National Institute of Fashion Technology Hyderabad

Assignment on Business Ideas

Submitted to:Mr. I. Chakrapani (Faculty of FMS)

Submitted by:Sadhana Yadav (MFM)

Business Plan
A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their annual return in that timeframe. I have chosen the 4 business plan which is following: Dresses on rent Fashion blog Embroidery service Senior citizen clothing

1. Dresses on rent
My first business idea is provide dresses on rent. Many designer dresses have high cost, placing them far outside the financial reach of many customers. This creates more than ample opportunity for the determined entrepreneur to start party wear dresses rental business, which can be easily conducted from a home based location. Marketing the business can be as simple as creating a full-color catalog that features pictures and descriptions of the dresses for rent and distributing the catalogs throughout the community where they will generate the most interest in the service.

Marketing Mix
Its marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.

Pricing- The services will be priced below the alternative of purchasing the garments. Distribution- All services will be administered from the company's store. Advertising and Promotion- Advertisements in different media as well as a website will be used.

Customer Service- It recognizes that a party is a special occasion and will treat customers like they are royalty.

7 Domains
Market Domain/Macro Level: Market Attractiveness
A persons social calendar inevitably includes events that require dressing up. There's the dress to think about, of course, plus matching shoes, accessories too. It's all fun and frivolous until one sees the bill. The concept is simple: Rent a dress of your choosing for a few days, wear it, and then return it. Pay a small amount extra for insurance (sometimes included in the price) in case you spill the dress. It's a captivating concept that's been gaining steam in these tough economic times, especially with the ease of ordering online. Its a very fresh business and has great future.

My target our customers in the mid-to-upper class. The groups of people who lease dresses are our final consumers. Since I focus on the quality of the services and customers credibility, I win the praise of clients. This market is brand new. Currently, there are only eight different west coast companies that rent wedding dresses. These companies have grown quickly, from three to eight within a year. Almost all weddings utilize dresses so the demand is there. All that is required is the willingness to be guided by practicality and break away from tradition.The current pioneers have seen 35% increases in sales per month. The only thing that has been holding them back is awareness. When the right demographic hears about the idea of renting wedding dresses, they are very enthusiastic about this and quickly sign up.

Market Domain/Micro Attractiveness

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It has long been an accepted practice for men to rent formal wear, but until recently, women looking for a glamorous dress for an evening out were left to buy one or borrow from a friend. Designer dresses have high cost and it is out of the reach of common people, not everyone can afford it. For them here is the simple solution, providing those dresses on the rent in low cost. This business is beneficial for every segment especially for the women. The store included all kind of party wear dresses for men and women with matching footwear and accessories. Now a days people are becoming more and more fashion conscious, this business has bright future. Its a growing business and growth will be continuing as the fashion awareness grows.

Industry Domain/Macro Level: Industry Attractiveness

Dresses rental business is a growing business. Its beneficial for the both customer and provider. Customers get benefited by getting designer dresses by spending little amount of money. Its very easy to start this business. It can be start at the home level and then can be penetrate from there. To start building an inventory base of dresses, shoes and accessories, shop owners can save money by visiting local consignment shops, estate sales and even online auctions. One thing is important that women renting dresses often want the latest fashions, so purchasing new styles as well can be a good investment. Its a fresh business in India so it has only few local rental shops are as a competitors.

Industry Domain/Micro Level: Sustainable Advantage

This age-old wardrobe conundrum has inspired me to deliver a new solution for the modern woman who wants a shiny new dress to wear for a special occasion, without having to spend a

small fortune to do so. I am sourcing my dresses from the designers collection and local boutiques. I have partnership with a nearby dry cleaning service and tailor who can clean or repair the returned dresses. I establish that so I can send all of your business to one shop, so that I can get a price break and possibly customer referrals.

Team Domain: Mission, Aspirations, Propensity for Risk

I am providing its customers with reasonable, practical, alternatives to purchasing dresses. Tradition is the only thing that demands party purchase the dresses. Practicality is forcing people to reconsider this blindly accepted premise. I seeks to fulfill the following benefits that are important to customers.

Selection- A wide choice of dresses and accessories are offered. Affordability- The pricing structure will provide high quality merchandise at reasonable fees. Customer service- Choosing and fitting dresses is not easy, therefore we will hold the customer's hand as they journey through this monumental process.

Team Domain: Ability to Execute on Critical Success Factors

It will provide rentals for all the necessary dresses required for a party. In addition to the dresses, shoes and accessories will be rented as well. These items are particularly useful for rentals because the dresses are only worn once for that specific occasion. In addition to the dresses which can be rented or bought, it will have formed strategic relationships with local service providers for the following services: invitations, flowers, catering, and photographer. All of these service providers are researched and tested to ensure top-level service.

Keys to Success

Selection- A wide selection of dresses must be offered otherwise the idea will be shunned because it will be too pedestrian. Customers do not mind renting a dress, they will however mind renting the same dress as their neighbor, and their neighbor, and their neighbor.

Professional alterations- While the dresses are to be used by a wide range of people, they must fit each current customer impeccably. If the dress doesn't, then the sub-par nature of the rental becomes all too obvious.

Professionalism- When people are making decisions regarding their party; they do not want to feel like they are cattle being herded through the corral. Professionalism and customer attention is required to make each customer feel like this is their special occasion. Critical Issues It is in the infancy of an industry and must act accordingly. While the whole business model is quite progressive and risky, business decisions should be prudent. It is one thing to be cutting edge; it is another thing to act fiscally foolish. it will pursue growth in a rational, prudent manner.

Team Domain: Connectedness Up, Down, Across Value Chain

I am sourcing my dresses from designer collection and local boutique. In addition to the dresses which can be rented or bought, it will have formed strategic relationships with local service providers for the following services: invitations, flowers, catering, and photographer. All of these service providers are researched and tested to ensure top-level service. I have partnership with a nearby dry cleaning service and tailor who can clean or repair the returned dresses. I establish that so I can send all of your business to one shop, so that I can get a price break and possibly customer referrals.

SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing it.

Strengths

First to market in Delhi A practical, efficient way to have a party while minimizing sunk costs. High quality products.

Outstanding alterations allowing all products to be fit to the wide variety of body types.

Weaknesses

The company lacks visibility. The whole industry is so cutting edge it lacks consumer awareness. The requirement to generate awareness, not only about the company, but for the industry as a whole.

Opportunities

Similar companies in other markets have seen explosive growth. Rationality.

Threats

Conservatism. Traditionalism. Competition.

2. Fashion Blog
Blogging is a very productive past time. Not only does it help to get ones name out there and build your credibility, but it also opens the flood gates for industry connections and for his styling capabilities to continuously evolve. A fashion blog can cover many things such as specific items of clothing and accessories, trends in various apparel markets (haute couture, prt-porter, etc.), celebrity fashion choices and street fashion trends. They cover fashion at all levels from the biggest names to the smallest indie designers. Many fashion blogs could also be categorized as shopping blogs, since "most of the conversation is shopping advice, liberally laced with consumer recommendations". This is very similar to the content of fashion magazines. Some retailers in the fashion industry have even started blogs of their own to promote their products.

Marketing mix
Its marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.

Pricing- The services will be providing at free cost to its customers. Distribution- All services will be administered from the website. Advertising and Promotion- Advertisements in different media as well as a website will be used.

Customer Service- its customers are young generation who blindly follow the fashion.

7 Domains
Market Domain/Macro Level: Market Attractiveness
The blogosphere has indeed opened up many doors for the fashion industry, one of which is allowing the ordinary people to partake in the 'elite' fashion world. The rise of the fashion blogger has evolved [fashion] from an aristocratic business dominated by omnipotent designers into a democratic one in which everyone has access to stylistic clothes...the average people, too often estranged from fashion, is not taking ownership of it. Unlike fashion-focused magazines and television shows, fashion blogs are able to be updated more frequently, keeping up to date with the with new and up-and-coming fashion trends. Not only are fashion blogs easier to

access, many fashion blog readers (interviewed in Swedish fashion management study) stated that fashion blogs are far more personable and are more 'up to date' on both local and foreign trends. These blogs are granting unlimited access to the fashion world to anyone that has a connection to a computer.

Market Domain/Micro Attractiveness

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Fashion is a multi-billion-dollar industry that has considerable impact on the way ordinary people dress and present themselves. But there is more to fashion than the different articles of clothing; fashion is made up of designers, buyers, retailers, editors, and columnists. While all parties work together to create an image, all of these parties can simultaneously be affected by outside forces, especially blogs. Fashion is trend-driven and fashion blogs provide a new way to follow and oversee these fast-paced trends, it is likely that the blogoshepere will have a considerable long-term influence on the industry, as the number of fashion based blogs continue to grow.

Industry Domain/Macro Level: Industry Attractiveness

Fashion blogging is rapidly becoming a highly profitable new media business, with a mixture of independent blogs and well-funded fashion blog networks competing to dominate the space. Other commercially successful independent fashion blogs include The Budget Fashionista, which reportedly brings in $600,000 a year in revenue and The Bag Snob, which "generates a six-figure income, mainly from advertising". By 2008 SheFinds.com was generating $400,000 in revenue per year. Fashion blogs are increasingly becoming a part of the mainstream fashion press. An increasing number of fashion bloggers were invited to designers' fashion shows in 2006 compared to previous years. Large advertisers like H&M and Gap have bought advertising on fashion blogs, and other large companies like the underwear-maker Jockey are targeting fashion blogs in their PR efforts. Many big media organizations have started fashion blogs and the best fashion bloggers are now also being offered mainstream media positions.

Industry Domain/Micro Level: Sustainable Advantage

Recent media reports state that some fashion blogs have become highly profitable, and that the influence of fashion blogs within the industry is growing. It could be said that fashion blogging is now developing from an interesting hobby, to a viable new media business.

Team Domain: Mission, Aspirations, Propensity for Risk

To provide the latest information about fashion industry to its customer is our primary mission. There are many fashion blogs are already available. So it is a very difficult task to differentiate it from the others. It will require quick response and updating.

Team Domain: Ability to Execute on Critical Success Factors

Recent media reports state that some fashion blogs have become highly profitable, and that the influence of fashion blogs within the industry is growing. It could be said that fashion blogging is now developing from an interesting hobby, to a viable new media business. Fashion blogs are increasingly becoming a part of the mainstream fashion press. So its a very safe and growing business.

Team Domain: Connectedness Up, Down, Across Value Chain

Many of these fashion blogs also serve as a free source of advertisement to both designers and fashion retail stores. These free advertisements have had a heavy influence on fashion designers of various standings, helping to give a name to small up-and-coming designers as well as bringing high-end designers back to life. While the majority of the independent bloggers do not get paid to mention or critique designers' products, many of the top fashion bloggers are said to have received free samples of the designer pieces that they have mentioned in their blogs.

SWOT Analysis
SWOT analysis is following:

Strength

Hit-the-trend styles Affordability availability in clothes range Numerous options in collections and styles, e.g. vintage boutigues Choices at multiple price points - for different choices of styles and qualities

Weakness

Lack of technical knowledge (i.e. html, PHP, databases) Lack of blogging knowledge (i.e. pings, trackbacks) Poor writing skills Poor online marketing skills

Opportunities

Joining a blog network Joining an advertising network Creating a new meme Exploiting a new niche Leveraging a new service

Threats

Technical problems (i.e. server downtime, loss of data) Topic becomes obsolete SEO problems (i.e. Google drops your blog) Lack of time to blog

3. Embroidery service
Recent technology changes in the multibillion dollar embroidery industry have made it very easy for even a novice to start an embroidery service. Embroidery machines are now available in single or multihead units enabling the operator to embroider six items at a time or more. Additionally, modern embroidery equipment is computer assisted, meaning that the designs can be created using specialty software and a computer and then automatically transferred to the embroidery machine to complete the stitching of the design. The business can easily be operated from a home based location. However, there should still be a small showroom established, even if it's in the home, to display items that can be embroidered as well as samples of embroidery options. Marketing the service can be as easy as creating a catalog and marketing brochure and distributing the package to potential clients such as sports associations, charities, corporations and clubs. Furthermore, consider hiring a commissioned salesperson to solicit or cold-call for business as this can be a very effective and profitable marketing option.

Needed Equipment
An embroidery machine, necessary fixtures for your shop (or home studio), an inventory of items (T-shirts, hats, jackets, etc.) to embroider

Marketing Mix
Its marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.

Pricing- The services will be priced according to the embroidery and thread work. Distribution- All services will be administered from the company's store. Advertising and Promotion- Advertisements in different media as well as a website will be used. Customer Service- This is for the customer who has primarily small business.

7 Domains
Market Domain/Macro Level: Market Attractiveness
Embroidered, custom apparel and accessories is a huge business that is easy to start with an embroidery machine and basic business skills. While it can be a little tricky to choose equipment and find the right customers to target, it's possible to start small in spare time and build a full time embroidery business. The embroidery industry has been growing at a tremendous pace over the past 10 years. The market publications are unable to put a definite dollar amount on the total sales in the industry or an estimate on the number of embroiders in the United States. One of the industry publications puts together an annual survey to try to provide their readers with some statistics to describe the industry. This survey is a subset of their subscriber population. The biggest impact on the embroidery industry over the last 4 years has been the use of computers in the area of digitizing designs. The mechanism for creating custom designs for customers has become more user friendly through the use of computer technology and scanners. Many more companies have gotten into the software business selling digitizing software, creating more competition in the market.

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There will continue to be changes and enhancements in the area of digitizing software. More and more embroiders will purchase the software to do the easier designs in-house. The corporate market is still new and growing. Associations, both professional and recreational, small companies, and entrepreneurs are having their company logos digitized and stitched. The athletic sport market is a staple of the industry and the youth market is growing. Industry leaders are concerned about the growth of in-house digitizers. Most of the new digitizers have not had professional training, so the quality of embroidery may deteriorate. Attempts are being made to offer training at trade shows, through videos, seminars, and through industry trade magazines. Training has been an area that has been lacking in the industry in the past.

Industry Domain/Macro Level: Industry Attractiveness

Its customer is primarily the small business owner who needs (or wants) to present a professional image. Many in the construction-related trades are interested in hats, shirts, and jackets sporting their business name. We will target business types that have used our services in the past like construction companies, retail shops, companies with professional logos, companies who have a history of giving embroidered hats to potential and current clients, camps, and individuals. We will not heavily target individual personal embroidery, but will target groups and companies that would purchase 1-3 dozen of an item.

Industry Domain/Micro Level: Sustainable Advantage

It is difficult to obtain definitive numbers on the size of the embroidery industry, because of the number of home-based businesses and those embedded within another business environment. All indicators, as stated elsewhere in this document, show that the majority of embroiderers expect sales to increase in 1997 and the outlook is bright.

Team Domain: Mission, Aspirations, Propensity for Risk

This is an independently owned business that will provide honest, dependable and quality embroidery service to businesses and individuals. This business will operate in a clean wellmaintained environment that will welcome its customers. The focus will be on personal contact with the customer, providing a second-to-none service. Embroidery equipment can cause serious injury if used improperly. Only allow trained personnel to operate equipment and keep bystanders at a safe distance. Embroidery equipment is expensive and requires periodic maintenance. Follow all manufacturer's recommendations to keep equipment running properly. Failure to do so may result in expensive repairs.

Team Domain: Ability to Execute on Critical Success Factors

My business goal is to provide customers with quality and a second to none service. I in this business to stay and am excited about my business potential in the industry. This business has great potential. Embroidery will be always in demand due to changing fashion environment. I will start with the one or two machines and then increase the size of the business with the growth of it.

Team Domain: Connectedness Up, Down, Across Value Chain

My potential customers are who has primarily small business. We take order from them in 2-3 dozen size. The required materials and machinery will be provided by the vendors.

SWOT Analysis
Strength Strong Management Innovative Cost advantage Uniqueness

Weakness Weak brand Lack of experience

Opportunities Online market New technology New market New services New product

Threats Bad economy Substitute products Mature market Intense competition

4. Senior citizen clothing

Older consumers used to be categorized as a single group called senior citizens. Over time they have been labeled in a slightly more positive light: Silver Foxes, Third-agers or Thirdmooners. Todays 50-year-olds are completely different from any other generation of 50-yearolds. Isolating groups within this market is more difficult than analyzing younger categories because with age comes a more pronounced sense of individuality. This challenge is especially prevalent nowadays, where the rules on parenthood, employment and other social delineators have changed so dramatically during the last 50 years. Any disparity between the lively and the lackadaisical is colored by lifestyle choices characteristic of the last twenty years. Primarily and prominently, people are having children later and staying employed longer. Its just as natural now to find over-50s raising first children in infancy as it is for them to be admiring grandchildren. There are those entering early retirement, those still working, those starting entirely new careers, and those becoming new parents.

Marketing Mix
Its marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.

Pricing- The price will be according to the material used and category of the product. Distribution- The product will be distributed to the stores. Advertising and Promotion- Advertisements in different media as well as a website will be used.

Customer Service- My target customers are senior citizen whom age is more than 50.

7 Domains
Market Domain/Macro Level: Market Attractiveness
Though seniors are largely forgotten, they are now a demographic grossly overlooked on social media. Those 65 years and older are changing. They are living longer, more active, and becoming increasingly literate online. Our clothing for senior citizens is designed for easy dressing, comfort and style while addressing the challenges of potential decreased mobility,

need for maintenance of independence and the possible need for assisted dressing.While many disabled adults find our adaptive garments the solution to their dressing issues, our vast majority of customers are age 80 plus, with a growing number in their 90s and beyond. We therefore focus on the styles, fabrics, prints and designs that women and men in those age categories seem to prefer.

Market Domain/Micro Attractiveness

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It provides a wide range of garments for the senior citizen and allows them to choose dresses according to their taste and fashion. Its a one stop shop for the senior citizen.

Industry Domain/Macro Level: Industry Attractiveness

This is fresh and growing market. It is very easy to enter in this market. There is less competition in this market.

Industry Domain/Micro Level: Sustainable Advantage Team Domain: Mission, Aspirations, Propensity for Risk
Our mission is to provide best quality product at low price.

Team Domain: Ability to Execute on Critical Success Factors

Honesty and reliability are key factors with seniors. Avoid overly gimmicky marketing approaches with numerous restrictions. While lure in seniors initially, one not likely to keep them as long-term and repeat customers.

Team Domain: Connectedness Up, Down, Across Value Chain

The garments will be collected from the different vendors who specially manufacture garments for the senior citizens. These garments will be distributed by the retail stores.

SWOT Analysis
Strength
Innovative High quality Unique product Growing market

Weakness
Lack of awareness Lack of experience

Opportunities
Technological advancements in machinery

Threats
Competitors Acceptance Economy

Best Business Idea

In my opinion senior citizen clothing is the best business idea among the all given 4 ideas. Now a days people are becoming more fashion conscious in every age group. Senior citizens have more money and time than the other age groups and they are ready to spend their money to fulfill their interest. Senior citizens are becoming more conscious about their health and want to look younger and fashionable. Now the people are getting married late. They plan their life properly. These all reasons provide good opportunities in this business. It is a fresh idea and have less competitors. Because of increasing the fashion awareness and interest among the people, acceptance will not be a big issue.