Business plan for a clothing shop
Verslo verslo planas.
Cover page. Executive Summary. Description of the Business. Vision / Mission Statement. Management. Organizational Structure. Category Review. Initial Marketing Plan. X. Initial Operational Plan. XI. Critical Risks. XII. Growth Strategies. XIII. List of References.
The clothing market is one of the markets in which companies have to be nimble and adaptable. This kind of business changes fast and can go from one direction it has been following for years to another within a short period of time. And it is up to companies and members of this industry to stay in business for it is a very profitable and there are new players that want to move up in market share.
Today’s clothes business is a lot more different what it used to be some 20-30 years ago. Consumers want products that appeal to them individually and are unique. Due to this the whole market is rapidly growing with new player’s small and big, online or offline appearing all over the world. And all of these new participants can compete on equal terms because of how far technology has come. It allows small businesses that only have online shops sell their wares all around the world.
The clothing and textile industry generates huge profits around the world. It reached almost 2,560 trillion dollars in 2010. And it is expected that the growth percentage will in double digits between now and 2020. The growth will mostly come from developing markets like Asia. In 2010 China alone produced 41.3 million tons of fiber with accounted for 52-54 percent of the world’s total production.
To be different in clothing business is a difficult task. Some try to do it by changing quality of the fabric or putting a brand name on it.
My idea involves something of the later. I would open a shop and an internet shop. The business will provide clothing and trinkets with an idea, a message of today’s popular culture, like music groups, films, animations and whatever is trending in the world.
The competition in Lithuania is non-existing. Regular clothing stores sell shirts, jackets with simple/generic designs. You can find shops like these all around town what would make mine different from the others is the theme. The only competitor is internet shops, like E-bay or Amazon. The clothing market will grow and grow because it has become a necessity for some people to buy even though they don’t need it. So opening a shop that offers something unique and is targeting younger audience in a market with no competitors is the right and smart thing to do.