies and plans that we
have in place, we are sure of meeting, achieving and exceeding our desired
goals and intentions.
Our publicity strategies are
top notch as we have hired the services of a brand consultant to help us draft
the strategies that will make us stand out from similar fashion design
businesses in the industry.
Our intention of achieving
this vision is in going the extra mile to hire the right management team that
understands our core vision and principles as a business and willing to ensure
that these values are clearly communicated and implemented by the
non-management staff in the organization.
We intend to build a solid
business structure by ensuring that we hire professional and competent
employees that understand the business and industry thoroughly and are also
committed to seeing that we achieve our intended goal through increased
productivity.
Seeing as technology has come
to stay, we will be deploying the right technology that will help us become
efficient in producing the right designs, while also getting the right and
recent equipment are procured for use in increasing productivity.
Location
of the Business: Glory’s collection
is a fashion and design business, sited in No. 3 Ozuba Road, Port Harcourt,
Rivers State, Nigeria.
The Founder of the Business: The business is owned by Miss Sunday Glory, a young
talent Nigeria that has 6 years experience in fashion business plan. He is
entrepreneur that base in Port Harcourt, Rivers State in Nigeria.
Registration
of the business: Glory’s collection is a
business registered under the Corporate Affairs Commission (CAC)
Our
Products and Services
At Glory’s
collection, we intend to ensure that we deal in all forms of unique fashion
designs and accessories in our primary location here in Port Harcourt, Rivers
State.
We intend to ensure that we
create multiple sources of income that will be in line with our core service;
these other services might be intangible in nature and include services such as
trainings and consultancy services. Our intention of creating multiple sources
of income is so that we would be able to boost the bottom line of our business
as is permissible under the laws of the Rivers state of Nigeria.
Therefore, some of the
products and services we intend to offer are;
·
Sale of fashion
design wears for certain ages and sexes
·
Sale of fashion
accessories
·
Consultancy and
advisory services
·
Trainings
Our Vision
Statement
Our vision is to intrigue our
clients with our fashion pieces while identifying with the uniqueness in each
of our clients. We also intend to become a worldwide brand name in the year
2023 here in Port Harcourt, Rivers State of Nigeria.
v To maintain profit margins at 15-20% through close
attention to expenses and cost of goods sold
v To drive awareness and build sales through mentions
in both local print and the nation's top fashion magazines
Our Mission Statement
In order to
achieve our vision, we have laid down procedures that would ensure that most of
our target market is aware of our products. We also have competent and
professional employees that would ensure that that our vision is actualized.
v To make our client unique and outstanding among
others in any occasion, due to our excellence and our best designs.
v To showcase quality, well-constructed fashions from
prominent and cutting-edge designers
v To offer a variety of beautiful and high-end
fashion accessories
v To help women/men learn what clothing and styles go
best with their unique personalities.
Our
Business Structure
In order to ensure that we set
up and run a standard fashion design business here in Port Harcourt, Rivers
state, we intend to get it right from the beginning by ensuring that we build a
business structure that is in line with our core values and which will ensure
that we can run all our intended services smoothly without hitches.
As such, we intend to ensure
that we hire the right employees who are hardworking and competent and who not
only understand the industry thoroughly but also the business and our core
values and principles and will therefore ensure that we get to the attained
level of goals and objectives through their commitment and dedication.
Also, since we intend to offer
a wide range of services for our fashion design business, we will need to
employ several employees who now and understand each task they are to handle.
We also will pay our employees very well and ensure that they are well trained
in order to be able to handle the different and increasing responsibilities
assigned to them.
Therefore, the business
structure we intend to build at Glory’s collection;
·
Chief Executive
Officer
·
Fashion Manager
·
Human Resources
and Admin Manager
·
Purchasing Manager
·
Inventory Manager
·
Marketing and
Sales Executives
·
Accountants/Cashiers
·
Customer Service
Executives
·
Cleaner
·
Driver
SWOT
ANALYSIS
Making a honest assessment of
our business concept by pointing out the advantages and weaknesses we have will
allow us know if we are taking the right step into starting this business, and
as such we hired the help of a reputable business consultant here in Port
Harcourt, Rivers State.
In looking critically at our
business concept, the business consultant used the popular SWOT (strengths,
weaknesses, opportunities and threats) analysis to determine how suitable we
were for the industry. Below is the result of the SWOT analysis that was
conducted on behalf of Glory’s collection;
Strengths: Our strength lies in the fact that we create
unique designs for our various clients to meet their tastes and preferences, as
well as other fashion related services. Our several marketing and publicity
strategies are already enabling us stand out from the others in the industry. Also,
we have hired competent employees who are not only professionals but have the
necessary expertise to enable us meet our intended goals and objectives.
Weaknesses: There are certain factors which we have perceived
as weaknesses to our business and that is the fact that we are located in a
fashion hub, especially as Glory’s collection is one of the hottest fashion
hubs. Also, the industry is a bit saturated as there are enough fashion design
businesses in and around Port Harcourt.
Opportunities: There are several opportunities that abound for
our fashion design school such as ability to showcase our designs to the world
through fashion shows and pageantries as well as celebrity endorsement. Also,
the internet is offering us vast opportunities that will enable us showcase our
designs to clients in far locations.
Threats: While the fashion industry might seem fun and
glamorous, there are threats that the industry faces every now and then and as
a business we are well prepared to meet any threats we might face during start
up and whilst running the business. Some of the threats we are likely to face
are scarcity of the raw materials, unreliable vendors as well as arrival of
more competitors into the market. We have however laid the right strategies
that will ensure that we surmount any challenges that we are likely to face
during the course of starting or running the business.
MARKET
ANALYSIS
Market
Trends
The fashion industry is a
glamorous and fun industry that is competitive in nature. Running a fashion
design business is time consuming and most fashion design businesses usually
fail because the entrepreneurs do not have the wherewithal to be creative and
run the business at the same time.
This is because any
entrepreneur starting this business usually spends less time designing, and
more time managing production, dealing with suppliers, sending clothes to
magazines, and managing the employees’ in-between. It usually takes an
entrepreneur who has been into the business before to be able to successfully
handle the business.
This kind of business is one
that requires endurance and tenacity because this is a hyper competitive and
complex industry, in which any start-up business can have suppliers and
customers in the short period of time of starting the business.
Which is why to succeed in
this industry you would need to be committed first as the chief executive
officer before being a fashion designer. However, this does not mean that you
do everything yourself, as most fashion design businesses usually hire a chief
executive officer to handle the administrative affairs so that the owners can
focus on fashion designing.
Finally, fashion designing in
the real business world is different from that learnt in school. Starting and
running a fashion design business would mean you developing and ensuring you
follow a creative process that is organized, which is why most entrepreneurs
looking to start their own business usually work as interns in larger fashion
houses so as to be able to understand the methodology required in running the
business.
Our
Target Market
The fashion industry is one
where there are various range of available customers of both sexes and ages.
However, we do not intend to design clothes for everyone as we intend to choose
our market segment in the target market.
However, to help us know the
right clients we intend for our business and also know what it is they expect
from us, especially as regards our location here in Port Harcourt, Rivers state;
we intend to conduct a thorough market research that would allow us draft the
right strategies that would suit this market.
From the result of our
marketing strategy, we would be engaging in our fashion design business in
order to cater to the following group of people;
·
Music and movie
celebrities
·
Business People
·
Models
·
Men and female
adults
·
Young adults
·
Movie producers
·
Fashion houses
·
Retail stores
·
Boutiques
Competitive
Advantage
Glory’s collection is a
business that hopes to be a contending leader in the fashion industry by 2023
by offering unique quality designs to its customers here in Port Harcourt, as
well as all around Rivers state in Nigeria.
We intend to offer only the
best to our target market by conducting a research to know what our existing
and intending clients’ wants and ensure that we not only meet but surpass their
expectation.
We intend to ensure that we
hire professionals and competent employees who do not only understand the
industry but are also committed to our organizational cores and values and are
committed to ensuring that we reach our desired goals and objectives.
We will also pay our employees
very well as we would ensure that their welfare packages are the best that can
be gotten amongst similar fashion design businesses both here in Port Harcourt as
well as all over the Rivers state of Nigeria.
SALES
AND MARKETING STRATEGY
Sources of Income
Glory’s collection is a
fashion design business that has been established with the aim of generating
revenue and making profit in the fashion industry in the Rivers States of Nigeria.
We intend to ensure that we offer various designs in order to meet the various
needs of our customers.
Therefore, we intend to
generate income for Glory’s collection by offering the following services;
·
Sale of fashion
design wears for certain ages and sexes
·
Sale of fashion
accessories
·
Consultancy and advisory
services
·
Trainings
Sales Forecast
The fashion industry is one
that will always see a surge in demand especially as almost everyone on earth
is fashion conscious either through what they put on or see others put on.
In carrying out a sales
forecast for the company, we have been able to critically evaluate the fashion
industry in order to understand how we would likely fare once our business
starts up. The various data gotten from the feasibility study were based on
data and information that was gleaned from similar start-ups such as ours here
in Port Harcourt. Below therefore is the sales projection that was conducted
for Glory’s collection;
·
First Fiscal Year: N270,000
·
Second Fiscal Year: N450,000
·
Third Fiscal Year: N900,000
It should be noted that the
above projections were conducted based on several factors such as there would
no arrival of competitor during the time of the projections, as well as the
fact that people would continue to love our brand. Should there be any change
in the factors, it would lead to an increase or decrease in the figures.
Marketing
Strategy and Sales Strategy
Marketing is very important
and so it is therefore pertinent that the right marketing strategies are
drafted in order to achieve the desired results. However to be able to draft
the right marketing strategies, we have conducted a thorough market research
that will allow us not only understand the industry, but also ensure that we
penetrate the market and attract the number of customers that we should with
our services while ensuring that we are able to compete with other fashion
design businesses both here in Port Harcourt, Rivers State and in the whole of Nigeria.
Asides from generating revenue
and ensuring that one can compete favorably against its competitors, marketing
is also used to create awareness for the business for existing and potential
customers. This is why marketing is an aspect of the business that should be
taken seriously as poor strategies could lead to failure of the business or
dwindling sales due to poor efforts of the marketing team in increasing
awareness and invariably sales on behalf of the company.
Due to this, we have secured
the help of a reputable marketing consultant here in Port Harcourt, Rivers
state who not only understand the business but the whole fashion industry and
will also help in drafting effective marketing strategies that would be needed
to penetrate the target market and get a huge share of our niche market.
Therefore, the strategies we
intend to adopt while marketing our services at Glory’s collection are;
·
Ensure that we
introduce our fashion design business to fashion houses, large scale magazine
editors as well as other stakeholders in the industry here in Port Harcourt, as
well as all over the Rivers States of Nigeria
·
Ensure that we
place adverts on local newspapers, fashion and beauty magazines as well as on
radio and television stations also on social media, such as (Facebook, WhatApp,
Instagram, Twitter etc.), the company page and advertising links.
·
Ensure to give our
customers the best designs using our imported industrial machines since our
customers are high class and a high tested men and women.
·
Empower our
marketing and sales team to engage in direct marketing on behalf of Sharpiro
Fashion World.
·
Ensure that our
business is listed on both offline and online directories
·
Distribute
handbills and fliers in conspicuous places in order to promote our business
·
Use the internet
especially our website to promote our business.
·
Gives our clients
brief refreshment, while working on their materials.
Publicity
and Advertising Strategy
The fashion design business is
one that needs a lot of publicity especially as the business industry is one
that is very competitive. Any business that does not take its publicity
seriously will likely die or not make it in business. we therefore intend to
ensure that we intensify publicity for our businesses in order to increase
awareness for our products as well as promote Glory’s collection positively.
We intend to hire a brand
consultant who is reputable and has the knowledge regarding this industry to help
us draft the right strategies that would promote our fashion design business
and also increase awareness for us with our clients both existing and
potential. The strategies will also be one that identifies with our core values
and principles as a business.
Therefore the strategies we
intend to deploy in promoting and advertising the Glory’s collection are;
·
Throw a large
fashion themed party in order to create awareness about our fashion design
business
·
Engage in
community activities and sponsor relevant programs
·
Create a website
that is interactive and use that to create awareness about our business
·
Ensure that we use
social media platforms such as Instagram, Twitter and Facebook to vigorously
promote Glory’s collection
·
Ensure that we
place adverts on local newspapers, fashion and beauty magazines, as well as on
radio and television stations
·
Engage in fashion
shows, beauty shows and catwalks and other shows in order to create awareness
about Glory’s collection
·
Ensure that all
our staff members wear customized clothes with an attractive design in order to
promote our business
Our Pricing
Strategy
In determining the prices for
our fashion design products, we would fix our prices depending on the type of
apparel and the design used. Normally the prices for our fashion design wears
depend on the type of clientele. Determining the prices for any product or
service depends on several other factors such as what the competitors are
offering, what our overheads are, and how much we are getting our raw materials
for.
However, in order to attract
the right customers to our fashion design business, we intend to lower the
prices for the first 6 months and also give some well known celebrities some of
our unique designs to wear for free in order to help with promoting our brands.
However, having carefully looked through our strategies, we are pretty sure
that our profit margins for the months we intend to lower our prices and offer
discounts will not really be affected.
Payment Options
Because we intend
to have a whole lot of customers, we at Sharpiro Fashion World Business have
come up with different payment options so as to suit the different styles and
preferences of our customers.
Therefore, the payment options
that we intend to make to all our customers are;
·
Payment via cash
·
Payment via check
·
Payment via credit
card
·
Payment via Point
of Sale (POS) Machine
·
Payment via online
payment Portal
All
this are done at our client/customers convenience. The above payment options
that we have chosen are ones that will help us achieve all our plans without
any hitches whatsoever for our customers as well as ourselves.
START
– UP EXPENDITURE (BUDGET)
In starting a new business,
there are certain aspects of the business the bulk of the capital is spent on.
In starting our fashion design business and running it to a certain standard,
we expect to spend the bulk of our capital on raw materials, leasing a
facility, paying the salaries of employees as well as utility bills.
Therefore the key areas where
we intend to spend our start-up capital on are;
·
Total fee for
registering the business in the Rivers States of Nigeria:- N750
·
Obtaining of
licenses and permits as well as accounting software – N1,250
·
Cost of hiring a
business consultant – N1,500
·
Marketing
promotion expenses (grand opening expenses and general marketing expenses)
– N3,000
·
Insurance coverage
(workers’ compensation, general liability) – N2,000
·
Operational cost
for the first 6 months (salaries of employees and payment of utility) – N100,000
·
Other start-up expenses
(stationery, phones, computers, and printers) – N500
·
Cost of start-up
inventory (raw materials, design accessories, table, shelves, bins, and cash
register) – N20,000
·
Cost of purchasing
a fairly used vehicle – N5,000
·
Leasing a facility
for the period of one year – N50,000
·
Cost of launching
a website – N500
·
Cost of throwing a
grand opening party – N1,000
From the above analysis, we
would need an estimate of N190,500 in
order to successfully start and run our fashion design business here in Port
Harcourt Rivers State. It should be noted that the bulk of our capital would be
used to pay employees salaries for a period of six months, lease a fairly used
vehicle as well as lease a facility that we would use for the period of one
year.
Generating Funding/Startup
Capital for Glory’s
collection
Glory’s collection is a
business started and run by George Jerry Chikason Both is fashion designers
with a degree in business and so have decided to seek for several sources
whilst looking for funds in starting our business. We have therefore decided to
restrict the sources of start-up capital to 4 major sources. Therefore the
areas which we intend to generate our start-up capital;
v Generate part of our start-up capital from our
personal savings
v Source for soft loans from family members
v Apply for loan from the bank
v Apply for loan from a private investor
We have been able to generate
the sum of N20, 500 from our personal
savings. We sourced for the sum of N10,
000 from our family members and friends. We applied for a loan of N110, 000 from our commercial bank. All
the approving documents needed in ensuring that the loan gets credited to our
account have been signed.
The bank loan is expected to
be repaid in 5 years at a 2% interest rate. Also, we approached a private
investor in the fashion industry, who is interested in mentoring us whilst also
giving us a loan of N50,000 for our
business.
Sustainability
and Expansion Strategy
Every business is not only
established to fill a need, compete favorably against competitors or generate
revenue that will ensure that it makes enough profit but a business is also
established that it might exist for as long as the owners want it to and even grows
and expands as well.
However, in other to sustain a
business there are several factors such as competence of employees,
reinvestment strategy as well as retaining of loyal clients amongst others that
will be deployed to ensure that the business continues in existence.
Sourcing for and hiring
competent employees is very important because having the right employees will
lead to a growth in the business and ensure that there are less hiccups
for the business during the course of start-up. We will ensure that our
employees undergo continuous training and also that our human resources manager
conduct performance appraisals every now and then in order to ensure that
productivity is attained for the company.
Also, we intend to pay our
employees very well, as their welfare packages are already the best as could be
attained across the industry for similar start-ups such as ours.
To ensure that our business
grows to the standard that we intend for it, we intend to re-invest our profits
back into the business. This act will enable us boost our bottom line and
ensure that we can suitably expand when we need to. Our re-investment strategy
is carefully planned as we also intend to pay back our loans during this
period.
Finally, we know how important
our customers are to our business, because without our clients our fashion
design business will not exist. We therefore intend to offer our clients
incentives that will ensure that they become repeat customers. Also, we have
trained our customer service executives to be able to handle our customers no
matter the situation. Our customer service is already adjudged the best in the
industry for a new start-up regardless of the fact that we haven’t been long in
the business. We now that if we carry out these measures, we are likely to not
only sustained but also expand our business as well.
No comments:
Post a Comment