Entrepreneurship and Business Development: A Business Plan for Funsies in Clothing-Retail Industry in Wales, UK

Entrepreneurship and
Business Development
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Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
New Business concept............................................................................................................3
Industry analysis (Porters five forces )...................................................................................4
Market analysis (STP)............................................................................................................5
Organisational analysis (SWOT)............................................................................................7
Financial feasibility................................................................................................................8
Value chain.............................................................................................................................8
Business model canvas ........................................................................................................11
Potential risk and its mitigation plan....................................................................................12
Conclusion.....................................................................................................................................14
References .....................................................................................................................................15
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Introduction
Within the globalised business, digital and new technologies of innovation is using within
an organisation for the growth of new venture in market. Human creativities are the main
entrepreneurial mindset that are useful for initiating the new idea to develop the sustainable
business market (Anderson and et. al., 2019). This report includes the process of establishing a
new business with the effective market entry strategies. The main idea for the new business is
related to Clothing-Retail industry in the main street of Wales, UK. The name of the new venture
is “Funsies”. This main purpose of the report is to develop a business plan by including the
identifying different industry, market and organisational analysis. Furthermore, the business
model canvas and risk mitigation plan that is used for completing business plan.
Main Body
New Business concept
Starting a clothing business require a significant passion for the industry, the companies
or ventures wants to combine their talent with fashion and retail industry. This will be helpful for
to gathering data about marketing information within the business plan. Every year the Clothing-
fashion industry is driving different data collection for making high competition in market and
related to their chosen marketing area. Collecting information for the particular market is one of
the biggest issue and it is considered for challenging nature that impacts on hundreds of factors.
There are different perspectives for personal version of brands that is related to the clothing retail
industry. It is useful for established a new business venture in same industry (Cervantes-
Guzmán, 2021). The new business is associated with the clothing-retail industry which is a
clothing store in Wales, United Kingdom. The name of the shop is “Funsies” which derives the
meaning of joy and fun. The concept of the new business is related to the key components of the
products and services offering by the owner to their valuable customers. The main products of
the business are related to fast-fashion clothing for men, women and teenagers. Their target
market is basically the young people who are attracted towards the fast-fashion and the one who
prefer the regular changes in the lifestyle on daily basis. The special attribute of the business is to
serve their customers with the best quality clothes fascinated with new and innovative market
trends. The scale of the business is small and start-up is established in the main street of Wales,
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UK. The major stakeholders of the business are customers, owner, suppliers, clothing factories
and employees.
Industry analysis (Porters five forces )
Industry analysis is referred to market assessment that is crucial in nature because it
applies on the understanding of businesses and examine the major market conditions. This is
helpful for forecasting the demand and supply for effective financial returns and establish the
business as per the effective marketing opportunities. It is very important for the small business
that will be helpful for identifying the stages and achieve benefits related to effective saturation
points for the growth in market (Industry Analysis, 2021). In order to use the industry analysis,
porter's five forces is able to developed the industry analysis and complete the use of clothing
industry by addressing competitive strategies. This model includes the five stages that are helpful
for understanding industry analysis of clothing industry.
 Bargaining power of the customer: Bargaining power of the customer make an impact
on the growth of the company to make effective impact on the major challenges.
However, these customers may affected by different factors as a group to the clothing
industry. At the time of 21st century, customers are able to informed and make several
alternatives for the growth and several brand in the market. There is high level of
competition for the new industry and that is the reason that the customer have high
bargaining power to the company.
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Illustration 1:
Five Forces Analysis of Fashion Retail Industry, 2021