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Entrepreneurship - Essay Example

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Entrepreneurship Customer Inserts His/Her Name Customer Inserts Grade Course Customer Inserts (29, August, 2012) Introduction The business proposed in this paper will be a clothing retail outlet in United Kingdom. People in the country spend a lot on clothing and therefore a clothing business will be the most suitable for United Kingdom…
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Download file to see previous pages... A Retail clothing store is also chosen because of the relative ease with which it can be started. Usually clothing retailers do not manufacture their own garments and outsource all their manufacturing to third parties. This is done to keep the focus on the main business activity that is selling garments. In this paper a discussion will be made on how to start a clothing retail business in United Kingdom. A brief outline will be given regarding the idea of the business in the paper. Business developed alongside with costs and market research will also be included in the paper. Major operational issues will also be discussed alongside with the target market and consumer in the paper. Outline of the business Idea The idea behind the business is to open a discounted clothing retail store. The store will offer garments at very affordable rates to the consumers. The aim is to cater to the needs of the consumers in the most affordable form. Low priced clothing will be the unique selling proposition of the business. The notion of selling clothing at lower price is justified because there are many people who would prefer buying clothes at affordable rates. Not many people can afford high prices, even for fashionable clothes, and therefore this store might be able to attract a large number of people. Profit margins will have to be slashed but large amount of sales is likely to compensate for lower profit margins. Another important part of the business strategy will be outsourcing of manufacturing to countries like China and India. These countries are well known for their textile products and can produce garments at very low rates, and European Union countries are already buying textile products from these countries (European Commission, 2012). The business will be outsourcing its manufacturing in order to make sure that enough attention is given to things that are important like marketing and sales. Also expertise of producing clothes at affordable rates is not available in the country and therefore taking help from specialized the developing countries might be the only possible option. The strategy of outsourcing also complements the overall business strategy of the company as it will allow us to order large quantities which will be necessary for large number of sales. The idea behind the business is to attract people who look for clothing at lower prices. The retail clothing store will also focus on quality and this will also attract consumers. After the economic crisis of 2008 people have seen their purchasing power reduced. This is why people will be interested in such economic times in affordable clothing line. Lower prices will be the main focus of the business and this will also be used in the marketing of the business in the country. Market and Consumers The main target market for the business will be the younger generation. Young people usually are short of money; therefore, they look for good bargains when it comes to clothing. They look for new and trendy garments which are affordable, and this is exactly what will we provide them. Younger generation is also the main target market because of the ease with which they can be targeted using social media and other cost effective method. Another major target market for the business will be middle aged people. Economic recession has created many financial problems for middle class ...Download file to see next pagesRead More
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