Another common trend in the retailing industry of which clothing store falls under is the pricing system. A Business Feasibility Study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem. This clothing business is the focus of this feasibility study. 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. A feasibility report is a document that details the study of the profitability, feasibility, effectiveness of a proposed investment, and to evaluate the imminent business problem or opportunity. Thanks for watching! Handles any other technological and IT related duties. Transcription. Please note that the above projection might be lower and at the same time it might be higher. This is the summary of the SWOT analysis that was conducted for Mary & Mack Clothing Store™; Our location, the business model we will be operating on (one stop physical store and online store), varieties of payment options, wide range of clothes and other fashion accessories from local and international manufacturing brand, opening 24 hours a day and 7 days a week and our excellent customer service culture will definitely count as a strong strength for Mary & Mack Clothing Store™. This is determined by the market forces (demand & supply). 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. Ensures that the organization operates within stipulated budget. The marketing aspect is very vital when carrying out a feasibility study on how to start fish farming business in Nigeria. The business plan is often used as a tool to portray completely the business and its fiscal projections. We know we don’t have the capacity to compete with other bigger clothing stores and retailer, but we will ensure that the prices of all the items that are available in our clothing store are competitive with what is obtainable amongst clothing stores (boutiques) within our level and in our location. 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. We have conducted our market research and we have ideas of what our target market would be expecting from us. Mary & Mack Clothing Store™, is a family business that is solely owned and financed by Mrs. Marry Hennessey – Crowder and family. 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. No doubt data collected from customers goes a long way to help retail stores serve them better. The clothing store (boutique) industry is indeed a very large industry and pretty much thriving in all the parts of the world. Are you about starting a clothing store? It is important to state that, there is no company with a dominant market share in this industry. The Business Feasibility Although we may not be as large as the biggest clothing stores or retailers in the United States. 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. This is because of the need to cover up nakedness. 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. Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs. Mary & Mack Clothing Store™ is established with the aim of maximizing profits in the clothing store (boutique) industry and we are going to go all the way to ensure that we do all it takes to sell a wide range of clothes and fashion accessories from a wide range of fashion labels to a wide range of customers. Writing a professional feasibility study is good business practice, especially for companies that are planning on raising many millions of dollars and want to have the knowledge readily available to make an educated decision about a projects viability like a Apparel project. These are the areas we intend generating our start – up capital; N.B: We have been able to generate about $100,000 (Personal savings $75,000 and soft loan from family members $25,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. Meaning of feasibility study. In response to the ever growing demand for clothes and other fashion accessories, clothing store owners have opened additional stores thereby creating chains of stores across different cities. She has successfully managed several retailing business both in Los Angeles and New York prior to opening her own clothing store. Boutique Business Plan in Nigeria - Feasibility Study Sample for Clothing Business Boutique Business Plan in Nigeria - The following report and recommendation relate to the proposal of Ijekpoms authentic Boutique to establish a boutique at Main Market, Enugu State. Intuitively, our feasibility study and business plans are explicit. 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. We want to give people who patronize our clothing store (boutique) the opportunity to choose from a wide range of both locally and foreign clothing designer labels (brands) at highly affordable prices. We would need an estimate of $250,000 to successfully set up a standard and well stocked clothing store in Los Angeles – California. 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. They hypothesis is that the area of Leaside, North Toronto can support the opening of a tween clothing store. 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. This feasibility study aimed at establishing an alteration shop as an income generating project of TESDA Women’s Center (TWC). the feasibility of the business venture. 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. We are going to explore all available means to promote our clothing store. The industry is projected to grow at 3.1 percent annual growth rate. The industry is defined as single-establishment stores only. 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. It also provides information about all the equipment needed and the costs, including where to buy. Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations. Fashionista's clothing selections and exclusive personal style services include a detailed Style Assessment, which will ensure that our customers are well dressed. 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. There is hardly any human who doesn’t wear clothes. 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. We conducted our feasibility studies and market survey and we came to the conclusion that Inglewood – Los Angeles is the right location for us to launch our clothing store (boutique). The feasibility study is an evaluation and analysis of the potential of a proposed project. The clothing store (boutique) industry comprises of small retail stores that sells a limited range of clothing and accessories. They are always ready to expanded into new markets and of course adapt to the ever changing trend in fashion and increase sales. leading the development and implementation of the overall organization’s strategy. If you keep tabs on the clothing store business and retailing business generally, you would have noticed that It is now a common phenomenon for retail outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies. It may be the case that consumers in general aren’t willing regularly spend extra for an organic, homemade product. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customer base may grow to. 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. Changing fashion trends and of course consumer well-being is essential to industry growth because products are generally more expensive and rely on consumer discretionary incomes. If YES, here is a complete sample online clothing store business plan template & feasibility study you can use for FREE. 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. Setting up a Polo T-Shirts Manufacturing Unit financially and technically sound and viable exploring opportunities to value... For preparing financial reports, budgets, and overall direction – i.e the United States t wear clothes a factor... 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