As our local population ages and more Baby Boomers reach retirement-age and migrate to Florida, we recognize the need for a shop that caters to the up-beat, fashion-forward Baby Boomer generation who want to look and feel young. The clothing industry is made up of a very wide array of clothing items that cater for the different age groups. We will use the funds we obtain from investment in this boutique business plan to pay for renovations, including the outside façade (to be paid for via PDRC grant), construction of fitting rooms, sales counter, painting, carpeting, lighting, decor and display fixtures. This isn’t an area where you should really “wing it.”. So, use your Facebook and Twitter to share that story – for free! Entrepreneur contributor Toby Nwazor advocates for creating a business plan: Any experienced entrepreneur knows a company without a business plan is like a fish without water. But, in order for your business to scale and grow, you're going to need help. However, we have identified an ideal spot in the downtown district of Pleasantville. Plan your first collection. We will initially seek customers locally, but will increase our reach as we build our brand and secure our image. We hold equal shares of ownership in the company. Booming Boutique requires $282,000 to launch successfully. These two brands will work side-by-side to create items representing each’s own personal taste. As the site progresses, we will include features such as fashion advice, designer interviews, newsletters, and Internet-only specials. If you’re interested in a little more protection, an LLC (or Limited Liability Company) may be a better fit. Once you’ve decided on the right business model and niche for your clothing line, it’s time to start thinking about the garments themselves. Entrepreneurship is perceived as a primary element to personal and economic progress. They’re shopping with your competitors, too. Don’t believe me? When you start your own clothing brand, you cannot understate the importance of your brand identity – especially in the world of fashion. Today, it’s impossible to reach most customers without a website. Solely focusing on the styles, colors and fits to flatter the female Baby Boomer’s figure will be our specialty. Here is the detailed b2b SaaS marketing plan template we used to create a multi-million dollar company. That’s because the registered name, and your trade name, are different. But, a clothing brand needs more than just an exquisite apparel design to create a lasting business. Ideally, your brand should embody the best (and most essential) attributes of your company. File the permits or licenses that allow you to do business legally and create a business plan to get you started in the right direction. Her experience includes working with apparel retailers, clothing wholesalers, garment manufacturers, and fashion designers. You must also have a business plan that will serve as your detailed guide that will walk you through your first couple of years in business. As we previously explained. …your brand is your company’s public identity. In addition to the two full-time co-owners, we will hire three part-time employees to serve customers. You’ll probably want to include each of these sections: executive summary, company summary and funding needs, products, market analysis, strategy and implementation plan, management team, financial plan, and appendix. Our store will recognize them as a force within the fashion industry. If you’re a newbie to marketing, consider hiring a marketing manager to help you strategize your business. We will provide bonuses via sales incentives and conduct an annual review to encourage employee retention. Booming Boutique’s initial marketing efforts will remain local as we establish a presence in our community. Or are you looking for leads, someone to split costs with, or exposure and success-by-association with an established brand? Profit is, after all, essential to your business’s success. We must also assume that our present and future suppliers will continue to sell inventory to us at prices that allow us to maintain our present margins. Booming Boutique will need $282,000 to get our business off the ground. When you start your own clothing line business, these costs will include: If you plan to hire any employees, you’ll want to budget their wages into your start-up calculations as well. Booming Boutique recognizes the importance of marketing. Now it’s time to focus on getting the word out about your fabulous new clothing business, a new line of clothes, and to find potential customers! Toby Nwazor of Entrepreneur magazine recommends that you aim for prices 30% – 50% higher than your expenses in order to ensure a profit. Finding a niche in the clothing industry requires due research and analysis of the kind of clothes you … Use this free salary calculator/salary converter to calculate your annual earnings; or see your hourly, weekly, and monthly earnings. Your business plan introduction should include a description of your business, your goals, and why it is worth pursuing. Selling of clothing can therefore be a suitable venture for any entrepreneur. 1st Jan 1970 Marketing Reference this. Uniqueness and authenticity are the elements that will help to set your clothing line apart in the crowded fashion marketplace. So, let's talk about how … Comparable properties are renting for $17-24 SF/Year. There's more to a clothing line business than manufacturing. A small portion of our investment will be used to create an online clothing store. Works for any type of manufacturing company. The direct mailers will consist of 5,000 full-color postcard mailers. You will design your own clothing and then have it manufactured to your specifications by a manufacturing partner so that you can sell it under your own private label. The total sales reported in the U.S. retail industry in 2007 (including food service and automotive) exceeded $4 trillion. The fashion industry in America has been thriving since the advent of moving pictures. When you reach out to a manufacturer for the first time they will have questions for you – questions that you should be equipped to answer. Look for brands that are complementary to your brand rather than competing for your business. Having said that, there are currently about 75 million Baby Boomers living in the United States. Start-up funds will be used for renovations, inventory and operating expenses such as rent, utilities and payroll. Also, we would be the only niche fashion retail-store for hip, older women. An introductory business letter is supposed to make a good impression with a potential customer (called a prospect). MS Word Version (.doc) Editable Version Add to Cart. Our sales team will earn an hourly rate, plus a generous percentage of commission from each sale. Only you know what is most useful for your business. Moreover we will hire a local PR firm to help us develop and implement a strategic marketing plan and guide our publicity efforts in a cost-effective manner. While familiarity is comforting, industry research indicates increasing frustration with the inferior quality, sub par customer service and vastness of super-stores. Their median income is above the national average at $48,600. So, they’ll want to be sure that you’re running your business in a way that is likely to ensure that return. The mass market take care of a wide range of customers that cuts across both the rich and the poor. The accompanying income statement demonstrates our company’s profitability. This often happens, for example, if you started with t-shirts and are now are looking to start producing a more tailored cut-and-sew line. Cash layaway plans will also be permitted. Booming Boutique’s mission is to offer women of the Baby Boom generation a wide selection of fashionable, figure-flattering clothing. We will also implement a referral program rewarding customers who refer new customers with discount coupons. In the long-term, it is this brand that will separate Booming Boutique from other retailers both locally and nationally. Part-time employees cost less. We will provide comprehensive training to each sales associate. In fact, most clothing shops for the 55+ set are still selling clothes that our grandmothers would have worn. Our company is a retail establishment selling fashionable women’s clothing to up-and-coming Baby Boomer retirees. This thesis concentrates on the process of formulating the business idea rather than implementing the business plan, even though the business … (You can learn more about finding a manufacturer in the next section.). However, if your designs catch the eye of wealthy clientele, your business could sky-rocket. Entry collection will start at the grand opening and continue throughout the week. These factors help you to pick a price point that makes sense for you and one that also resonates with your target market. But not all numbers are equally important to all businesses. Use this example retail bike shop business plan as a helpful resource when writing a business plan of your own. Throughout the eighteenth century, clothing manufacture—from the raising of the raw materials, through the spinning and weaving, to the sewing—was largely a household industry in the United States.In the colonial period fine imported textiles, including clothing … Booming Boutique will launch with $220,000 in equity capital and $50,000 in loans. Our cash flow statement clearly demonstrates our ability to cover all bills. We’ll also have access to the Florida Apparel Market, which is the largest wholesale merchandise warehouse in the state. Create your brand. One major reason why customers buy from a start-up business instead of a major retailer is that they feel a connection to that business’s story. Check out services like WooCommerce, Magento, and Open Cart. In Pleasantville, there are no direct competitors offering our unique services or targeting Baby Boomers specifically. However, you’ll take home more of your profits than the print-on-demand model since there’s no third-party to pay. To create a smart and effective pricing strategy, you have to start by knowing how much it costs you to produce your clothing items – also know as cost-per-unit or “CPU.” The small business finance experts at Bond Street explain: Most businesses in the apparel world use a cost-based pricing strategy, in which the final cost to the consumer ultimately comes from the cost of producing that product. Once you know what kind of product you’ll sell, register an attractive brand name and secure a retail license. Find the right help. Then design a clothing line that represents your brand and personal design aesthetic. For that reason, you’ll want to make sure that the investors you work with get you and your vision for your business. It follows, then, that having a message that resonates with these consumers, and staying authentic to that message, is one of the few ways to break into the cutthroat fashion industry as a small brand…. Fill in the business blanks. Our trained personnel will provide counsel that women simply cannot find at other clothing stores. Also, it takes time to build a retail store, and by the time a competitor attempts to compete with us directly, we will have already established a strong customer base. Our goal is to keep our marketing budget to no more than 5% of our gross annual sales, and we will partner with local organizations such as the Chamber of Commerce and Downtown Merchants Association as often as possible. Choosing your niche ensures you choose products and create your whole business plan … You should plan to interview a number of different clothing manufacturers to find the one that is the right fit for your business. After you complete that to-do list, the next step is to find manufacturers. They also carry local art and jewelry. Look for a clothing manufacturer that has a fashion designer on staff. MoreBusiness.com helps you start and grow your business with tutorials, templates, webinars and licensable content. The median income is $48,600. How to Start a Clothing Business in 10 Steps Develop your clothing brand. Further, most of our initial investment will also be used to purchase retail equipment and inventory software – all of which will produce future benefits for the company. She earned a BA degree in finance from Britannica College in Tampa, Florida. Jennifer Philbrook co-founder at Stitch Method suggests: Look at this meeting as a partner meeting and walk in with a smile! Crunch the numbers. Determine how much it will cost you to start your business and create a pricing structure that will help you grow. Is your clothing line a sportswear brand? Schedule your party on an evening with no other major events – especially not other major events in the fashion industry. To learn more about corporations, partnerships and other legal mistakes people commonly make when setting up a small business, take a look at our post and video: 10 Legal Mistakes That Can Destroy Your Small Business And How To Avoid Them. Additionally, we will use a value-based pricing structure, which measures the value of our products to our customers such as easy access, quality, customer service and styles flattering to our target consumer. Our town boasts a healthy and recession-proof tourism industry. Booming Boutique will be located in downtown Pleasantville, Florida. There’s no one right answer for what those positions might be – every business is different. Start by ensuring that your website design truly embodies your brand. Our business will collect immediate payment from customers, so our cash flow statement will be substantially similar to our income statement. These platforms allow us to create an online storefront quickly and will manage all aspects of it including creating shipping labels, accepting payment, and monitoring inventory. It was last updated on June 9, 2020. Prior to the grand opening of Booming Boutique, we will schedule an event with the Chamber of Commerce and start our promotions with pre-publicity flyers, advertising and additional marketing activities. This will include the standard bar code with its related equipment and software. While car dealerships, grocers and home improvement retailers account for a sizable portion of the retail market, the main local shopping district is downtown. Selling a clothing line in an online store is cheaper and less labor-intensive than setting up your own physical store. In reality, as the Baby Boomers numbers decrease, there will be fewer older Generation X-ers to sell to. And n turn, we’ll provide an enjoyable shopping experience for our customers. We base our projections on the assumption that the economy, consumer spending habits and population growth in Pleasantville will continue for the foreseeable future. Clothing Store Business Plan – Executive Summary. Clothing Store Business Plan – Executive Summary. Help others get the surgeries and medical attention they need with your own medical tourism agency. Consultants can also use this wage calculator to convert hourly rate into annual income. 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If you want a true business partnership, crowdfunding may not be the choice for you. Presently, Booming Boutique does not have a bricks-and-mortar location. This post may contain affiliate links to help us pay for running the website. Before you start a clothing line, determine your budget, learn the manufacturing process and timeline, and prepare your designs for sharing with tech packs, samples, and fabric swatches. Find partners or investors. Prior to writing the letter, you should … These images will be used on your website, social media marketing, and advertisements. But, your creativity and designs are the fuel for that business. Visitors should be able to understand who you are and what your fashion brand is about as soon as they arrive. After deciding to leave academia behind, Katie now focuses her efforts on small business marketing and branding, design and copywriting. Boomer women are in their prime and at their best. For example, if your registered company is an LLC and is named Three Brothers, LLC, you cannot operate that business lawfully in most states if you’re selling products under the trade name Three Tigers. So, put this vital business tool to work for your clothing line. This includes deliveries and shipments, inventory management and administrative duties such as finance, buying and marketing. She understands the fashion industry and knows how to spot the latest trends. 0 PRODUCTS AND SERVICES. Start my business plan. The industry is defined as single-establishment stores only. Your website’s visual design and marketing copy should project your brand’s voice and identity. Following our grand opening, we will conduct a direct-mail campaign to targeted consumers that we have signed up through our in-store mailing program. In this post you will find 65 Catchy Clothing Store Slogans and Taglines. Start a business because you want to start a business. 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