The aim of this report is to develop a business plan for a proposed new and start-up small entrepreneurship business, named Peace & Fashion. The finding of this report comes from both primary and secondary sources, and from the creative and innovative thinking of the proposed business’ entrepreneurs.
Entrepreneurship is the beginning point to be a larger and famous brand worldwide. There is huge opportunities for entrepreneurship United Kingdom. However, entrepreneurship in the UK is facing a number of challenges along with opportunities, where the key challenge of new and start-up entrepreneurship is the limitations of resources in comparison to the big brands. Small and new entrepreneurship can turn the challenges faced with opportunities by developing effective marketing strategies.
The key activities of the proposed entrepreneurship will be selling women clothing mainly Islamic reassesses in wholesales. The key products will be different kinds of short and long dresses (such as Abaiya, Veils, Scaffs, Hijabs, brand and panty, etc. ) for the women. The proposed business will be a partnership business, where there will be four partners who are fresh graduates from reputed UK universities. The investment of the proposed business will come from these four parterres. The initial investment is £100,000, where every partner will contribute £25,000. The products will be mainly supplied from the Middle East (mainly Dubai and Saudi Arabia) and Bangladesh. The products will be served based on East London, where the key customer segment is Muslims women from teenagers to older ages.
Peace & Fashion should follow the business strategies of bigger companies as the training and development grounds. In addition, Peace & Fashion should go with the strategies of big and successful organizations. Then, “Peace & Fashion” to follow the competitors that are popular brands with success and experiences. Next, Peace & Fashion must follow the strategies applied by its experienced and successful competitors. The key challenges of start-up businesses are newness, developing new products and services, unfamiliar towards the target market and customers, limited resources, and lack of experiences. These challenges can only be overcome by applying effective marketing campaigns through different channels such as social media (e.g. Facebook, YouTube), mobile devices (e.g. Smartphone), email, sponsorship marketing, Guerilla marketing, leafleting, excellent customers, relationship marketing, building relationship with customers and engaging them for long term basis.
Table of Contents
2.0 Description of the proposed start-up business.
3.0 Entrepreneurial Team.
4.0 Market Analysis.
5.0 Competition analysis.
6.0 Entrepreneurial marketing strategies for the proposed business.
7.0 Marketing budget.
8.0 Financial activities.
1.1 Justification of the study
The majority of big and successful companies (eg. Coco-Cola, IBM, Microsoft) were small entrepreneurship organizations once they started (Coulter, 2014). This indicates that entrepreneurship is the beginning point to be a larger and famous brand worldwide. There is huge opportunities for entrepreneurship United Kingdom. according to a report published by National Statistics (2015), the value of entrepreneurship in the UK was about £7 million in 2014, which was nearly 12% higher than the previous year of 2013. However, entrepreneurship in the UK is facing a number of challenges along with opportunities (Morris et al., 2014).
The key challenge of new and start-up entrepreneurship is the limitations of resources in comparison to the big brands. Thus, the entrepreneurship face difficulties to survive in the competitive marketplaces (Hills, Hultman, and Miles, 2008). For instance, it is difficult for a new and start-up retail entrepreneurship to gain improved market share and retain customers because of well-known and bigger brands including Tesco and Sainsbury’s.
However, Steve and Caroline (2014) stated that small and new entrepreneurship can turn the challenges faced to opportunities by developing effective marketing strategies. For instance, a new small and new start-up can do effective marketing campaigns through viral marketing tools such as social media (eg. Facebook, Twitter, YouTube, etc), message delivery through mobile devices (eg. Smartphone), emailing, etc. These tools can give fruitful outcome to the entrepreneurs in gaining improved market share and customer retention with improved revenue and profits.
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1.2 Study Objectives
The objective of this study is to develop a business plan a proposed new and start-up entrepreneurship. The name of the proposed business is “Peace & Fashion “. As part of a business plan, first, the background of the proposed business is outlined. Then, mission and vision with the aims and objectives of the proposed entrepreneurship are defined. Next, the strategies on how the proposed business can enter into the market and gain success are identified. Following these, the management and financial resources are outlined for the proposed business…………