Identifying Opportunities for Fashion Drivers Business Plan

This report presents a business plan for "Fashion Drivers," a clothing store targeting men, women, and children, with a focus on customized clothing. It explores the entrepreneurial opportunities within the fashion industry, emphasizing the potential for high-quality products and excellent customer service. The report includes background information on the motivations behind starting the business, the target market, and a competitive analysis using Porter's Five Forces model. It also covers gap analysis, objectives, market research (including primary and secondary methods with survey examples), and an assessment of the business's viability and feasibility, highlighting its strengths and weaknesses. Finally, the report provides recommendations for overcoming competitive risks and achieving business growth, supported by references to academic sources. The business aims to increase sales and profitability, and to expand its customer base through social media, and the report concludes that the business idea is viable and offers potential in the fashion industry.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

INTRODUCTION
Entrepreneurs in order to be profitable are required to identify various
opportunities which will helps in setting up their own business.
This assignment is based on the business plan of clothing store which
will provide cloths for men, women and kids.
 This study will include background information about the sources
which motivated to set up an own business.

Background information of sources which inspired and motivates to set up a new
business
 Business generate more income than job
 Interest and hobbies
 Demands of people
 Personal growth
 Motivated through advertising agency

Introduction to business idea, what it is and potential and
target customers
 The business idea is about opening of Apparel store as the
fashion industry is growing tremendously. The name of the
business will be “Fashion Drivers”.
 The store will provide clothing for women, men and kids. The
uniqueness of this clothing store will be that it will also provide
customized clothing to its customers on their demand.
 The business will be located in the central area of London, UK.

What it is
 It is a clothing store that will focus more on quality to retain the
customers for long term in business.
 The size of the business will be small as it is the initial stage and due
to risk possibility for business.
 this clothing store will be that it will also provide customized
clothing to its customers on their demand

Potential customer and target audience
 Fashion Drivers will focus on providing its products to medium
to high income group people as it will provide high quality
products.
 The target group of Fashion Driver will be young women due to
high demand and changing fashion trends of females.
 The adult female from middle income group because the
individuals have potential to buy customized clothing.

Competitive analysis of setting up new business
 The Fashion industry is growing at the fastest rate and in order to
identify the market it is required to make a competitive analysis.
 The porter five forces model consist of five factors which are
required to be identified to have knowledge about the industry
and competition.

Porter five forces model

CONTINUE…
 Bargaining power of suppliers: High
 Bargaining power of buyers: HIGH
 Threat of new entrant: High
 Threat of substitute products: Low
 Competitive Rivalry: HIGH

Evaluation of Gap analysis to look at the close gaps for
present and future
 Gap analysis is related to examination of current performance in
order to identify difference between current status with reference
to future.
 It helps in improving business efficiency.

Gap analysis

Objectives of FashionDriver
The Objectives of Fashion Driver are as follows:
 To increase sales by 10% within 2 quarter.
 To increase profitability by 10 % within 2 months.
 To increase its customer base through use of social media.