Creating a Business Plan: Thrifted Wear and Sustainable Fashion Retail

This business plan details the launch of Thrifted Wear, a retail company specializing in sustainable fashion through the reuse of pre-owned clothing. Registered as a partnership firm, Thrifted Wear aims to address the fast-changing fashion landscape by providing durable, redesigned clothing, reducing waste, and promoting resource conservation. The plan covers various aspects, including the company's passion-driven approach focused on caring for others, its experienced management team, and its staffing requirements. Strategically located in North Sydney with an online presence, Thrifted Wear differentiates itself through high-quality, reusable resources, offering trendy, customized apparel at affordable prices. The plan identifies potential risks, such as competition and product acceptance, and outlines risk management strategies, including insurance coverage and proactive marketing. The production process involves collecting and repurposing pre-owned fabrics, ensuring quality control through methods like Six Sigma and TQM. The action plan includes sourcing materials, securing funding, conducting market research, and implementing promotional activities to establish Thrifted Wear as a leader in sustainable fashion.

Business plan

 Name of business: Thrifted Wear.
 Type of company: It will be registered in partnership firm.
 Category: It is categorized in retail industry.
 In today’s world, fashion is changing rapidly just like a blink with
eye. Thrifted wear will make a difference in following the trend and
adopting fast fashion. The purpose is to create a sustainable way of
providing products through reusing per-occupied clothes by giving
them a new life. This will avoid wastage and improve enhance
durability over rapid change.

 Product and service: The products will be clothes like jackets, jeans, sweats,
trousers and tops.
 Passion: The aim about this venture is to make a better society and save
resources for future through make a new way of manufacturing clothes
(McKenzie, and Sansone, 2019). Main product passion are Caring for others,
born organizer, Handy. These passion will be reflect in serving goods and
services.
 Experience: I have 1 year experience as a marketing manger in a clothing firm.

 Management team: The team will include the best people who have much
experience about work operations and managing people in right way. These
people put control over policies, strategies and accomplishments of target
within organisation. Four specific management way for Thrifted wear
are: Formulation, implementation, evaluation and modification.
 Staff: The employees will be factory workers, receptionist, guards, marketing
associates, IT experts, calling executives.

 Location and why: Thrifted wear will be located North Sydney (HQ)
Level 15. 140 Arthur Street. As it is the centre of the city which will
be convincible for customers to reach. Also, products will be serve
through online platforms like Instagram, Facebook and website (Tipu,
2019).
 Unique selling preposition: The products are made up of superfine
quality and reusable resources. These clothes will set a benchmark of
fashion in terms of new designs and look. Clothes which are
preoccupied gets into manufacturing process to add on quality and input
and get a durable wear for both summers and winters. Thrifted wear
brings fair deals in trendy fashionable clothes to set stitch,
customize and re-sale. It is reusable yet new wear.
 Pricing strategy: pricing strategy is cost of manufacturing and adding
5% profit margin. Prices will be affordable yet valuable to satisfy

 Risk and risk management: There are a lot of risk due to
competition. There is risk of product failure as people may
not get ready to take products which made out of pre-
owned clothes. Risk of brand failure due to many
competitors like Zara, H&M, Tesco and many more. (Oke,
2021).
 Risk would be manage through regular advertising of product
features and its values. Get customers attention by giving
offers and risk of property would be mange through insurance
and claims. The company use risk avoidance, acceptance,
transference and limitation strategies.
 Insurance: Employer’s liability cover, Product liability
insurance, Business property coverage, Credit risk insurance,
Business interruption insurance, Business property coverage.

 Plants and equipment’s required: A land for factory purpose, lease of space for office and
warehouse.
 Sewing Machines, fabric maker, tools for packaging and computers.
 Production process: The process starts with collecting pre-owned fabrics which goes
with a new manufacturing process. It gets add with new threads to get a new look.
Afterwards, it would come out as a fabric which requires time to get soak until gets
into a design. These fabric will be customise and set according to various designs for
indefinite uses and purpose.
 Inventory required: Inputs like threads, colours, materials are required to take the process
up to semi finished goods. It will be add with materials which are already been used to get
a new design.

 Quality control: The quality of products will be remain under control
though monitoring and using six sigma, lean theories. For quality
measures, TQM theories will be applied. There will be analysation of
strategies, input and materials to bring change according to market. Putting
right material at right amount and cost (Raju, and Singh, 2018).
 Action plan: Gather pre-owned clothes and eliminate supplies from different
countries, Prepare cost and financial requirements, Market research, Market
segments, Borrow funds, Creating products and launching into market,
Promotion and selling. The weak factors which must be improve are:
prepare hiring staregies, organize in better way, promote at large reach
and fulfill customer preferences.

References
 McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard:
Evidence from a business plan competition in Nigeria. Journal of Development
Economics, 141, p.102369.
 Tipu, S.A.A., 2019. Business plan competitions in developed and emerging
economies: What do we still need to know?. Journal of entrepreneurship in emerging
economies.
 Raju, G.S. and Singh, S.P., 2018. Business model practices in Indian retail sector: a
conceptual study. Indian J Commer Manag Stud, 9(1), pp.24-28.
 Oke, D., 2021. Strategies for Technology Selection in the Retail Sector (Doctoral
dissertation, Walden University).