Business Plan on "Business Plan for Online Retailer"
Business Plan 4 pages (1160 words) Sources: 5
[EXCERPT] . . . .
Business Plan for Internet Site Selling Women's ClothesBusiness Plan for Online Retailer
Any firm willing to initiate its business operations at the online platform needs to conduct a full-fledged analysis of its internal and external environment. Similarly, it has to develop a comprehensive business plan to enter the market in an effective and competitive way. A business plan consists of an analysis and description of the venture, identification of the target market, statement of financial needs (estimation of the preliminary expenditures), marketing plan (including the marketing mix strategies), production planning, organizational planning, assessment of internal capabilities, weaknesses, opportunities, and potential risks (in the light of SWOT analysis), financial forecasting, and activity timeline. A well-designed business plan helps a company's Management in evaluating and implementing its new venture in an effective and efficient fashion.
Description of the Venture
This plan is for the creation and selling of a specific line of women's clothing, i.e. casual and dress T-shirts. The store will be called as "Casual-Tees" and the targeted market consists of women, aged 18 to 40 years.
Tee-shirts were chosen for various reasons, including:
They are growing as a fashion trend.
They come in easy to fit sizes.
They are a "known" item since they are worn worldwide.
They can bear a substantial markup.
They are inexpensive to ship.
The "Casual-Tees" store will cater to women w
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"Casual-Tees" will feature several lines of Tee-shirts from "mottos and slogans" that sell for $20 to $25 all the way to luxury silk Tees that sell for $300 and up. The reason for choosing to put this business on the Internet is found in an article by Frook and Karpinski (1999) who point out that "Business on the Internet reached $43 billion in 1998, growing to $109 billion by the end of this year and a whopping $1.3 trillion by 2003" (Frook & Karpinski, 1999, 14).
2. Statement of Financial Needs
The following startup expense items have been determined:
Table 1: "Casual-Tees" Start Up Expenses
Sr. No.
Particulars
Estimated Expenditures
1
Domain Name Registration
2
ISP Contract
FF 16,000 (One year)
3
Website development
FF 80,000
4
Business licenses/legal
FF 8,000
5
E-Commerce Setup
FF 8,000
6
Inventory
FF 80,000
7
Marketing
FF 80,000
8
Promotion
FF 40,000
Total
FF 312,280
It would be smart to add a 20% contingency to this startup amount bringing the total to FF 344,280. The amount of capital on hand to start the business is FF 88,000, resulting in a financial need of FF 288,000.
3. Marketing Plan for Casual-Tees
Marketing on the Internet is essential for success and yet many companies that are successful in land-based, face-to-face operations are finding it difficult to market on the Internet. The first difference is that the Internet requires an information-driven, soft-sell approach that provides answers to questions without "pitching."
According to an article on reaching the Generation X market (identified in initial research as one solid market segment for Casual-Tees "the soft-sell approach works with [a] mostly twenty-something customer base and [requires] efforts to create a comfortable, inviting atmosphere for all patrons...Even… READ MORE
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How to Reference "Business Plan for Online Retailer" Business Plan in a Bibliography
“Business Plan for Online Retailer.” A1-TermPaper.com, 2013, https://www.a1-termpaper.com/topics/essay/business-plan-internet-site/6562785. Accessed 1 Jul 2024.
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