After Market: Social Network Services for Home Decor and Fashion
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Added on 2023/06/15
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This presentation introduces After Market, a sustainable business idea that offers social network services for home decor and fashion. Statistical data is presented to back up the idea, and the presentation explains why it is investable. The presentation also includes a budget and plan for return on investment.
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Table of Contents INTRODUCTION Outline of the products or service idea Statistical data to back up the idea Why the idea is investable Return on investment Return on investment What the investment would be used Budget CONCLUSION REFERENCES
INTRODUCTION Business is described as the procedure of engaging companies with several activities such as trading, commercial, manufacturing and many others. Companies operate business in order to maintain their growth and productivity along with accomplishing organisational objectives. Many entrepreneur start new ventures with some new or innovative ideas which could help them in differentiating them from other rivals present in the market and attract large customer base.
Outline of the products or service idea Products or services are described as physical and tangible items that companies offer to their customers where they agree to pay price of them. Before introducing any new goods or services in the market, it become essential for business person to conduct market research along with identifying needs or demands of customer which they could meet. The selected organisation which is “After market” would offer social network services that will facilitates users to trade or acquire products related to home décor and fashion on online platforms.
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Continue Inordertoutiliseservicesofferedby“Aftermarket” customers have to create an account on it which will charge them minimal. Furthermore, customers and sellers would also be charged around 40% of transaction amount during the procedure of renting or purchasing of items through online social sites. The respective company has also taken securitymeasureswheretheinformationandcontact number of sellers or buyers were not be disclosed.
Statistical data to back up the idea Inthepollledbywastemanagementagency, BusinessWaste.co,uk, it has been estimated that a large part of around 1,500 respondents (45%) said that they will like to buy secondary clothes. Around 90% of people said that they will buy second hand clothes when their friends and family will start buying. Almost 94% said that they are influenced by celebrities.
Continue According to global report of Thredup, it has been observedthatthemarketforresalehasbeen growingatarateof11timesquickerthan traditional retail market and by the year 2030 it will beworthof$84million(Secondhandclothing market set to be twice the size of fast fashion by 2030, 2021).
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Why the idea is investable The business idea for After Market is sustainable as it will motivate customers to minimize usage of fashion products that could harm environment and use recycled products. Business plan summary:These products could be reused by people which allows the respective organisation to adopt sustainable practices. This business ideas will aware people for making sustainable changes and preserve environment.
Return on investment This is described as a plan that could be used to enhance growth in the market and provide various opportunities to business. The less investment and higher returns provide profitability to entrepreneurs. The selected company could increase its revenues by executing various promotional activities which would help it in making people aware about its brand.
Payback Period The pay back period is defined as the time period that is required to recover cost a company has invested. The respective company needs a time period of around ten year to recover cost it would invest in its business operations.
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What the investment would be used In the procedure of starting new business venture, it become necessary to invest amount in several activities and operations in order to make sure that business functions are working in effective manner. Promotions:The selected company will invest in promoting its products or services I order to make people aware about brand and to enhance customer engagement.
Budget ActivitiesAmount Promotions£20,000 Technology£30,000 Human Resource£30,000 Researched and Development£10,000 Legal£10,000
CONCLUSION From the above report it has been concluded that before introducing any new business venture it become important for entrepreneurs to study the market. The research helps them in examining market gap along with demands or needs of customer so that they could fulfil them. It could also been concluded that organisations are required to make budget which would help them in managing business activities effectively. In the end it has been examined that entrepreneurs must implement new or innovative ideas that could assist them in accomplishing their desired goals and gaining competitive advantage over others.
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REFERENCES Apostolakos, E., 2019. Business plan for the development of a Self-Storage facility in the area of Thessaloniki. Fernando, W.W.A.S. and Indunil, U.P.A., 2020. Critical Evaluation of Airport Business Plan. InProceedings of International Conference on Business Management(Vol. 17). Mohammed, S., 2018. Developing a Business Plan. InTomorrow's Agriculture(pp. 33-36). Springer, Cham.