Please note that this amount includes the salaries of all the staff for the first month of operation. Handles any other technological and IT related duties. The feasibility study outlines and analyzes several alternatives or methods of achieving business success. Mary & Mack Clothing Store™ will ensure that all our customers are given first class treatment whenever they visit our store. Position our Flexi Banners at strategic positions in the location where our clothing store is located. The method is ideal for the study because it deals with business start-up concerns in areas of marketing, production, management, legal, socio-economic and finance. 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. 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. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount. In some countries like the United States, united kingdom and France et al, clothing stores are known to be opened 24 hours a day and 7 days a week. This can also be the reason why so many clothes manufacturers have sprung up in the last centuries; this is so that they are able to meet the teeming population of people who wear clothes. But as much as they like your product. GET YOUR FASHION DESIGN BUSINESS PLAN IN NIGERIA. We are going to explore all available means to promote our clothing store. It is a fact that economic downturn affects purchasing and spending power. Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments. One of our business goals is to make Mary & Mack Clothing Store™ a one stop fashion shop. 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. Begin to assess the demand for your idea. 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. It also provides information about all the equipment needed and the costs, including where to buy. 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. 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 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. 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. The clothing store (boutique) industry is indeed a very large industry and pretty much thriving in all the parts of the world. This clothing business is the focus of this feasibility study. Here’s a … Prepare a projectedincome statementIncome StatementThe Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time. People that patronize clothing stores cut across the rich and the poor, the highly place in the society and the lowly placed; everybody need clothes to cover their nakedness. Copyright © 2021 Profitable Venture Magazine LLC | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. The industry is defined as single-establishment stores only. 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. 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. The fact that we are going to operate our clothing store in one of the busiest district in Los Angeles – California provides us with unlimited opportunities to sell our items to a large number of people. It is based on extensive investigation and research to support the process of decision making. Before choosing a location for Mary & Mack Clothing Store™, we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Los Angeles – California and in every other cities where our chains of clothing stores will be opened. The feasibility study helps The research will be complied into a business plan including a literature review and finishing with recommendations. Mrs. Mary Hennessey – Crowder has a Degree in Business Administration from University of California. She will run the business alongside her immediate family members. Mary & Mack Clothing Store™ is a neighborhood clothing store that will be located in a centralized area between a residential neighborhood and a busy business district in downtown Inglewood – Los Angeles, California. We have enough parking space that can accommodate well over 25 cars per time. Meaning of feasibility study. 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. Likewise, becomes irresistible when you show them to your investors or sponsors. 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. 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. 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. The team comes up to this idea to compete in the demand of modern day’s consumers. It will be difficult for customers to visit our store and not see the cloth or fashion items that they are looking for. 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. One of our major goals of starting Mary & Mack Clothing Store™ is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. 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. the drafting a business plan. Mary & Mack Clothing Store™ has a long term plan of opening chains of clothing stores in various locations all around the United States of America and Canada which is why we will deliberately build our brand to be well accepted in Los Angeles – California before venturing out. This Penn State Extension video tells us that feasibility studies are an important step in the entrepreneurial process.. Apart from explaining what a feasibility study is, the speaker also shows how it is different from a business plan. Generating Funding/Startup Capital for Mary & Mack Clothing Store™. Ensure that all our staff members wear our branded shirts and all our vehicles and trucks are well branded with our company logo et al. It is recommended that an extensive study for other aspects of the business feasibility is conducted and the execution of the marketing program developed accords to what really satisfies the market. We know we don’t have the capacity to compete with other bigger clothing stores and retailer, but we will ensure that the prices of all the items that are available in our clothing store are competitive with what is obtainable amongst clothing stores (boutiques) within our level and in our location. 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. Clothing stores (boutiques) can be strictly designer based (i.e. Boutique Business Plan in Nigeria - Feasibility Study Sample for Clothing Business Boutique Business Plan in Nigeria - The following report and recommendation relate to the proposal of Ijekpoms authentic Boutique to establish a boutique at Main Market, Enugu State. A feasibility study is an integral process in manufacturing to make sure a solution is viable to the problem or not. They are always ready to expanded into new markets and of course adapt to the ever changing trend in fashion and increase sales. No matter what name you use, the importance stays the same. But we will ensure that within our capacity we make available a wide range of clothes and fashion accessories et al from different brands both local and foreign manufacturers in our store. 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. Players in the Clothing store (Boutiques) industry are defined as having only one location and typically focus on providing high-end or niche products to consumers. 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. In view of that, we have positioned our clothing store to service the residence of Los Angeles – California and every other location where our clothing stores will be located all over the United States of America and Canada. The cost of laborand material that will be incurred for the expansion. 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. Ajaero Tony Martins is an Entrepreneur, Real Estate Developer and Investor; with a passion for sharing his knowledge with budding entrepreneurs. Feasibility Study Clothing Line business plan pdf: all business start-up needs a well detailed business plan which would serve as the guide map for the successful starting and running of such businesses. This is one of the reasons why a business such as a clothing store or a boutique as some folks would want to call it, are in existence. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. 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. Conducting a feasibility study involves the following steps: 1. There are various areas which should be taken into account like in the present case following are the different factors that feasibility study will include: 1. Handles any other duty as assigned by the restaurant manager. There is hardly any human who doesn’t wear clothes. In summary, Mary & Mack Clothing Store™ will adopt the following sales and marketing approach to win customers over; Despite the fact that our clothing store is well located, we will still go ahead to intensify publicity for the business. Responsible for preparing financial reports, budgets, and financial statements for the organization. This particular pre-feasibility study is for setting up a Polo T-Shirts Manufacturing Unit. The Business Feasibility One thing is common with clothing store business, the larger a clothing store (including varieties of quality clothes and fashion accessories at affordable prices), the larger the numbers of customers that will patronize them. We will ensure that we only hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers). the feasibility of the business venture. What, when, why, how, where you’re using the feasibility Study?Explain with your own word. 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. At Mary & Mack Clothing Store™, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. General Info On Feasibility Study And Business Plans. Although we may not be as large as the biggest clothing stores or retailers in the United States. As a result, the start of the recession and its lasting effects on the US economy hurt industry performance. Feasibility Study IMPRESSIONS Executive summary Basically we are going to open a female designer ware boutique in Multan as we realized after market analysis that a strong demand exist in this south Punjab region especially in Multan as women are now being aware of the current trends want themselves to be dressed accordingly Media has its remarkable role in this regard to set new trends in female … In response to the ever growing demand for clothes and other fashion accessories, clothing store owners have opened additional stores thereby creating chains of stores across different cities. 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. The TWC Alteration Shop will focus on a niche market segment, the captive clients or those in the vicinity of the TESDA Complex. She has successfully managed several retailing business both in Los Angeles and New York prior to opening her own clothing store. 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. A feasibility study is an investigative tool that might cause you to discount an idea, whereas a business plan is a call to action. Writing a professional feasibility study is good business practice, especially for companies that are planning on raising many millions of dollars and want to have the knowledge readily available to make an educated decision about a projects viability like a Apparel project. 2. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied and get what they are looking for whenever they visit our clothing store and also to become our loyal customers and ambassadors in and around our neighborhood. Mary & Mack Clothing Store™ is going to operate a standard and registered neighborhood clothing store that will retail a wide range of clothes and fashion accessories from both local manufacturers and international manufacturers just like any other registered and standard clothing stores in the United States and in any part of the world. Mary & Mack Clothing Store™, is a family business that is solely owned and financed by Mrs. Marry Hennessey – Crowder and family. Feasibility Study is an important step in the entrepreneurial process. We have conducted our market research and we have ideas of what our target market would be expecting from us. 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. 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. One thing is certain; we will ensure that we only retail quality and affordable clothes and other fashion accessories in our clothing store. 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. Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities. If the hospital wants to expand its area of a building then it may conduct the feasibility study which will help it in determining whether a hospital should go ahead with the project of expansion or not. The feasibility study is an evaluation and analysis of the potential of a proposed project. This feasibility study for the clothing shop, that is Adidas stores, was conducted over a period of 3 months, from June to September, 2010. A definition of feasibility study with examples. Over the years, clothing stores (boutiques) have experienced tremendous growth in all cities in the United States of America and in most parts of the world. 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. Performs cash management, general ledger accounting, and financial reporting, Responsible for developing and managing financial systems and policies, Ensures compliance with taxation legislation, Handles all financial transactions for the organization, Serves as internal auditor for the organization, Ensures that all contacts with customer (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level, Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services, Manages administrative duties assigned by the store manager in an effective and timely manner, Consistently stays abreast of any new information on Mary & Mack Clothing Store™ products, promotional campaigns etc. When it comes to selling items that are found in clothing stores, there is indeed a wide range of available customers. Responsible for financial forecasting and risks analysis. In other to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. It gives you a clear picture of what you are to see. Generally, Lovebada Bango Laundry Shop is seen to be feasible upon studying its location, market demand and the factors affecting the market. One thing you should note in fish business is that the size of the fish determines the market. This feasibility study aimed at establishing an alteration shop as an income generating project of TESDA Women’s Center (TWC). What will be the cha… Feasibility studies examine your market including potential facility users, competitors offering similar services, potential facility costs and revenues, and options for project development. Our vision is to establish a one stop clothing store (boutique) in Los Angeles – California and in other cities in the United States of America. This study will use the feasibility study method of research in determining the feasibility and viability of establishing a laundry shop in Tanjay City, Negros Oriental. This includes a short Business Plan Model for a Start-up cage fish farming. We are in the clothing store (boutique) business to make profits at the same to give our customers value for their money and time whenever they patronize us. Ensures that the organization operates within stipulated budget. 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. 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 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. The feasibility study helps to narrow the scope of the project to identify the best business scenario(s). The proposed business venture should preferably be located in any of the major urban cities of Pakistan; to reduce initial capital investment, the proposed unit is to be established at rental premises. NAME OF THE … Transcription. Are you about starting a clothing store? Statistics has it that in the united states of America alone, there are about 31,615 legally registered clothing stores (boutiques) responsible for employing about 65,810 employees and the industry rakes in a whooping sum of $28bn annually. Store in Los Angeles – California you can use for FREE size of the need to cover nakedness. 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