According to Birt (2013), coming up with business idea is one of the essential factors that make entrepreneurs to succeed because it makes them to have a clear picture of how to operate their business. For this idea, various things such as the type of product, Customer/market problem that need to be solved, the benefits that will be attained through introducing the product to the market and the proposed business model will be discussed. The idea will also talk about some of the critical success factors and evaluation of the feasibility of the model.
The business, in this case, will be selling outstanding fashion cloths for children and women. To make the business unique and competitive, a new mobile phone application and a website will be innovated to ensure the customers can access the products both offline and online.
Customer/market problem that need to be solved
According to Sheetz-Runkle (2014), the fashion industry has been growing because of various factors such as evolution of a generation that wants to be smart in all occasions, imitation of favorite celebrities, and the emergence of new culture that has made people to trust that they require cloths that make them appear to what the society term as smart. This means that there is a high demand for cloths that meet what the current generation terms as the best outfits. Although many people have realized this demand and have been utilizing this opportunity to venture in fashion businesses, a lot needs to be done in order to make the customers realize the best experience, full satisfaction and also to make the businesses prosper.
After doing market analysis concerning this type of business, I realized that irrespective of having various entrepreneurs who have ventured in the same business, a gap still exists because none of them have come up with unique strategies that can make the customers to realize the value for their money. This business will introduce first class cloths and mostly target women and kids because they are the ones who purchase cloths more frequently as compared to men.
Emre (2013) affirms that people differ in the manner in which they are busy and therefore coming up with a business model that covers all customers is one of the ways that can make a business to success. My business, in this case, will operate both offline and online in order to ensure customers who have free time to visit the shop and those who are busy and lack time to visit the shop are covered. This will be done through coming up with a website and also a mobile phone application that allows the customers to order the products and have them delivered at the comfort of their homes.
Benefits
According to Sunwoo (2018), businesses that have potential to grow are the ones that bring benefits to not only the entrepreneur but also to the customers. This means before venturing in a particular business, it is essential to identify how the establishment will make the customers realize an advantage that never existed before, and how it will make the owner to benefit from the gaps identified
Some of the benefits that will be attained through this business include making the customer to easily access the products whenever they need it. According to my market analysis, most of the customers travel for more than forty kilometers to access shops that have high quality cloths. Opening this shop will be fundamental because it will enable them to minimize the cost they incur in travelling to the major towns to purchase cloths.
Opening this shop will also be fundamental because it will assist the customers to attain cloths that match their tastes and preferences. This benefit will be realized because the shop will be equipped with garments that are highly competitive in terms of fitting, materials and other aspects that define the quality of a cloth.
According to Wetherly & Otter (2011), giving customers more options of how to access products is crucial because it allows them to make the best decisions on how to attain a product. Operating both online and off-line will give the customer a chance to think about if to travel to the store or order them online and allow the staff members to deliver them at the comfort of their homes (Thomas, 2012). This will allow the business to target both busy customers who do not have free time to access the shop and those who like visiting the stores to make their purchases.
Proposed business model
The business model which will be used, in this case will be business-customer business model and will operate both online and offline. According to Joachim (2015), the importance of using business-customer type of business model is that it makes the customer to access the product within the shortest time possible. The other reason why this type of model will be ideal for this business is that it will make the management to have direct link with the customers (Rovine. 2014). This will be fundamental because it will assist me to identify customer needs, the level of satisfaction, and some of the things that I may require to change in order to continue maintaining customer loyalty.
Operating offline and online business will be important because I will target both customers who reside near the establishment and those who live in areas that are far away. Being able to order for the cloths online will assist those who live in other areas to purchase the products without having to waste their time in travelling to visit the shop (Kumar, 2017). On the other hand, operating offline will make those who feel it is risky to purchase products online to have a chance of visiting the shop and make physical transactions.
Critical success factors to be managed during execution of the idea
Hess (2011) asserts that for a business to succeed, various success factors must be kept into consideration. For this business, customer loyalty and challenging competitors will be some of the essential factors that I will consider in order to make the business attain success. The business will also focus on ensuring the employees attains job satisfaction through giving them better compensations.
To make the customers feel this is the best shop to purchase from, various techniques will be employed. For example, I will ensure those who visit the shop get friendly talks while selecting and fitting the cloths. This will include greeting the customers, talking politely and mastering their names. This tactic will be fundamental because according to Friederike (2011), establishing personal relationships with a customers is one of the ways of making them to establish a long lasting with the business. For those who order for the products online, I will ensure they meet staff members who addresses all their needs in a friendly manner. I will also ensure the website and the mobile application is user friendly in order to give the buyers the best experience.
Giving discounts will also be used to make the customers find a reason why they should purchase from my shop and not from my competitors. This will be attained through ensuring those who purchase products of a certain amount gets a discount of a particular percentage.
The other success factor that the business will employ is ensuring all finances are well managed. According to Bassem & Mahdi (2018), one of the reasons that make businesses to fail is lack of proper management of profits. In my case, the business will always maintain the required stock and proper calculations will be made to ensure the turnover generated is identified.
The business will also ensure it stocks high quality products and sells them at friendly prices. Bruce (2015) affirms that customers like purchasing from businesses that give them full satisfaction, and also from those that make them to realize minimal costs. Using this strategy will be fundamental because it will make the customers to realize the value for their money.
Evaluation of the feasibility of the idea
According to Choy (2017), businesses that consider consumers as important assets have high chances of succeeding. For this establishment, the chances of prospering will be high because the customer will be highly valued and considered as one of the primary reasons why the venture was established. The idea will also consider various other factors that determine the success of a business such as segmentation, targeting and pricing.
The other factor that will make the idea to be highly feasible is that various factors that make a business idea not to be implemented will be considered. Some of these factors include fear of the unknown, lack of capital, fear of failing and so forth (Fotopulos, 2015). The entrepreneur, in this case, will remain positive, accumulate enough capital, and identify all risk factors that are likely to make the idea not to me practical.
Although this business has not been established, the chances of being set up are also high because various things considered before a business is established have already been identified. Some of these things comprise location, capital, target customers, segmentation, the product to be dealt with, and so forth.
The other factor that will make this idea to be practical is that it is from a person who has always dreamt of being an entrepreneur. Rohit (2013), asserts that business ideas that come from people who dream of being entrepreneurs have high success rates because such people always strive to ensure their dreams come into reality. This implies that this idea will be materialized by opening a fashion shop in future because operating a business is something that I have always liked.
Taking time before opening this venture and having used the same idea to write my academic work will also make it to be practical. This is because through being used for this assessment and passing though professionals, I will understand various things concerning its strengths and weaknesses and therefore I will be able to understand what I need to rectify.
Conclusion
This business idea is fundamental because it will assist the customers to access high quality fashion products with ease. The business will use business-customer model and will operate both offline and online. The primary reason for having both online and online operations is to ensure customers who reside in areas that are far away from the business and do not want to travel can purchase the products, and those who can access the shop can also visit it and purchase their preferred cloths.
Some of the critical success factors will include maintaining customer loyalty through discounts and friendly talks, selling high quality products, good management of finances, and improving customer experience. One of the ways that the business will use to attract more customers and challenge the competitors will be offering discounts, selling high quality products and at friendly prices.
References
Bassem, S & Mahdi, J. (2018). Entrepreneurship Intention Scoring. Journal of Entrepreneurship Education, 21(1), 76-87.
Birt, I. (2013). Writing Your Plan for Small Business Success. Crow’s Nest, N.S.W:
Bruce, B. (2015). Entrepreneurship as a Sign of Common Grace. Journal of Markets & Morality, 18(1), 67-75.
Choy, E. K. (2017). Let the Story Do the Work: The Art of Storytelling for Business Success. New York:
Emre, D. (2013). In Pursuit of Corporate Entrepreneurship: How Employees Perceive the Role of Formalization and Centralization.
Fotopulos, D. (2015). Accounting for the Number phobic: A Survival Guide for Small Business Owners. New York:
Friederike, W. (2011). Contextualizing Entrepreneurship-Conceptual Challenges and Ways Forward. Entrepreneurship: Theory and Practice, 35(1), 23-43.
Hess, E. D. (2011). Growing an Entrepreneurial Business: Concepts and Cases. Stanford, CA:
Joachim, K. (2015). . Expatriate Entrepreneurship in the Gulf Region between Informality and a Globalized Knowledge Society. American Journal of Entrepreneurship, 8(2), 23-43.
Kumar, S. A. (2017). The Influence of Management Education on Entrepreneurship Success. Journal of Entrepreneurship Education, 20(2), 87-98.
Rohit, T. H. (2013). Entrepreneurship, Its Conceptualization and Teaching in Business Schools: Management Lecturers’ Perspective. South Asian Journal of Management, 20(1), 32-45.
Rovine, V. L. (2014). African Fashion, Global Style: Histories, Innovations, and Ideas You Can Wear. Bloomington, IN:
Sheetz-Runkle, B. (2014). The Art of War for Small Business: Defeat the Competition and Dominate the Market with the Masterful Strategies of Sun Tzu. New York:
Sunwoo, K. (2018). Domains and Trends of Entrepreneurship Research. Management Review: An International Journal, 13(1), 56-76.
Thomas, F. (2012). Workerless Businesses-An Explosive New Trend: Dancing with the Inner Entrepreneur.
Wetherly, P & Otter, D. (2011). The Business Environment: Themes and Issues. Oxford, England: Oxford University Press.
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