My work is now complete. I have re written my business plan after getting advice in my last tutorial and re calculated my financial plan (which was the most difficult and in depth section), which proved beneficial as I have now ended up with £37,821.14 Net Profit at the end of year one. It is still a little high, however more realistic than what it was before!
I have enjoyed the whole process of this project and the journey I have taken to get to where I am now. I believe that what I have created is a viable business plan and that all the knowledge I have gained has now given me the opportunity to create this business in the future!
When we first got this task, I was really excited to learn all about the business side of fashion, although I was also very nervous that I would not be able to do it. However after having completed my Business plan, including all the additional tasks, I am really proud of myself. I managed to produce what I needed and wanted and improved on my time management as I got the whole unit completed without too much last minute panic and stress.
Wednesday, 7 December 2011
Monday, 5 December 2011
Rosie Lee Presentation
Along side this unit we have had lectures with Jenny Holloway, CEO of Fashion Enter. This has proved benefical as she has her own business and so the information she has supplied us with is straight from the industry. We were set a group task of creating a business plan (Presentation below). All the information learnt from this, combined with all the taught sessions from Tony, has helped enable me to write a successful business plan.
Friday, 2 December 2011
Business Plan Draft
I have now completed the draft of my business plan. It was easier to write than I expected and the further I got, the more I fell in love with my business.
There are a few areas however that I need to look over again as I have ended up with £80,000 net profit at the end of year one!
There are a few areas however that I need to look over again as I have ended up with £80,000 net profit at the end of year one!
Monday, 28 November 2011
Fabric Suppliers
It proved very difficult to find information of wholesale suppliers, however below are listed possible suppliers for fabric and haberdashery accessories which I could use to start up my business:
- Whaleys - http://www.whaleys-bradford.ltd.uk/range_fabrics.htm
- Fabric Land - http://www.fabricland.co.uk/
- Ebay (Has some wholesale suppliers linked to website - http://www.ebay.co.uk/
- http://www.efabrics.co.uk/ (Sell cheap priced drill - which I like to be used in a lot of my creations).
Thursday, 24 November 2011
My Shop Space
I have found a shop space that realisitcally I can afford with my start up money. It is along Wimbourne Road, in Winton, and even though it is not Bournemouth town centre, it is still a very popular area, both with students and other one off boutiques and some high street stores such as New Look. In a few years, after having opened a successful business I would hope to have moved to a better location in the main town centre. However, my shop space is a great starting point, with 461 sq ft and 376 sq ft of storage space, for only £7500/annum and even though the space is a little small, i will be starting my business with only a selection of stock and this way I can fill the whole boutique.
Company names
I researched into possible names for my company and ensured they were available for my business before selecting my final one. Listed below are my initial ideas:
- Twisted and Tailored
- Work Quirk (Could have as a name for one of the collections in my store)
- Understated Elegance
- Simple Creations (Company name already taken)
- Q.U.E.S.T boutique (Chosen name)
- Young Elegance
I have chosen the company name 'Q.U.E.S.T boutique' as I feel it best describes the style of my business as it stands for; 'Quirky, Understated, Elegant, Simply Tailored' and also represents the quest and journey I am going through with this project to create my dream.
Wednesday, 23 November 2011
S.W.O.T
Swot analysis of my business idea:
Strenghts - My Business idea is unique and wanted by women.
Weaknesses - It is a new business in a recession, with not a huge amount of 'seed money' and I am also aiming to slot into the high street, which is the most competitive market.
Opportunities - I will be working with the company Fashion Enter which could lead to offering me great opportunities in the future, for example, cheaper stands at 'Clothes Show live', advertising on their website and the possibility of putting my collections into other established stores.
Threats - There are many threats to my business, especially during the first year of production. These include my business not reaching its targets during the first year of sales. This leaves me with the decision that I need to find investors or close my business. There is also a strong chance that my competitors will be too much for my business to compete against as they are fully established business.
Strenghts - My Business idea is unique and wanted by women.
Weaknesses - It is a new business in a recession, with not a huge amount of 'seed money' and I am also aiming to slot into the high street, which is the most competitive market.
Opportunities - I will be working with the company Fashion Enter which could lead to offering me great opportunities in the future, for example, cheaper stands at 'Clothes Show live', advertising on their website and the possibility of putting my collections into other established stores.
Threats - There are many threats to my business, especially during the first year of production. These include my business not reaching its targets during the first year of sales. This leaves me with the decision that I need to find investors or close my business. There is also a strong chance that my competitors will be too much for my business to compete against as they are fully established business.
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