Complete!

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.

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.

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!

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).

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.

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.

Fashion Enter - Change of idea!

http://www.fashionenter.co.uk/
I went on a visit to fashion enter and after talking to Jenny and having lectures with her I have decided that I am going to adapt my idea for my business. Rather than buying in 30% of garments for my shop from concessions like Topshop and River Island I will get the Fashion Enter Factory to make them for me. That way I have the support of another company behind me and can design 100% of the stock sold in my boutique. However i will still buy in concessions like jewellery from Topshop.
I will join the company and submit my designs to them in London to be made and then sent to sell in my boutique in Bournemouth.
I also feel that as Jenny started up her own business, hires her staff, has factories and workshops and owns two boutiques it would be a good idea to use her company for my comparative business model report.

A possible Muse

I have a possible muse for my business.......... Kate Middleton!
She is the right age for my target market...........29 years old!

She always dresses elegant and in classic styles!

Very fashionable and on trend!

Constantly talked about for her fashion sense!

And recently she was seen in a Zara dress, which shows she shops in high street stores that are reasonably priced!

(Image found: http://fashion.telegraph.co.uk/)

Half Way!!

I am now at my half way mark with Tasks 1 and 2 complete and with my industry visit soon, hopefully Task 3 can be shortly completed. So far I have really enjoyed the process and I am excited to write the business plan to determine whether this would be a viable business prospect!

Paperwork

Our last lecture with Jenny was really good, she gave us examples of all the paperwork we would need for our business, including health and safety, production and costing methods (which I never knew until now):

Sales - Purchases - Direct expenses = Gross Profit
Gross Profit - Overheads = Net Profit

I feel that all of these added extra bits of evidence and information can help my business plan be as realistic as possible.

My Competitors

River Island - They already offer some modern takes on tailoring and have introduced them into their stores in bright colours.

(Bright blue skirt with black waistband)

• http://www.riverisland.com/

Browne and Daughters - Are a completely British company that supplies garments with a modern twist on precision tailoring.

• http://www.browneanddaughters.com/

After looking closely into the modern tailoring already available in high street stores I have decided that these two companies are my main competitors. However Browne and Daughters are a little more expensive than my garments will be and River Islands garments are sometimes too colourful and over the top. Also the production of Browne and Daughters garments are 100% made in Britain which is what my business will be.

(Images direct from their websites, listed above)

Boutiques

For inspiration I have looked at other boutiques around the Bournemouth area:

• Fab Frocks - http://www.fabfrocks.co.uk/




• Clobber - http://vintageclobber.com/




• Kiki's - http://www.kikisboutique.com/content/our-shops




• House of Sparkle - http://www.sparklyshop.co.uk/




• Beau Vintage - http://www.beauvintage.co.uk/

Survey

To get my primary research I designed a survey to get first hand response to see whether my idea is viable:
http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.surveymonkey.com%2Fs%2FKZC2BVC&h=EAQEnAPdnAQH2xEtdlks7zNq2Qz45-Lsf-x27Jxd8R8PLIA

My New Idea!

The area of fashion that I want to be part of is Fashion Retail and Sales. My dream is to one day own my own Boutique that stocks all of my own creations, ranging from garments to accessories. I want to work within this area because I find design and construction my strongest aspects within fashion and it is a very fast paced industry that always keeps me interested. Also I would like to run my own business as I want to be my own boss and create and sell what I want and what I believe is what women what.
Therefore I need to create a business plan for my idea. I want to open a boutique that stocks my garments and creations; however I feel I may also need to buy in stock from other stores and designers to help bulk up my stock. The target market that I want to aim my business towards is women of 20 – 30 years old. Even though this is a very competitive market I feel my business is unique and there is a gap in the market, however I will still research into who my competitors are.
It is a common fact that some women feel uncomfortable in what they wear or feel that the new styles available for them are too over the top with patterns, colours or styles. Many women want an outfit a little different and that is still on trend, but not covered in huge prints or with outrageous 3D sections. With this unit I am to create a brand that offers a solution to women that want to stand out a little more, but that still want simple, classic, elegant clothes with that subtle contemporary edge. This allows them to feel comfortable and gives them the confidence they want, using classic shapes and styles with a twist, creating something a little quirky. Also within this I want to create classic tailoring with a modern edge to make it a little different from standard ‘work wear’ and make it more appealing to younger customers.
For this unit I will create a business plan for my hypothetical business and the first thing I need to do is create a brand for my business and after sourcing all my market research I will work out ways that I can promote and advertise my business and include images and examples of this, especially as Boutiques are taking a hit in the recession.
As I want my brand to be commercial, affordable and of great quality, I will create my style so that my business would slot into the high street. I understand this is a competitive market however I believe it is something that women want and is original and unique to my business.

My inital buisness idea

I want to be part of Fashion Retail and Sales as I find design and construction my strongest aspect of fashion. It is a very fast paced industry and I want to own a boutique so I can be my own boss and create and sell what I believe women want.
I feel the best way to start my business is to create a website, having limited stock of past collections and garments I have made, in order to establish myself and with a target market of 20-30 years old.

Online shopping is becoming increasingly popular, partially with women because:

-They spend more time shopping than men do.
-They find it more convenient and like to be able to compare prices and styles online.

It is a common fact that some women feel uncomfortable in what they wear and wish they were more confident to wear outrageous outfits and stand out more, but simply feel the styles available are not suitable for their style of clothing. Some women want an outfit that is a little different and on trend, but yet not covered in huge prints or with outrageous 3D sections.

With this unit I aim to create a brand that offers a solution for women that want to stand out more, but still want simple, elegant clothes with that subtle contemporary edge. This allows them to feel comfortable and gives them the confidence they want, using classic shapes and styles with a twist, creating something a little quirky.
I will:

- Create a web design
- Consider buying in stock from other companies
- Create a unique brand for my business
- Decide advertising strategies

As I want a commercial brand, I will create my style so that my business would slot into the high street, as well as being affordable and well made. The high street is a very competitive market; however I feel that there is a gap in the market for the specific style I am offering, as I believe it is original and unique to my business and something that women want.

The Uniqueness of Me and My Business presentation

A powerpoint presentation I presented to the class along side my 500 abstract words.....

Introduction presentation

This is an introduction into the unit, describing myself and my abilities....

Notes for slides:

Slide one: I am me.

Slide two: I am a caring person and am always reliable. I am ambitiuos in all of my work, however this means I get flustered as I panic about everything.

Slide three: My personal design style, as shown in the last two years, is that I like to create something classic, structured, fitted. Something that is practical and commerical, with a little bit of a twist. I feel my work definately slots more into High street style than Couture.

Slide four: I wish I have invented Stilettos. It is simple, classic and sophisicated, like i think and hope all of my collection are/will be. They give confidence to woemn and improve their look and posture. They were invented in Italy and became popular in 1955.

Slide five: I feel the strongest skill I have developedover the last two years are; my organisation, as I organise a lot, even though my time management is a little off. Through doing placements I have grown in confidence and became more reasonpible and the course has helped me became more professional in the way I present myself and my work.

Slide six: Over the next year I hope to gain skills to prepare me to run my own buisness as this is my goal. During this year I will also gain skills to prepare me for industry and I hope to create a collectionthat continues with my design style.