Business Plan for Fashion We Go: Generating Ideas, Feasibility Studies, and Market Opportunities

This report discusses the business plan for Fashion We Go, an online clothing and accessories store. It covers the motivation for starting a business, the process required for generating business ideas, conducting feasibility studies, and identifying potential market opportunities. The report also includes details of the products and services offered by Fashion We Go and the vision of the business. The report is relevant for students studying entrepreneurship, business management, and marketing.

Enterprise and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK1.............................................................................................................................................3
Motivation for starting a business..........................................................................................3
Process require in generating business idea...........................................................................3
Conducting feasibility studies................................................................................................4
Details of product and services to be offered.........................................................................5
Potential market opportunities................................................................................................6
Attractiveness of the industry.................................................................................................6
Vision of the business.............................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES:...............................................................................................................................9
Books and Journals.................................................................................................................9

INTRODUCTION
Entrepreneurship refers to the building new organisation opportunity in order to obtain
the business profit. Individual is responsible for formulating business innovative ideas,
identifying risk situations for maximising the profits. For attaining the goal, it is necessary for
business to formulate the proper business plan that provides a roadmap of all activities. In this
report, there will be discussion about the business plan on Fashion We Go and different types of
products that the company offers to its customers. The business will offer wide ranges of
products like clothing and other accessories. The main target of the report is to create business
plan in order to attract the targeted customers towards the brand.
MAIN BODY
TASK1
Motivation for starting a business
In today's world, the demand for clothes is rising and customers are moving towards the
clothing industries. There are many people who needs clothes of big brands but due to high
prices they do not able to fulfil their demands. Fashion We Go offers clothes of different
varieties of products at affordable clothes (Matlay, 2018). Product of the company will create
unique value to the customers as compare to other competitors in the market. Proper scanning of
external environment and strategic planning will help the business to achieve the growth and
gain competitive advantage in the market. The business will not create any negative impact on
surrounding and contributes towards the social responsibilities which helps in building brand
image in the mind of customers.
Process require in generating business idea
For every organisation it is necessary to involves proper process for developing business
ideas. It helps the organisation to work in a systemic manner and achieve the objectives
effectively and efficiently (Drobyazko, et.al 2019). Fashion We Go focuses on providing trendy
and stylish clothes to adults. Before starting the business of clothes it is very important to
considered the factors which are described below:

Identifying the key skills -For entrepreneurs it is necessary to have key skills that
includes the problem solving, decision- making and analytical skills. In order to perform
effectively and higher revenue entrepreneurs must have all the key skills and knowledge.
Analysing multiple problems- Every business consists several problems which can
restrict the performance of the organisations. While formulating plan it is necessary to identify
the level of competition available in the market and risk associated with internal and external
environment of the organisation. There is high competition in fashion industry so it is important
to identify the competitor’s strategies and threats which can affect the business performance.
Proper market analysis will help in attracting audiences towards the brands and also provides
blueprint of the competitors.
Selecting target audiences and market- Target audiences and market is the key factor
to whom the product will going to be delivered. It is important for business to focus and select
the target group or people to whom they will deliver the products. Fashion We Go focus on the
adults who needs stylish and trendy clothes at affordable prices. Low cost and god quality
products will help the firm to attract the audiences towards the brand.
Competitors analysis- It is important for every organisation to evaluate the competitor’s
performance in order to achieve the competitive advantage. Due to high competition in fashion
industry it is necessary for Fashion We Go to evaluate the other business strategies and plans,
like prices, quality of the products (Durmanov, et.al 2020). It is important to conduct feedback
from customers and then formulate plans accordingly that will boost the organisational
productivity.
Formulating right solution- For organisations it is necessary to build the right solution
which do not consists any risk factor. Fashion We Go formulated right strategies and plans which
helps in performing effectively without facing any risk factor. This helps the business to achieve
the growth rate effectively and efficiently.
Conducting feasibility studies
Organisations follow different methods and tools which helps in determining the
performance and various other factors of the business plans. It evaluates the strength and
weakness of the business plan in order to achieve the objectives of the organisation effectively
and efficiently (Komarova, Tsvetkova, Kozlovskaya, and Pronkin, 2019). Fashion We Go

conduct feasible studies for determining the factors which can affect the business performance.
There are the following feasibility steps which need to be undertaken by Fashion We Go-
Step:1 Preliminary analysis- The entrepreneurs needs to invest proper times and
resources in organisation in order to have effective working of the organisation. This leads
smooth functioning and enhance the productivity level of the organisation.
Step:2 Preparation of income statement- It is necessary to prepare the income which
should involve all the expenses and income generated in the organisation. Fashion We Go
should formulate a statement which involves different types of cost like fixed and variable cost
which occurred in the business. Company needs to take important steps in order to remove the
financial challenges.
Step:3- Conduct market research- Fashion We Go needs to conduct proper market
survey on customers’ needs and preferences in order to develop the products as per the
customer’s neds. This will help the company in capturing goods market share and increase the
profitability of business.
Step:4- Preparation of balance sheet- Organisation needs to prepare the balance sheet
which reflects the assets and liabilities of the business. It helps in identifying profits and loss
situation of the business. The assets and liabilities should be properly mentioned in the balance
sheet I order to rectify the amount of liabilities.
Step5: Analysing data- The data needs to be analysed and reviewed by the management
of the company. Fashion We Go needs to analysed the data that will helps in identifying the risk
factors and market trends. This will the firm to formulate the strategies as per the market
situation and enhance the business growth.
Details of product and services to be offered
Fashion We Go offers wide ranges of products to the customers in the market. The items
in which the company deals are clothing items, perfumes, bags and many other accessories
related to clothing. Company offers the products of goods quality and of low cost this helps in
attracting the large number of audiences towards the brand and helps in increasing the
profitability of business (Ramraj, 2021). It increases the market share and growth of the
company and also helps in achieving the competitors advantage. The business use resources in
effective manner and do not cause any negative impact on surrounding. This helps in creating

good brand image in the mind of customers. Also new opportunities in the market will helps the
business to perform well and earn more revenue.
Potential market opportunities
Organisations need to analyse the opportunities which exist in the market and should try
to attain those opportunities. Fashion We Go develops the products as per the needs of the
customers that helps in achieving the good market share. Company offers the products of goods
quality and of low cost which helps in goo stake at customers. In fashion industry there is rise in
new and innovative opportunities that can create a positive impact for business (McElwee,
2022). Fashion We Go should grab all the opportunities in fashion industry in order to enhance
the profitability. It could attract the audiences by offering the unique products of good quality
and of affordable prices. Resources should be use in proper manner and new innovative methods
or designs should be use in developing the products in order to increase the revenue of business.
Attractiveness of the industry
The attractiveness of industry is being evaluated with the help of Porter five forces model, which
is mentioned below -
 Competition in the industry – Fashion We Go have to have a huge competition in
clothing industry as it is most trending business.
 New entrants in the industry – It requires lot of cost for taking entry in clothing
business so Fashion We Go have less threat of new entrance (Asaturova, 2021).
 Power of suppliers – The huge number of suppliers are available for Fashion We Go
which keeps power in hand of suppliers.
 Power of customers – The quality of products offered by Fashion We Go is high so
power is in hand of company.
 Threat of substitutes – The style used by Fashion We Go is unique which declines the
threat of substitute (Abuzjarova, 2018).
Vision of the business
Market leader in the fashion industry through providing stylish and trendy clothes to large
number of audiences.

Providing good qualities of products with low cost in order to maintain trust and relation with its
customers and brand image in the market.

CONCLUSION
From the above presentation it can be concluded that, businesses have to make a proper
and effective business plan before starting any business unit. The feasibility steps followed by
Fashion We Go helps in evaluating strength and weaknesses. With the help of Porters five force
model the company is able to evaluate its external forces.

REFERENCES:
Books and Journals
Abuzjarova, M.I., 2018. Tendencies, law of development and economic content of innovative
entrepreneurship. Modern Economy Success, (1), pp.43-50.
Asaturova, Y., 2021, September. The Development of Solvency Analysis Methods for
Entrepreneurship. In ECIE 2021 16th European Conference on Innovation and
Entrepreneurship Vol 1 (p. 29). Academic Conferences limited.
Drobyazko, S., et.al 2019. Innovative entrepreneurship models in the management system of
enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.
Durmanov, A., et.al 2020. Features of application of innovative development strategies in
international enterprise. International Journal of Entrepreneurship, 24, pp.1-9.
Komarova, A., Tsvetkova, L., Kozlovskaya, S. and Pronkin, N., 2019. Organisational educational
systems and intelligence business systems in entrepreneurship education. Journal of
Entrepreneurship Education, 22(5), pp.1-15.
Matlay, H., 2018. New developments in enterprise and entrepreneurship education. Education+
Training.
McElwee, G., 2022. Reflections on a career in entrepreneurship research. The International
Journal of Entrepreneurship and Innovation, p.14657503221083201.
Ramraj, A.B., 2021. Entrepreneurship Without Innovation Is Unsustainable. In Reshaping
Entrepreneurship Education With Strategy and Innovation (pp. 108-126). IGI Global.