Bucks University: BM564 Growth Sustainable Dress on Rent Business Plan

This report outlines a comprehensive business plan for a 'Dress on Rent' service, designed to provide designer dresses for various occasions through rental and customization options. The plan includes a detailed market analysis using STP, identifying target customers and unique selling propositions such as customized dresses and free delivery. It assesses competitors and industry dynamics using Porter's Five Forces. Skill analysis covers necessary competencies for success, while cash flow forecasts and funding sources, including debt financing and personal funds, are discussed. The plan addresses tangible and intangible resource acquisition, organizational structures, and information systems, including CRM and MIS. The vision includes market expansion and maintaining a strong international reputation. References to academic sources support the analysis.

Growth sustainable
business plan
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Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Proposed future business.............................................................................................................3
Customers....................................................................................................................................3
Competitors..................................................................................................................................4
Skill analysis................................................................................................................................5
Cash flow forecast.......................................................................................................................6
Source of funding........................................................................................................................6
Plan for obtaining business tangible and intangible resources....................................................7
Organisation and information system..........................................................................................7
Vision of business idea................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Business plan can be described as written roadmap which consist different strategies in
business that allow them to attain goals and objectives of business. This project repot includes
description of Dress on Rent that is business that offer different designer dress on rent in order to
satisfy needs and wants of customers. This project report includes proposed business, its
customer, competitors that create threat for business. It also consists skills analysis on basis of
business entrepreneur can manage business.
MAIN BODY
Proposed future business
Get Dress on Rent is a business that is providing different types of dress for girls, women for
different occasions. There are different types of dresses required by girls and women as they do
not like to repeat dress and want new dress for different occasions. Dress On rent is a business
that provide them alternate dresses. In this business, customer can also customise their dress and
also can buy from available dresses (Bhattacharya, and Polman, 2017). It is using a software
application for this from where customer can book their dress. Business can also provide free
delivery to its customers for distance of 10 miles from their stores. This business also consist
patent for purpose of protecting rights of business.
Customers
Dress on rent is a business that is targeting customer in order to sell their products and
service. In order to identify target customers, business can use STP analysis which are mentioned
below:
Segmentation Dress On Rent Business is targeting its customers on basis of
demographic factors as it is dividing its target customers on basis of
gender.
Targeting Dress On Rent business is targeting most profitable customer in
business as women is investing more on dresses in compare to men.
Positioning Dress On Rent business is develop its position in basis of function
position as they are providing solution to problem faced by business
(Cosenz, 2017).
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Unique Selling position: It is a business that is providing customised dress option for its
customers. It is also providing free delivery service to its customers. It is a business that provide
its service through application.
Customer needs: Customer needs dresses which they can wear only one time and these
dresses are according to trend and latest fashion.
Market consumer: It is a business that is adopting different method for purpose of
promotion of products and service. It is a business that increase awareness of promotion of
products and service (Grau Sr, 2018). In order to promote products and service, Dress On Rent
business is adopting social media marketing. This business is using different social media
platform like Instagram, Facebook, Twitter and others.
Competitors
There is various store who also provide dress on rent are competitors of business. Thee
competitors are adopting different tactics in order to attract target customers. These competitors
are also capturing marketing share of market as these are already develop strong position in mart.
Customers will buy products from these competitors as these competitors are known for them.
Some of these competitors for business includes Dress to Sunglasses, Period Costume Hire,
Prom dress ad other business.
Industry analysis:
It is one of analysis which is conducted by business of Dress on rent in order to identify
competitiveness in firm. It is important for firm to conduct this analysis as it allows them to
overcome of competition and also to increase more profit for firm (Remeňová, Kintler, and
Jankelová, 2020). For this, business can use Porter’s five forces model and explanation of these
model are mentioned below:
 Bargaining power of buyers: There are various alternatives available in market for this
business that create threat for business. But Dress on Rent business on basis of USP is
recuing this threat for business. So, there is moderate threat of this factor in business.
 Bargaining power of supplier: There are various supplier of Dress on Rent of business
as they purchase material from different material stores. It reduces threat of suppliers to
raise prices of their material. So, there is less threat of this factor.
 Threat of new entrants: Any firm can enter this field who has knowledge of market. It
increases threat of new entrants for business.
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 Threat of substitute: Substitute are the products which can be easily replaceable in place
of products of business. There is various substitute of this products in market that create
threat for business.
 Existing rivalry: Competitors create negative impact over profitability and marketing
share of company. There are various threat of business of Dress On Rent which create
problem for them. So, there is high threat of this factor for business.
Skill analysis
Skill analysis is defined as the examination of different skills and competencies as well as
provide guidance to improve skills that help to attain determined goals and objectives.
Skills for forwarding business idea: There are various skills are need to be developed for
running Dress on Rent in competitive business environment such as communication, negotiation
skill, market research, planning, marketing skill, finance management, problem solving and time
management skills (Turner, and Endres, 2017).
Required people in business: In the process of running business various employees are required
in different department such as sales, marketing, research and production department who posses
required skills and competencies that enable them to perform their determined task in efficient
manner.
Required skills in clothing industry: I have researched that to manage operations of Dress on
Rent various skills are required such as highly creative and artistic skills, team-management,
strong visualisation skill, excellent communication with other interpersonal skills and
competitive spirit.
Skill gap: I have conducted SWOT analysis or skill audit test with the objective of analysing gap
in skills that can impact my overall performance and efficiency. After analysing gap is skill, I
have developed effective planning to improve weak areas.
Skill audit
Skills Score by me Score by others
Time-management 9 8
Innovation and creative skill 8 9
Communication skill 10 9
Management skill 8 7
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There are various elements that are necessary to formulate team such as effective
communication, efficiency, innovative ideas, delegation, support and leadership.
Cash flow forecast
Cash flow statement helps Dress on Rent organisation to analyse all cash inflows and outflows
Source of funding
There are various source of funding that provide finance for running operations of Dress on Rent
in efficient manner. Some sources of funding are mentioned below:
Debt financing: It is related to taking loan from bank for specific period of time and pay fix rate
of interest (Urbaniec, 2018).
Crowdfunding: Crowdfunding is defined as the attracting larger number of investors to invent
in business through explaining then business ideas for specific profit share.
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Personal funds: Personal funds are defined as the own saving and loan from family and friends
that can be used to run business operations.
Dress on Rent acquire finance from bank and personal funds because form these are more
efficient and cost-effective ways to raising funds.
There are various non-financial resources such as solution Advocacy, leadership, land and
building, equipment and other that plays important role in running Dress on Rent operations in
efficient manner (Wood, Bobenrieth, and Yoshihara, 2017).
Plan for obtaining business tangible and intangible resources
Business requires various resources to run operations with efficiency and effectiveness.
Organisational start cost is divided acquiring resources. Start-up cost of Dress on Rent is 70
thousand pounds. Dress on Rent resources are mentioned below:
Tangible resources: Tangible resources are defined as the physical items that are used in
business. Dress on Rent uses various tangible resources such as raw material, cash, machinery,
land and building and others.
Intangible resources: Intangible resources are not exist in physical form but reflects business
image in market such as its logo, customer relationship, patents and resources.
Intangible resources:
Organisation and information system
Dress on Rent uses various organisational and management information system for business
operating business in competitive business environment.
Customer relationship management: It is related to managing organisational relationship and
interaction with potential customers with the objective of maintaining strong relationship.
Management information system: It is defined as the information system that is used by Dress
on Rent to take efficient decisions, maintaining coordination, control and analysis of business
information (Yun, Zhao, Park, and Shi, 2020).
Decision support system: It is defined as the computerized programme that used to support
determinations, course of actions and judgement of business. Dress on Rent uses it resolve
problems and taking efficient decisions.
Business information system: It provides all relative information that can be used by
organisation to manage operations efficiently through using computer and technology.
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All these systems play important role in the operations of Dress on Rent through helps in
taking better decisions, solve problem by provide necessary business information. CRM helps to
maintain effective relationship with customers and retain them with organisation for longer
period of time.
Vision of business idea
Vision of Dress on Rent business is expended in market place and enhance customer base
through provide cloths according to tends. Vision of organisation is to maintain strong reputation
at international level and spend market share. All these strategies, helps business to attain the
objective of growth and development. In next 2-5 years, organisational want to produce
sustainable and sassy products and provide them across diversifies places for enhancing business
sales. In next 10 years, organisational aim is to expand business internationally to gain higher
marker share and customer base.
CONCLUSION
From the above report, it can be concluded that innovative and effective business plan helps
organisation to maintain differentiate image over other competitors. It is important for the
business to provide unique products to customers that fulfil their all needs and requirement and
take decisions after analysing competitors and effectiveness of industry. Organisation need to
select best source of funding after analysing their advantages and drawbacks.
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REFERENCES
Books and Journals
Bhattacharya, C.B. and Polman, P., 2017. Sustainability lessons from the front lines. MIT Sloan
Management Review, 58(2), p.71.
Cosenz, F., 2017. Supporting start-up business model design through system dynamics
modelling. Management Decision.
Grau Sr, D., 2018. Sustainability and the Future of the Profession. Journal of Financial
Planning, 31(7), pp.19-21.
Remeňová, K., Kintler, J. and Jankelová, N., 2020. The general concept of the revenue model for
sustainability growth. Sustainability, 12(16), p.6635.
Turner, S. and Endres, A., 2017. Strategies for enhancing small business owners' success
rates. International Journal of Applied Management and Technology, 16(1), p.3.
Urbaniec, M., 2018. Sustainability-oriented competencies in entrepreneurship education: Insights
from an empirical study on Polish students. International Entrepreneurship Review, 4(3),
p.399.
Wood, K., Bobenrieth, M. and Yoshihara, F.M., 2017. Sustainability in a business context.
In Teaching business sustainability (pp. 253-267). Routledge.
Yun, J.J., Zhao, X., Park, K. and Shi, L., 2020. Sustainability condition of open innovation:
Dynamic growth of alibaba from SME to large enterprise. Sustainability, 12(11), p.4379.
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