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Table of Contents
Business Plan 1
Executive summary 2
Business description and purpose 3
Aims 3
Objectives 3
Vision 4
Management process 4
Marketing Strategy 4
Financial Plan 5
Operational Plan 5
Training needs 5
Business risks 5
Executive summary
Clique is a new upscale women’s clothing store to be located in Royal Oak, Michigan. Clique, which means “circle of friends”, will open in July this year and as the name suggests, our focus is to provide the modern day stylish women with contemporary apparel and accessories, as well as exclusive personal style services.
Business description and purpose
Clique is a dazzling clothing store aimed at providing clothing and accessories to the growing population of professional women in Michigan. It is our goal to become Michigan’s top fashion retail store. We hope to obtain a reputation for great customer satisfaction by offering a variety of high quality clothes and accessories to our customers while at the same time obtaining high profits.
Aims
Clique aims at providing the busy professional woman with designer and contemporary apparel, as well as accessories. In addition, because we understand the busy nature of the modern woman, Clique aims at providing extra services such as personal shopping as well as appointments, Style Assessments and special ordering to our customers during store hours. Style Assessments, an innovative service from Clique, is aimed at providing educational emphasis and help women recognize and develop their own personal styles, a move that is aimed at enhancing Clique’s reputation as a truly unique retail clothing store.
Objectives
Clique’s major objective is to drive fashion awareness and create a chic yet comfortable environment for the busy professional woman.
As a result of creating awareness, Clique’s second objective is to establish a customer base of more than 1000 by the end of its first operating year.
Another objective is to receive a 25% profit margin by the end of its first operating year and 50% by the second.
Being a designer clothing retail shop offering services to women, Clique plans on being active in supporting women’s organizations which will also serve to connect in-store promotions with events.
Vision
To provide women with latest apparel and high-end fashion accessories as well as well-constructed fashions that accommodate all varying body styles and shapes.
To generate and build sales through first-class exclusive services as well as mentions in the nation’s top fashion magazines.
Management process
Clique’s founder and lead manager, Michelle Adams, believes in employee relationships being of utmost importance to the success of the store. Respect for creativity and growth is, therefore, a top priority which can only be achieved through the creation of a creative work environment for employees. In addition, Clique aims at offering employee goals such as evaluation and possible promotion or offering of bonus as well as profit sharing with company growth, all of which will be based on employees’ performance.
Marketing Strategy
Based on Cliques research carried on the shopping behaviors of the professional women of Michigan, we aim at providing our customers with educational materials and professional stylists’ advice to empower them with superior decision-making confidence.
Also, we aim at leveraging collateral by targeting the power of women’s personal networks and encouraging sharing of referrals.
Financial Plan
Clique aims at generating annual sales of $500,000 with an operating profit margin of 25% within the first year. We project to reinvest 10% of the net profits back into the company for growth initiatives and service enhancements.
Startup expenses are estimated at $150,000 with almost 50% of these costs being channeled to startup inventory.
Operational Plan
Clique aims at establishing strong relationships with vendors and representatives in order to maintain a stable cash flow. This can only be achieved through average price points which will in turn ensure that an excellent mix of prices is maintained. This will also guarantee maximization of profits during significant shopping time frames.
Training needs
Clique will provide comprehensive training to new staff, including education on products and services offered, designers and procedures and systems to follow. Employee manuals will also be provided to support the new members of staff.
Business risks
With the owner injecting $90,000 of the $150,000 needed as capital to start up the business, a large percent of the risk is with her money. In case of business failure, it is estimated that the owner’s current income and assets will generate the $60,000 needed to repay the loan.
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