Whether you agree or not, the truth remains that those who run clothing line businesses would always smile to the banks. This is because of the level of profitability which the business promises all over the globe.
A business plan is a document entrepreneurs produce to lay out a full description of the financial standing, operational plans and earning potential of an enterprise. The purpose of such a business plan may be to secure funding from a lender or investor or to organize operations and define goals in such a way that the owner, management and employees can work together in the most effective manner.
Business plans for clothing stores must deal with a number of important aspects specific to retail. Executive Summary The executive summary is a combination of everything else in your business plan. For this reason, though it comes first in the plan, you should write it last.
Your clothing store business plan's executive summary must mention key aspects of clothing retail, such as product sourcing, labor, location, marketing strategy, target market and earnings potential. Company Summary Summarize your company by identifying ownership and giving details of company history.
Identify the present locations from which the company is selling clothing, giving the details of these properties, such as whether the company owns or rents them.
Tell how the company raised the money to purchase its initial clothing inventory and pay for its retail locations. Product Description Tell the reader what types of products the company sells and identify the target market for these products.
Give details about product sourcing, telling which firms produce the products the company sells and how having relationships with these firms is helpful. For instance, having a relationship with a clothing manufacturer in China may be advantageous because it allows the store to purchase its inventory at a low price, while having a relationship with name-brand manufacturers in Europe may allow the company to provide a product that customers see as having a very high level of quality.
Also provide information about products the company plans on selling in the future. Market Analysis In the market analysis section of your business plan, present information regarding the types of people the company targets for its clothing sales and show how the areas surrounding the store have high concentrations of such individuals.
For instance, a store that focuses on selling high-end handbags may target young professional women, so its business plan should show that the area surrounding the store has a large number of such women.
Also provide information about competitors who appeal to a similar market sector with similar products. Give specifics regarding market trends, specifically whether or not your target market will continue to grow in this area.
Strategic Advantage Build on information in the market analysis section to show how the clothing store will be able to compete against the other stores named there.
For instance, if the store can sell products from the same brands at a lower price, that is a strategic advantage over other stores. Tell why the geographic location of the store gives it an edge over the competition, appealing to larger numbers of people or people with a higher tendency to buy.
Management Summary Give details regarding shifts, personnel organization and management practices. Show how much cashiers, stockers and sales professionals will make. Since personnel engaged in sales usually make a base pay plus commissions on sales, identify the specific pay structure you will follow with them.
Give details regarding the specific characteristics you will look for in each type of employee. Sales personnel, for instance, should be very personable and have a grasp of fashion. Financial Summary Give detailed analyses, including charts and graphs, regarding the business' financial position.
Show cash flow history and projections and show how long it will take to recoup the initial investment made into the business for the store location, inventory and labor.
If you are looking for a loan, show the company's ability to pay off the loan by displaying current profit margins or the difference between expenditure and profit.
Also show the business' financial stability in the form of asset equity: Any property the business may own, including clothing inventory, can count as equity, which the business may use as collateral to secure a loan. Clothing Retail Sample Business Plan About the Author Ronald Kimmons has been a professional writer and translator sincewith writings appearing in publications such as "Chinese Literature Today.A Sample Clothing Store (Boutique) Business Plan Template Are you about starting a clothing store?
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