P1 Present The Initial Business Idea
P1- Present the initial business idea using relevant criteria
Chosen business type:
My chosen business is opening my own clothing label called “Gold” in which I will sell the latest trend in both men and woman fashion. The slogan I decided to create is ‘A style for every day’. My business type will be a sole trader as I will be running my business as an individual. My business will be an online business as it is cheaper to maintain rather than a retailer.
This is my logo.
My business aims and objectives:
Aims:
To survive the first year of trading
To attract customers
To gain brand awareness
Maintaining a profit on the clothing line
Providing high quality service
Objectives
To receive a 20% profit margin within the first year
To have a customer base of 1,000 by the end of the first operating year.
To recruit 10 staff
To achieve 10% sales of all products by the end of the first operating year
To have 70% customer satisfaction by June 2015
USP and the competitive edge the business venture will have:
My USP is all about offering my customers high quality and trendy clothing at low prices. I will also offer my customers special services such as free and fast shipping on their orders which most other competitors ask customers to pay for or have a minimum amount of order for the shipping to be free. I will also offer an exclusive service in which the customer can customize their product for example, for the T-shirt they can choose from a variety of print out which is rear for a clothing line to offer. All these USPs will make my business have the competitive edge form my competitors.
Potential demand for the new business:
I think the demand in the clothing industry has grown in the last couple of years and it has become one of the strongest due to the people that are always going to buy clothes. Unlike other clothing businesses I will be offering high quality trendy clothes at low prices so I will be expecting a lot of demand from customers. A lot of
Chosen business type:
My chosen business is opening my own clothing label called “Gold” in which I will sell the latest trend in both men and woman fashion. The slogan I decided to create is ‘A style for every day’. My business type will be a sole trader as I will be running my business as an individual. My business will be an online business as it is cheaper to maintain rather than a retailer.
This is my logo.
My business aims and objectives:
Aims:
To survive the first year of trading
To attract customers
To gain brand awareness
Maintaining a profit on the clothing line
Providing high quality service
Objectives
To receive a 20% profit margin within the first year
To have a customer base of 1,000 by the end of the first operating year.
To recruit 10 staff
To achieve 10% sales of all products by the end of the first operating year
To have 70% customer satisfaction by June 2015
USP and the competitive edge the business venture will have:
My USP is all about offering my customers high quality and trendy clothing at low prices. I will also offer my customers special services such as free and fast shipping on their orders which most other competitors ask customers to pay for or have a minimum amount of order for the shipping to be free. I will also offer an exclusive service in which the customer can customize their product for example, for the T-shirt they can choose from a variety of print out which is rear for a clothing line to offer. All these USPs will make my business have the competitive edge form my competitors.
Potential demand for the new business:
I think the demand in the clothing industry has grown in the last couple of years and it has become one of the strongest due to the people that are always going to buy clothes. Unlike other clothing businesses I will be offering high quality trendy clothes at low prices so I will be expecting a lot of demand from customers. A lot of
Bibliography: Website Ethical fashion forum (2006) The issues 2006 [online]. Available at: http://www.ethicalfashionforum.com/the-issues/fast-fashion-cheap-fashion (Accessed 1/11/14) BBC News (2014) Business 2014 [online]. Available: http://www.bbc.co.uk/news/business-28691147 (Accessed 1/11/14)