I have to say that the whole experience was an eye opener. It was a thoroughly exhilarating experience for me. En eye opener because I never realized what a challenge it was to setup and run a business successfully. And in the end I was pleasantly surprised that I had so much to offer to the idea and complete the plan reasonably well…
Aimed at working women aged between early 20s to late 40s, the stores would carry the designer outfits of all leading designer labels. As a sole proprietorship firm with a total Capital deployment of 350,000 of which I would contribute 100,000 and rest would be loaned from the bank. Expected the breakeven by the end of the first year Closet expects positive cash flows by the second year onwards. Over 35% of the capital is to be deployed in marketing and promotional activities I have the long term of objective of having a total of
The basic idea of Designer Fashion Retail Showroom is acceptable as viable proposition. Because, the demand for designer clothes is always there and the store could maintain its identity as a store that offers a good selection, reasonable prices, a convenient location would attract and keep customers. However, on hindsight it would have been better to go for a larger single store instead of opening three small stores at three different locations all of a sudden.
4. My work experience as a sales person in the Gucci Outlet gave a lot of practical knowledge on how a retail showroom works, how it looks like, how the customers should be treated, what are the things that customers look for etc. which gave me a lot of confidence.
3. My presentation could have been a lot better. ...
My work experience as a sales person in the Gucci Outlet gave a lot of practical knowledge on how a retail showroom works, how it looks like, how the customers should be treated, what are the things that customers look for etc. which gave me a lot of confidence.
The Weaknesses As realized while making the plan
1. Accounting is not one of my strong subjects and that reflected badly on the financial planning of the project. There were several grey areas in the plan that ought to have been taken care of.
2. Staffing : I paid very little attention to the Human Resource Planning and could not provide a clear picture on how personnel would be recruited, paid and maintained.
3. My presentation could have been a lot better. I did not do my homework on certain aspects such as the financial viability of the project. Especially when asked why the bank would give me a loan for such a big amount I was caught on the wrong foot. Also, I could have included a little bit of meaningful humour in the presentation.
The flaws in the project as reviewed
1. The main problem was that three showrooms were planned within the first month of operation. It was a very flawed idea. There was simply no way that I could have managed all three stores. Moreover, this would eat into our resources so much that it was almost like spreading myself too thin. Instead, what would have been a brighter idea to invest in a single, larger, better store. More space means more places for comfort, more places to display the merchandise, more places to keep the stock, more frontages to attract more walk-in customers. And this would also mean that I could be around to meet all my customers and offer my services to them rather than having to run around to all the three stores trying to supervise every little ...
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