Glamour and Bloom Boutique: Business Plan for Dragon Den Course

This document presents a comprehensive business plan for the "Glamour and Bloom Boutique," a clothing store concept designed for a Dragon's Den-style pitch. The plan outlines the boutique's concept, which focuses on retailing clothes, shoes, and jewelry, targeting both genders. It details product offerings, including apparel, accessories, and footwear, with a focus on current fashion trends and customer preferences. The plan incorporates statistical data to support the viability of the boutique business, highlighting the growth of the retail sector and market size in the United States. It identifies the target market and potential threats, while also detailing the investment opportunity and proposed use of seed capital. The plan also covers pricing strategies, including penetration, economy, and psychological pricing, to attract customers. The document concludes by summarizing the business's potential and emphasizing the importance of adapting to customer needs and market dynamics within the competitive retail landscape.

GLAMOUR AND BLOOM BOUTIQUE
by Dragon Den
Course
Prof’s Name
Institution
Location of Institution
Date

Introduction of Glamour and Bloom Boutique
• The idea I have come up with is that of developing a boutique.
• The boutique will be known as Glamour and Bloom boutique.
• I settled on these two words as the basis for the name since they are appealing to
the customer.
• Glamour means an attractive or exciting quality which makes certain people or
things to appear appealing.
• On the other hand, bloom denotes a flower that is cultivated for its beauty.
• Glamour and Bloom boutique will operate as a clothing store retailing clothes,
shoes (for both genders), as well as jewellery products.
• The boutique business will be located at Apple Valley which is 91.5 miles from Los
Angeles (Su et al., 2019).
• Glamour and Bloom boutique will also provide services such as style assessment
and special ordering to customers during the time of operation and through
personal appointments.

Description of Products and Services
• Glamour and bloom boutique will offer nationally recognized western
wear brands.
• The selection of products within this boutique will range from the basics
of herder to the trendy style of western wares.
• The boutique will make its purchases by the use of sales representatives
and manufacturers in a range of colors, sizes, and design to fit its customer
target base.
• A majority of the merchandise will encompass apparel, followed by
accessories, and finally hats.
• The products retailed at the boutique will be determined by the customer
feedback collected, suggestions, and sales reports generated by the sales
representatives (Su et al., 2019).
• The three aspects will be vital in deciding whether to introduce or
eliminate certain products, design, or particular sizes of brands being
retailed (Su et al., 2019).

Cont. of Products and Services
•Some of the products offered at Glamour and Bloom boutique include apparel
for children, men, and women, footwear, sportswear, accessories, cosmetics,
and jewellery.
•Apparel denotes a clothing line for men, women, and children.
•Accessories include items that contribute to clothing in one way or another;
they entail ties, gloves, belts, handbags, umbrellas, socks, and stockings.
•The selection of the products to be stocked within the boutique will be based on
generational fashion trends alongside customers’ tests and preferences.
•The boutique will earn profits through selling the merchandise stocked within its
premises.
•The pricing strategy used by the boutique will be flexible to attract more
customers and increase the boutique’s market share.
•Moreover, the boutique will also embrace the value-based pricing structure.
•The value-based pricing structure measures the value of the products offered by
Glamour and Bloom boutique.
•Features that are measured under the value-based pricing strategy include
quality, usability of the product, durability, easy of access, and designs flattering
the targeted end user (Su et al., 2019).

Statistical data to back up the
boutique business
• Despite many businesses closing their doors daily, boutique business has
continued to take shape and is ranked as one of the fastest growing
segments in the retail sector.
• Globally, the boutique business has experienced a growth rate of 7% per
year for the past two years (Malhotra et al., 2018).
• The growth has been attributed to the establishments of new stores and
expansion of available boutique stores.
• The 7% growth reflects the estimated number of new stores opening
during the entire year and subtracting the businesses that have closed.
• The revenue in the Apparel market in United States amounts to
US$364,868 million by the end 2019.
• The market volume of US$190,794 million accounts for women apparel
sold in the United States (Malhotra et al., 2018). This forms the largest
segment of the entire apparel. The men, youths, and children apparel
share the remaining amount which is US$174,074.

Cont. of Statistical data
• The major competitor of Glamour and Bloom boutique is American
Apparel Inc. which is based in Los Angeles, California.
• The company does manufacturing, designing, distributing, and marketing
various clothing products.
• The company was established in 1989 by Dv Charney.
• American Apparel Inc. operates more than 200 retail stores in 20 countries
(Malhotra et al., 2018).
• However, management issues caused the company to record losses for six
consecutive years (Malhotra et al., 2018).
• The losses caused the company to file for bankruptcy thus leading to
retrenchment of many employees.

Why the Boutique Business is
Investable
Business Plan Summary
• The boutique business is investable since the benefits accrued as a result of
establishing this venture outdoes the losses.
• There are multiple aspects that strengthen the location and running of the boutique
business in Apple Valley town.
• The first aspect which strengthens the boutique business is the experience gained by
the partners in terms of management, decision-making, purchasing desired products,
and proper allocation of financial resources.
• Furthermore, the partners have the latest knowledge regarding the current fashion
trend. This prevents instances where clothes overstay in the boutique since they do
not satisfy the customers’ tests and preferences.
• The aspect of partners being self-motivated will spearhead the success of the boutique
over a short-term basis.
• Other factors that can be categorized as the strengths of this boutique business include
focused target market, in-house marketing experience, and customer service driven
(Malhotra et al., 2018).
• The likely threats the boutique business will encounter include the arrival of new
clothing stores within the town of Apple Valley and economic downtowns experienced
in the United States.

Return on Investment
Seed Capital
Startup Expenses Amount in £
Licenses and Permits 1,300
Rent 10,000
Marketing, Promotion, and
Advertisement
2,000
Stationary 200
Wages and Salaries 4,000
Inventory acquisition 25,000
Transportation and delivery 5,000
Fixtures 2,500
Total Startup Expenses 50,000

The Use of the Boutique
• Glamour and Bloom boutique will serve the purpose of satisfying its
customers not only by offering quality products but also at
affordable prices as well as unique customer service provided by its
qualified customer service agents.
• The boutique will offer an assortment of clothing products in all
sizes for all types of customers.
• The experienced customer service agents within the boutique will
offer advice related to how different designs match based on color.
• The boutique will also be used to showcase the latest fashion trends
by holding road shows across the entire city of California.
• The boutique will offer a 12% discount on customers who hit ten
purchases within a span of six months.

Pricing Strategies within the
Boutique
• Price is the amount of money that a customer pays in exchange for the
firm’s products or services.
• Establishing a price strategy for a boutique business can be quite
challenging.
• Many startup ventures usually create a bargain pricing impression by
pricing products at a lower level as compared to its competitors.
• Even though bargain pricing impression increases initial sales, the low
prices charged are more likely to equate to low quality which may be
against the expectations of the customers.
• However, Glamour and Bloom boutique will utilize three pricing strategies
in an effort to penetrate and stabilize in the new market which is Apple
Valley town.
• These strategies include penetration, economy, and psychological pricing
strategy.
• The factors considered before settling on this pricing strategies include the
cost of acquisition and distribution, the demographics of potential clients,
and the prices offered by competing firms (Su et al., 2019).

Conclusion/Summary
• Operating a clothing store is one of the most profitable ventures not only
in the world but also in USA.
• The boutique business is growing at a rate of 7% annually.
• The United States records a revenue amounting to US$364,868 million in
2019.
• The idea of beginning Glamour and Bloom boutique will be significant as it
will capitalize on the dynamic needs of the customer regarding the style,
color, and preferences of clothes they wish to possess.
• The boutique will offer clothing for all categories of people ranging from
children all the way to adults.
• Besides these, the boutique will also avail accessories, cosmetics, and
jewellery to a particular segment of the customers within Apple Valley
town and its environs.

References
Malhotra, R., Malhotra, D.K., Mariotz, E. and Poteau, R.R., 2018. Evaluating
the Impact of Advertising on Sales and Profitability in The Apparel
Industry. In Applications of Management Science (pp. 37-55). Emerald
Publishing Limited.
Su, J., Watchravesringkan, K.T., Zhou, J. and Gil, M., 2019. Sustainable
clothing: perspectives from US and Chinese young Millennials.
International Journal of Retail & Distribution Management.