Business Concept Overview of Small Clothing Boutique in India - Case Study Example

Business Concept Overview (Small Clothing Boutique in India) Name Date Problem/opportunity/need Currently, there is a rapid increase in the need of clothing as a traditional business due to the increase in the Indian population mostly women and children (Kar, 2015). In this regard, there has been a rise in the need for coming up with a consistent flow of clothing for all the members of the Indian population to ensure meeting of all the demands of the customers and attracting new customers. Jia et al. (2015) state that businesses that create new avenues of fulfilling the needs of the population through clothing have a higher stake in creating new demands and as such increase their profits in the clothing market they have ventured their operations. Accordingly, it is a fact that majority of the clothing sellers in India are currently introducing the concept of specialization in a specific gender which facilitates a real-time access to specific customers. As such, a majority of the customers with different genders and age groups in a family are sourcing for businesses where they can shop in one roof for efficiency and diversity of the required clothing products. By generalizing their operations, this business will target their customers with an aim of increasing the market supply and profitability hence creating a business opportunity. Due to the existing gap between the clothing clients and the need to adopt diversification in the clothes types stocked, changes are necessary from already existing businesses. Through coming up with better clothes types that fulfil the demands and needs of customers ensures that the clients are always satisfied. This business plan is focused on enumerating the processes and demand of coming up with a Small Clothing boutique in India to offer all types of clothes for different age, needs and size. Business Name Smart All Clothing Company Limited (SACCL) is the venture business name which implies that any cloth stocked in the business is meant to make our clients look smart and does not specialize on any gender, size, age or need. The choice of the business name is motivated by the virtue of its industry investment and the speciality of its services as compared to the already existing competitors in this industry. The uniqueness of this venture is founded on the fact that SACCL will serve the already existing traditional customers and modern generation as compared to other service providers who majors on a specific age or gender and new cloth customers. Business Solution In the traditional and modern Indian society the families, employees and businesspersons are typically unaware of the best shop they can source for different types of clothing of all type, sizes, and gender since the majority of the existing have specialized their market operations (Smith & Pickles, 2015). As such, this venture will be focused on bridging this gap by coming up with a boutique in which all the customers irrespective of their background will be served. Ghezzi et al. (2014) contend that upon the establishment of the boutique, all the other strategies and setting of portable goals by the business will be achieved. Through diversifying the clothes sold in the boutique, the demand for the firm products will increase by more than 90%, and the responsiveness will be prompt and all time availability in offering any information required by the client will improve since they will be conversant with the business location under one roof. Business Service or Product As explained earlier, this venture is focused on facilitating the existence of all types of clothing without any discrimination in age, size or needs among the traditional and modern Indian population. The services and outputs will include the cloth materials, official clothes, casual for both gender and different sizes. Additionally, it will also include other content that shall be offered to the customers to facilitate a shift from the traditional clothes to the modern fashion clothes. In addition, other dressing services will be based on improving the existing dressing strategies among the clients of different ages such as sewing, ironing, and customization. As such, the targeted customers will be the elderly and young that are willing to modernize or maintain their clothes types through ensuring that they have a wide selection since they shall be located under one roof. The features of this business are the ability to provide consistent clothes of all types to the clients with their customers through the development of a common store that can easily be accessed by the enterprise clients. At the end of the day, all the traditional and modern clothes to the customers will be availed and easily accessible, and as such the supply and marketing will be more concerned on how to create and institute value-added activities in their products, they provide such as ironing, sewing among others. The business availability to all types of customers will be a guarantee for consistent visiting by the customers. This is based on the fact that a comprehensive integration of all kinds of clothes in one roof ensures that there is a multifaceted approach with multiple phases in the business (Bhatnagar, 2015). However, the existence of highly equipped and trained personnel will ensure that all the customers are diligently served, and the services provided reciprocated to the quality of clothes sold. Figure 1: examples of products to be offered by the Business Source: (Hodges et al., 2015) Team Capabilities The spearheading team for this venture are individuals with an extensive know-how of the clothing industry and more specifically specialises in the women and men fashion sector. It is worth noting that the cloth selling practices in a boutique demand a customer experience, an increased level of responsibility for boutique team members and ability to handle day-to-day operations in the from the client’s requests. As such, Arora, (2013) explain that the capabilities of the team border from educational skills to the individual talents that drive them in being in a position of handling all the demands of the boutique business customers. Additionally, it is the desire of the business that the traditional customers will be retained while ensuring sourcing for new ones; as such the team members must possess stringent capabilities of attracting the customers. Target Customers The primary target for this venture is the women, men and other individuals India who are interested in shifting from the regular and traditional clothing with their clients to fashionable clothes. The choice for this particular target market is based on the need of coming up with a plan that can introduce diversifications of clothes types in the business operations. The selection of the target customer ensures that the traditional areas in the local and national Indian customers are accessed and as such introducing an advanced boutique service based on their specifications (Semple, 2013). Some of the suitable services as explained earlier that will be provided to the target customers include fashion clothes for men and women, clothing services, children apparels among others. Initially, this venture will target the customers within the boutique locality to act as a test of its efficacy of transforming the traditional clothes selling set ups to becoming a hub of modernization and new clothes for all genders. With time, the business is targeted to grow to offer services to national citizens who are still unable to access quality and all gender clothes. The eligibility of the target customers will be determined by carrying out an authentication process to ensure that the clothes offered in a position of fulfilling all their needs and demands little or no opposition (Markulin & Kunstic, 2013). However, due to the dynamics of the clothing industry ventures, the costs of the business services are high and thus the targeted consumers must be in a position of paying all the dues for the clothing services and products offered. However, the price of the services will be determined by the expected output to our customers after a complete purchasing. Competitors Rajput et al. (2012) contend that the presence of other businesses offering clothing products to a specific group of the population with no freedom of choice will form the major competitors. However, it is worth noting that there exist a limited number of boutique business ventures offering their services to all members of the Indian population with no discrimination. As such, the competition is not stiff, but strategic measures will have to be adopted to ensure that the services offered by SACCL are unique from their competitors to dominate this market. Currently, the biggest market share is held by the large boutiques that have been in this industry for a long time, however, with time due to the strategic efforts adopted by SACCL the demand will shift on its side. Market Research and Piloting The market research and piloting will be carried out in the domestic businesses (Chattopadhyay, 2013). This will be focused on understanding the best location to base the company operations and understanding on the best ways of carrying out business activities. The best market will be determined by the value of the number of customers willing to buy the clothes; the human resourced recruited and the expected returns for the venture. The pilot study will be channelled to the same targeted population where the clothes, clothing services, and other clothes products shall be offered to their customers to facilitate the existence of traditional and modern clothes products. The need to carry out the pilot study is to identify the relevant content required for all our consumers since they form an integral part of the value proposition. The market research will not only focus on the market requirements but be in a position of tracking the competitors for an enhanced awareness of the targeted market. Capital Flow Required and Sources The total amount required to finance this venture is 100,347 dollars which will be divided into five stages of business growth development. The overall phases of the capital flow are provided in the appendix which is the cash flows from the operational activities, cash flow from investing activities and the cash flows from the different financing activities. In light to this, financing is an essential factor in this venture to start the business and ramp up the profitability. It is worth noting that since it is a capital intensive business, it will require a significant amount of capital as it is evident from the financial accounts of the already established clothing companies. Debt, equity, personal savings and funds from friends and families will form the primary sources of the financing which also comprise of the individual economies (Markulin & Kunstic, 2013). Production and Financial Timeline April 2016 reviewing of the business venture and identify their sustainability training the customers on the venture development and setting to the resources to be used in the venture development May 2016 assigning of duties to all the stakeholders and budgeting for a the parties involved organizing any changes and dividing the available resources among all the team members based on their reliability June 2016 testing the applicability of the clothes amongst the local and national customers that have subscribed to the services restructuring the contract with the clients and ensuring total payments are made for the services offered ensuring that the traditional and fashionable modern clothes are provided to their customers have changed to adopt the advanced strategies References Arora, J. (2013). Prospect of e-retailing in India. IOSR Journal of Computer engineering, 10(3), 11-15. Bhatnagar, D. (2015). An Exploratory study of the variables that affect the female choice of clothing in India based on their working status. International Journal of Multidisciplinary Approach & Studies, 2(3). Chattopadhyay, A. (2013). Consumer shopping behaviour in the new era of retailing: An empirical study a food and grocery and apparel purchase in East India. Indian Journal of Marketing, 43(12), 47-57. Hodges, N., Watchravesringkan, K., Yurchisin, J., Karpova, E., Marcketti, S., Hegland, J., & Yan, R. N. T. (2016). An exploration of success factors from the perspective of global apparel entrepreneurs and small business owners: implications for apparel programmes in higher education. International Journal of Fashion Design, Technology and Education, 9(1), 71-81. Jia, P., Govindan, K., Choi, T. M., & Rajendran, S. (2015). Supplier selection problems in fashion business operations with sustainability considerations. Sustainability, 7(2), 1603-1619. Kar, M. (2015). The Role of Foreign Collaborations in the Textile and Clothing Sector. In The Indian Textile and Clothing Industry (pp. 69-82). Springer India. Rajput, N., Kesharwani, S., & Khanna, A. (2012). Consumers' attitude towards branded apparels: gender perspective. International Journal of Marketing Studies, 4(2), 111. Semple, R. A. (2013). Christian Model, Mission Realities: The business of regularizing family in mission communities in late nineteenth-century North India. Journal of Colonialism and Colonial History, 14(1). Smith, A., & Pickles, J. (2015). Global value chains and business models in the central and eastern European clothing industry. Foreign investment in eastern and southern Europe a er 2008, 319. Read More