Starting Your Own Business - Essay Example

Download file to see previous pages The overall starting cost of the business will be USD 45000 and the estimated sales have been forecasted to be around USD 15000 yearly from the starting year. The opportunity can be availed to open a clothing retail store within the New York market due to the uprising flow of the youth desires for urban clothing and apparels along with the fewer existing competitors’ presence. The store will be highly focused on the urban high fashion merchandise and provide the youth with exclusive clothing they generally prefer to purchase from other cities. Proposal Section In the present global context of business scenario, retail merchandising is one of the most efficient and lucrative options for starting a new business initiative. The retail clothing store is considered as one of the highest earning or revenue generating business segments in the US market. The competitive scenario of the US market entails an immense growth opportunity for the apparel sector which is identified to be worth in excess of USD 20000 million according to the present growth ratio in the retail clothing business. Hence, clothing retail business is an attractive option to establish business venture in the competitive US market. From the perspective of present day context, the earning of approximately USD 150 billion has been achieved in a year by 100,000 clothing stores across the country. Therefore, the proposed business will be to open a clothing retail store. The clothing store will entail the products for young population of the US, which will also be providing accessories and leather items for men, women and children in terms of exclusive clothing brands as compared to the other retail clothing stores. The business will be focused on high fashion urban casual wears to attract youth population of the city. The emerging growth of sales in the assortment of clothing of various brands for youth segment provides an efficient growth prospect in the clothing retail industry in the US. Therefore, proposed business venture of opening a retail store which will provide apparels will focus on the local customer desires along with providing clothing and apparels for both adult and youth. The expected start-up cost of the clothing retail store has been reviewed to be around USD 45000 including cost of various apparatus and amenities (Boston Rags Clothing Store, n.d.). Rationale for the Proposal The business plan of starting a retail clothing store in one of the major cities of the US is due to the increasing growth on the retail clothing industry along with the increasing demands of the recent trends among the population in the country. The recently collected earnings by the clothing retail had been more than USD 45000 million for the month of March 2012 which has been mentioned by the United States Census Bureau. Therefore, the clothing retail store can be one of the prosperous segments which can provide an efficient opportunity to generate an intensive growth in a shorter period of time (United States Census Bureau, 2012). At the outset, opening up of any business requires a substantial amount of demand for the products that are to be provided. A constant follow of demand can ensure sustainability for a new business venture in the long run. From the findings, it can be observed that the clothing retail sector is quite prospering and consumers’ demand is generally constant and quite high if a company is providing them with varied assortment at one place. Therefore, the idea of the ...Download file to see next pagesRead More