Introduction to Entrepreneurship Assignment Help
Develop an business plan of an Entrepreneurial venture of your choice
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Introduction
The following report is a business plan for Daffodils Boutique, a business venture by a Canadian citizen. The company is a boutique that has a wide range of clothing for women, and also provides alteration services for readymade garments.
Business mission, vision and objectives
The business mission and vision of Daffodils Boutique is to help the women in the Canadian community become the best versions of themselves. The objective is to provide affordable and fashionable clothing options so that women can look and feel their best.
Industry analysis
Future outlooks and trends
The future for Daffodils Boutique looks promising, as more and more women are becoming conscious of their fashion sense and coming forward to invest in clothing, as can be deduced from Appendix I.Additionally, the choice to customise the personalise the apparel have been received very well by the masses.
Analysis of competitors
There are quite a number of rival companies present in the Canadian market. For instance, Article 721, Boutique Zazou, and Bilodeau Shop. These might come across as the potential threats to the growth and popularity of Daffodils Boutique.
Market segmentation
The boutique will cater exclusively to the market segment forwomen and their apparel needs. It will target the middle and upper middle classes in the Canadian social ladder through its diverse range of clothing options.
Description of business venture
Products and services
Daffodils Boutique will offer a vibrant range of clothing for women, ranging from jackets and trench coats to leggings and fur boots. The boutique will also offer alteration services so that women who face difficulties in finding garments of their size can get a customised apparel without much hassle.
Size of the business
The business is a partnership venture between a local couple. It will consist of a reasonably sized store and will employ around 10 workers. These workers will have the responsibility of helping customers find what they need and assist them if they have any queries.
Background of the entrepreneur
The husband and wife duo have been in the garments business for almost eight years. Both of them have degrees in fashion technology and are therefore extremely passionate about clothing and the wonderful opportunities associated with the industry.
Location of the business
The business will be located in Quebec City, which is a promising geographical location for anyone looking to open up a new business.
Physical facilities and operations
Description
The boutique will be spread over 1500 sq. ft. and have separate aisles for separate garment types. The apparel will be sectioned off into jackets, casual wear, formals, and footwear. A section dedicated entirely to garment alteration will also be provided.
Costs
An initial investment of around $25,000 will be required to set up the store. The main areas that would need careful construction would be the store front, the flooring, and the trial rooms.
Marketing plan
Target market
The target market for Daffodils Boutique would be the women in Quebec City. The store also plans to incorporate a kids' clothing section in the near future, which will further broaden the market scope for the boutique.
Marketing mix analysis and strategies
Product:Daffodils Boutique will sell garments for women and offer alteration services for personalising and customising the clothes that have been already bought.
Place:Since it is a physical store, the customers will be able to buy the products directly without having to wait for shipping or other unnecessary hassles.
Price:The boutique will house garments which will be moderately priced, making it an affordable option for the middle and upper-middle classes of the city. Moreover, the alteration and customisation services will also have extremely reasonable rates.
Promotion:Social media will be used as one of the main tools to promote the business, since most women nowadays have shifted to online shopping via different platforms, which has been the result of the rapid growth of e-commerce.
Organisational plan
Form of ownership (legal structure)
The legal structure of the business is based on the partnership style of ownership. This option has been chosen by the couple, since it is easier and less expensive when compared to the other forms, as the costs will be shared equally among them.
Description of management team
Apart from the owners, there will be a single store manager, who will be in charge of overseeing the day-to-day operations and transactions of the other nine employees. He or she will also be responsible for addressing the grievances of the customers.
Licensing and insurance
The owners will have to register their business at the provincial level in Quebec and obtain tax accounts along with a federal business number (Government of Canada, 2019a). They will also have to apply for the necessary licenses and permits. A partnership insurance will also be obtained so that any kind of unforeseen circumstances could be taken care of without harming the business (Government of Canada, 2019b).
Risk assessment
Weaknesses
One weakness that Daffodils Boutique might face, is that most of the garments sold would be designed by the owners themselves. This might result in higher prices due to the perceived efforts put in by them for the clothes.
Threats
There are already a significant number of boutiques that are running successfully in Canada and especially in Quebec City. If Daffodils is unable efficiently place and differentiate its products and services, it would threaten the business to a great extent.
Contingency plans
As part of the contingency plan, the store and the business will be insured. The roles for the employees will also be clearly outlined to avoid confusion, and the key risks will be identified so that they can be subsequently eliminated.
Financial analysis
Feasibility analysis
The amount invested is in no way small, and it can be estimated that the costs can be recovered, and the breakeven point reached efficiently, if the business goes ahead with its plan of setting a moderate to moderately high prices for the products and services offered.
Start-up costs
The start-up cost, as mentioned previously, will be around $25,000.
Cash flow forecast
Sources and application of funds
The initial funding for the business will be borne by the owners themselves. The funds will be utilised solely for the purpose of the business without wasting any of the financial resources for personal requirements.
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