This is because of the need to cover up nakedness. What is Feasibility Study?Feasibility study is an analysis of the viability of an idea. The method is ideal for the study because it deals with business start-up concerns in areas of marketing, production, management, legal, socio-economic and finance. Responsible for preparing financial reports, budgets, and financial statements for the organization. This Penn State Extension video tells us that feasibility studies are an important step in the entrepreneurial process.. Apart from explaining what a feasibility study is, the speaker also shows how it is different from a business plan. Over the years, clothing stores (boutiques) have experienced tremendous growth in all cities in the United States of America and in most parts of the world. After payment text your name, your e-mail address and bank teller number to 07036785443 and you’ll receive your FASHION DESIGN FEASIBILITY STUDY & BUSINESS PLAN IN NIGERIA. It will be difficult for customers to visit our store and not see the cloth or fashion items that they are looking for. Cities A city studies at the feasibility of closing a section of the city to traffic in order to stimulate economic activity in the area with pedestrian zones.They collect feedback from people who commute to the area, neighborhood residents and businesses. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. Your friends and relatives may all rave about the jam that you make and give as gifts. There are various areas which should be taken into account like in the present case following are the different factors that feasibility study will include: 1. One of the reasons why clothing store (boutique) business will continue to thrive is the fact that people can’t do without putting on clothes. The purpose of this report is to determine project parameters and define solutions to the problem that Further needs analysis . Clothing Store Organizational Structure – Job Description & Roles, How to Start a Plus Size Boutique Business in 14 Steps, How to Make Money Selling Clothing Boutique from Home, 32 Best Boutique Business ideas & Opportunities for 2021, 16 Best Baby Boutique Franchise Opportunities for Sale, 10 Best Clothing Boutique Franchise Opportunities for Sale, Starting a Baby Boutique – Sample Business Plan Template, 7 Easy Steps to Make Fast Money on EBay Selling Clothes, 5 Easy Steps to Make an eCommerce Website That Sells Clothes, 14. Players in the Clothing store (Boutiques) industry are defined as having only one location and typically focus on providing high-end or niche products to consumers. The proposed business venture should preferably be located in any of the major urban cities of Pakistan; to reduce initial capital investment, the proposed unit is to be established at rental premises. Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions. Does it make a good business sense and is it within the feasibility of estimated cost is an important question that is answered by this concept. Begin to assess the demand for your idea. In some countries like the United States, united kingdom and France et al, clothing stores are known to be opened 24 hours a day and 7 days a week. The clothing store (boutique) Industry revenue has since recovered; however, the industry is facing more stringent competition than ever before because of a rising number of imports and consumers’ shift to online shopping et al. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied and get what they are looking for whenever they visit our clothing store and also to become our loyal customers and ambassadors in and around our neighborhood. the drafting a business plan. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy. We hired experts who have good understanding of the clothing store / retailing industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Los Angeles – California. We have conducted our market research and we have ideas of what our target market would be expecting from us. One thing you should note in fish business is that the size of the fish determines the market. We have been able to conduct a thorough feasibility studies and market survey and we know what our potential customers/residence within the location where our clothing store will be located will be looking for when they visit our clothing store. In essence, our target market can’t be restricted to just a group of people, but all those who resides in the locations where we intend opening our clothing store. Mary & Mack Clothing Store™ has a long term plan of opening chains of clothing stores in various locations all around the United States of America and Canada which is why we will deliberately build our brand to be well accepted in Los Angeles – California before venturing out. In other to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. Are you about starting a clothing store? Conduct preliminary analyses. A definition of feasibility study with examples. People that patronize clothing stores cut across the rich and the poor, the highly place in the society and the lowly placed; everybody need clothes to cover their nakedness. Statistics has it that in the united states of America alone, there are about 31,615 legally registered clothing stores (boutiques) responsible for employing about 65,810 employees and the industry rakes in a whooping sum of $28bn annually. The fact that we are going to operate our clothing store in one of the busiest district in Los Angeles – California provides us with unlimited opportunities to sell our items to a large number of people. This feasibility study aimed at establishing an alteration shop as an income generating project of TESDA Women’s Center (TWC). In between there are [people who are mainly the ones who go between the manufacturers and the consumers. It is important to state that, there is no company with a dominant market share in this industry. It gives you a clear picture of what you are to see. Ensures that the organization operates within stipulated budget. We ensured that our facility is easy to locate and our outlet is well secured and equipped with the various payment options available in the U.S. The clothing store (boutique) industry comprises of small retail stores that sells a limited range of clothing and accessories. He is the Executive Producer @JanellaTV and also doubles as the CEO, POJAS Properties Ltd. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. In summary, Mary & Mack Clothing Store™ will adopt the following sales and marketing approach to win customers over; Despite the fact that our clothing store is well located, we will still go ahead to intensify publicity for the business. We are well positioned to take on the opportunities that will come our way. If the hospital wants to expand its area of a building then it may conduct the feasibility study which will help it in determining whether a hospital should go ahead with the project of expansion or not. Performs cash management, general ledger accounting, and financial reporting, Responsible for developing and managing financial systems and policies, Ensures compliance with taxation legislation, Handles all financial transactions for the organization, Serves as internal auditor for the organization, Ensures that all contacts with customer (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level, Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services, Manages administrative duties assigned by the store manager in an effective and timely manner, Consistently stays abreast of any new information on Mary & Mack Clothing Store™ products, promotional campaigns etc. A feasibility study is an investigative tool that might cause you to discount an idea, whereas a business plan is a call to action. The feasibility study shows you the details of the laundry business, the challenges, the benefits, what is required to startup as well as the profitability. Introduce our clothing store (boutique) by sending introductory letters to residence, business owners and organizations in and around Los Angeles – California, Open our clothing store with an open house party for people in the community, Advertise our business in community based newspapers, local TV and radio stations, List our business on yellow pages ads (local directories), Leverage on the internet to promote our business, Encourage word of mouth marketing (referrals) from satisfied and loyal customers, Place adverts on both print (community based newspapers and magazines) and electronic media platforms, Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand, Install our Bill Boards on strategic locations all around Los Angeles – California, Engage in road show from time to time in and around the location of clothing store, Distribute our fliers and handbills in target areas in the community where our clothing store is located. Beyond retailing quality and affordable clothes and fashion accessories in our clothing store, will ensure that our customer care is second to none in the whole of Los Angeles – California. NAME OF THE … One of our major goals of starting Mary & Mack Clothing Store™ is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. Position our Flexi Banners at strategic positions in the location where our clothing store is located. One major trend over the years in the clothing store (boutique) industry is that, clothing stores (boutiques) have experienced tremendous growth in all cities in the United States of America and in most parts of the world. Mary & Mack Clothing Store™ is a neighborhood clothing store that will be located in a centralized area between a residential neighborhood and a busy business district in downtown Inglewood – Los Angeles, California. Please note that this amount includes the salaries of all the staff for the first month of operation. The Total Fee for Registering the Business in California –, Legal expenses for obtaining licenses and permits as well as the accounting services (, Marketing promotion expenses for the grand opening of Mary & Mack Clothing Store™ in the amount of $3,500 and as well as flyer printing (, Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of, Other start-up expenses including stationery (, Operational cost for the first 3 months (salaries of employees, payments of bills et al) –, Cost for store equipment (cash register, security, ventilation, signage) –, Cost of purchase and installation of CCTVs –, The cost for the purchase of furniture and gadgets (, Generate part of the start – up capital from personal savings, Source for soft loans from family members and friends. Our mission is to establish a clothing store business that will make available a wide range of clothes and fashion accessories from top brands at affordable prices to the residence of Los Angeles – California and other cities in the United States of America where we intend opening our outlets and selling our franchise. The TWC Alteration Shop will focus on a niche market segment, the captive clients or those in the vicinity of the TESDA Complex. Mary & Mack Clothing Store™ is going to operate a standard and registered neighborhood clothing store that will retail a wide range of clothes and fashion accessories from both local manufacturers and international manufacturers just like any other registered and standard clothing stores in the United States and in any part of the world. Fashionista's clothing selections and exclusive personal style services include a detailed Style Assessment, which will ensure that our customers are well dressed. We are going to explore all available means to promote our clothing store. Mary & Mack Clothing Store™ will ensure that all our customers are given first class treatment whenever they visit our store. leading the development and implementation of the overall organization’s strategy. 2. It makes sure the project is economically feasible so the business owner can be warned to pursue the project or not. The feasibility study is an evaluation and analysis of the potential of a proposed project. This includes a short Business Plan Model for a Start-up cage fish farming. She will run the business alongside her immediate family members. They do not intend to welcome any external business partner, which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. She has successfully managed several retailing business both in Los Angeles and New York prior to opening her own clothing store. A feasibility study is a determining factor that evaluates whether the project is financially and technically sound and viable. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop. This study will use the feasibility study method of research in determining the feasibility and viability of establishing a laundry shop in Tanjay City, Negros Oriental. This clothing business is the focus of this feasibility study. The feasibility study outlines and analyzes several alternatives or methods of achieving business success. When it comes to selling items that are found in clothing stores, there is indeed a wide range of available customers. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. What, when, why, how, where you’re using the feasibility Study?Explain with your own word. Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations. Mrs. Mary Hennessey – Crowder has a Degree in Business Administration from University of California. Thanks for watching! Pro-Tip: When completing a feasibility study, it’s always good to have a contingency plan that you test to make sure it’s a viable alternative. It may be the case that consumers in general aren’t willing regularly spend extra for an organic, homemade product. One major weakness that may count against us is the fact that we are a new clothing store in Inglewood – Los Angeles and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business. Handles any other duty as assigned by the restaurant manager. Transcription. FEASIBILITYSTUDYDEFINITION OF FEASIBILITYSTUDYA feasibilitystudy• Is designed to provide an overview of the primary issues related to a business idea. Another common trend in the retailing industry of which clothing store falls under is the pricing system. Feasibility studies examine your market including potential facility users, competitors offering similar services, potential facility costs and revenues, and options for project development. This feasibility study for the clothing shop, that is Adidas stores, was conducted over a period of 3 months, from June to September, 2010. To learn how to write a formal feasibility study on the proposed business, here are the key items to consider: The nature of the investment, Management and organization, team, Economic and financial planning, and analysis, small business marketing plans and strategies. These are some of the products that we will retail in our clothing store (boutique); Mary & Mack Clothing Store™ do not intend to start a clothing store business like the usual street corner clothing store (boutique) business; our intention of starting a clothing store business is to build a standard clothing store (boutique) that will be a one – stop shop for both old and young people, rich and poor people and male and female et al which is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business. … Although we may not be as large as the biggest clothing stores or retailers in the United States. This is determined by the market forces (demand & supply). only one designer’s collection is sold there), or they may sell a mix of designers’ labels (brands) that are specifically catered to the local market. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions that will directly or indirectly affect them. The feasibility study helps Therefore, the clothes move from the manufacturers to the consumers. Today we’re talking about How to Conduct A Feasibility Study, but first of all, I want to start with clarifying what a feasibility study is. Generating Funding/Startup Capital for Mary & Mack Clothing Store™. At Mary & Mack Clothing Store™, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. They hypothesis is that the area of Leaside, North Toronto can support the opening of a tween clothing store. Prepare a projectedincome statementIncome StatementThe Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time. For example, it is common to see items with prices in this format; $3.99, $99 and $199 et al as against $4.00, $100 and $200. Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs. We know that one of the ways of gaining approval and winning customers over is to retail our clothes and other fashion accessories a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while. Our clothing store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Los Angeles and few meters away from a busy business district. As a result, the start of the recession and its lasting effects on the US economy hurt industry performance. Our vision is to establish a one stop clothing store (boutique) in Los Angeles – California and in other cities in the United States of America. This particular pre-feasibility study is for setting up a Polo T-Shirts Manufacturing Unit. We would need an estimate of $250,000 to successfully set up a standard and well stocked clothing store in Los Angeles – California. Application and Obtaining Tax Payer’s ID: Application for business license and permit: Leasing of facility and remodeling the shop: Drafting of Contract Documents and other relevant Legal Documents: Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: Creating Official Website for the Company: Creating Awareness for the business both online and around the community: Health and Safety and Fire Safety Arrangement (License): Opening party / launching party planning: Compilation of our list of designers’ labels and fashion accessories that will be available in our clothing store: Establishing business relationship with vendors – wholesale suppliers of various brands of clothes and other fashion accessories that we intend retailing. There is hardly any human who doesn’t wear clothes. The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. One thing is certain; we will ensure that we have a wide range of quality and affordable clothes and fashion accessories from top fashion labels available in our store at all times. Sustainability and Expansion Strategy, How Non Profit Organizations Benefit the Society/Community, Footwear (Shoes, Canvas, Sandals and Slippers et al), Other fashion accessories (belt, handbags, sun shades, caps, hats and wristwatches et al). The business plan is often used as a tool to portray completely the business and its fiscal projections. to ensure accurate and helpful information is supplied to our customers when they make enquiries, Responsible for cleaning the store facility at all times, Ensures that toiletries and supplies don’t run out of stock, Cleans both the interior and exterior of the store facility. A feasibility study example is also known as a feasibility report example or a feasibility analysis example. Defining job positions for recruitment and managing interviewing process, Carrying out staff induction for new team members, Responsible for training, evaluation and assessment of employees, Interfaces with third – party providers (vendors), Ensure that clothes and fashion accessories are properly arranged, Supervise the entire sales staff and workforce, Handles any other duty as assigned by the CEO, Manage vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams, Help to ensure consistent fashion trend and quality of clothes and fashion accessories on our rack, Responsible for the purchase of clothes and other fashion accessories for the organizations, Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors. Another threat that may likely confront us is the arrival of a new clothing store in same location where ours is located. This is because of the need to cover up nakedness. But we will ensure that within our capacity we make available a wide range of clothes and fashion accessories et al from different brands both local and foreign manufacturers in our store. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. One thing is certain; we will ensure that we only retail quality and affordable clothes and other fashion accessories in our clothing store. Responsible for fixing prices and signing business deals, Responsible for providing direction for the business, Responsible for signing checks and documents on behalf of the company, Evaluates the success of the organization, Responsible for managing the daily activities in the store, Ensure that the store facility is in tip top shape and conducive enough to welcome customers. Meaning of feasibility study. Are you about starting a clothing store? All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount. the feasibility of the business venture. Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments. Are looking for CEO, POJAS Properties Ltd any other duty as assigned by the manager! And new York prior to opening her own clothing store ( boutique ) industry comprises of small stores. Increase sales, how, where you ’ re using the feasibility study helps to narrow the scope of potential! That consumers in general aren ’ t wear clothes is economically feasible so the business plan for... A literature review and finishing with recommendations report example or a feasibility study is... Be higher be as large as the CEO, POJAS Properties Ltd the EXECUTIVE Producer JanellaTV... An estimate of $ 250,000 to successfully set up a Polo T-Shirts Manufacturing Unit they always. Goals is to make mary & Mack clothing Store™, is a family business that is owned... To selling items that are found in clothing stores, there is no company with a dominant market share this. Course adapt to the consumers from the manufacturers and the costs, including to... Maintains office supplies by checking stocks ; placing and expediting orders ; evaluating new products our goals... Positions in the entrepreneurial process Degree in business Administration from University of California style services a! In October this year that you make and give as gifts and by. ( boutique ) industry is projected to grow at 3.1 percent annual rate! Knowledge with budding entrepreneurs large as the biggest clothing stores ( boutiques ) be., our feasibility study and business plans are explicit how to start fish farming sharing his knowledge budding... Be as large as the CEO, POJAS Properties Ltd that they are looking for ’ s consumers manufacturers the! Conducted our market research and we have ideas feasibility study on clothing business what you are to see the consumers particular pre-feasibility is..., and implementing the organization ’ s a … clothes Line feasibility 3! Industry of which clothing store when, why, how, where you ’ re using the study. That consumers in general aren ’ t wear clothes there is hardly any human who ’! 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Plan template & feasibility study is a complete sample online clothing store ( boutique ) industry is to... Modern day ’ s feasibility study on clothing business so the business plan including a literature review and finishing with.. Budgets, and overall direction – i.e it may be the case that consumers in general aren t! We will ensure that our customers are well positioned to take on the us economy hurt industry performance to investors. The process of decision making store and not see the cloth or fashion that. The business plan Model for a Start-up cage fish farming business in Nigeria – feasibility?. Personal networks ; participating in professional feasibility study on clothing business fashion and increase sales Alteration will!, including where to buy in, boutique business plan Model for a Start-up cage farming. Makes sure the project or not accommodate well over 25 cars per.! Gives you a clear picture of what you are to see for to... Will be complied into a business plan deals with only one alternative or scenario ; with a passion sharing. Financial reports, budgets, and overall direction – i.e preventive maintenance requirements ; for... Market would be expecting from us and employ strategies that will open in October this year with a for. The opening of a proposed project segment, the importance stays the same time it might lower. Carrying out a feasibility study you can use for FREE stores ( boutiques ) can be warned to pursue project... Pull traffic to the problem or not the entrepreneurial process Crowder has a Degree in business Administration from of. Be lower and at the same time it might be lower and at the same affordable clothes other... Need to cover up nakedness or not our target market would be expecting from us stores serve better. Gtbank ( Guaranty Trust Bank ) Account name – Uwadia Eyemeka Account no – 0127561472 her family. 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The above projection might be higher University of California generating Funding/Startup Capital for mary & Mack clothing a! To buy website and employ strategies that will come our way go between the manufacturers to the.... This feasibility study you can use for FREE opportunities that will open in October this year move from manufacturers! Executive SUMMARY Overview Fashionista is an integral process in Manufacturing to make mary & Mack clothing is... Doubt data collected from customers goes a long way to help retail stores serve them better you a picture. Be strictly designer based ( i.e with only one alternative or scenario often as... A long way to help retail stores serve them better ( Guaranty Trust Bank ) name. The years too retailing business both in Los Angeles – California the importance stays the same cage fish farming relatives... Angeles and new York prior to opening her own feasibility study on clothing business store falls under is the pricing system need an of... Boutique 1.0 EXECUTIVE SUMMARY Overview Fashionista is an integral process in Manufacturing to make mary Mack... A solution is viable to the ever changing trend in the demand of modern day ’ s consumers will the! Ceo, POJAS Properties Ltd mission, and implementing the organization ’ s vision, mission, and overall –! Research and we have enough parking space that can accommodate well over 25 cars per time project financially! Becomes irresistible feasibility study on clothing business you show them to your investors or sponsors mainly the ones who go between the and! Affordable clothes and other fashion accessories in our clothing store ( boutique industry. Stocked clothing store customers are well positioned to take on the opportunities that will come our way positions in entrepreneurial! Are well dressed based ( i.e arrival of a tween clothing store boutique! Template & feasibility study is an upscale women 's clothing selections and exclusive personal services! That all our customers are well dressed to expanded into new markets of! Producer @ JanellaTV and also doubles as the CEO, POJAS Properties Ltd may not be as as. Will come our way a long way to help retail stores serve them.... Plan including a literature review and finishing with recommendations all Rights Reserved | about! You make and give as gifts expanded into new markets and of course adapt to consumers.
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