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Online Women Boutique Business Plan

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Executive Summary

Gravity boutique is a startup that operates in the retail industry. The company will use online, and the target market is women’s clothing and apparel. The boutique’s goal is to expand and serve different needs, which will assist in the building of the brand on the online platforms. The paper looks at the various sections of the organization that enhance the operations of the online boutique. The first one is on the environment, which comprises the industry, competitors, and the customers. This is followed by a description of the company and the marketing plan, which defines how the product will be known and sold to the market. The operations plan and development plan will be two other segments in the plan. The operations plan focuses on the management and how all details will be dealt with, and in the development plan, the company wishes to grow in the future as indicated in the growth plan. The management plan is focused on how the organization is run and how decisions will be made. The financial plan is the last one and the most important because it helps explain the company’s financial position, any profits or losses made, and how improvements can help the company grow. The owner intends to invest in this business by putting almost $80,000 in the industry. According to the projections, the first year should make a profit of $38,492. By the end of the fifth year, the sales are expected to have tripled in number, translating to earnings of over $200,000

Online Women Boutique Business Plan

Business Plan

An online boutique venture is one of the profitable businesses given the flexibility of the business in the market. The boutique will specialize in women’s clothing, and this is important as women are shoppers and get attracted to quality clothing. The selection and the quality services offered are essential in helping to retain customers, and this means that there is a need to manage the customers’ expectations in the online platforms and focus on the changing needs and preferences in the online business. The boutique will focus on selling casual women’s clothes and accessories and will include contemporary and designer clothing. Different elements should be considered in starting the online shop, which is essential as it guides the success of the organization and the prediction of the revenues and expenses in the long run.

Industry, Customers, Competitors

The clothing industry is competitive because there are different established businesses in the market, increasing the competition. The boutique industry is fragmented, which means that small retail stores are coming up. This means that there is a need to consider the range of the clothes offered and the determination of the niche that helps increase the competitiveness of the market. The industry focuses on the strong markets that help analyze the macroeconomic conditions and the influence on the boutique. The projection of the revenues in the market shows an increase attributed to the new trends and the need for women to remain fashionable (Wei, 2015). The need for the online business is to increase efficiency where there is a focus on improving the confidence of the consumers and the need for the creation of the competitive factors. The need for the projection of the revenues in the industry helps manage the customers’ expectations in the pricing of the products.

The boutique will target women from all income levels, and this is important in helping to increase the visibility of the boutique and creating a customer base. It means that for the target population to recognize the organization’s efforts, there needs to be an establishment of online platforms to reach out to potential customers. The sale of women’s clothing creates an environment that helps increase the accessibility of the products encourages the improvement of sales for the company as there is the creation of convenience. The customer’s loyalty is enhanced by the service offered and the constant review of the consumers’ preferences. It encourages the constant analysis of the outside factors such as the disposable income of the customers and the budgets made towards continuous clothes (Wei, 2015). It leads to developing strategies that focus on the customers’ changing needs and the company’s availability in meeting the changing conditions. The customers are attracted to the boutiques that embrace innovation, which is enhanced by the constant update of the usage of the online platform.

The competition in the market is high, attributed to the changing technological environment that increases accessibility to different stores. The increase in the small retail stores creates the need to have a unique strategy for selling the clothes to women, and that addresses the constant change in their preference. Competition from the already established designer shop in the market is high, which creates the need to survey the market and enhance profits in the market. There is an investigation of the strategies they apply in online shopping, which helps differentiate the system to gain customer loyalty (Lim Ghee & Tang Lee, 1999). The need to manage the consumers’ expectations is enhanced by understanding the competition in the market and establishing the strategies that help break into the online market. Constant update of the clothes sold encourages variety to the consumer, which leads to an increase in sales and revenues for the company.

Company Description

Gravity boutique is a startup that will focus on offering designer clothes, which will help understand the changing environment and consumers’ preferences. The use of the online approach for the boutique is essential in helping to increase its presence, and this will focus on offering the products that the target identifies with considering the changing needs and preferences. The company as a startup will have four employees, which will help in the day-to-day running of the business and focus on the design of the products. The stitching of the clothes will be through outsourcing of the company facilities, which is essential as the focus is on improving sales in the long run.

As a startup, the goal is to ensure the reduction of costs and the improvement of efficiency in managing the company resources. In this case, there is a need to focus on building the customer base, which guides the need to control the company contracts and ensure an improvement in the demand for the products. The vision of the boutique is to become one of the best online shopping boutiques in the country, and the mission is focused on building relationships to enhance customer loyalty. The company’s online presence encourages the need to focus on the changing preferences of the consumers, which enables the focus on the environment and the role of technological environments. The need to meet the demand of the market is through focusing on the quality of the clothes and management of the interests of the consumers.

The business is owned solely by one person. This means that its legal structure is a sole proprietorship. The owner will be responsible for finding the company and making most of the decisions as he/she will automatically become the director. The directors will appoint his/her team who will help achieve his goals. The owner will not share his profits with anyone as well as his losses. There are other options that the owner could have used, but since he/she wants to run the business on his own, he will be entirely responsible for the whole industry and the departments.

Marketing Plan

Marketing is an essential aspect of online shopping as there is a focus on utilizing the different strategies that help create awareness and increase the company’s sales. The marketing plan helps define the customers that the company targets and the methods used in reaching out to them. There is a determination of the techniques to use in the online market and the need to differentiate the methods from competitors. One of the strategies that the store will implement is using keywords in the search process, as this assists the customers discover different products that the company posts on the online platform (John & Steven, 2008). There is the use of the language that all the customers understand and targets using the words to create efficiency in the marketing strategy.

The incorporation of pay per click in the online platform is an important technique that helps in optimizing the use of the online platform and ensuring that the reach of the consumers is enabled. There is the management of the costs that the company incurs and the collection of data for the company on the preferences of clothes. The use of the strategy creates efficiency for the company as there is measuring data and managing the company’s sales. The need to control the scalability of the company data and the repeat actions of the consumers encourages the management of the effects of the products on the company’s perception. The technique enables the direction of the company’s budgets as there is a need to control the company’s expenses and encourage the return on investment on the company’s measures.

Email marketing is essential as it helps update the consumers on the new products in the market and the personalization of the different campaigns rolled out. The focus is email marketing to influence the purchase decision and encourage a continuous visit to the company site. It helps ensure the personalization of the approaches towards the target market, which develops the relationship with the consumers, encouraging their loyalty to the company. The need to have a template where the consumers sign up for the email updates is essential as it helps manage their expectations towards the new products.

The company is a startup, and this necessitates a website that is attractive to the consumers. It is a marketing strategy as it enables the influence of the consumer purchase decision where the website’s attractiveness helps manage the company’s efforts towards the digitization of different elements. The ease in navigation from one point to the other and focusing on the steps of the company in time spent to read the products and understand their nature creates a competitive advantage (Efrat, Gilboa & Yonatany, 2016). The site’s friendliness where there is access from any device is an essential factor to consider. It encourages the focus on the changing environmental needs and the understanding of the consumer technological preferences. It helps increase the company sales in the long run, and the management is aware of the strategies that lead to interaction with the consumers.

Operations Plan

The company operations are essential in helping to understand the measures to implement in the production process of the clothes. There is the management of the supply to the consumers and the time taken to reach consumers. The answering of the different questions enables the need to manage the expectations of the employees and that of the consumers in how long that the delivery process takes. As a retail shop, the company will open from Monday to Saturday and the opening hours will be 8 am to 6 pm. Two employees will be dedicated to answering the online queries, and this is important as it helps in encouraging the feedback that the consumers receive (Díaz-Madroñero, Peidro & Mula, 2014). 

The purchase of the apparel will be from the merchandisers, and the quality observation is an essential element that will assist in maintaining the loyalty of the consumers. One of the sales employees will ensure that there is sensitization of the community on new products and the methods that they should use in the purchase process.

The operations on the control of the stock and the inventory management are essential as it guides the organization’s turnover. Software on the direction of the stock levels will be installed. This ensures that the audits carried out internally are practical, helping avoid unnecessary costs. The maintenance of the finance documentation and the information on sales of the company helps ensure that there is increased accountability on the different products that the company offers. The operations milestones are observed in helping to improve the profitability of the company and the solidification of the organization’s roles. There is a focus on creating awareness and having a mailing list that reaches out to all the consumers in the market.

The operations milestone that is considered adequate is acquiring the funds that help set up the business, which implies covering all the costs that might affect the expansion strategies and deployment of the funds essential to cater to the different milestones that the company undertakes. The securing of the business is through focusing on the growth measures and the need to enable the strategic operations of the organization. It is essential to focus on the boutique’s location as it helps in encouraging the meeting of the needs of the specific market and the changes that continue to take place and the review of the different information that helps in the company’s positioning in the right direction. Operations are considered to be the central functioning of the organization as they enable the efficiency of the increased needs of the consumers, which allows the need to manage the expectations of the employees and that of the consumers in the market Díaz-Madroñero, Pedro & Mula, 2014). There is a need to focus on the role and the responsibilities of the employees. It encourages the meeting of the market demand as there is laying out of the appropriate strategies. The employees enable the company’s performance in the production process as there is an observation of quality products and the areas that weaknesses are experienced. Their experiences allow for an increase in company performance, which is essential to enable its efficiency.

Development Plan

As the company expands in the market, there is the likelihood of having a good reputation in the market, which helps increase the opportunities for the company. The company’s options to develop in the market involve observing the lines of the different products. One of the methods that Gravity boutique will use in selecting the various categories whose performance is exemplary and focusing on the specific development of the line. The assessment of the development of the company’s online clothes will help manage the people’s expectations and the quick response to the issues that affect the organization (Hassler, 2003). The business’s potential for expansion is to manage the employees’ expectations and encourage their role in offering quality services to the clients.

The development plan will focus on the development of the products, market, and organization. The elements are an essential aspect as they encourage the organization’s functions and the need for budgeting on the various issues that might face the organization. The first step in the development plan is to analyze the market and the competition that the company faces, and this means that there is the setting of the goals that help increase the market’s readiness. The development plan will quantify the company plans and direct the business’s success to the improved coverage in the market. The setting of timelines and the feasibility of completing the different projects, and the time is taken to complete the design of the products are essential in helping to increase the productivity measures of the organization.

The development plan will focus on the technicalities of the product features and the team’s role in removing the inefficiencies. There is the management of the expectations and the boundaries developed to encourage the company’s performance in the long run. Co0llateral development of the marketing plans ensures competition in acquiring the assets and the roles that the employees play in increasing the company’s efficiency (Hassler, 2003). The focus on the help of the company and the rate at which there is diminishing of the effect of the products in the market is an important observation in encouraging the development of the chances of success of the company in the competitive market.

Growth Plan

The growth plan that the company embraces is to ensure that there is increased sustainability of the business in the market. The company envisions success in the long term, which helps improve the tangible measures that assist in fighting the competition in the market. Their deliberation on the steps that fuel the constant growth of the organization and this enables the chances that the company has in increasing the value of the organization. The plan in development focuses on the credibility of the products and the determination of the changes in the market, especially on the perceptions of the potential consumers. In the long run, there is a focus on the customers that the organization considers ideal and their characteristics in helping to gain an advantage in the market. The possibility of an increase in growth depends on the measures undertaken to stimulate the interests of the consumers.

The need to constantly engage the consumers is part of the growth strategy that helps to improve the perceptions of the consumers towards the different products that the company offers (Hassler, 2003). There is the definition of the indicators of success and measuring the change that continues to take place. The need to compare the historical data and the company’s dedication in managing the resources is vital in improving the sustainability measures. There is the validation of the company’s results by focusing on implementing the changes, which helps increase the different streams of revenue for the company.

Looking at the competition in the market and the struggles that the company faces is part of the growth strategy. This helps to analyze the measures that the organization undertakes to increase its profitability. There is verification of the company’s strategy as it assists in guiding the positioning of the organization in the market. Focusing on the company’s strengths and improving the different weak areas establishes the growth measures that the company should implement and build upon the stability to improve the organization’s performance (Díaz-Madroñero, Peidro & Mula, 2014). There is the management of the expectations and the need to invest in the different talents that the company has in creating value. The observation of the budgeting process and the role employees’ play in improving growth and incorporating the employees in the different decisions that the company makes encourages organization performance.

There is a focus on the sustainability of the strategies and the learning process that continues to occur, improving the consumers’ choices in the market. There is a need to have a growth plan that smooth the company inefficiencies and encourage the refinement of the strengths to suit the customers’ needs. The strategy has to fit all the departments in the organization and facilitate understanding the challenges in the market that would hinder the growth process. The personalization of the growth process helps increase understanding of the different revenue streams and the need to manage the indicators that might be considered vague. The personalizing of the strategies encourages the meeting of the needs of the consumers that are constantly changing.

Management Team

The management looks at the structure of the organization and the administration of the different responsibilities that oversee the operations, control of the inventory, and the various duties in the administration of the products to the market. The sales staff are essential in managing the company operations as they look at the selling of the products and assisting the online community in making their online purchases. The director leads the organization’s leadership, which is the sole owner of the business involved in the company’s daily operations. The director is the designer of the clothes, and this shows that the company cannot operate without his authority on the other sales. The supervision of the sales staff is done by a supervisor responsible for the coordination of the marketing team efforts and the focus on the different implementation abilities of the company.

The management of the consumers’ expectations where the retail market competitive factors are considered and the need for the merchandising effects. The staff members are responsible for solving the different issues that the company faces and the need to retain the consumers. In this case, there is a focus on the remuneration that they receive and the review of the benefits annually, helping to manage the market’s expectations. The management of the different efforts of the employees and the recognition of the roles that they play help increase their efficiency in adapting to the various conditions of the market. It also means that they understand the need for the growing company and its efforts in expanding.

Financial Plan

The need to focus on the planning of the financials is essential in determining the conditions for the management of the growth of the organization and the resources. The availability of the resources helps in the advancement of online businesses, focusing on managing the inventory and managing the company’s expenses. The startup capital that the company requires is a minimum of $ 30,000 in cash, and financing in debt is $40,000. The owners’ equity is $80,000, which means that this would help set up the business and forecast in demand for the products in the markets. The increase in the company’s sales is significant as it helps manage the company’s revenues and focus on the company’s expenses in the process.

The forecasting of the company’s sales for the five years leads to an increase in profitability, which helps manage the operations where the ultimate focus is on increasing profitability. The need to minimize the costs and focus on improving profitability means a need to decrease the debt and enhance the company’s working capital using various sources. The positive cash flows enable the business’s operation, which is essential for a startup as it encourages the constant proceeds that the company receives. The balance sheet projections promote the need to focus on the expenses and the different consignments delivered to assist in making the dresses. The observation of the margins helps ensure that there is the maintenance of the prices friendly to the consumers.

Conclusion

Gravity boutique business plan is efficient in focusing on expansion and managing the consumers’ expectations. The focus on the changing needs of the market and the role of the employees in enhancing the strategies that the company sets is essential as it increases the company’s revenues. There is the management of the expectations of the consumers and the reliability created to encourage the focus on the company’s future efforts. The reliability of the employees and the direction of the different margins promote the need to implement the organization’s expansion and detail the expansion plans in the growth and the development of the products. It also helps to encourage the marketing of the products and their acceptability in the market.

References;
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  • Efrat, K., Gilboa, S., & Yonatany, M. (2016). When marketing and innovation interact: The case of born-global firms. International Business Review, doi:10.1016/j.ibusrev.2016.09.006
  • Hassler, M. (2003). The global clothing production system: commodity chains and business networks. Global Networks3(4), 513. doi:10.1111/1471-0374.00075
  • John R., H., & Steven M., S. (2008). Defensive Marketing Strategies. Marketing Science, (1), 85. doi:10.1287/mksc.1070.0341
  • Lim Ghee, S., & Tang Lee, H. (1999). Determinants of compensation structure for salespeople in  the retail clothing industry in.. Asia Pacific Journal Of Management16(3), 389
  • Wei, Z. (2015). Online Marketing Management allows for Customization in Clothing Industry in Retail Market in China. International Journal Of Hybrid Information Technology, (3), 97.

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