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Assume that you were opening a pet mobile groom

Assume that you were opening a pet mobile grooming business. The name of your business will be called Paws Mobile Groomers. Complete your own business plan. I have inserted an example of a business plan that should be used to complete this assignment. 

Company Name

Owner’s Name, Owner

5/6/2015

Prepared by:

Business Name

1.0 Executive Summary 3 1.1 Objectives 3 1.2 Mission 4 1.3 Keys to Success 4 2.0 Company Summary 4 3.0 Product 4 4.0 Market Analysis Summary 6 4.1 Market Segmentation 6 4.2 Business Location 7 4.3 Target Market 9 4.4 Competitive Edge 9 4.5 Marketing Strategy 10 5.0 Management Summary 11 5.1 Personnel Summary 11 6.0 Financial Summary 11

The Company

1.0 Executive Summary

The Company is a retail and marketing collaborative focused on the development and merchandising of high-end fashion and lifestyle brands. was established in 2011 with the main office in Birmingham, Alabama.

The Company is the result of a continuous long-term effort to bring a unique lifestyle experience to the Birmingham metropolitan area. It was imagined and operated by partners that possess nearly 40 years of professional retail management experience.

Currently, The Company is launching a 2,189 sq. ft. street level retail space carrying the name The Company

The marketing research, marketing strategy, and strategic planning described in this business plan will allow to achieve its goals of:

· developing brand awareness

· increasing ’s net worth

· bridging gaps between Europe and the United States

· pioneering the market for street fashion

An integral part of The Company’s marketing research occurred through the efforts of The Owner, a managing partner, while consulting and living in Bologna, Italy for two years. This experience allowed him to gain applicable knowledge for products and boutique style business.

1.1 Objectives

The Company plans to focus on achieving the stated goals through the following objectives:

· Building a platform that provides exposure to collaborative efforts The Company has developed through its various international relationships in the Fine Arts & Fashion industries

· Creating a multipurpose platform that allows point of sale through physical location as well as online

· Stabilizing a foundation allowing the European fashion market to introduce up and coming independent brands and designers to the southeast regional states

· Strategically positioning a uniquely themed lifestyle location in a vastly growing Metro market allowing The Company to be pioneers of street wear fashion in the area

1.2 Mission

The Company’s mission is to create an exclusively unique platform that allows the exposure of International products such as apparel, footwear, leathered goods, artwork, and lifestyle decor.

1.3 Keys to Success

The Company’s keys to success include but are not limited to:

· Providing services that boast product knowledge, attention to detail, and exclusive personal shopper experiences for limited edition merchandise

· Offering products whose price point will be consistent with target consumers expectations as well as professionally curated display for merchandising

· Making seasonal changes to inventory and exhibits in the brick & mortar location with weekly updates offering new original content for the online website

· Utilizing the boutique space to strategically plan culturally relevant events that coincide with popular community projects

2.0 Company Summary

The Company is owned and operated by managing partners possessing 40 years of professional retail & management experience. The Company creates a platform that offers a variety of products infusing a true lifestyle experience with items ranging from apparel and footwear to accessories including books, candles, and beverages. The blend of fashion coupled with gallery accredited works of art will create a unique and amazing customer experience that has yet to be seen in the Birmingham Metro area.

The Company’s operating hours are Monday through Saturday, 10:00am-7:00pm and by appointment on Sunday. The online website hosting all products available in-store will be accessible 24 hours 7 days a week. Exclusive events will be held monthly at the physical location as well as off-site collaborative pop up shops within a 150 mile radius..

3.0 Product

The Company offers the following high-end fashion products through The Company :

· Apparel – Average retail price of $145

· Footwear – Average retail price of $200

· Accessories – Average retail price of $52

Apparel

Women’s apparel makes up the majority of the Clothing Boutiques industry’s sales. Within the women’ s clothing segment, tops including blouses, tee shirts and sweaters make up the largest share of sales, followed by bottoms like slacks, jeans and shorts. Dresses make up the next largest product segment by sales. Women’s fashion represents the cornerstone of apparel industries, as luxury fashion is mostly designed for women. Its prominence in the fashion world is not expected to change, and this product segment is expected to remain steady.

Men’s apparel represents the second-largest share of industry revenue, accounting for less than half of sales for women’s apparel. Within men’s apparel, the largest product segments are casual and sport shirts, followed by casual pants and shorts. Luxury clothing is far less popular than it is for women, so sales of these products represent only a small share of men’s products.

All apparel in inventory will be obtained through The Company’s ‘Select’ account which will provide the location with limited edition products only available to brand selected stores. In-house apparel will be produced through collaborative efforts with well-known international brands.

Footwear and Accessories

Footwear makes up the last major product segment. A number of boutiques specialize in footwear, both for men and for women, and these products represent a staple part of the Clothing Boutiques industry. Similar to the disparity in apparel, sales of women’s casual and dress shoes generate far more revenue than sales of men’s casual and dress shoes. However, the sales of both men’s and women’s athletic footwear is about equal.

Accessories include items like handbags, wallets, neckwear, gloves, belts, hats and handkerchiefs. These products are often sold alongside apparel and footwear in boutiques, though there are boutiques that specialize in one item.

All footwear in inventory will be obtained through The Company’s ‘Select’ account which will provide the location with limited edition products only available to brand selected stores.

Leathered goods & domestic candles will be the cornerstone of accessories offered at The Company. These goods are produced with high quality materials including premium imported leather from Italy. Additional accessories will be obtained from The Company’s ‘Select’ account status with independent brands.

http://ibisworld-oregon-web.s3-us-west-2.amazonaws.com/WebsiteFiles/Images/Reports/US/Industry/OD5616/US_Industry_OD5616_06_ProductsAndServicesSegmentationChartData.png

4.0 Market Analysis Summary

The Company is a boutique clothing store. The Clothing Boutiques industry is composed of small retail stores that offer only a limited range of apparel and accessories. By nature, the industry is highly fragmented because retailers are defined as having only one establishment. Clothing boutiques typically cater to high-end or niche markets and are reliant on strong conditions for consumers. Therefore, the onset of the recession caused the industry to falter as declining per capita disposable income and plummeting consumer confidence precipitated a contraction in consumer discretionary spending on boutique clothing. Industry revenue, however, has slowly recovered since 2010.

Population The overall population in the United States drives demand for general clothing, including from boutique stores. As the US population increases, industry operators have a larger client base to draw from and industry revenue increases. The US population is expected to grow slowly in 2015.

Total Imports Total imports measures the value of goods and services brought into the United States each year. An increase in total imports into the United States can hurt industry growth because consumers purchase clothing internationally rather than from domestic retailers. Total imports are expected to increase in 2015.

Online Business The percentage of services conducted online represents the increasing use of the internet by consumers and businesses. An increase in the percentage of services conducted online hurts industry growth, as boutique stores generally do not have a sufficient online presence to compete with major retailers. The percentage of services conducted online is expected to grow in 2015, representing a potential threat to the industry.

4.1 Market Segmentation

Households, i.e. consumers, are by far the largest market for the Clothing Boutiques industry, accounting for 98.9% of industry revenue. Of these consumers, women are a much larger market for the industry than men. It is estimated that about four-fifths of the industry's sales to consumers come from women while only about one-fifth come from men. For both men and women consumers, however, the industry's major markets are perhaps best segmented by age.

Generation X This consumer segment includes people born roughly between 1960 and 1980 and is the industry's largest market segment. This age group makes up the largest major market because many of these individuals have well-established careers and steady incomes, and as a result spend more disposable income on clothing.

Baby Boomers Baby boomers are the second-largest segment of the industry's consumer markets. These consumers were born roughly between the years 1945 and 1960 and, as the name suggests, were part of a large number of newborns that were born during the post-World War II years. As a large generation, these consumers make up a large customer base, but they also account for a significant portion of the workforce. As these consumers age, they become less concerned with brand value and status, focusing more on price and comfort.

Generation Y This generation is made up of consumers born mostly during the 1980s and 1990s. As Generation Y enters the workforce, their spending power is increasing. These consumers have grown up exposed to brand recognition and follow fashion trends more closely. Still, financial setbacks of Generation Y, including student debt and difficulty finding permanent employment, have limited the growth of their market share.

http://ibisworld-oregon-web.s3-us-west-2.amazonaws.com/WebsiteFiles/Images/Reports/US/Industry/OD5616/US_Industry_OD5616_06_MajorMarketSegmentsChartData.png

4.2 Business Location

Clothing boutiques cater to the general public, and the apparel, shoes and other products they sell have full market acceptance. Clothing boutiques are therefore located throughout the United States, wherever there is a population of consumers that is available to purchase clothing and other industry products. As such, at the regional level the distribution of industry establishments closely mirrors the distribution of the population. For example, the Southeast has the largest share of population and the largest share of industry establishments. Similarly, the West has the second largest share of both.

Nevertheless, within every region the distribution is often varied. Clothing boutiques tend to offer specialized items targeted at consumers with a specific taste or at a specific demographic. As such, they tend to be located in urban areas, where there is a higher density of target customers. The proportion of industry establishments is therefore higher than the proportion of population in states that have higher concentrations of urban areas. For example, New York has about 6.1% of population but 9.6% of industry establishments, largely due to the size and density of New York City. Conversely, Ohio has about 3.7% of the population but 3.1% of industry establishments, in part because Ohio's major cities are comparatively smaller than other metropolitan areas.

http://ibisworld-oregon-web.s3-us-west-2.amazonaws.com/WebsiteFiles/Images/Reports/US/Industry/OD5616/US_Industry_OD5616_07_LocationMap.png

4.3 Target Market

Based upon the data presented above, The Company strives to strategically marketing to male and female consumers across Generation X and Y.

Although the Southeast represents the largest share of population and industry establishment density, Alabama is underrepresented within the industry, thus creating unique opportunities in urban centers, such as Birmingham and limiting barriers to market penetration.

Demand Determinants Demand for the Clothing Boutiques industry’s products is determined by a variety of factors. First and foremost among them is consumers’ willingness to spend money on clothes. Apparel is partially a staple consumer product since consumers need clothing for day-to-day living. But more fashionable, higher-end or designer clothing can be much more than a utilitarian purchase. Fashion is often a luxury purchase, and one that consumers indulge in when they have more pocket money to spend. Further, many clothing boutiques cater more to the luxury market, providing a specific selection of higher quality products for higher prices. As such, macroeconomic metrics like per capita disposable income and consumer confidence can in part determine demand for industry products.

Aside from the amount of money consumers spend on clothing; their preferred method of shopping also determines demand for clothing boutiques. Shoppers also have the option to buy their apparel from department stores, big box retailers and from online retailers. If these competitors’ product or price offerings are more attractive to consumers, demand for clothing boutiques stands to stop. Similarly, if consumers prefer other shopping methods, for example online shopping because of its convenience, demand for clothing boutiques may also drop.

In addition to these economic factors, fashion trends also play a part in determining demand. For many consumers, shopping patterns are guided by certain brands. If these brands are more readily available in boutique shops than in department stores or online, consumers may do their shopping at boutique stores over industry competitors.

4.4 Competitive Edge

Consumers have a plethora of options for where to conduct their apparel purchasing and, as a result, competition in the Clothing Boutiques industry is very high. Clothing boutiques face competition both internally (from other clothing boutiques) and externally (from operators in other industries).

Internal Competition Industry operators compete on a variety of factors including price, brand awareness, store location, product selection, quality of store personnel and relationships with customers. Because operators are all single-location enterprises, it can be difficult for a boutique to stand out among the crowd of independent apparel retailers. Developing a unique store style or product selection and ensuring that the sales staff is knowledgeable and personable are a few ways boutiques can gain an edge over competitors. Price is primarily a competitive factor among boutiques of the same target market or product selection. For instance, a men's suit store would not compete with a men's casual shop, nor would it compete with a women's clothing boutique.

External Competition External competition is often the larger competitive threat to industry operators. Independent boutiques face competition from larger clothing retailers like department stores, chain clothing stores and online retailers. One of the major external competitive factors is brand awareness. Consumers in the market for new clothes are first likely to consider buying from the Department Stores, which conducts extensive advertising and has managed to make their brand name visible to consumers.

In addition to well-established brick-and-mortar retailers, competition is increasing among operators in the E-Commerce and Online Auctions industry. Shopping online allows consumers to seek out products and discounts remotely from a computer without having to spend the time visiting physical shops. As online retailers develop better marketing techniques to reach consumers and as they develop better processes to display products and sizing on their online and mobile platforms, competition from this industry is increasing.

4.5 Marketing Strategy

Market share concentration in the Clothing Boutiques industry is very low. By definition, industry operators are small, single-location enterprises. These businesses tend to specialize in a specific product or collection or cater to a specific customer base. As such, the industry is highly fragmented, and IBISWorld estimates that no single player makes up more than 1.0% of total industry revenue.

There are an estimated 34,563 clothing boutiques in the United States, and a boutique earns on average $783,230 in annual revenue. More prominent players with a large retail space and a high number of employees can earn up to several million dollar in annual revenue. On the other end of the spectrum, smaller players in the industry, including owner-operator businesses with no employees, can earn as little as $100,000 or less in annual revenue.

Key Success Factors Accessibility to shoppers: Boutique locations must be easy to access for a store's target customers, and choosing a suitable retail location is crucial to success. Knowledgeable salespeople: A major draw of clothing boutiques is the intimacy of the shopping experience, and salespeople must be able to speak with knowledge about the store's products to make sales. Having a loyal customer base: Clothing boutiques that can develop relationships with customers and have them become repeat shoppers are able to count on regular sales. Attractive window and in-store displays: Clothing boutiques with attractive displays are better able to entice customers and provide an engaging shopping experience.

5.0 Management Summary

The Company Project is owned and operated by managing partners possessing extensive experience in the fashion, retail, and management industry. The experience includes, but is not limited to management for Fortune 500 retail corporations, international fashion and consulting, and entrepreneurial efforts developing employment opportunities.

5.1 Personnel Summary

The Company employs a variety of personnel staffing with plans to divide managerial responsibility allowing flexibility for management to participate in networking events, buying seasons, and cultivating relationships that will result in an increase in revenue.

Managing partners 1of 3– responsible for day-to-day operations of the business including human resources, financial management, marketing, and customer relations.

Full-time Representatives– assist partners with day-to-day operations of the business in addition to servicing customers at the physical location.

Part-time Representatives- assist full-time representatives, as well as servicing customers visiting the location.

Interns (Photography, graphic design, public relations, and web design- carry out the structured efforts set in place by the managing partners to maintain unique visibility and specialized internet and media press release content.

6.0 Financial Summary

· Direct Cost of Goods Sold – includes inventory

· Payroll – salaries paid to all employees

· Sales, Marketing and Other Expenses – funds allocated to promote the business brand

· Accounting Service – retainer for accountant and allocations for tax filings

· Utilities – electric, water, etc. for office space

· Insurance – inventory and fire hazard

· Office Supplies – paper, ink, etc.

· Payroll Taxes – approximately 25% of Payroll

· Other – payment of current liabilities

Potential Profit and Loss

2016

2017

2018

Sales

$187,500

$215,625

$247,968

Cost of Goods Sold

$100,000

$100,000

$100,000

Gross Margin

$87,500

$115,625

$147,968

Gross Margin %

46.67%

53.62%

59.67%

Expenses

Payroll

$33,500

$33,500

$33,500

Sales, Marketing and Other Expenses

Accounting Service

Utilities

$10,000

$10,000

$10,000

Insurance

$3,000

$3,000

$3,000

Office Supplies

Payroll Taxes

Other

$2,000

$2,000

$2,000

Total Operating Expenses

$48,500

$48,500

$48,500

Net Profit

$39,000

$67,125

$99,468

Net Profit/Sales

20.80%

31.13%

40.11%

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