Opening a Business in the Flea Markets

Retail Clothing Business Plan

1.0 EXECUTIVE SUMMARY

1.1 COMPANY

SOPAL Pte Limited start-up retail establishment that will sell fashionable Men/Women and Children clothing. SOPAL Pte Limited will be located in ______________, Singapore which is a popular destination. While our initial goal is to open retail store, expansion plans include potentially our retail store and/or building a well-recognized brand name. In turn, we would hope to penetrate a sizable portion of the retail market.

1.2 PRODUCTS & SERVICES

The fashion and retail industry tends to be overly youth focused. However, by closely following generational fashion trends as well as our own customers' purchasing preferences, we will tailor our inventory to meet the specific needs of our clientele on competitive/economical basis. We will solely focus on our styles, colors and fits to flatter, meeting the needs figure will be our specialty.

1.3 MARKET ANALYSIS

Presently, the retail price of wearing clothes are too high and the wages are around S$ 1,200/= to 2,200/=.  However, there is a potential in retailing the wearing clothes economical with good quality of products.  We will initially seek customers locally, but will increase our reach as we build our brand and secure our image with quality products in economical price. 

1.4 STRATEGY & IMPLEMENTATION

SOPAL Pte Limited recognizes the importance of marketing. And to that end, we plan to promote our retail business with an ambitious, targeted marketing campaign, which will include a print advertising and a direct-mail campaign. Our goal is to keep our marketing budget within the limits, and we will partner with local organizations such as the Chamber of Commerce etc., as often as possible.

1.5 MANAGEMENT

Following are co-owners and will co-manage SOPAL Pte Limited.  The details of them are given here under:-

S No.

Name

Qualification

Experience

1

2

3

4

__________ has worked ten years in the retail industry, including four years as the manager of an antique furniture shop. He earned a BA degree in finance from _________________.

____________ experience lies in the fashion industry. She’s worked with designers, wholesalers and retailers for roughly 20 years. _________ holds a BA in fashion merchandising from _____________.

1.6 FINANCIAL PLAN

Our company will earn revenue from our customers' purchases of our products. We have determined our break-even point will equal no less than S$12,500 in total monthly sales. We project our annual profits to reach S$130,000 by year three.

Our company will generate revenue from the retail sale of clothing and other merchandise. We will achieve month-to-month profitability within the first year.

1.7 START-UP FUNDS/SOURCES

SOPAL Pte Limited generates start-up funds through personal investments.  Start-up funds will be used for renovations, inventory and operating expenses such as rent, utilities and payroll. Further, our initial investment will also be used to purchases products which will produce future benefits for the company.

2.0 COMPANY

2.1 COMPANY & INDUSTRY

SOPAL Pte Limited will be located in ______________, Singapore. Our company is a retail establishment selling economically fashionable Men/Women's and Children quality of clothing to up-and-coming generation. Our business operates within the retail industry. and is classified under “Piece & Sundry Goods” code ________ – Men’s/Women's  and Kid’s clothing.

2.2 LEGAL ENTITY & OWNERSHIP

SOPAL Pte Limited is a Partnership/Multi-member basis Limited Liability business entity. Following are the company's principle owners and hold equal shares of ownership in the company:

            1.

            2.        

            3.

            4.

2.3 COMPANY HISTORY TO DATE

The Company is a new business aimed at providing Men/Women and Children stylish clothing options to buy and wear. As the company's founders, we found that current wearing clothes market is missing the mark. In fact, most clothing shops for the 55+ set are still selling clothes that our grandmothers would have worn.  We recognize the need for a shop that caters to the up-beat, fashion-forward to the generation of competitive quality products on economical in retail.

2.4 FACILITIES

We will be able to conduct all aspects of our business. This includes deliveries and shipments, inventory management and administrative duties, buying and marketing.

2.5 KEY ASSETS

Our key assets are our co-owners, ______________ and ___________, who bring tremendous experience and relationships to this business.

Once SOPAL Pte Limited is launched, our primary asset will be our brand, which will convey style, quality and a great shopping experience. In the long term, it is this brand that will separate SOPAL Pte Limited from other retailers.

3.0 PRODUCTS OR SERVICES

3.1 DESCRIPTION

SOPAL Pte Limited will sell a combination of widely recognized name brands as well as clothing lines from select fashion designers. We will closely follow generational fashion trends as well as our own customers' purchasing preferences. Moreover, we will tailor our inventory to meet the needs of our clientele. Solely focusing on the styles, colors and fits to flatter the Men/Women and Children figure will be our specialty. While apparel, such as business clothing, casual wear, jeans and formal wear will be our main staple, we will also offer some accessories such as belts, scarves, and hats.

Profits will be earned via the sale of our merchandise. Our pricing structure will remain flexible, as we will implement suggested competitive/economical retail pricing on common brands as well as the standard practice of key-stoning prices. Additionally, we will utilize a value-based pricing structure, which measures the value of our products to our customers such as easy access, quality, customer service and styles flattering to our target consumer. End of season sales, holiday and overstock sales, multi-buy savings and promotional activities will be implemented at strategic intervals.

3.2 FEATURES & BENEFITS

One key feature that separates SOPAL Pte Limited from all other local boutiques and chain department stores in the area is our commitment to providing Men/Women and Children of the generation stylish, quality clothing options being having experience in large. Because our primary concern will be ensuring our consumers are happy with the fit and style of their purchase, we will provide products tailored to all shapes and sizes of Men/Women and Children. In addition, we will make every effort to have petite and plus size versions of our merchandise in stock. If they are not in stock, ordering them will be easy, cheap and efficient.

Further, SOPAL Pte Limited will not just be a store that sells clothes. Our clientele will benefit from an experienced, knowledgeable sales staff. SOPAL Pte Limited will also offer customers fashion information and advice. Our hip and qualified fashion-industry expertise will ensure our customers walk away with the perfect outfit.

3.3 COMPETITIVE ADVANTAGE/BARRIERS TO ENTRY

In addition, company co-owner, ______________ and _______________, has worked in the fashion industry for more than 20 years. Her experience includes working with apparel retailers, clothing wholesalers, garment manufacturers, and fashion designers and understands the fashion industry and knows how to spot the latest trends.

We have no doubt in our fashion sense, outstanding customer service and quality products. In turn we will quickly establish SOPAL Pte Limited as the ideal place for wearing clothes to shop.

Also, we would be the only niche fashion retail-store for hip, older women. We are, and therefore, have a distinct competitive advantage in our niche.

3.4 DEVELOPMENT

As our company grows and earns a positive reputation.  We will develop and grow our company by increasing existing clothing lines and expanding our selection to include additional products such as swim wear, lingerie, or sportswear. 

Additionally, as we build our business, we plan to simultaneously develop an online SOPAL Pte Limited store. The power and ease of an online storefront is obvious to us, and we plan to develop one quickly and efficiently. We also see the potential for regional and/or national expansion at some point.

4.0 MARKET ANALYSIS

4.1 TARGET CUSTOMER

SOPAL Pte Limited is a business-to-consumer retail company. Men/Women and Children are our clear target customers. However, we do realize that we will likely attract some younger women with our peripheral products.  Moreover, we expect a portion of our products to catch on with the younger generations.  They value uniqueness, convenience, service and quality. As they retire, price does become a factor in decision-making.

4.2 SWOT ANALYSIS

Strengths

• Experience and understanding of the clothing/fashion industry
• Unique shopping experience with exceptional customer service
• Great location
• Large and growing consumer base

Opportunities

• Outstanding shopping experience will lead to repeat business
• Growing online SOPAL Pte Limited
• Establish a SOPAL Pte Limited clothing line

Threats

• Cost and effectiveness of marketing 
• New retail shops that may or may not open in the future

5.0 STRATEGY & IMPLEMENTATION

5.1 PHILOSOPHY

Our company's core business strategy is to combine exceptional and knowledgeable customer service with quality stylish merchandise. And n turn, we’ll provide an enjoyable shopping experience for our customers. SOPAL Pte Limited's mission is to offer men/women and children a wide selection of fashionable, figure-flattering clothing. Our aim is to establish our company as a pioneer in this youth-obsessed industry and build a brand name that will be synonymous with the fashion industry revolution.

5.2 PRODUCT DEVELOPMENT

We have several apparel wholesalers, garment manufacturers and two freelance fashion designers to assemble our inventory.

5.3 MARKETING STRATEGY

We have strong marketing backgrounds and recognize the significance of effective marketing. We expect our strategy to draw consumers into SOPAL Pte Limited from the very beginning. Moreover we will hire a local firm to help us develop and implement a strategic marketing plan and guide our publicity efforts in a cost-effective manner whenever required. Our marketing message, logo and slogans will revolve around the idea of the generation as revolutionaries and trend setters. Men/Women and children are in their prime and at their best, meaning these deserve to be recognized as a force within the fashion industry.

Our goal is to keep our marketing budget within limits. We will partner with local organizations such as the Chamber of Commerce etc., as often as possible.

Finally, marketing opportunities will be continually utilized as we expand our business and our consumer numbers grow.

5.4 SALES STRATEGY

SOPAL Pte Limited plans to generate sales via strategic marketing efforts. These concentrated efforts will be targeting new and returning customers as well as single-visit tourist consumers. We will conduct a direct-mail to targeted consumers that we have signed up through our in-store mailing program. We will offer promotional discounts and seasonal and clearance sales throughout the year.

Our sales staff will include both co-owners ____________ and ___________ have nearly _____ years experience in the fashion and retail industries, which includes selling merchandise as well as how to provide fashion advice to customers.

5.5 STRATEGIC ALLIANCES

SOPAL Pte Limited plans to join the Chamber of Commerce as well as the Association. These organizations are dedicated to promoting local businesses.  As a member of these organizations, SOPAL Pte Limited will gain exposure, make business contacts, and will benefit from Chamber and Association.

5.6 OPERATIONS

As a retail establishment, SOPAL Pte Limited will conduct business seven days a week.   Monday through Friday, from 11 a.m. to 8 p.m. Saturday and Sunday 10 p.m. to 8 p.m. During the holiday seasons and during special events, store hours will be extended.

5.7 GOALS

The following is a list of business goals and milestones we wish to accomplish:-

• Penetrate and raise awareness in 60 percent our targeted consumer market.
• Achieve a reasonable profit margin.
• Build a solid customer base and mailing list.
• Generate repeat and referral sales.
• Become a profitable business with expansion potential.
• Establish a solid reputation as quality/economical retail.

Our first major milestones will be securing funds and setting up our business. This is our major focus right now and hope to have established our retail business.  Furthermore, as co-owners, we would like to see the growth of our store with an increase in product lines, further penetration of the market with online sales and, under the right set of circumstances, the opening of SOPAL Pte Limited in strategic locations.

5.8 EXIT STRATEGY

The co-owners intend to launch and grow SOPAL Pte Limited for many years into the future. In the event that our investors require repayment of their initial investments, plus a return on their investments, we will seek a partner to buyout the investors’ shares. Another alternative is a management buyout, which will be agreed upon in advance.

In the long term, we will position SOPAL Pte Limited as a profitable business that will be an appealing acquisition for any number of retail.

6.0 MANAGEMENT

6.1 ORGANIZATIONAL STRUCTURE

As a small business, we will have a small staff.  The co-owners will assume leadership roles within the company and will be responsible for daily operations, overseeing marketing efforts, buying merchandise and managing inventory and all other administrative duties. A small sales staff will assist co-owners with securing sales, assisting customers and general maintenance of stock on the floor.

6.2 LEADERSHIP

Mr. ________ and Mr.___________ are co-owners and will co-manage SOPAL Pte Limited. However, daily responsibilities will differ.

Mr._________ will manage the day-to-day operations including supervising staff, maintaining inventory and bookkeeping. ___________ worked ten years in the retail industry including four years as a manager of an clothing shop. Mr. _________ earned a ______ degree in _______ from ________.

Mr._________ will oversee the merchandise buying for the store as well as maintain a keen awareness of trends within the industry. He will also work with our public relations firm to ensure superior marketing plans are in place and implemented. Mr._______ worked in the fashion industry in various capacities working with designers, wholesalers and retailers for ____ years. He earned a _____in fashion merchandising from __________.

6.3 STAFF MEMBERS

SOPAL Pte Limited will employ  a sales staff locally upon requirement.