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This is a sample of an APA text:
Running head: WALKER FASHION DESIGNERS 1
A New Business Start-Up as an Entrepreneur (Walker Fashion Designers)
Name
Institutional Affiliation
Due Date
WALKER FASHION DESIGNERS 2
A New Business Start-Up as an Entrepreneur (Walker Fashion Designers)
EXECUTIVE SUMMARY
Walker Fashion Designers Company is currently in a highly lucrative market of the
highly growing fashion industry in the economy. The current trends and changes in fashion
styles provide an opportunity for the increase in demand for new and fashionable garments. The
idea is to create a fashion brand that combines the customer value and quality. In an attempt to
understand how the business development will be developed, the proposal has been divided into
six main chapters.
Chapter one introduces the business concept and idea, and chapter two provides detailed
information about the company, chapter three sheds more light on the business concept that has
been presented in chapter one. The fourth chapter explains how the feasibility of the business
will be. Chapter five provides a discussion of the business model and strategic analysis of the
model to a broader extent. The last chapter provides an overview of the business plan which
delves into the business aspects and factors for success and failure. The chapter finally proposes
an action plan for the general business.
The business idea and concept was arrived at after a thorough search in the Canadian
fashion industry specifically north Toronto, Bayview Avenue. In addition, the increasing
population in the northern part of Toronto means that there is enough demand for a variety of
products. Based on the pre-researched market, the business will have a basis on the high demand
and quality cost-friendly products.
Walker Fashion Designers Company is a business created with unique features and aims to serve
its customers uniquely. Armed with the character of entrepreneurship, passion for fashion, drive
WALKER FASHION DESIGNERS 3
for success and excellence, the fashion business idea has been organized in the best way possible
to obtain the attention of the targeted customers.
The total number of products sold is expected to increase which will lead to an increase
in the revenues by at least 30% during the first year of business. Assuming the anticipated sales
volume in year one is 500 units, the sales volume in the second year should at least be 650 units.
The company does not anticipate much profit during the first year since its revenue will be used
in promotional activities to popularize the business.
One of the strategies that will be used to gain popularity in the region will be to come up
with cost effective strategies for brand promotion to capture a large customer base. Chapter six
has provided more details on the strategies and the main components. This part also establishes a
brief discussion in the main sections to give the reader a fair insight on what the business can
offer. Different figures of illustration have been strategically used to further provide the reader
with an analytical plan of the business. All the figures and illustrations have been well cited, and
different definitions and facts on statistics have been explained.
WALKER FASHION DESIGNERS 4
CHAPTER ONE
INTRODUCTION
The research paper will provide detailed information regarding the start-up business
development proposal for the Walker Fashion Designers Company. The idea was formulated
after research revealed that there was a need to provide more fashioned and stylish clothes for
women which were lacking in northern Toronto. This has been taken with a lot of optimism as a
potential opportunity since the majority of the population in the area is young and fashion-
oriented adults who are still in need to pursue their desires of being in the forefront of the
continuously changing market trends.
While it may be erroneous to conceptualize and implement
the idea of starting up a new business in this economic crisis time, some entrepreneurs may take
advantage of this period to implement their entrepreneurial ideas. In so doing, entrepreneurs need
to take into consideration of the strong strategic plans as well as market focus. Additionally, they
need to pay full attention to what the customers want in order to meet not only their demands,
but also their satisfactions.
The fundamental reasons behind this thesis are to establish business development
proposal for the Walker Fashion Designers Company, create a business plan and determine its
feasibility on Bayview Avenue in Leaside, North Toronto. The research will provide in-depth
information regarding the company, the new business concept, feasibility, business model as
well as the business plan. The feasibility and business plan will be the determining factors in
pushing the business further to its full establishment. The research hypothesizes that the area of
Leaside can expeditiously support the establishment of the Walker Fashion Designers business.
WALKER FASHION DESIGNERS 5
The assumptions are that the numbers required to carry out the feasibility study will be
available. Secondly, the company will be the first to offer and market fashioned clothing on the
Bayview Avenue. Thirdly, the economic climate in that area is fully supportive and
strengthening. The proposed study is immensely important because when starting up a new
business there are many unknown variables. The business development research will be crucial
especially when establishing an optimal design and offerings of the enterprise. To come up with
the best methods to implement, the study will be carried out purposely for the market research,
strategic planning, and an exemplary templet for possible marketing communications as well as
relevant financial information and reports.
In designing the feasibility of opening the business in the Leaside area, it will be vital to
formulate an effective business plan. The research design will encompass qualitative as well as
quantitative data collection. The ethics approval will be exceptionally important when carrying
out the qualitative interviews. In so doing, the research will in the best way investigate the
qualitative data collection which will include interviewing the target group (women) in the
locality, interviewing the business owners, online needs assessment survey to the potential
customers and online company name survey.
Quantitative data collection will as well entail the
cost to lease and improve the business space on Bayview, cost of commissions, permits as well
as taxes, the cost of inventory, internet site, start-up fees, and staff. Finally, the literature review
provides an overview on starting a small business as an entrepreneur, various governmental
requirements, and marketing, financial as well as strategic research.
Every success story of any business is rooted on effective plan, hence the research is
primarily based on the business plan as well as establishing feasibility of opening the company in
WALKER FASHION DESIGNERS 6
the selected location that will be able to accommodate the anticipated flow including the
financial, operational as well as marketing plan for the Walker Fashion Designers business which
is proposed to serve the people of the Leaside, North Toronto. In order to achieve this, both the
primary as well as secondary market research will be conducted in the targeted market to collect
the relevant information that will be vital in illuminating the Canadian fashion and design
industry as well as the customers’ behavior.
The secondary sources of data that were employed
in the research included the annual fashion industry reports, government web-based publications,
and competitor’s social media, web pages, electronic as well as print textbooks. The primary
sources comprised of an extensive survey targeting the fashion and design market demographic
to have more insights and deeper understanding of the customers’ behavior regarding their
buying habits as well as their perceptions concerning various fashion brands in the market.
Additional and very important primary source of information that will be heavily
employed will be from the published text by Canadian fashion industry pioneers. The book
provides detailed information about the fashion company beginning from its journey to
becoming the most famous and acclaimed fashion brand in Canada.
Moreover, this research
offers a deeper understanding of the various processes involved in establishing a fashion and
design company not only in Canada but also internationally. Moreover, it provides the relevant
insights on how to professionally construct a business plan and feasibility research to establish
the viability of the business start-up that will be essential in aiding the implementation of the
project. The knowledge and information collected from both primary and secondary sources
have been adequately employed in creating the suitable business model of the plan that will be
relevant in establishing the targeted market.
WALKER FASHION DESIGNERS 7
CHAPTER TWO
DESCRIPTION OF THE COMPANY
i) Business Details
Walker Fashion Designers Company is a fashion and design based company that strives
to meet the fashion needs of a specific demographic by providing items such as dresses, shoes,
handbags and other women wears that suit the customers’ sense of style and desires. Walker
Fashion Designers Company prides itself for being a high and very fashionable brand that aims
at fulfilling all the fashion needs of its customers within the prescribed area. The company has
entrenched itself within the market by establishing a business niche especially among women
aging from 20-40 years.
Walker Fashion Designers Company entails a cute and lovely style and
as such targets an artistic individual who is deeply rooted in art and music such as Arts students
and Art teachers. People who are fashion-oriented, drawing, music or photography are among the
targeted group. Walker Fashion Designers Company primarily focuses on selling fashionable
clothes. However, it also sells other products including handbags, accessories, and shoes. The
company’s commitment is to obtain approximately 75% of the Canadian market share and be the
leading producer of women wear in the Leaside.
The company predominantly strives to partner with other businesses to further build its
reputation in the area. Partnering with other fashion designers entails incorporating the services
of some fashion designers who offer relevant and appropriate advice to their regular as well as
new customers on the type of clothes to wear at a particular time and how to accessorize each
item worn. The company will be getting its products from local and international markets. These
products will come in different forms, styles, sizes, and colors tend to meet the targeted
WALKER FASHION DESIGNERS 8
demographic. The customer’s sales reports, feedback, and suggestions will be instrumental in
helping the organization to eliminate unnecessary failures and introduce unique sizes and styles.
ii) Registration Details
Business name: walker fashion designers
Trading name: walker-designers
Date registered: 1st January 2017
Location(s) registered: Leaside, North Toronto
Business structure: the company
ABN: 23 334 546 897
ACN: 992 085 414
GST: Yes, Registered on 1st January 2017
Domain names: www.walkerfashiondesingers.com
iii) Business Location
Walker Fashion Designers Company will be located on Bayview Avenue, Leaside, in the
North Toronto. Space will be leased for five years and is 1,000 square feet. The company has
placed itself in the central position to the social activities and residential location of the targeted
market. The proposed area is very crucial for the success of the business. The business will also
work efficiently to establish a friendly and conducive environment that can accommodate
WALKER FASHION DESIGNERS 9
everybody in the area. The relevant shipments and deliveries will be undertaken through the
organization’s store. The company headquarters will also be situated in the business premises.
iv) Company’s Structure
v) Management & Ownership
Names of owners: Walker Fashion Designers is a small enterprise, hence Mr. Walker will be the
owner and main designer. All the important decisions shall be made on the basis of the
FINANCE
MANAGER
MARKETING
MANAGER
MANAGING PARTNER
SUPERVISORS
SALESPERSONS
CASHIERS ACCOUNTANT OPERATIONS
SUPERVISOR
AUDITOR
PROCUREMENT
MANAGER
HUMAN RESOURCE
MANAGER
WALKER FASHION DESIGNERS 10
company’s objectives. Duty allocation will be undertaken based on the weaknesses, strengths,
level of experience as well as the creativity of the staff and employees.
Details of management & ownership: Mr. Walker will be in charge of all the promotions,
administrative functions, company’s decisions, control of the inventory and purchasing activities.
The online shopping mall coordinator will be in charge of all the events of the online shopping
including buying, requests, and delivery, the marketing manager, will oversee the advertising and
marketing operations, the assistant designer, will work hand in hand with Mr. Walker on issues
regarding designing as well as fashion.
Experience: Mr. Walker, the owner and main designer of the Walker Fashion designers is an
upcoming designer who is willing to open the fashion-based company in collaboration with the
help of an assistant designer, online shopping mall coordinator together with the marketing
manager. Mr. Walker has excellent knowledge on fashion and designs, and he is well informed
on the changes in the fashion industry. Also, he has a comprehensive background in marketing,
purchasing as well as inventory control.
vi) Key Personnel
Current Staff
Job Title Name Expected staff
turnover
Skills or strengths
Assistant designer Steve
Cutter
[12-24 months] Masters in Fashion and design. At
least 5 years of experience in the
industry.
WALKER FASHION DESIGNERS 11
Marketing
manager
Sam Jones
[12-24 months] Masters in Sales/Marketing. At least 5
years of experience in the industry.
Online shopping
mall coordinator
Kelvin
Harbert
[12-24 months] Masters in purchasing and inventory
control. At least 5 years of experience
in the industry.
Operations officer Wickliffe
Raymond
[3-4 years] Degree in Sales/Marketing. At least 3
years of experience in the industry.
Sales
representative
Anne Rita [3-4 years]
Degree in Sales/Marketing. At least 3
years of experience in the industry.
Events coordinator Elias John [2-3 years]
Degree in purchasing and inventory
control. At least 3 years of experience
in the industry.
Regional
Representative
Vivian
Pam
[2-3 years]
Degree in purchasing and inventory
control. At least 3 years of experience
in the industry.
WALKER FASHION DESIGNERS 12
Required Staff
Job Title Quantity Expected
staff turnover
Skills necessary Date required
Financial
officer
1 3-4 years Masters in finance, 4 years
of experience.
Nov/2018
Human
Resource
Personnel
2 3-4 years Degree in Human Resource
Management, 3 years of
experience.
Nov/2018
Procurement
officer
2 2-3 years Degree in procurement, 4
years of experience.
Dec/2018
vii) Goals/objectives:
Begin as an intermediate fashion and design enterprise and later expand it to a national
brand within a 3-year period.
To establish ourselves as the leading fashion clothing business enterprise targeting most
of the professionals in the field of academic, design industries and entertainment.
To provide high quality fashion wears to our customers with an elegant taste of fashions
and designs
To sell more than $ 700, 000 by year two in our annual sales.
WALKER FASHION DESIGNERS 13
Reach the break-even point at the end of the first year.
To be profitable by year four
Provide its stores with high quality women wear
Produce and develop new products
Develop products that will be competitive in the market
viii) S.W.O.T. Analysis
Strengths
High quality clothing attributed by unique designs, fabrics, and manufacturing
Valuable classic pieces that people can use as a staple in their wardrobe year after year
The best alternative and medium of choice for most women who are fashion-oriented at
an affordable and realistic price.
Offer versatility as well as purchasing value for customers.
Reputation for innovation
Good customer relations
High traffic location
Strategies of marketing which are successful
Excellent sales staff which has good knowledge of the products
Weaknesses
WALKER FASHION DESIGNERS 14
Inadequate power supply
Inadequate raw materials for the production of most of the local textiles and fabrics.
Lack of proper research and development base
Lack of sufficient retail culture or the efficient distribution channels.
Inadequate capital requirements
No or little recognition of the clothing line brand in the market.
The poor keeping of records
High rental costs
Problems of cash flow
Holding a lot of stock
Having a challenge in meeting
Deadlines because of too much work
ix) Mission and Vision Statements
Walker Fashion Designers intend to establish an inventory of new and special fashion
products that can add value to the wardrobe of its customers. The products that will be produced
in Leaside and additional raw materials international dealers can be a supplement and excellent
materials that can be utilized to improve the image experience to individuals that value fashion,
quality as well as high-end designs. Walker’s venture will be the leading venture in the in the
WALKER FASHION DESIGNERS 15
marketing topping in both wholesale and retail sectors through providing the clients with
affordable, special and stylish women’s apparel and accessories with excellent customer service.
The company's mission is to provide its potential customers with personalized quality clothing
based on their taste of style and quality in the entire region of North Toronto.
CHAPTER THREE
THE NEW BUSINESS CONCEPT – INNOVATION
The Product/Service
Walker fashion designers majors on women’s wear which includes dresses, jackets, coats,
skirts, knitwear and pants which are all aimed at satisfying the needs of the sophisticated lady
within the market. Collaboration with fashion designers involves engaging the services of some
fashion designers who advice clients on what to wear at a particular time and how to accessorize
each item worn. (Westfield, 2002). Walker Fashion designers will purchase its products from
both local and international markets. The products will come in different styles, sizes and colors
based on the target market. The customer’s sales reports, feedback and suggestions will help the
management in eliminating or introducing particular sizes, brands and styles.
In addition, most of the products which are sold by Walker fashion designs are designed
upon request by clients who identify the color, fabric and fittings within which would suit them
so as to attain maximum satisfaction from the final product. Walker fashion designers focus in
selling fashionable clothes though it also sells hand bags, accessories and shoes but still with
limited production.
Who it is intended for
WALKER FASHION DESIGNERS 16
The brand, walker fashions entails a fashion-based company that seeks to fulfill the
fashion needs of particular individuals (Women). Walker fashions pride itself in being a high and
very fashionable brand that aims at fulfilling all the fashion needs within the society. Walker
fashion has entrenched itself within the market by establishing a business niche especially among
women of prime age (20-40).
Walker fashions entail a cute and lovely style and as such targets
an artistic individual who appreciates art and music, maybe an Arts student or an Art teacher.
Individuals with an interest in fashion, drawing, music or photography are also within the
targeted individuals. The identification of the target population emanated from the fact that other
brands such as Gorman, Moschino and MaxMara also target this group indicating that there is
great potential within this section of the population.
Why it is of value
Walker fashion designs are of value due to quality of the clothes offered. The product
also offers customer’s satisfaction since the brand has high social values. Following the fact that
the company will want to win and convince many customers, it shall be conscious in making the
pricing decisions of the products.
Special attributes
Walker fashion designers will offer an all-inclusive set of special attributes that will cater
for our clients buy the use of online shopping opportunity. The company shall utilize the most
recent technologies that will create a personalized, viewing and interactive browsing. All users of
the online platform will be able to drag and drop on the clothing items that they have selected.
There shall be standby online merchants who shall be providing the items bought on the online
platform.
WALKER FASHION DESIGNERS 17
Additionally, walker fashion designers will be unique in offering personalized clothes
that are of high quality at reasonable and affordable prices. The fact that our clients are able to
come up and create their own designs by using the website makes walker fashions unique. The
company will also distinguish itself by involving in corporate social activities that will benefit
the society and this will further enhance our brand reputation.
Who will be involved in making it happen?
The merchandizers will be responsible for generating sales both internal and on the
internet. Other sales staff will be trained on better sales skills so that they can appreciate better
the importance of customer service. The sales staff will be responsible for the following
activities.
Ensuring that inventory levels are well maintained and timely restocking is done.
Using the point of sale program to keep the record of the sold items.
Ensuring that there is a balance in cash flow and daily receipts of credit cards.
Ensuring that the stores are kept tidy always.
Provide additional service input to the aesthetics of the store.
Promoting the programs loyalty.
Participating in promotional activities of the business.
CHAPTER THREE
FEASIBILITY
Feasibility Research
WALKER FASHION DESIGNERS 18
The gap for developing the fashion business concept will need a study to find out the
potentiality of starting the business in the area. According to Barringer, it is valuable to validate a
business idea in a feasibility analysis (Barringer and Ireland 2010). One of the ingredients that
are used to assess the feasibility is by checking the views of customers. The feasibility for
Walker fashions has been undertaken based on the ideas of the said scholars.
Research methodology
Research methodology is a way in which a problem is solved systematically (Rajaskar et
al., 2016). It is also a way that enables an individual to learn how to carry out research. The
approach that researchers take to identify, elaborate, describe and anticipate a phenomenon is
known as a research methodology. This part of the business plan explains to the owner of the
business, and other people who may be interested in the information contained such as the
stakeholders. The methodology shows the ways of acquiring information and how the research
problem can be linked to the research
The research problem
The research aims to find the market for the women clothing and potential customers in
North Toronto market.
Research Objectives.
• To find out the profile of potential clients for the latest fashions.
• To know the nature of the fashion industry distributors, markets, competitors and
customers.
WALKER FASHION DESIGNERS 19
• To estimate how profitable and beneficial the business will be.
The research design.
To identify the gap in the market and a market in the identified gap, quantitative and
qualitative approaches were utilized.
Sources and types of information collected.
Primary and secondary sources will be used to provide the needed data. Primary
information will be collected from interviews, questionnaires, and surveys whereas the sources
of secondary data can be magazines, libraries, search engines and websites.
Methods of data analysis
There is a variety of methods that can be used for analyzing collected data. It can be
analyzed by using graphs or other statistical techniques such as the SPSS analysis software.
Primary research
When primary data has been collected, it will add up to the already existing data. Over a
period, the data obtained by other researchers avail the information to the public for use (Boeije,
2005). The research for Walker Fashions Designers was done with the idea that the established
company will provide differentiated quality clothing products to the potential customers.
To
obtain information, the Walker Fashions Company decided to offer questionnaires.
Questionnaires are groups of structured questions that are thoughtfully written to enable a
researcher to get the solutions to the problem of the research study. The research had a small
sample size. The information of the questionnaires was received and kept for further analysis.
Interviews are advantageous in that they provide genuine information which is in accordance
WALKER FASHION DESIGNERS 20
with the research questions. Hence questionnaires were administered, and they were
accompanied by oral questions which were taken as interviews.
Product/Service Feasibility
Similar to new born babes who undergo a growth process, products which are introduced
in the market undergo the same growth process where they are introduced in the market, serve
the targeted customers and exit the market finally. The figure below indicates the processes
through which a product passes once it has been introduced to the market.
Source; shutter stock online.
It is expected that all products follow the similar pattern (Kotler& Keller 2012)
Currently, the economic state of the country regarding growth and productivity levels
provides enough evidence that the fashion market is at the growth stage of the product lifecycle.
The prime benefit in the fashion industry is that it has new trends that come up every time.
WALKER FASHION DESIGNERS 21
Therefore, there is no boredom on the side of the customers due to the evolving nature of the
fashions. There is a possibility of keeping up with the current growth stage for many years and
evade the declining phase of the cycle as the customers get the assurance that the products are in
style and their preference for the fashions will always be catered for.
In the product feasibility, the overall appeal of the new product shall be assessed by
checking what the needs of the customers are. The two components of the product which are
concept testing and usability testing are also implemented.
In the concept testing, the company
evaluated the intentions of customer purchases and the desired attributes of the product.
The company will be dealing in the fashion industry and will specialize in producing
women wear. The company carried out research based on the sampling procedure. Different
categories of women in colleges were sampled and asked questions on the general view of the
latest models of fashion in the industry. The samples also answered questions on the level of
willingness of making online and customized products.
The table below indicates the product feasibility test
Samples Sample 1(10) people
No of people who preferred Sample 2(8), people
No of people who preferred Sample 3 (5), people
No of people who preferred
Customized online products 7 6 3
Latest models. 9 7 3
WALKER FASHION DESIGNERS 22
Affordable Prices 10 7 5
In order to ensure that the products are in the market for a more extended period of time,
the walker fashion and design will always upgrade to the latest desired brands and fashions. This
will ensure that the customers are tuned to the company.
Services
The company aims to provide exclusive personal services. The services shall be based on
the enneagram that is highly regarded to help women determine the styles that are appropriate for
their personality. The assessment will help customers identify and define their character by
providing words that describe their chosen method. The examples of words that are generally
offered include, elegant, romantic and modern. The words fit precisely with the production
motive of the business. There shall also be an assessment of the style icons which will help the
clients to visualize their looks.
Industry Feasibility
Industry
There is an attractive market space in the fashion industry in North Toronto across all
sectors of the economy. Sustainability of the business in the industry remains sustainable even
though the life cycle of the industry is at the maturity stage.
Industrial Demographics
WALKER FASHION DESIGNERS 23
Leaside in Toronto is the area where the business shall be located. The city has a
combination of different classes of people. The families earning a double income of over
$150000 are the significant components of the people in this location. From the research carried
out many of these families have not more than two children (72.2%).
Many of the children are
young and the residents of the area like to buy products in the area in which they reside.
Averagely, the price for homes in the area is slightly above the total average in Toronto.
Therefore, it illustrates that a number of parents take a substantive amount of time before they
sire children and they are in the age bracket of 40-50 years. Basing on this statistic, it means that
there is enough disposable income. Therefore, there are favorable demographics for Walker
Fashion Designs along with the Leeside, Bay View Avenue.
Economics
The economic situation at the moment has currently affected sales negatively. However,
there is a consistent rise in the sale figures of the national retail stores (Tong 2010). This,
therefore, indicates that there is a rise in consumer expenditure. There is also a resurgence in the
job market meaning there will be an increase in the disposable income that will enhance
spending.
A new business will, therefore, be able to operate in the tough economic situations,
and there will be an expectation of a positive rate of return on the money spent on advertising.
Political and legal
At the start of 2017, the government of Canada imposed a harmonized sales tax of 10%
on any purchase of goods made. This tax will hence be applicable to the purchase of clothing.
There will, therefore, be a negative influence on the sales of apparel. Moreover, it is required by
the state that all businesses pay a permit fees and taxes in the areas of operation. Since the
WALKER FASHION DESIGNERS 24
Walker Fashion is starting, it will be necessary to incur startup costs. These amounts charged
will increase the value of starting and operating the clothing stores in Toronto.
Environmental
There is a new policy in the city of Toronto that regulates environmental practices. The
system requires that all customers who use shopping plastic bags be charged 0.05 dollars. To
avoid the imposed charges, the customers will be encouraged to carry their bags which they will
use for carrying the purchases made. This policy impacts on the packaging material used in
packaging the purchases. Plastic bags offer a cheap source of packaging, and customers prefer
them since they can be re-used over and over again.
Social-cultural
There is a high-level social acceptance in Leaside Toronto different families have an
attitude of selecting areas in which they make their sales on the basis of the activities of
neighbor’s. The peer pressure from the neighbors hence has a negative or positive impact on the
clothing business.
According to Koller and Kettler, making adverts using word of mouth plays a
more significant role than using other methods of advertisements such as offering discounts and
free products (Keller and Kotler. 2006). The use of customers as agents for advertising can help
to bring new clients to the store.
Conversely when he experiences experienced by the clients is
negative, it will be shared severally than the positive experience (Grant, 2005.)
Technological
There has been an increase in the use of technology in the current society. Therefore
many customers will want immediate satisfaction. Many people in the community have perfected
WALKER FASHION DESIGNERS 25
the art of browsing and searching in the net to enable them to shop online. Therefore, there
should be a website for advertising and providing an avenue for online shopping. Many teens
have a high reliance on technology for social networks so that they can be updated on the latest
fashions that are trending.
A social media platform is, therefore, a requirement for the fashion
market. Another essential thing that is required is a system for tracking the inventory levels to
monitor the stock in store that needs to be sold. The use of the proper technique can be induced
in the marketing plan on the ways of advertising and networking to maintain continuous contact
with the client.
Market Analysis
We shall analyze the current state of the market by using five forces of porter analysis.
Buyer’s Power.
There is a high purchase power in the urban center of Toronto due to the availability of
choices. The buyers have a variety of choices of shops where they can shop from. They will also
consider the best price that offers the best quality. Frequent buying trends of buyers can
influence their purchase power on the retailers providing the products. There are different ways
in which the buyers can always influence the other buyers.
This can be done by shopping in
different places or taking time until they find the required product in a different place. Hence, it
implies that if the customers are able to get the same product at a lower price in a different place,
the client may opt to make a purchase at that particular place. When the circumstance happens, it
will lead to differentiation. When a specific store provides the valued service and required
customer price, then the customers will not have an opportunity to look for options elsewhere.
Customers with a return pattern will always lead to an increase in sales as they will influence
WALKER FASHION DESIGNERS 26
other customers by word of mouth. It is therefore essential that the marketing strategy
incorporates customer selection and service.
Power of Suppliers
There is a tremendous amount of power held by suppliers over small-scale retailers. Due
to the powers, they hold they can make decisions on the minimum order quantity, the brand sold
in a specific area, the price charged per unit and the terms of accounts payable.
The current
trends show that suppliers are opening their retail stores to sell their brands. In the recent past,
there was difficulty in accessing the suppliers but the development of technology that has
facilitated online business has reduced the problem. Therefore, it is an indication that the
suppliers have a variety of areas in which they can distribute the product. When the business
partners are reliable with short terms of payment, they can have an influence on the suppliers.
The Threat of New Businesses.
The number of new businesses entering the clothing industry is small. The established
traders have a cost advantage and have secured exclusive rights to sell a particular type of brand.
This limits the entry of new firms into the industry. The high costs charged on rental space for
the stores make the opening of new stores difficult. According to research done in the area, it is
evident that the area can only support a single business hence it is vital that you are first in the
market.
Substitution Threat
The threat of substitution is on a specific type of brand. Different brands offer better
margins to retailers with a steady customer cost. This places a customer at a quagmire situation
WALKER FASHION DESIGNERS 27
where he has to choose between the price and the performance of the product. These details
reveal that when there is a decline in the economy, the sales may be very unpredictable.
Over time, the core business arising from the local residents shall achieve growth. The
value growth will lead to purchase loyalty.
Organizational Feasibility
When establishing a business, one must come up with a team that will have committed
members that will act as a driving force that will oversee the business from the start point to the
strategic level.
People who have high profiles or qualifications do not necessarily reiterate their
qualifications in establishing a business, and it is therefore essential that a group that is ready to
share the success path and believes in the dream of the founder of the firm is selected.
One of the founders of the Ali Baba online marketing business Jack Ma said that when he
began the business, he did not begin with individuals with great qualifications such as masters
and MBAs. However, he is currently employing such individuals.
Additionally, he states that it is
not just enough to higher the most qualified staff (Branson, 2015). His emphasis in this
statements referred to the fact that beginning a business does not entail having a variety of
qualifications, but hard work and dedication of the team players of the organization.
Walker Fashion Designers business will employ a group of individuals with a marketing
experience of three years and above.
The business will adopt a friendly managerial but
professional style of leadership to provide flexibility and ease of work. To achieve success, the
company will ensure that its employees are kept happy. One of the managers will be expected to
be visiting the stores on a daily basis to solve any problems that may exist before they explode
and also keep in touch with the ongoing activities (Branson, 2011).
WALKER FASHION DESIGNERS 28
Walker Fashion Company will adopt a functional organizational structure to fit the
company nature. This structure is a representation of the primary tasks that have to be done by
the company like marketing, accounting, and personnel. The structure also provides for an
opportunity to enhance operational control at the levels of seniority where staff roles have been
clearly outlined.
The functional structure will have the following format;
Chief executive Director
Skill development and competence
The people who will show interest to work with Walker Fashion Designers Company will have
to possess traits that will benefit the company. The company expects to have its workers possess
excellent communication skill, high sense of creativity good moral ethics and be self-driven.
To
ensure quality in the products made, the company will utilize the skills of hired designers who
have expertise and experience in the field of fashion. Later, the company will establish an
institution for training its staff, but for a start, it will hire self- motivated individuals that will
help the company achieve its desired goal.
There will include internal training for the staff at the early stages of the startup of the business
to raise and natural talents.
Production
management Sales and
marketing
department
Personnel
department
Finance and
accounting
department
WALKER FASHION DESIGNERS 29
• Sources of Advice and Support
Running a new start-up fashion business may not walk in the park, the company will seek advice
and support from varied and different companies and business people with a high reputation in
the fashion industry. Some of them include; Herr Frau-DD Antwerp
This is a Dutch designer and certified image professional who has been in the business since
1987 and has for a long period delivered quality products to her products.
She was a winner of
the best newcomer award in Alta Moda and currently owns three boutiques worldwide. The
designer is known to have dedicated his time to leading people to the destination of choice styles.
Weekend MaxMini and sports Max will be a source of advice for business operations. This is a
business that has been in this industry and has continually supplied the Italian fashions.
It has a
massive presence in the US with their departmental stores and boutiques. They have recently
acquired a new designer, and therefore their designs are changing.
The company will finally seek help and advice from Catherine the great whose female designs
have been considered to be great over time. Catherine will provide detailed training to the staff
where they will be trained on the designs, products, and services that our company will be
offering.
They will also be thought of the systems and processes that need to be followed to
reach the final sale of the clothes. Employee manuals will also be provided to ensure that the
training is effective.
• Business Systems
The walker Fashion business requires different systems for its effective functioning. The
following are the systems that will enable its progress.
WALKER FASHION DESIGNERS 30
• Resources to launch a new business
Accessories
Wardrobes
Lint brushes
Laundry soaps
Hangers
Stylist in a box
Designers
From the work perspective, the fashion business venture is viable. As a result, it is expected that
the business will generate funds and this majorly carries the risk appetite to venture into the
business.
• Sufficiency of Funding for the first two years
The owner of the company will raise the initial capital for the startup cost. The amount raised is
expected to help in running the business for one year after which the company can source for
funds from financial institutions.
• Sustained Energy and Motivation to succeed
The feasibility of the business leads to enthusiasm and energy. The enthusiasm is the determinant
factor of the successfulness of the business.
WALKER FASHION DESIGNERS 31
Financial feasibility
Finance required
The financial resources that are required will be for;
Startup capital
The working capital which will be used for; labor costs, rental payments, materials and business
administration.
If the parties did not devote their time and resources to this project, this would be referred as to
the opportunity cost. But all the parties commit to ensuring that the project becomes successful.
The business anticipates that its revenues over the first three years will be more than the capital
cost; hence, they will be a source of earnings from the business and will be used to cater for the
expenses.
Once the business has taken root and established a large customer base, the venture shall attain
growth through opening other different businesses of the same kind.
Walker fashions expect to make an application for a line of credit to a $100,000 limit due to the
increase in sales in addition to the capital raised by the owner. Assets will offer support to the
credit line.
The strong points for the company are:
• Cash flow will mainly finance the growth. This means that the company will grow at a slow
rate than expected, but advertising will make us maximize the sales.
WALKER FASHION DESIGNERS 32
• Inventory turnover is the most fundamental asset. The inventory costs will be controlled by
the company’s capability of the month to month scheduling of production and sales.
• Walker Fashions Designers bank account will be credited with payment of sales made over
the internet within three days for all of the credit card sales.
Startup funding
The approximation of the company’s startup expenses will be around $70,000. The forecasted
sources of funding are as shown below
START-UP COSTS Cost ($) Equipment/Capital Costs Costs ($)
Registrations Business purchase price 100,000
Business name 100 Franchise fees 5000
Licences 500 Startup capital 70,000
Permits 1000 Plant & equipment
Domain Names 100 Vehicles 100,000
Trade Marks/Designs/Patents 500 Computer equipment 9500
Vehicle registration 200 Computer software
4800
More 0 Phones
6000
Membership fees 1000 Fax machine
3000
Accountant fees 500 Other
0
Solicitor fees 200
Rental Lease cost (Rent advance/deposit 2000
Utility connections & bonds (Electricity, gas,
water)
500
Phone connection 100
Internet connection 100
Computer software 4800
Training 500
Wages 2000
Stock/Raw materials 10,000
Insurance
Building and contents 100
Vehicle 200
Product liability 100
Workers compensation 400
WALKER FASHION DESIGNERS 33
Business assets 500
Printing 100
Stationery and office supplies 100
Marketing & Advertising 200
More 0
Total start-up costs $ 25,800 Total equipment/ capital
costs
$ 298,300
Balance sheet forecast
Balance sheet forecast Year 1 Year 2 Year 3
Current assets Cash ($) Cash ($) Cash ($)
Cash 70,000 135,770 243,800
Petty cash 0 0 0
Inventory 23,300 27,370 32,586
Pre-paid expenses
Fixed assets
Leasehold 0 0
0
Property & land 0 0
0
Renovations/improvements 1,000 1,800
2,300
Furniture & fit out 1,000 1,400
2,500
Equipment/tools 1,000 2,100 3,000
Computer equipment 9,500 10,500 13,000
More 0 0 0
Total assets 12,500 15,800 20,800
Current/short-term liabilities
Credit cards payable 0 0 0
Accounts payable 15,760 20,490 26,420
Interest payable 0 0 0
Accrued wages 10,000 12,850 15,200
Income tax 2,450 3,885 5,920
More 0 0 0
Long term liabilities 28,210 37,225 47,540
Loans 13,500 10,200 6,900
More 0 0 0
Total liabilities 41,710 47,425 54,440
Net assets 41,710 47,425 54,440
WALKER FASHION DESIGNERS 34
Profit and loss forecast
The profit and loss forecast below shows that Walker fashions will have a slow but steady
growth for up to three years. The estimated net profit is 16% for both the second and third years.
Balance sheet forecast Year 1 Year 2 Year 3
Current assets Cash ($) Cash ($) Cash ($)
Cash 70,000 135,770 243,800
Petty cash 0 0 0
Inventory 23,300 27,370 32,586
Pre-paid expenses
Fixed assets
Leasehold 0 0
0
Property & land 0 0
0
Renovations/improvements 1,000 1,800
2,300
Furniture & fit out 1,000 1,400
2,500
Equipment/tools 1,000 2,100 3,000
Computer equipment 9,500 10,500 13,000
More 0 0 0
Total assets 12,500 15,800 20,800
Current/short-term liabilities
Credit cards payable 0 0 0
Accounts payable 15,760 20,490 26,420
Interest payable 0 0 0
Accrued wages 10,000 12,850 15,200
Income tax 2,450 3,885 5,920
More 0 0 0
Long term liabilities 28,210 37,225 47,540
Loans 13,500 10,200 6,900
More 0 0 0
Total liabilities 41,710 47,425 54,440
Net assets 41,710 47,425 54,440
Projected Cash flow
WALKER FASHION DESIGNERS 35
Walker Fashions has a positive financial outlook as it works hard to meet its required milestones.
At first, there will be fluctuation of cash flow with several months in first year experiencing a
negative cash flow. However, for second and third year, the company expects to have a positive
cash flow.
The growth of first year will be financed through a loan.
Inventory turnover is the most significant indicator. The company’s capability to do a
month to month scheduling will aid in controlling the inventory costs.
Selling the products through the internet and over the store will increase the profits and
allow complete retail price.
Break even analysis
Based on the financial projections, the Walker Fashion Designers company targets to achieve a
financial break-even point within the first two years.
Below is a table showing the break-even point of every month. It comprises of the business
maintenance costs like payroll and rent as shown in other tables.
Breakeven analysis
Monthly Revenue Breakeven $50,050
Average Price of each product/service
sold
$400
Average cost of each product/service to
make/deliver
$100
Number of units sold needed to break-
even
400
Cost of failure
WALKER FASHION DESIGNERS 36
If the business fails, then there would be negative cash flows for the business affecting
the financial position. Fashion industry requires patience; hence the company is expected to have
some patience to allow for a regular trade. Walker, who is the main investor, has confidence that
the business will be successful. The feasibility tests provide a good indication as well as the
projections on finances.
Results of the feasibility test.
Based on the feasibility research that has been done, there is enough confidence that the
investment venture has the ability to become successful. The confidence obtained from the
feasibility test provides a leeway for coming up with a business model.
CHAPTER FIVE
THE BUSINESS MODEL
It is essential for a business to develop a useful business model that will show how the
business will compete; the structure of operation, how it relates with the community and how it
can create sustainability to enable it to become profitable (Baringer, 2010). Baringer continues to
argue that an approach based on the value chain will allow a business that is starting to come out
as valuable. The plans will provide for an opportunity for assessment of essential resources that
will make the industry competitively advantageous.
The innovative concept has been tested using secondary data, and the feasibility results
provide confidence for starting the business model to indicate how the new business will
generate income.
It is expected that there will be a change in the business model due to increase in
innovation to value prepositions, the chain of supply and the customers targeted (Davila,
WALKER FASHION DESIGNERS 37
Epstenin and Shelton, 2013). Therefore when developing the business plan, the idea needs to be
incorporated.
The Business Canvass Model
New business drivers.
Core customers
women
between
the ages of
20-40
lovers of
art
teachers of
music who
appreciate
art and
design
Superior value
prepositions
Superb brands.
Trendy
fashions.
Channels
Direct
marketing.
Online
websites.
Key activities
Logistics.
Sales and
marketing.
Quality
control
Procurement.
Value chain
based
resources
Specialized
tailors.
Patents.
Shopping
malls.
Identity
Quality products.
Affordable
products.
Competition
strategy
Differentiation.
Enhanced
customer
service.
Relationship
and network
alliances
Local
authorities.
Charitable
organizations.
Key
partnerships
Investors.
Suppliers.
Costs and cost budget
Salaries for employees
Rent
Marketing and advertising
Revenue streams and cash flow
Sales
Affiliations.
The business drivers
The drivers of the business are friends who have been working as employees in a
different environment but the same fashion industry. They, therefore, have a vast experience in
the industry and came up with a new idea of doing business differently.
WALKER FASHION DESIGNERS 38
Identity
The new Walker fashion designers business concept has been put to the test and selected
as one of the most viable in this industry. The business identifies itself through the production of
quality and affordable clothing products for women. The ownership of the fashion business has a
great experience that will enable it to flourish and grow richly. The fashion brands are majorly
associated with trendy women in the society hence their demand will be high.
Core customers
The core customers for the business are women between the ages of 20-40. The business
will also target lovers of art such as artists and teachers of music who appreciate art and design.
This business will be mainly established for this group of people.
Value proposition
Emotional-walker fashion combines superb brands with roots from the trendy fashions
and women wear. All the products are either available online or on physical store.
Functional-the location of the store is easily accessible as it is around the areas of residence of
people. They will therefore not need to walk for long distances to get their products.
Price-the prices for the fashion products are relatively low and affordable. They provide a value
for the customers’ money thus making the customers loyal.
Competitive-unique features in our services offers an excellent customer friendly service.
Relevance in the market-the business will meet the gap in which buyers will be able to have an
option of purchasing from online and acquire customized products.
WALKER FASHION DESIGNERS 39
Value creation
The business aims to create value for the customers by providing quality and standard
fashionable garments at affordable prices.
Competition strategy
The new innovative business structure does not have a direct competitor. Other fashion
businesses in the areas do not offer the services offered by Walker Fashion designs in Toronto.
The strategy for competing aims at attracting customers for different fashion businesses so that
they can have a better taste of the products offered by the new company. The strategy also aims
to stimulate new demand in the fashion industry.
The business shall offer an option of purchasing online or store purchases. The online
purchases shall provide a platform for 24/7 purchases with deliveries done at different times.
The business shall also offer customized products where clients will be given a chance to come
up with their designs, and our purpose will be to avail the desired and selected models of
customers.
The company shall provide an offer for the first time clients where there will be free
samples and gifts for bulk purchases. The intention is to make the business known and acquire a
large customer base that will have identified with the differentiation segment.
Distribution channels.
Customers will be able to have access to the Walker fashions designs by using the following
channels;
WALKER FASHION DESIGNERS 40
1. Direct marketing to clients in the area chosen.
2. Infama courier service system- this is a system for product and service delivery in Canada.
3. Direct visits of customers to the stores where our products are offered.
4. Online websites. We shall have an online based marketing platform where different
customers from a variety of regions can access the business. It is necessary for a multiple of channels be used to ensure a broader reach and creation of
awareness’ in the target market of the company’s products.
Key activities
Under the key events, the company has primary and support activities.
Primary activities.
Logistics- the company, shall have vans that will be used to deliver the items that have been
purchased online. The same trailers will also be used to deliver the items from the stores to the
point of sale. The company will acquire local and imported material to use in the making of the
garments.
Business operations.
To ensure effective and efficient delivery, the business will be operational always. There will
still be sufficient stock with different varieties that will meet the different tastes and preferences
of the customers. Walker fashion designers will be involved in the manufacturing of a range of
women products. The company shall design a new collection of garments. The company will
also package and ship the garments to their destinations.
WALKER FASHION DESIGNERS 41
Sales and marketing.
The business will invest more cash in advertisements at the early stages as the company
anticipates a yield in its sales revenues. The company will make flyers and posters that will be
distributed to different parts to market the business. The business shall also establish a marketing
team that will carry out marketing activities by word of mouth.
Support Activities.
Infrastructure
There will be excellent but straightforward infrastructure facilities that have an artistic
appearance. There will have modern furniture structures and fittings that will entice the
customers.
Human resources
The company will implement ethical human resource practices. Individuals who are self-
motivated will be selected for the jobs, and the employees will have access to regular training on
new fashions that are trending in the society.
Technological development.
The company will focus on the reviews provided by customers. There will a frequent update of
the website to meet the current technologies used in the fashion businesses.
Procurement
WALKER FASHION DESIGNERS 42
The company will ensure that there is an adequate supply of raw materials. Different suppliers
shall enter into a contractual agreement with the company to maintain a regular amount of
documents required.
Quality control
The company will always strive to deliver a quality product to the customers. The quality
assurance team will always check the quality.
Value chain based resources
The value chain based approach has been used to assess the non-financial resource needs.
This will help to identify what the requirements of the fashion business are and how the
functionality of the business can be achieved. The porter model can be used but with a primary
focus on incremental value production activities.
The fashion store
The fashion store shall have a management team, a local advertising agency and
employees. The management team will take up the managerial roles and ensure that the business
runs smoothly.
WALKER FASHION DESIGNERS 43
The products and the prices
Product/Service Description Price ($)
coat, pants , top Look 3 230
jacket, top, skirt Look 4 155
jump suit , top Look 5 161
skirt, top, mini off
shoulder
Look 6 147
The systems
The business will have systems that monitor revenues that are collected from the
customers who have taken and placed orders. The systems will also be used to monitor other
sources of revenue streams. There shall also be an online IT-based system. The system will be
used for making online orders.
Compliance:-The accountants and the administrator shall be responsible in ensuring that
the following compliance procedures and standards are achieved.
Licenses and approvals
Walker fashion designer will acquire all the relevant licenses that are required for
business operations. These will indicate that the operations being undertaken by the business are
legal.
Insurance:-The business shall have complete business insurance policy that will cover
for all assets of the business and the lives of the employees in the business.
WALKER FASHION DESIGNERS 44
Employment compliance:-The Company will check on the policies and be compliant
with the required employment standards of the country. There will be fair salary scales for
employees of the company. The employees shall be paid according to the levels of experience
that they possess.
Taxation:-The Company will comply with all the tax laws and will be paid all the taxes
that fall due to the company.
Relationships, networks and alliances.
It is important that businesses create a good relationship with the community in which
they operate. The business will also establish better relationships with the local authorities and
local charitable organizations. Enhancing the social networks with the medium size enterprise
association will aid in further development of the business startup.
It is also necessary to make alliances with suppliers who may come to aid the business in
turbulent circumstances.
There must be good management in the area of customer experience with the service
providers. There should a customer team that will ensure quality treatment of all the customers
that come to the store for direct purchases.
Key partnerships
The key partners of the business shall be;
Legal advisors-these will be the partners that will provide legal advice to the business and
its continued operations.
WALKER FASHION DESIGNERS 45
Audit partners-they will be valuable to the business by providing audit services to the
accounts of the business. They will also provide financial advice to the business.
Logistic partners:-The logistic partners will be of value to the business to aid the logistic
processes of the products such as materials and final products after they are made.
Technology partners: – Since the business will carry out its sales through the online
website, the company will need technology partners who will help the business to develop and
update the website used for online marketing.
Business partners: – The business will have different partners who have been in the
fashion industry for a long time. Hey will provide a guideline and advice towards the growth of
the business.
In checking if a company meets the criteria of a functional business model, green lights
and red lights will be used.
The green lights will indicate high value customers.
Characteristics of high value customers.
They carry out business transactions which match the sales, profits revenues of a
company.
The customers can be located easily within a specific market.
These customers have the will to test the products of the company with little or no
marketing.
WALKER FASHION DESIGNERS 46
The customers are considerate and reasonable in that they give us an opportunity
to charge prices that will enable the company become profitable.
Providing a greater value to the customers:-The Company will ensure that it offers a
significant value to the customers. This will be achieved by;
1. Ensuring fast and quick deliveries.
2. Providing a wide variety of options to customers
3. Providing incentives to return clients.
4. Better channels of distribution.
5. Better and competitive prices by utilizing the better pricing strategies
6. Provision of unique features
7. Communicating with other companies in the industry to achieve customer satisfaction.
Red lights
The following factors will be put to consideration when checking the customers’
hardships of patronizing the business.
Enhanced customer service
Extra installation requirements
Extravagant warranty costs
Advanced technical support.
Businesses need to establish and hold a good market position. This can be done when the
company establishes a complex strategy that is difficult to be achieved by competitors in the
WALKER FASHION DESIGNERS 47
short run. During the long run period, the conditions that exist in the market determine the
market position of a specific company.
Selecting success strategies.
In making choices for successive strategies, Walker Fashion Company will set aside
funds that will be used to undertake corporate social responsibility activities that will give back
to the society.
CHAPTER SIX
BUSINESS PLAN
Industry, Company, and Product
i) Products and services
The major products that Walker fashion designers will be dealing with include the
women’s wear or clothing which can further be categorized into dresses, skirts, blouses, coats,
knitwear, pants, shoes, and other accessories. The products are created to meet the increasing
demands from fashion-oriented women who are so passionate to add value to their closets. These
fashionable products are developed in different styles, colors, sizes, forms to satisfy the
customers’ demands. It is also important to note that, Walker Fashion Designers is committed to
providing clothing according to the personal taste of styles.
The products offered are more oriented to the fast-changing styles among women from
20 years to 40 years. The brands that will be provided by the company will be fashionable,
casual, official as well as semi-exclusive to the market. In order to be outstanding and more
WALKER FASHION DESIGNERS 48
competitive in the industry, the company will be offering unique courtesy services to its clients.
For instance, mailing the clients to inform them of the newly launched products in the industry
and offer special ordering of the products to customers. The company will also offer holding
services for their desired products for up to 4 days. Additionally, will be hosting "fashion shoot”
birthdays celebrations in the very important persons can be accompanied by their friends who
will, in turn, try new clothing. This will include other food, use of the company's facility and
make-up artists for the interested clients. Currently, the company has received proposals from
various clothing dealers and supermarkets including Metro supermarket.
The aforementioned services will put the company ahead of its competitors and earn its
competitive advantage in the market. They will also serve as a conducive platform to build an
appropriate image for the unique customer service. Walker Fashion Designers will prioritize the
ready-to-wear designer diffusion lines as well as the contemporary apparel and the accessories
for the style-oriented clients.
Products/services
Product/Service Description Price ($)
coat, pants, top Look 3 250
jacket, top, skirt Look 4 160
jumpsuit, top Look 5 155
skirt, top, mini off Look 6 150
WALKER FASHION DESIGNERS 49
shoulder
ii) Industry And Company Analysis
Majority of Leaside population is mainly composed of middle and double-income
families having an average income of more than $ 50,000 (appendix). Most of the people
surveyed, about 75% are fashion-oriented and are up to date with the changing trends in the
market. In addition, a larger percentage of the population is in the age bracket of 20-40 years,
and are quite updated with the changing trends in fashion and designs. They prefer shopping
within the locality in which they reside.
Since the average price of homes in the North Toronto is
about $650,000, most of the women in the area have well-established careers. This suggests that
there is readily available disposable income in the area. The demographics are favorable for
Walker Fashion Designers Company opening in the city.
The current economic climate in the area negatively affects the sales. Although,
according to Thomassey (2014), the national sales data revealed that there was an immense
increase in sales in December 2016 by approximately 3%. This shows increased signs of the
customer spending in buying such products. Besides, in the job market, there is an increased
employment rate as many people in the age group become employed mostly in the white collar
jobs. This will, in turn, increase the disposable income and more spending in purchasing the
products. The unfavorable economic conditions will demand that new businesses operate
efficiently to realize a positive return rate.
WALKER FASHION DESIGNERS 50
The government of Canada has imposed 10% harmonized sales tax on all the goods
purchased starting from August 2014. This has replaced the original provincial and goods and
services sales tax which together accounted for the 10%. This has contributed to harmonized
sales tax chargeable on all the clothing purchases. Hence, the increase in the charges will
undoubtedly influence the business negatively.
Besides, the city demands prompt payment of
permit fees as well as taxes to the authorities by all the companies operating within the locality
(Doppelt, 2017). These chargeable fees increase not only the cost of opening and running the
business, but also the cost of day-to-day operations of the company. Much of these will be
discussed in the start-up fees.
The authorities in Toronto now demands a charge of $0.05 on all the consumers who use
the plastic bags to shop their favorite products. Consequently, this will require that clients bring
with them shopping bags, alternatively, the company to use other materials apart from plastic
bags. The law has adversely affected the materials used in packaging the purchased goods.
Therefore, the only available option is for the company to use paper or the reusable bags that can
as well be an added advantage for the company’s image since the customers will be offering free
advertisement for the business.
There is a strong society feeling for the social acceptance in the area of Leaside. Most of
the Leaside families have a freedom of choosing where to eat, play and do their shopping based
on their friends and neighbors’ preferences. This evident peer-pressure can pose a positive or
negative impact on the business. According to Gopinath, Thomas, and Krishnamurthi (2014),
word of mouth is a very important ingredient in the realm of advertisement since it carries more
weight as compared to discounts or the products offered in the market. The scholars further state
WALKER FASHION DESIGNERS 51
that using customers as the potential advocates can significantly be employed in advertising and
turn drive and potential consumers into the company.
Conversely, a negative experience can be more profound with ten-times as the positive
one (Alexandrov, Lilly & Babakus, 2013). Hence, any bad experience can immensely have
adverse effects on the company's sales. Most importantly, the increased use of technology among
the consumers in the market today sends a clear message that customers require instant
gratification. As Pan and Crask (2015) documented, there is a tremendous increase in online
shopping and browsing.
Hence, it will be of great importance to make the website available for
the targeted group. Walker fashion designers heavily depend on technology as a tool in making
sure that they remain updated on the current and emerging fashions, trends as well as designs in
the market. Undoubtedly, it will be essential to incorporate online activities on the social
platforms such as Twitter, Facebook, and Instagram. Efficient use of technology can be a crucial
supplement in marketing plan as a way of advertising and networking with other potential
entrepreneurs in order to be in contact with a diverse client base.
THE MARKET
In order to get a full insight of the market environment, Zugno, Morales, Pinson, and
Madsen (2013) suggest that it will be important to pay more attention to the general retail market
taking into consideration of the fashion trends. The total sales according to “Full Fashion
Business Plan Example for Free," (2016), in the year 2015 was $5.3 trillion which is an increase
of 10% over total sales in 2014. The Canadian retail clothing industry comprises over 45, 000
companies that operate approximately 90,000 stores having annual revenue of more than $140
billion. The industrial structure is majorly fragmented and highly concentrated at the top.
WALKER FASHION DESIGNERS 52
According to Gardetti and Torres (2017), about 150 largest and prominent companies operate
over 50,000 stores which are equivalent to 65% of the industry revenue. However, most of the
operating companies manage only one store as few run more than two. Gardetti and Torres
further stated that the demand for the products is greatly influenced by the growth of the
economy as well as individual’s income.
A common store has an average of $1.5 million and about 15 employees, whereas 3,000
stores experience over $5 million in the annual sales. Most of the stores sell a variety of products
including the traditional clothes, underwear, and outerwear. Likewise, some of the stores
incorporate multiple products in their operations such as shoes, handbags, jewelry, perfumes, and
make-ups. The clothing wholesale and retail industry encompass stores that majorly deals with
the women's clothing as well as men's clothing.
Predominantly, there is an ever-changing trend
in the Canadian fashion design industry which becomes more profound infrequent occurrence of
the e-commerce. According to the statistics presented by Pan and Crask (2015), online shoppers
in North Toronto were in the year 2016 estimated to be spending over $300 billion which is 60%
increase from 2014 which stood at $200 billion. According to projection statistics released by
Mongar-Poladian, Dumitrescu, and Tanase, in 2019, e-retail will contribute 10% of the total sale
which will be an increment from the previous 8% in both 2016 and 2017 (207).
This, therefore,
suggests a compound growth rate in the annual sales of 11.2% over the four-year forecast period.
The report by Mongar-Poladian, Dumitrescu, and Tanase further points out that much of
the growth originates from the online retailers advancing their websites and services to gain more
customers further. This is evident in the fields of apparel as well as jewelry which have
immensely incorporated a web design buying and selling tools including the color swatching,
WALKER FASHION DESIGNERS 53
zoom as well as configurators. The continuous increase in the number of the web shoppers is
considerably accounting for the steady growth in the e-commerce sales. Various sources indicate
that there will be an increment of 15% of online shopping by the year 2020 from the 150 million
in the year 2016. This will be attributed to the affordable prices, loyalty, and discount programs.
According to the state’s statistics documented by Matz et al.
(2014), there are
approximately 170 million women in Canada and about 10 million in the North Toronto. Almost
a half of the population are in the age of between 20 years to 40 years and income level which
will qualify them to be the target group for the Walker Fashion Designers Company. The median
income for the group is about $47,000. 25% of the women population that we surveyed have an
average salary of between $45,000 and $200 thousand (“Full Fashion Business Plan Example for
Free," 2016).
The company will seek the consumers' locality. However, we will extend our
services throughout Canada and internationally in order to build our band and most importantly
secure the company’s image in the global market. Majority of the female population in the area
that was surveyed were white with the black counterparts following. About 80% of those women
love fashion and are deeply interested in the current designs in the market. Majority of the
women shop mainly at large department stores and prefer the personalized taste. The worldwide
women’s’ wear industry is projected to exceed $700 billion in 2021 representing more than 13%
of the annual growth.
According to Zugno, Morales, Pinson, and Madsen (2013), clothing
retailers is the leading sub-segment in the market accounting for over 65% of the overall market
value.
The fashion design market entails multiple brands which strive to identify themselves
with the needs of the target population and meet their demands in a bid to develop products,
WALKER FASHION DESIGNERS 54
create awareness on such products and in the process make sales. The brands often try to
establish themselves as the popular and leading trendsetters in fashion and designs within the
market. Some of the prominent brands in the market include Lesley Hampton, Mani Jassal,
Hendrixroe (Jordan Erin McKay), Andrew Coimbra, Miriam Baker, Hayley Elsaesser, and
Hilary MacMillan. As a result, most of the products provided by these brands are priced
competitively in order to create an edge and become more competitive over their rivals and in
turn achieve market dominance.
In order to maintain the uniqueness and become more competitive within the market,
Walker Fashion Designers holds the policy of pricing its products at a relatively lower price to
attract new customers and maintain the existing ones. Also, this will ensure that the products on
offer are available to the targeted demographics in the market. The price point incorporated by
Walker Fashion Designers ranges from as low as $250 to as high as $2500 which mainly
depends on the features of the products chosen by the customer including color, style, texture,
material among others.
This becomes a greater leeway to dominate the market by being more
competitive among its top competitors such as Lesley Hampton. This will also take into account
the needs and preferences of the low-income customers as well as middle and high-income
customers who would want to maintain a trend in their fashion styles for quite a long period.
Walker Fashion Designers Company as a unique brand is majorly focused on satisfying
the fashion needs of not only the locals but also the regional and international societies. It is still
a new and developing brand which is determined to penetrate the market at a fast pace and
outshine other brands in relation to performance, customer service and achievement of target
objectives within the market. Through its strategic plan, Walker Fashion Designers is committed
WALKER FASHION DESIGNERS 55
to achieving a middle-level status after a period of 5 years. This will only be made possible by
realizing the importance of dedication, commitment and hard work embraced by every
stakeholder. Walker will manage a flexible pricing strategy aiming at accommodating customers
from all sorts of life. The company will ensure that it perfects and maintains the quality of its
products and reputation. Similarly, the top management including the founder, Walker will
design a fair retail price to adhere to in order to maintain its customers. As a standard practice,
Key stoning will also be utilized.
fashion designers will be capable of supplying the swiftly growing specialty
market of women's wear with high quality products provided by both local and international
manufacturers. The clothing can be categorized as follows:
Jacket & Coat, Dresses, Top
(Knitwear and blouses), Under (Pants and skirts), Basic, Home wear (Bedding and décor) and
special (Shoes, Umbrella, and socks). The identification of the target demographics emanated
from the fact that other brands such as Lesley Hampton, Mani Jassal, Hendrixroe (Jordan Erin
McKay), Andrew Coimbra and Miriam Baker, also target this group indicating that there is great
potential within this section of the population.
Customers’ Profile
Our customer profile entails mid-income families who are looking for our brand name
outerwear, apparel, clothing, and other accessories. Customers who are willing to make the
premium payment for the brand name clothing. The customers fall in the age bracket of 20-40
years with an educational level of a college diploma and degree, having an average income of
$50, 000. The company's customers' hobbies and interests include extensive traveling, health
consciousness and interest in physical health. The customers value exposure as they love going
WALKER FASHION DESIGNERS 56
to new places and experiencing new things. They have their favorite designers who deliver
according to their taste.
The Competition
i) Our Competitors
In order to outdo the competitors, walker fashion designers hold the policy of pricing its
products at a reasonable level that ensures that the items on offer are available to a vast majority
within the target market. The company can improve on its popular brand and aim at meeting the
clients’ satisfaction in the market.
ii) Competitor details
Competitor Established
date
Size Market
share (%)
Value to
customers
Strengths Weaknesses
Andrew Coimbra January/2013 4 8% Fair price and style Unique style [What are your
competitor's main
weaknesses?]
Miriam Baker June/2013 5 7% Reasonable price
and style
unique style [What are your
competitor's main
weaknesses?]
Mani Jassal August/2012 2 32% Fair price and style Unique style [What are your
competitor's main
WALKER FASHION DESIGNERS 57
weaknesses?]
Hendrixroe
(Jordan Erin
McKay)
February/2013 4 11% Perfect service Good concept [What are your
competitor's main
weaknesses?]
Lesley Hampton August 2010 2 42% Perfect service Good concept [What are your
competitor's main
weaknesses?]
Competition as Becerra, Santaló and Silva (2013) state, is a big factor not only in fashion
and design industry, but also in other industries. Even though Walker fashion designers will be
operating in a tight niche in Leaside, there will still be a wide array of competitors whose
operation styles will outweigh the business model of Walker Fashion Designers Company. To
every brand in the market, Walker fashion designers will have absolute strategies and answers to
differentiate itself from the group of competitors and to be able to perform better in the most
competitive business environment.
One of the greatest threat to the company is to develop and re-focus the best strategy of
the incumbent specialized producers. However, when the large and experienced companies
decide to manufacture the exact products having the same style, design and fashion apparel that
Walker fashion designers is anticipating to venture in, then they would significantly contest for
the largest market share of Walker fashion designers. In so doing, the company will differentiate
itself by manufacturing quality, exclusive and limited collection of clothes. Additionally, walker
WALKER FASHION DESIGNERS 58
fashion designers will be producing the most feminine, elegant, and sexy style that will be
meeting the clients’ tastes and expectations which will set it apart from all the famous brand
image of different companies such as Lesley Hampton, Mani Jassal or Hendrixroe (Jordan Erin
McKay). According to Burns (2016), newly start-up businesses can often compete more
effectively and efficiently with other companies that have been in the field for many years by
directing their focus and targeting their products at a wider population.
Competing with these big
and well-established firms will significantly be affected by high quality as well as greater
likability of walker fashion designers Company. The strong brand of the company as well as its
more effective targeted approach will be its key prerequisite to its greater performance and
customers’ satisfaction regardless of the large discounters who may wish to tap into the women’s
clothing market having unique editions by cutting the rate prices.
Fortunately, walker fashion designers would be the only real niche provider for the most
fashioned, stylish and design-oriented women customers. Even though other firms are offering
some equivalents, but they are not focusing exclusively on the fashionable women’s wear.
Walker fashion designers will undoubtedly have a distinctive competitive advantage in its niche.
COST/VOLUME/PROFIT ANALYSIS
According to Georgiev (2014), Cost-Volume-Profit (CVP) analysis is a critical aspect in
business plan that every company needs to take into consideration by being able to determine the
break-even points and coming up with the short term decisions re
garding the company.
Fundamentally, it will be more important for the small and start-up businesses like Walker
Fashion designers to incorporate and implement the CVP since it will provide as well as show
the minimum volume of a product that is required to sell to be able to experience neither gain nor
WALKER FASHION DESIGNERS 59
loss. Georgiev further says that it will be more imperative for the entrepreneurs to be more
effective and efficient when trying to use the CVP accounting process. Therefore, it will provide
an excellent frame when analyzing the importance of CVP to entrepreneurs.
Noreen, Brewer and Garrison (2014) define CVP as the study of the effects of changes in
volume and cost on the profits.
Cost-Volume-Profit is very essential when strategizing the profit
planning as well as determining the selling prices of the products. In so doing, Walker fashion
designers will be able to curb and reduce any risks associated with the business operations such
as profit loss and failures. Having sufficient data and in-depth knowledge concerning fixed as
well as variable costs will significantly help the entrepreneurs to stipulate the role that product
will play in minimizing the profit loss.
Most notably, many entrepreneurs CVP utilize the
concept as a primary tool in making sound decisions regarding the break-even analysis.
Arguably, break-even analysis become a prerequisite in accurately determining if the
entrepreneur’s idea will be profitable or not. Similarly, in conjunction with the contribution
margin, the framework becomes more applicable in evaluating sales targets of a business (Kehoe
& Ruhl, 2013). it is equally critical to take into account the elasticity of demand in determining
the prices of products and services as well as the resulting decrease and increase in the sales.
Contribution margin plays a crucial role in estimating the associated margin of safety
with pricing of a product.
Walker fashion designers will be able to consider if the products will
command a higher competitive advantage among its rivals as well as command higher prices.
Undoubtedly, from the theoretical point of view, CVP provides great assistance to the
entrepreneurs when they are evaluating their business profits. Below is a table showing the
break-even point of every month. This comprises of the business maintenance costs like payroll
and rent as shown in other tables.
WALKER FASHION DESIGNERS 60
Breakeven analysis
Monthly Revenue Breakeven $50,050
Average Price of each product/service
sold
$400
Average cost of each product/service to
make/deliver
$100
Number of units sold needed to break-
even
400
To cover its fixed costs and in turn realize profit, walker fashion designers will need to
produce lot of the products. Similarly, to miximize the profit, the company will have to sell the
products ate a reliatively friendly prices. According to Suarez, Cusumano and Kahl (2013), firms
with high fixed costs need to take into account of the “what-ifs” behind every decisions since
making the wrong decision will drastically affect the business. As the author retaliates, when the
business has high fixed costs, then it has to strive to get more income or profit inorder to break
eve. Hence, this concept was created to help the manageres like Walker to minimize the risks
associated with the costs.
WALKER FASHION DESIGNERS 61
MARKETING PLAN
Price Strategy
Walker Fashion Designers Company will set prices that will be equivalent to the high
quality of products. Considering high costs incurred during design and production, the prices will
be set to make sure that the break-even is attained within a reasonable stipulated time frame.
Hence, walker fashion designers company will as well use it pricing strategy to stay focused in
meeting its target group expectations which mainly comprised of the educated women having the
upper two quartiles on the scale level of income.
Communication Strategy
Mr. Walker, the company founder has an overwhelming background in marketing and he
will recognize the importance of having and implementing the most effective marketing strategy.
Most importantly, Mr. Walker will be taking the services of the marketing consulting agency in
the process of designing his branding which entails the company’s logo, corporate colors as well
WALKER FASHION DESIGNERS 62
as the brand book. She seeks to incorporate marketing strategies including the PR-Strategy,
print-ads, trade shows as well as researching and contracting the possible potential customer. In
order to use the available tight resources during the start-up phase economically, the marketing
budget for the recurring expenses, it will be important for the company to make sure that the
expenses do not overstretched 5% of the total gross annual sales.
The company’s marketing message, slogans as well as logo will be revolving around the
concept of women who are fashion-oriented as excellent trendsetters as well as feminine ground-
breakers. Women as the top trend and pace setters need to be recognized as the point of interest
within the fashion consumer market.
Walker fashion designers company’s initial marketing
efforts will be focusing on the local market to the point where fashion, designs and styles are
established among the women of Bayview. The marketing efforts will significantly depend on
the local print and broadcast media coverage, the old advertising methods, signage, direct mail
campaign as well as networking. It is worth noting that, a larger portion of the marketing and
advertising budget will be channeled to the print as well as the broadcast media.
In the efforts of launching the business as well as in every new season, Walker Fashion
designers will be organizing various marketing events and shows in creating the awareness.
Moreover, the company will value the importance of including the chamber of commerce, media
contacts and the merchant associations in pushing their agenda of promoting their marketing
events primarily in the local newspapers and radio advertising. Following the grand opening of
the company, will be a comprehensive advertising and occasional direct mail marketing
campaign.
Most of the company’s focus is directed towards carrying out regular trade shows,
industry networking occasions and fairs concerning the fashion designers. Canada is one of the
WALKER FASHION DESIGNERS 63
top countries know for holding most of the fashion events. The industry has a well-organized
presentation which is majorly contributed by the private financers that strive to provide the
necessary support to the emerging designers and host major regional fashion events as well.
Hence, it will critical for Walker fashion designers to ensure that they are present and actively
participate in all of these events and at the same continue to build a network in the industry.
Walker Fashion Designers Company will be constantly using different marketing
strategies and opportunities to further expand the business beyond the designated area and
consequently increase the customers’ population. Moreover, the company will implement the
concept of recommending bonuses that will see the sale increase and at the same time taking into
account the effects of word of mouth propaganda.
The domain names of the company and site
development have been reserved and ready for execution once the resources become available.
Furthermore, the website is designed to showcase the brand company including its accessories,
clothing lines and most importantly provide the consumers with the ability to purchase their
desired tastes on various styles and fashions online. Following its later development, the site will
incorporate helpful features to our customers such as fashion advice, a blog, newsletter, designer
interviews and avail special internet to its customers.
Sales Promotion
Under sales promotion as one of the marketing strategy will majorly focus on dress club,
which targets the VIP clients. Here, a customer buying five pairs of dresses will receive one pair
free. The customers will get a stamped business cards for each purchase. Secondly, the company
will impose commission for the sales representatives on whatever they sell. The rate will be 4%
for all the priced products and no commission on the discounted goods. Thirdly, the walker
fashion designers company will provide a platform where the VIP customers will register for the
WALKER FASHION DESIGNERS 64
forth coming events such as birthdays and Christmas. The products will be available for possible
preselection making the buying easier for the customers.
DEVELOPMENT PLAN
Strategy and Implementation
Concerning the extensive research that was conducted on the shopping behaviors among
the women as well as the Walker fashion designers company’s research among the
Leaside women, some of the strategies that will be employed on the same include:
Develop stronger relationships with our customers. This will be achievable through
utilization of the assessment style as well as offering services in helping our able
customers to determine the right choices of clothes that they desire.
Provide educational materials as well as other relevant programs that will provide the
clients with knowledge and greater decision-making confidence.
Establish stronger awareness of the brand and services in promoting reputation of the
company in the most competitive market.
Offer our customers with the opportunity to have access to the inside information of the
company and harness their power in individual’s networking by leveraging marketing
collateral stablished to share and encourage the referrals.
Use personal referrals as well as stylist in building the traffic.
WALKER FASHION DESIGNERS 65
MONTHLY EXPENSES AMOUNT ($)
Legal 2, 000
Logo etc. 500
rent 15,000
payroll 48,000
Insurance 2,300
computer 1,200
Utilities 21,000
Total 90,000
THE MANAGEMENTSUMMARY
Mr. Walker’s experience as a logistics manager specializing on tailoring and decoration,
has been in the field for 5 fives hence, has what is required in management. Currently, the CEO
assumes all the company’s functions within the firm and he is responsible for all the decisions of
the business. Mentors from the fashion college will be sought and used for the relevant advice.
Besides, the company will also make good use of the Toronto Incubators Program that will be
WALKER FASHION DESIGNERS 66
giving advice to the newly starting companies, mentoring and offering necessary management
trainings during the start-up phase with an aim of reducing the risk of failure.
The company is in the processing of coming up with advisory council which will
comprise of high school and college level students together with the graduates which forms the
company’s target market. The team will be providing the necessary input and promote our events
via their social media activities. Promisingly, this will assist the company to expand our brand in
different schools and at the same time advise the company on the appropriate social activities
that the firm should support.
The management team is further composed of marketing manager,
assistant designer, online shopping mall coordinator, and finance officer among others. The
company is still looking forward to hiring other talented and skilled employees, especially those
who have graduated with a degree in Graphic Design and have 2-3 years of experience. The
graphic designers will work very closely with the CEO and the advisory council members to
design the best styles and designs that will appeal our customers. The company anticipates to
hire more sales staff by year three.
FINANCIAL PLAN
Our company will be receiving most of its revenue from the purchases made by our
customers of all our elegant products. Walker fashion designers Company’s first year income
statement indicates the profit margin of $56,400 having a net salary of $21,000 per month after
the deduction of all the taxes. Certainly, we can be able to anticipate our break-even point of no
less than $19,500 in monthly sales. The company is projecting an annual profit of $65,000 by the
end of year 3. Our company will solely generate its revenue from the sales of clothing as well as
other merchandise to retail stores. The projection of the first year sales is at $240,000 and $1.5
WALKER FASHION DESIGNERS 67
million by year three. We also expect to achieve month-to-month profitability in course of year
one. Walker Fashion Designers Company will require approximately $750,000 to get the
business off the ground. Currently, we are seeking funding from investors and business loans
from outside. The funds will be used in paying for the fabrics, materials, prototype construction,
the contractors, travel, shipping as well as warehouse construction. The remaining funds will be
channeled to settling the operating expenses including the rent, utilities, paying the employees,
and marketing costs. To efficiently manage the cash flow, the company is planning to develop
quarterly budget that will be compared to the actual income as well as the expenses of the
specific period of operations.
CONCLUSION
In conclusion, Walker Fashions Designers is determined to hit and rocket the fashion
market with its latest styles and fashion techniques for women. With the current changes in
demand of the apparels, the companies that will be awarded for the existing opportunities are
those whose ingenuity and creativity meet the demands of the customers. With the changes in the
economic conditions such as pricing and demographic trends, the fashion industry has moved to
Buy quality and wear quality.
The fashion company is confident that it can achieve the targeted
sales forecasts to generate profits. Additionally, the Walker Fashion Designers identified the
market gap through the feasibility study and identified its ability to expand in the fashion
industry. The capital will be used to cater for the start-up costs so that a well and established
store front is achieved. With the able management, the company anticipates for operational
success in the short-term and the long-term period.
WALKER FASHION DESIGNERS 68
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