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As a result, the start of the recession and its lasting effects on the US economy hurt industry performance. We have been able to conduct a thorough feasibility studies and market survey and we know what our potential customers/residence within the location where our clothing store will be located will be looking for when they visit our clothing store. Does it make a good business sense and is it within the feasibility of estimated cost is an important question that is answered by this concept. As a matter of fact, it is common to find clothing stores located alongside a busy road, in a busy community, in an urban area, or near a railway or railroad station or other transport hub. They do not intend to welcome any external business partner, which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. The industry is projected to grow at 3.1 percent annual growth rate. Aside from having varieties and quality of the items in a convenience store, one of the easiest ways for players in this line of business to sell the items on their racks as fast as they can and keep re – stocking is to ensure that the prices of their items are a bit lower than what is obtainable in elsewhere. Likewise, becomes irresistible when you show them to your investors or sponsors. Business Plan for Fashion Boutique 1.0 EXECUTIVE SUMMARY Overview Fashionista is an upscale women's clothing boutique that will open in October this year. The feasibility study outlines and analyzes several alternatives or methods of achieving business success. Application and Obtaining Tax Payer’s ID: Application for business license and permit: Leasing of facility and remodeling the shop: Drafting of Contract Documents and other relevant Legal Documents: Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: Creating Official Website for the Company: Creating Awareness for the business both online and around the community: Health and Safety and Fire Safety Arrangement (License): Opening party / launching party planning: Compilation of our list of designers’ labels and fashion accessories that will be available in our clothing store: Establishing business relationship with vendors – wholesale suppliers of various brands of clothes and other fashion accessories that we intend retailing. Advertise our clothing store in our official website and employ strategies that will help us pull traffic to the site. Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups clothing stores in the United States) in the industry. Sustainability and Expansion Strategy, How Non Profit Organizations Benefit the Society/Community, Footwear (Shoes, Canvas, Sandals and Slippers et al), Other fashion accessories (belt, handbags, sun shades, caps, hats and wristwatches et al). The clothing store (boutique) industry is indeed a very large industry and pretty much thriving in all the parts of the world. FEASIBILITYSTUDYDEFINITION OF FEASIBILITYSTUDYA feasibilitystudy• Is designed to provide an overview of the primary issues related to a business idea. We are quite aware that just like any other business, one of the major threats that we are likely going to face is economic downturn. The feasibility study shows you the details of the laundry business, the challenges, the benefits, what is required to startup as well as the profitability. The clothing store (boutique) industry comprises of small retail stores that sells a limited range of clothing and accessories. This study aims to investigate and rationalize the need of starting or investing in a project by way of technical feasibility, viability of the business and how economical the business is. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats. Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. Clothing Store Organizational Structure – Job Description & Roles, How to Start a Plus Size Boutique Business in 14 Steps, How to Make Money Selling Clothing Boutique from Home, 32 Best Boutique Business ideas & Opportunities for 2021, 16 Best Baby Boutique Franchise Opportunities for Sale, 10 Best Clothing Boutique Franchise Opportunities for Sale, Starting a Baby Boutique – Sample Business Plan Template, 7 Easy Steps to Make Fast Money on EBay Selling Clothes, 5 Easy Steps to Make an eCommerce Website That Sells Clothes, 14. For example, it is common to see items with prices in this format; $3.99, $99 and $199 et al as against $4.00, $100 and $200. Thanks for watching! The purpose of this report is to determine project parameters and define solutions to the problem that Further needs analysis . A definition of feasibility study with examples. 2. We would need an estimate of $250,000 to successfully set up a standard and well stocked clothing store in Los Angeles – California. The marketing aspect is very vital when carrying out a feasibility study on how to start fish farming business in Nigeria. Another common trend in the retailing industry of which clothing store falls under is the pricing system. Meaning of feasibility study. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. The Business Feasibility Our excellent, highly experienced and qualified management team, customer service culture, online store, various payment options and highly secured facility with enough packing space will also serve as a competitive advantage for us. GET YOUR FASHION DESIGN BUSINESS PLAN IN NIGERIA. She has successfully managed several retailing business both in Los Angeles and New York prior to opening her own clothing store. What will be the cha… A feasibility study is a determining factor that evaluates whether the project is financially and technically sound and viable. A feasibility report is a document that details the study of the profitability, feasibility, effectiveness of a proposed investment, and to evaluate the imminent business problem or opportunity. Although we may not be as large as the biggest clothing stores or retailers in the United States. It is based on extensive investigation and research to support the process of decision making. To place an order, pay N10,000 to GTBank (Guaranty Trust Bank) Account Name – Uwadia Eyemeka Account No – 0127561472. The cost of laborand material that will be incurred for the expansion. Handles any other technological and IT related duties. This clothing business is the focus of this feasibility study. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones, Model demographic information and analyze the volumes of transactional data generated by customer purchases, Identifies, prioritizes, and reaches out to new partners, and business opportunities et al, Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients, Develops, executes and evaluates new plans for expanding increase sales, Document all customer contact and information, Represents the company in strategic meetings, Helps to increase sales and growth for the company, Handles e-commerce aspect of the business, Responsible for installing and maintenance of computer software and hardware for the organization, Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems. Here are the platforms we intend leveraging on to promote and advertise Mary & Mack Clothing Store™; Pricing is one of the key factors that gives leverage to clothing stores and retailing business generally, it is normal for consumers to go to places (clothing stores) where they can get good quality clothes and fashion accessories at cheaper price which is why big players in the clothing store / retail industry like attract loads of consumers. Today we’re talking about How to Conduct A Feasibility Study, but first of all, I want to start with clarifying what a feasibility study is. She will run the business alongside her immediate family members. Mrs. Mary Hennessey – Crowder has a Degree in Business Administration from University of California. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more especially when we start selling our franchise or running chains of clothing stores. Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. Beyond retailing quality and affordable clothes and fashion accessories in our clothing store, will ensure that our customer care is second to none in the whole of Los Angeles – California. Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs. The TWC Alteration Shop will focus on a niche market segment, the captive clients or those in the vicinity of the TESDA Complex. There is hardly any human who doesn’t wear clothes. We ensured that our facility is easy to locate and our outlet is well secured and equipped with the various payment options available in the U.S. The main reason why you would create a feasibility study document is to check whether or not you should commit your time and resources towards a project. only one designer’s collection is sold there), or they may sell a mix of designers’ labels (brands) that are specifically catered to the local market. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams. Ensures that the organization operates within stipulated budget. This is because of the need to cover up nakedness. Introduce our clothing store (boutique) by sending introductory letters to residence, business owners and organizations in and around Los Angeles – California, Open our clothing store with an open house party for people in the community, Advertise our business in community based newspapers, local TV and radio stations, List our business on yellow pages ads (local directories), Leverage on the internet to promote our business, Encourage word of mouth marketing (referrals) from satisfied and loyal customers, Place adverts on both print (community based newspapers and magazines) and electronic media platforms, Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand, Install our Bill Boards on strategic locations all around Los Angeles – California, Engage in road show from time to time in and around the location of clothing store, Distribute our fliers and handbills in target areas in the community where our clothing store is located. 2. A Business Feasibility Study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem. The clothing store (boutique) Industry revenue has since recovered; however, the industry is facing more stringent competition than ever before because of a rising number of imports and consumers’ shift to online shopping et al. It also provides information about all the equipment needed and the costs, including where to buy. They hypothesis is that the area of Leaside, North Toronto can support the opening of a tween clothing store. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions that will directly or indirectly affect them. Per capita disposable income fell as many individuals lost their jobs; accordingly, consumer confidence plummeted and consumers cut spending, causing the industry to contract in 2009. One major weakness that may count against us is the fact that we are a new clothing store in Inglewood – Los Angeles and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business. leading the development and implementation of the overall organization’s strategy. A feasibility study is an investigative tool that might cause you to discount an idea, whereas a business plan is a call to action. The Total Fee for Registering the Business in California –, Legal expenses for obtaining licenses and permits as well as the accounting services (, Marketing promotion expenses for the grand opening of Mary & Mack Clothing Store™ in the amount of $3,500 and as well as flyer printing (, Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of, Other start-up expenses including stationery (, Operational cost for the first 3 months (salaries of employees, payments of bills et al) –, Cost for store equipment (cash register, security, ventilation, signage) –, Cost of purchase and installation of CCTVs –, The cost for the purchase of furniture and gadgets (, Generate part of the start – up capital from personal savings, Source for soft loans from family members and friends. If you keep tabs on the clothing store business and retailing business generally, you would have noticed that It is now a common phenomenon for retail outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies. We are going to explore all available means to promote our clothing store. We want to give people who patronize our clothing store (boutique) the opportunity to choose from a wide range of both locally and foreign clothing designer labels (brands) at highly affordable prices. NAME OF THE … The business plan must come after the feasibility study and if the projected business idea is not feasible, a person must progress the business plan until he or she revises the business idea. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customer base may grow to. Below are the sales projections that we were able to come up with for the first three years of operations; N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and the arrival of a competitor in same location as ours within the period stated above. Are you about starting a clothing store? The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. … to ensure accurate and helpful information is supplied to our customers when they make enquiries, Responsible for cleaning the store facility at all times, Ensures that toiletries and supplies don’t run out of stock, Cleans both the interior and exterior of the store facility. One thing is certain; we will ensure that we only retail quality and affordable clothes and other fashion accessories in our clothing store. One major trend over the years in the clothing store (boutique) industry is that, clothing stores (boutiques) have experienced tremendous growth in all cities in the United States of America and in most parts of the world. Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions. We are well positioned to take on the opportunities that will come our way. In essence, our target market can’t be restricted to just a group of people, but all those who resides in the locations where we intend opening our clothing store. These are the areas we intend generating our start – up capital; N.B: We have been able to generate about $100,000 (Personal savings $75,000 and soft loan from family members $25,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. We are aware that there are several small clothing stores and chains of clothing stores all around Los Angeles, which is why we spent time and resources to conduct our feasibility studies and market survey so as to enable us locate the business in an area that will support the growth of the business and also for us to be able offer much more than our competitors will be offering. Cities A city studies at the feasibility of closing a section of the city to traffic in order to stimulate economic activity in the area with pedestrian zones.They collect feedback from people who commute to the area, neighborhood residents and businesses. Conducting a feasibility study involves the following steps: 1. This is determined by the market forces (demand & supply). It gives you a clear picture of what you are to see. This is because of the need to cover up nakedness. What is Feasibility Study?Feasibility study is an analysis of the viability of an idea. We hired experts who have good understanding of the clothing store / retailing industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Los Angeles – California. General Info On Feasibility Study And Business Plans. Feasibility Study is an important step in the entrepreneurial process. Here are the payment options that will be available in every of our outlets; In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches. We are in business to retail our clothes and fashion accessories to the following groups of people; Mary & Mack Clothing Store™ is launching a standard and registered clothing store that will indeed become the preferred choice of residence of Inglewood, Los Angeles – California and in every other locations where our chains of clothing stores will be opened. 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