Sample Business Plan on Fashion Boutique Business Plan
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EXECUTIVE SUMMARY
The Business Concept
La-Di-Da Boutique, Inc. (La-Di-Da Boutique or the Company) will be an online women’s boutique. The Company will provide the steps and resources for all women to be dressed to impress at all times. The Company is located in Highlands Ranch, Colorado.
The Company will service a multitude of clients who are interested in high end clothing and who want to be ahead of fashion and style. This boutique will sell high end clothing to buyers from all over the world. It will house a multitude of high end designers and also feature local, new, and buzzing designers who have received great acclaim for their work. It will also feature articles about new designers, new styles, and instructional on how to look fabulous in anything you wear. From time to time, the website will feature artists, musicians, socialites, actors, and others who are well known in pop culture and showcase their style.
As an online entity, La-Di-Da Boutique is solely focused on its clientele. The Company is all about servicing the needs of the people who buy from it. La-Di-Da Boutique will make the customer feel comfortable. It will be a place where the customer can learn about all the new styles and how to properly take the new waves of fashion and apply it to their individual style.
In addition, La-Di-Da Boutique will attempt to bridge the gap between literature and fashion. The boutique will do this by utilizing local, national and global poets. Every week the boutique will feature a different poet who will express how their own fashion is relevant in today's society through their expressive jargon.
Excellent Market Opportunity
La-Di-Da Boutique will take advantage of several factors to drive its growth. First is the tremendous number of people (women) worldwide who use the Internet to look for and buy clothing and fashion accessories.
Second, there are not enough online sites that show a woman how to be fabulous in what she wears. There are websites that sell clothes all over the world; however there are few that take it upon themselves to teach a woman how to use the tools that she has to create a look that she wants. The market needs a company that is willing to share their wealth of knowledge along with the clothes that they sell.
Profitable Growth
La-Di-Da Boutique expects to gain a profitable market share within a very short period of time. Determinations have been made for the size of the market, amounts of budgeted advertising and promotional dollars, the number and kinds of distribution channels and the competitive landscape.
Projections call for the Company to generate revenues of $100,000 in its first twelve months. La-Di-Da Boutique will achieve strong growth over the next several years, reaching $1.5 million in revenues and more than $434,000 of net income by the fifth year.
The Opportunity
E-Commerce Retail
For years online sales trends have been shifting, but now there is actual statistical data validating the medium’s enormous growth. Forrester Research analyst, Carrie Johnson said, “We've seen this trend coming for a few years, but now we're actually seeing the numbers come in.”
In 2005, a Forrest Research report showed overall online e-commerce sales at an increased 24%. U.S. retail e-commerce sales in 2008 (excluding travel) grew by only 4.6%, reflecting a slowing economy.
In addition, the report stated, “Online merchants are developing new features and services for women shoppers that would be difficult to replicate offline.” Ed Whitehead, chief marketing officer of Lands’ End commented, “This channel has always been very transactional. You can go online and check out, but it hasn't given you any kind of experience." As the online marketing matures, online retailers are finding better, more efficient ways to sell.
Today’s e-commerce encourages a more emotional shopping experience than in the past; the prevalence of broadband and high-speed Internet connections helps websites display and present merchandise more effectively, shifting perspectives and philosophies to reach female consumers. In order to gain market share, profit, and loyal customers, a superior shopping experience is essential. 1
Most retailers conduct business through a multitude of marketing channels, such as:
Ø Brick-and-mortar stores
Ø Websites
Ø Catalogs
Ø Call centers
In order to leverage ‘channel’ strength, many companies, especially e-commerce sites, will offer a personalized experience, shopping convenience, and flexibility. In current day retail, cross-channel shopping is typical, but is not altogether necessary to create a successful business. 2
In 2009, U. S. e-commerce retail sales, excluding travel, contracted 3.1%; however, in 2010 a 5.5% increase is predicted. Recession recovery is currently expected to affect consumer spending this year. Analysts predict, by 2011, pent-up spending demand will accelerate sales growth, peaking in 2012. According to the U. S. Department of Commerce (DOC), Q2 2009 retail sales totaled $30.77 billion.