Business Plan: Online Dress Try-On, Market Research and Feasibility

This assignment presents a comprehensive business plan for an online dress try-on service, leveraging 3D technology to allow customers to virtually try on dresses via a website and app. The plan includes a lean canvas outlining the business model, value proposition, customer segments, and key metrics. Market research explores the growing trend of 3D printing and its application in the fashion industry, identifying opportunities and potential competitors. Basic financial projections provide cash flow statements for three years, detailing revenue, expenses, and financing. The feasibility of the business concept is evaluated, considering practicality, market demand, and resource availability. The assignment concludes with a grid-based evaluation of the business idea, assessing its attractiveness, practicality, and potential for success. The document also includes references to support the research and findings.

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Contents
Business idea...................................................................................................................................2
Business lean canvas........................................................................................................................2
Market Research..............................................................................................................................3
Basic Financial projections..............................................................................................................4
Evaluation of the feasibility of the business concept.......................................................................5
Evaluation with the help of grid..................................................................................................6
References........................................................................................................................................8

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Business idea
In the present era, updated technology is bringing new ways and models for the entrepreneurs to
start a business. The new business idea for entrepreneurs is a feature of checking the dress on the
customer through an online website and app. In this idea, the customers will upload one of their
pictures and click on the dresses that are shortlisted by them. Then the dresses will automatically
appear on that image to present how it looks. This will be an opportunity for the customers
because of the help of 3D technology and Ditto in coming time (Ambrosi, & Pumera, 2016).
Business lean canvas
Problem
Hard decisions
for purchasing
product
Customer is
facing troubles
in visiting stores
Solution
Decisions can
be smooth with
the help of this
service as
customers can
check dress on
themselves
No need to visit
the store as the
online store
offers the best
Unique
Value
Propositions
The online
website remains
easily accessible
to customers
Easy and
tension-free
shopping
Saves the time
Unfair
advantage
The unfair
advantage is the
first-mover
advantage
within the
industry
Customer
Segments
Youth and
adults with
different ages
Focus segment
is on female

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Existing
alternatives
Availability of
online shopping
with returns
facility
technology of clients
High-level
concept
Online facility
but with
different
technology
Early adopters
Girls with the
age group of 18-
30 years
Key metrics
Revenue
Customer
satisfaction
Channels
The online
website from
different
locations
Cost Structure
Expenses on technology
License of software
Other expenses
Revenue Streams
Revenue is earned by the company from
purchase done by customers through the
website (Trimi and Berbegal-Mirabent, 2012)
Market Research
In market research, this has been found that 3D printing technology has started to bridge the gap
between the prototyping as well as the production. This is true that 3D printing, as well as
printing technology advanced, is booming. It has been found that use of the technology is

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improving and some similar sort of facility is used by lenskart in which they allow the customers
to try the realistic 3D models on themselves for checking the glasses. This shows that the
company has the opportunity in the market (Amed, Balchandani, Beltrami, Berg, Hedrich and
Rölkens, 2019). Along with this, this is new idea due to which there is no competitor of the
company present in the market. In research, it has been found that feature of the 3D try on was
introduced by the company Ditto. This can be said that companies who will bring services need
to adopt the new technology of 3D.
In addition to this, it has been found that most of the customer's get attracted to this website, as
they want to purchase the product by using the technology. The product will be purchased once
the customers find it suitable for them (Mongeon, 2015).
Basic Financial projections
The below given are the cash flow projections of the business which show the rough cash inflow
as well as outflow.
New business idea
Cash Flow Statement
Amount ($)
2019 2020 2021
Cash Flow from
Operating
Activities
Cash sales 180,000.00 207,000.00 238,050.00
Realization from
Debtors 50,000.00 52,500.00 55,125.00
Total 230,000.00 259,500.00 293,175.00
Cash Flow from
Investing
Activities

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Machinery
Purchased (150,000.00) - -
Software
Purchased (50,000.00) - -
Total (200,000.00) - -
Cash Flow from
Financing
Activities
Equity capital 300,000.00 -
Borrowings 150,000.00 (80,000.00) (60,000.00)
Total 450,000.00 (80,000.00) (60,000.00)
Cash surplus/
deficit 480,000.00 179,500.00 233,175.00
Opening balance - 480,000.00 659,500.00
Closing balance 480,000.00 659,500.00 892,675.00
Evaluation of the feasibility of the business concept
This idea is practically possible, which means that the company make use of the technology of
3D printing for its website and app. The process includes a huge amount of the capital but it can
be risky because the management of technology is important (Drucker, 2014). The revenue will
be earned by the company, as they are feasible for this that means they can be the key attraction
of the people operating in the market. The suppliers of software and the human resource are
present for performing research and development on the project to attain the best outcome out of
it. This has been found that business remains feasible in the market with the development of
technology.

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Evaluation with the help of grid
This grid shows the rating for the eight criteria with the use of the score 1 to 5 which is mention
in the table which shows the feasibility.
Score Rating
1 Very poor/ unattractive
2 Poor/ less attractive
3 Good/ moderate attractive
4 Very good/ attractive
5 Very high/ very attractive
Criteria Score
The attractiveness of idea – Would you enjoy doing it? 4
Ability to undertake – Do you have the skills needed to do
it?
3
Practicality – Is it something that really can be done? 3
Potential market demand – Will customers buy it? 5
Ability to combat competition – Is there competition and
can you combat it in some way?
4
Ability to differentiate – Can you differentiate it in some
way that can be sustained over a long period?
3
Price potential – Can you avoid competing simply on price? 2
Resource availability – Do you think you have, or can get, 3

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the resources you need to start up this business?
The rating that has been allocated based on criteria reflects that the business is feasible.

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References
Ambrosi, A., & Pumera, M. (2016) 3D-printing technologies for electrochemical
applications. Chemical Society Reviews, 45(10), pp: 2740-2755.
Amed, I., Balchandani, A., Beltrami, M., Berg, A., Hedrich, S. and Rölkens, F. (2019) Ten
trends for the fashion industry to watch in 2019 [Online]. Available from:
https://www.mckinsey.com/industries/retail/our-insights/ten-trends-for-the-fashion-industry-to-
watch-in-2019 [Accessed on 12th September 2019]
Drucker, P. (2014) Innovation and entrepreneurship. New York: Routledge.
Mongeon, B. (2015) 3D Technology in Fine Art and Craft: Exploring 3D Printing, Scanning,
Sculpting and Milling. New York: Routledge.
Trimi, S., and Berbegal-Mirabent, J. (2012) Business model innovation in
entrepreneurship. International Entrepreneurship and Management Journal, 8(4), pp; 449-465.