Retail Boutique Business Plan Simplified

Retail Boutique Business Plan Simplified

Retail Boutique Business Plan Simplified - Whatever you may call it. Women's Clothing Boutique Business Plan Sample, Business Plan for a Start-Up Clothing Store, Clothing Retail Business Plan Sample, Free Boutique Business Plans, Free Clothing Business Plans, Clothing Line Business Plan - Free Template for Retail Clothing Store, How to Write a Clothing Boutique Business Plan or  Retail Boutique Business Plan Simplified.

You may also call it Fashion store business plan, Clothing store, Online boutique, Women, Men, Boys & Girls, infants clothing stores or even special event fashion store, but I see them as series of business ideas in this line of business - Retail Boutiques Business, and any one of them qualify to use the guidelines, strategies, and mental reasoning giving in this Business Plan Sample to make a business plan.

Retail Boutique Business Plan Simplified

Again, related to Retail Boutique Business Plan simplified are business ideas such  as are in fashion boutique business plan, clothing boutique business plan outline, clothing company business plan, online clothing store business plan, fashion business plan sample.

If you have followed me in this my brainstorming business ideas generated in the above paragraphs, this post is for you. The next line of action in this business plan is to address the preliminary business start-up issues, before we get into the main body of the  business plan.

What is  a Boutique?


Wikipedia define a boutique as "a small store that sells stylish clothing, jewellery, or other usually luxury goods"

In Nigeria these include foreign cloths, special local made fabrics, hand designed fabrics, jewelries - of all types for men and women, hand bags, shoes, perfumes, and others.

This means that a boutique is different from ordinary clothing shops or fashion stores. This type of business has a target audience, and its location are also in special places. Economics tells us that the demand for luxury goods grow at a higher proportion than increase  in income for the class that enjoy it. The more their prices go up the more appealing they are to those who want then. It's normally for a "show off".

Retail Boutique Business Plan Simplified


Start-up Preliminaries:

One preliminary thing that is important in this type of business is that it operates with full legal status. That is to say, they are majorly incorporated businesses.

The second thing is that it's location is always in big places like in the Hilton Hotel or Sheraton Hotel, Airports, big malls, expenses part of the open market, and the like.

The third aspect is that, it's always highly capitalised. Whether capital is raised by the owners, or from  investors, it's always highly capitalised. It could be thinly capitalised, that is, highly geared, in which case the borrowed or loan capital could be over 60%. The initial capital of this business runs into millions of Dollars/Naira. So before you start the business, you have to be sure of your capital. Details of this must be given in the Executive Summary of the business plan.

Retail Boutique Business Plan Simplified


THE BUSINESS PLAN PROPER:

Highlighted on this part of the post are the guidelines, procedures, and formats you could adopt in making your business plan. The sample is in a way that you can write your own plan by your good self.

However, where you have difficulties don’t hesitate to send in your comments through our comment box on this page and a good shortcut is for you to drop your e-mail address on our follow by e-mail platform by the right hand corner of this page. 

If you want me to write it for you contact me on +234 8034347851 or through cfmclimitd@gmail.com.

The Executive Summary:

This is the first important aspect of the business plan. It contains the summarises of the entire contents of the business plan, including the  purpose of the business plan,  and summary of the operational, marketing and the financial forecasts. 

As noted above, details of the funding of this business must be giving here. Remember that thin capitalised businesses have their disadvantages on the part of the investors and the tax authority whereby 60% or more of the profit is devoted to servicing borrowed funds.

For such businesses it’s very imperative that you highlight here what you will need the fund for. Detail of your CAPEX ( Capital expenses) and OPEX ( operating expenses) must be shown

This may take some  pages. It must be concisely written highlighting the relevant figures. 

Business Overview:

This will give every information about the nature of your business, and such items would emphasis on the following;

The name and address of your business
The business Mission
The business Vision
The legal structure of the business - ownership stake holding inclusive

The narratives here have to be brief too.

Retail Boutique Business Plan Simplified



Product and Services:

You must give every details of your products here, including every value chain ( inputs demand and supply) details. Remember the type of audience you are going to face.

The truth is that this is why you are in business. You are in business to render these services to mankind and from there make your own livelihood. So it's an important aspect of this plan. If you can't project your products or services properly, then you are yet to catch the vision of the business.

At this section list out your products and services  and explain them in details:

Production/Procurement and sale – types, makes, technology, users of particular wares – Men, women, singles, couples, governors brand, presidential brands, executive brands, CEO’s brands etc.

Management Team:

Give full details of your management team, their profile and the roles assigned to them in this engagement. Their academic qualifications and work experiences are to be highlighted. Mention peculiar attributes of each especially special training, social competencies and personal skills.

You can start by listing out the component of the management structure you want to be in place like the following:
  • Chief Executive Officer
  • Purchasing Manager
  • Shop Attendant
  • Equipment operators
  • Marketing Executive
  • Human Resources
  • Customer Service Executive
  • Accountants
  • Security Guard
  • Truck Driver

You can design an organisational structure to depict this.

Attach by every title the relevant required qualifications and working experiences. You could also give schedule of their key responsibilities

Retail Boutique Business Plan Simplified



SWOT ANALYSIS:

SWOT is the acronym for Strength, Weakness, Opportunities, and Threat. Every business operates under these conditions. It’s what you make out of it that promotes the business.


Retail Boutique Business Plan Simplified

Retail Boutique Business Plan Simplified

SWOT analysis may detect how you will structure your business. Special Franchise won, population (demand), business location, enough capital or employment of best hands, could be the strength of the business. 

The strength of the business will help it maximise the opportunities available especially within and around the business environment, whose combination will  help the firm withstand the threats in form of competitions and environmental factors. An inclusive/comprehensive approach will enable the firm achieve its goals.

The Market:

The next thing is the market.

From economics principle, we understand that each product item is a market of itself. Therefore Retail Boutique Business Wares constitute a market. You must be able to forecast how you will penetrate this market and get a reasonable market share.

A research into this market will tell you what wares that are in existence and how much their demand is. It will also show you their various brands, types and makes. In fact, you should be able to know and exploit the knowledge of the entire value chain holistically.

With these knowledge you will be able to know who your competitors are. Competitors are not your enemies, they are businessmen and women like you. But one particular feature in all of you is that you are dragging for market share. So you must take measures that will enable you drive large market share. Your target market and your marketing strategies will help you achieve  good market share.

Retail Boutique Business Plan Simplified

Target Market:

As noted in the market sub-topic, your knowledge of the market will now help you create your target market.

Enumerate your target market and its segmentation. The segmentation could follow the classes of products and could be those that address such customer classes as follows;
  • Ladies
  • Couples
  • Marriage engagement outfits
  • Pregnant Women
  • Infant Materials
  • And others
  • Executive Class
  • Governors Brand
  • Presidential Brand



Marketing Strategies:

As a matter fact, you must give details of your marketing approaches and special (strategic) approaches that you hope to employ to win reasonable market share here. This is the market drive strategies. The market segmentation illustrated above is a step in the right direction. 

Again, you could  adopt the following sales and marketing approach to win customers over;

  • Opening Ceremony: Opening or lunching the business in a grand style with a party for all.
  • Sending of  introductory letters alongside  your business brochure to organizations, households and key stake holders in the business environment
  • Variety of Stock: Ensure that you have a wide range of wares
  • Make use of attractive hand bills to create awareness and also to give direction to shop.
  • Position your signage / flexi banners at strategic places around 
  • Position  greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable you reward your regular customers
  • Engage on occasional fun show for Couples. 
  • Engage on occasional fun show  for marriage engagement ceremonies 
  • Prepare special packages for first time customers.
  • Place adverts on community based newspapers, radio stations and TV stations.
  • Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+  and other platforms to promote your business.
  • Brand all your official cars and vans and ensure that all your staff members and management staff wear your branded shirt or cap at regular intervals.
  • Read Also: Retail Business Plan

Note that what is strategic is innovative. It's your ability to even turn the above listed approaches to something novel. Try it.

Retail Boutique Business Plan Simplified


Payment Options:

Determine and select peculiar payment options that will favour your business. Such options as:
  • Payment with cash
  • Payment via POS
  • Payment via online bank transfer
  • Payment via cheque
  • Payment via bank draft

Financials Estimates and Feasibility Analysis:

Retail Boutique Business Plan: Financial Forecasts: 

A retail  Business Plan  like this needs to include  purchases and sales forecast, cash flow forecast, a projected profit or loss account and balance sheet for at least  three years. 

The figures you input here must be reasonable and realisable.  You must  avoid being over optimistic. Check the table below for the various forecasts.

Feasibility Measurements:

This aspect of the plan will show researches made in various aspect of the plan. The outcome will show whether the business will go on or not. If your business does not prove to be feasible here, you will have to redefine it. Where you can’t restructure it, it has to be abandoned. Make another choice. 
I will be referring to the following table in the relevant aspect of this plan sample.

Retail Boutique Business Plan Simplified

Retail Boutique Business Plan Simplified


Marketing feasibility:  We talked about market, market share and marketing above. This is the practical aspect of it. This feasibility study will contain facts and figures as to how to generate the turnover. Every marketing expenses and associated incomes  will be highlighted here.
See the turnover figures in the table for a period of 6 years. The variable costs are the direct cost of sales. That includes purchases, carriage inwards, and other direct expenses.

Supply chain Feasibility: This is still relating to market, market share and marketing strategies.  The supply chain feasibility will highlight the sources of the goods, services or raw materials needed for the production/procurement of the goods and services. 

The table above shows how the cost of sales ( variable cost) grow from time to time in relation to the turnover.

Certainly, every aspect of the business supply chain including supply of raw materials, related labour, transportation and other logistics will be highlighted here.  A lot of work - is it?

Break-even analysis:  This aspect of the business plan will give you the turnover/production units that will cover your operating costs. Since it’s an estimate, you can make it iterative until you get at a figure that gives you the break-even point. Usually that is where your total revenue equals your  total cost – a point of no gain, no loss. From this point you can  then plan how to enhance the business.

At 1,600,000 turnover level, the total turnover and the total expenses  and  variable + fixed  costs are equal. That is the point of break even. Notice that from there the business begin to make gain. While the variable cost grows in proportion to turnover, the fixed cost remain constant at all level of turnover, and that is what turns the hole exercise into profit.


Financial Analysis: This is where the entire business will be mirrored in an estimated financial statements. This is where you will produce the profit or loss account, balance sheet, cash flow statements, accounting ratios, financial assumptions etc.

A specialised aspect of a project requires also the engagement of professionals who specialise on the project. Complexities involved in business plan is not what you can handle on your own. If you contact me today, you will have your business plan in 7 days.

Retail Boutique Business Plan Simplified

Performance Ratios:

These are performance indicators. Both the business owner and investors watch them. In fact, the management team watch it too.

I think that A gross margin of 37% on average is good, while net margin of 23% on average is also good. No investor will reject an investment that gives 45% Return on Investment (RIO)

Your Conclusion and Recommendations:

The next aspect of this plan is to put down your time lines, conclusions, and recommendations. And is the time to write the executive summary having now known all that the business involves. 

You can now intelligently write the summaries in your Executive Summary part of this plan.

Milestone /Time Lines

These are benchmarks detailing what you plan to achieve and at what time. You could set out time table to achieve the following:
  • CAC Incorporation – completed
  • Raising of Required Capital – Completed/ in March
  • Opening of bank account - Completed
  • FIRS Registrations – Completed 
  • DAFDAC and other regulatory bodies registration – In progress
  • Staff employment -  in June
  • Office Leasing – In progress
  • Office furnishing – In July
  • Purchase of capital  fixed assets – tools – In progress
  • Opening Ceremonies – August 25th.
  • Others.

Try your hands in putting together your business plan by yourself. This Retail Boutique Business plan is a simplified one. I have tried to give you the guidelines you require to do one for yourself.

The difference is that as professionals, every business plan I do for your will bear ICAN's stamp which gives it the professional authenticity that no investor rejects.

Wishing you well in your business endeavours. 


Retail Boutique Business Plan Simplified

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