Personal entrepreneurial strategy for the future? Essay Example

  • Category:
    Management
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    3
  • Words:
    1583

Order # 376066. Personalised entrepreneurial strategy

Executive summary

This is a business that entails selling of clothing in the garment industry. It is a clothing store for men casual wear jeans and was started back in 1980 by my parents. The main goal is to make innovative products that will make brands and promote the business growth through proper selling and mainstreaming customer satisfaction on the products I will package. Despite all this, countering competition is my greatest target for their exist similar business ideas with similar products I offer. Alongside the goals and mission of this business, I want to create a full society that is satisfied by the supplies I bring them all under one roof.

Description of Business

I would like to make and promote sales through creative ideas that involving packaging incentives to enable create a chain of my clients. Marketing is what I want to focus on diversify my services without changing my line of interest. I therefore expect to broaden and widen my business to accommodate all requirements for my business.

Mission statement: To satisfy all the needs of my clients in line with clothing

Vision Statement: To be a leader in the cloth business in supply and distribution.

Goal Statement: To provide the best in line with currents trends of fashions.

Objectives:

Short term:

Grasp the nearest market through sales promotion and advertisement.

Establish a supply line to clients.

Double the number of clientele in the first year of implementation

Long term:

Be the main distributer and stockist of all garment industry products.

Establish a chain of businesses in other regions to conquer other markets.

Product Summary

Clothing’s for casual wear specifically designed for men are of various types, this can be classified basing on the producing companies, Brands or labels from special artists, local products produced by companies in my country. Special emphasis will target the youth who happen to be my favourable clients due to their tastes and also their population. Likes, wants and fancy attitudes also contribute to their lifestyles. Ladies outfit are also a fast moving commodity that will need to be incorporated as this will increase the line of business.

Business strategy

Achieving the target for double sale this year is one of my objectives which I anticipate to double every year. I intent to create a network of clients whereby every successive client they bring will receive a discounted price for the products they will buy from my business. I will personally advertise my shop through business card and paste my tags on major sites on Google pages. One aspect of modern business is providing online services and meeting the customer demand all over the world hence improving the market capacity.

Financial Summary

My business is already running and I need some money just to implement a few changes. I will need to expand my shelf stock and to change the regular over the counter sale and make it a self selection mart for an array of fashion design. I will also hire a few staff to assist me sale on the shelf to meet the demands of my clients and also ensure customer satisfaction. I would like it to be customer centred business where my clients will be able to find all their necessities without much struggle and a variety of their needs. All this will translate to about $20,000/=. Both for implementation and kick starting the shop to full operation phase.

The business hasalready established clienteles’ and competition is not a very big threat because not all the shops around supply the men’s casual wear. All the shops around me run a retail service and introducing a mart with a giant supply will enable me qualify to attract a large number of my clients. I will also be able to ask for tender to supply them and earn the profit of buying in large scale which will maximise the sale for my business to grow.]The objective here is to target all clients at all level, to make more sales which translates to more profit for my business.

Market Research

Statistical data indicate that most of the youth in this region prefer to put on casual jeans outfit rather than official dressing due to the nature of their daily routines. Most are students and hence casual serves them best. They also make a sizeable chunk of the population in this region which serves to be a major factor. Students on the other hand prefer unique outfits and that of quality but at affordable prices which will make it convenient for me to buy on large scale in order to receive the discount on bulk purchase to be able to set my price at an affordable scale and still make some profit good for my business.

Market Trends

Students are always on and off session due to semester kind of learning. They always have some good money at the onset of the semester and become almost broke at the end of the semester. Most do not understand planning as an aspect of wise use of money. I will need to create offers to attract them at the onsets of the semester and still be able to attract them at the end of the semester. I will employ special students models that should be able to advertise my products in the school.

Market Estimates.

It is large because it is a cosmopolitan population with all genders, age brackets from children to adults. But the economic status of this entire people is that they are all middle class who are controlled by their size of the pocket and mostly don’t budget before making purchases. It is an area of great potential for very good sales which requires special strategic plan for implementation

Management Team

I am going to make the management of this business because my father and mother are the sole owners of this business. I will however employ four attendants who will assist me serve my clients. Recruiting new staff will always be done especially under very special cases when the demand is very high.

Business Location

The business is located at a very strategic place in the central business district. I enjoy the monotony of travelling clients because it is next to a bus spot where they stop and board the vehicle which makes them easy to find and make purchases.

Next to my shop is large banking hall which therefore terminates fear of carrying money for fear of theft. It is very accessible because is served by several tarmacked feeder roads.

Business Organisation

It is a sole proprietor business kind of business but I intent to register it as a limited company after all the objectives are met in the long term.

SWOT Analysis

My key strength is that my business has been operational for some good period of time. I am strategically situated close to a bus terminus and junction. I am also next to a bank for accessibility of funds by my clients. The college students enjoy most of the brand I sell and that creates a direct advantage. Self service clothing business has not been established yet and hence I will become a pioneer in this line of business.

Weakness is that I deal with just clothing and I should be able to diversify my business to satisfy all my client’s needs and wants. It is also a small business and I look forward to creating a world class like business. Many clients are usually students who get on and off of their sessions leading to their fluctuation around the year.

Opportunities are that I can qualify to be buying at large scale from my suppliers who will then allow me the bulk purchase discount. There are also new fashion trend s coming up every day which makes the business very viable and not also to over emphasize is the fact that it is a want and an essential need for everybody.

Threats likely to affect my business are very minimal unless it will be fire or any other emergency occurrence which I plan to insure my business against fire and theft.

Competitive Analysis

Similar shops do exist but all are not a threat because they offer their services on a retail scale while I am incorporating my shop to a mart which will make it unique.

Sales Strategy

Discounts will be offered for secondary buyer and those that will buy in bulk to encourage them continue buying. Better and attractive packaging of the commodities will be done to attract and retain them. Special marketing and sales agents will be selected to pose as models in promoting my product to college students who are my major clients.

Pricing Strategy

Price control is a major factor that plays a role attracting a specific line of clients. I will be conducting price comparison on a weekly basis to ensure that I stay within range as per the market trend.

Recommendation

‘Good planning is key to any successful implementation of any key project’ (Timmons and Spinelli, 2004, p 85).

Availability of funds on the other hand facilitate or boosts innovativeness of ideas and coupled to good management practices will lead to positive results.

Conclusion

Clothing business is a viable business due to the fact that it is a basic need and therefore sourced by everybody.

Reference list

Timmons, J.A and Spinelli, S. (2004). New venture creation: entrepreneurship for the 21st century. 6th edn. California, University of California: McGraw-Hill/Irwin.