29/08/2014
BUSNIESS PLAN OF GARMENT....
This plan outlines how Boston Rags, a start-up retail men's and children's clothing store, will provide the Hartford community with unique clothing they would normally purchase outside of the state.
EXECUTIVE SUMMARY
Boston Rags Clothing Store will be a start-up retail men's, women's, and children's clothing store specializing in unique clothing from other parts of the U.S. This business will be a casual urban wear TRADITONAL APPROACH store which will be run by the owners, Nancy Seymour and Joanne Arbor, as a Partnership. It will be located at 423 West Oaks Boulevard, near downtown Hartford, Connecticut. This store will also have a local market and will serve both youth and adults. Our intent is to provide the community with unique clothing they would normally purchase outside of the state.
The business will be financed with $18,299 of the owners' money plus $35,444 from a business loan. Starting costs are $53,743. Sales are estimated at $187, 500 per year by the first year. A positive cash flow will be produced at the end of the first year.
There are no other urban wear stores located within 20 miles of the location selected for this store. Hartford is in an urban city of approximately 104,000 people which is also a part of Hartford County area containing approximately 408,000 people.
Nancy Seymour receives a Veteran's pension (from her late husband) which is adequate for support without drawing from the business. Joanne Arbor is employed full-time by Central Connecticut State University, which is also adequate support without drawing from the business. Joanne has managerial experience and basic knowledge of accounting. She has at least 7 years of retail experience.
Objectives
Boston Rags's main objectives are to:
• Establish a unique clothing retail business in the city of Hartford, Connecticut
• Create jobs
• Provide quality clothing and customer service at a reasonable price
• Achieve the largest market share in the city for urban wear
• Be an active and vocal member of the community, and to provide continual reinvestment through participation in community activities and financial contributions
• Achieve a profit within the first year
• Continually and consistantly increase total number of customers per year
• Increase average length of customer relationships and decrease customer turnover
