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Business plan outline - Assignment Example

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The business will be located in Toronto, the capital of Ontario Province in Canada, which has a total population of 2.79 million individuals (City of Toronto, 2015). The city forms one of the best places for the business due to its diversity, as it hosts up to 20 percent of the…
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Download file to see previous pages With Eglinton Avenue being a major road that joins various municipalities, the shop would form a quick drop by joint for travelers and other residents of Midtown Toronto, who are interested in sportswear, especially the young and active, and athletes.
The lease rate that I am working with is that of $22.64 per square foot, with restoration provisions requiring a payable cost of $6 per square foot at completion of the lease. This is in view of the current 21 percent average rentals rate for properties of class A, B, and C (Dalglish, 2012).
With my business dealing mostly with athletic shoes, the market holds great potential for me as a quarter of the total sales made in shoes within the entire Canada come from athletics shoes. In 2013, the total sale of athletics shoes around the entire country was a $1.3 billion (NPD Group, 2014).
The major competitors that Chic&Fun has include Shoeland Discount Store and Foot Solutions, both of which are located along Eglinton Avenue and have annual revenue of $75,456 and $275,690 respectively. Nevertheless, given that I have my shoe production company, I would reduce the cost of production to offer quality shoes at a lower price than my competitors so as to attract more customers and gain a large market share.
Given that Chic&Fun will put in a stock of $50,000 in its first year, with a markup of 50% employed on all the products, and assuming that all the products will be sold, then the sales forecast is as below.
To protect my business property from any liability, I will seek insurance coverage for corporate liability and property insurance, all of which would sum up to a total of $5000. This would protect my business from any lawsuits.
The business will offer different brands of shoes of varying sizes and quality, according to the consumer affordability. The Store’s point of different will include offering the products at reduced cost, given that I have a company that produces the shoes; ...Download file to see next pagesRead More
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