Entrepreneurial Venture: The Second Attire Business Plan

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ENTERPRISE
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Table of Contents
SECTION 1: THE BUSINESS CONCEPT.............................................................................................3
SECTION 2: TESTING OF THE BUSINESS CONCEPT.........................................................................4
SECTION3:...................................................................................................................................... 8
SECOND ITERATION....................................................................................................................... 8
REFERENCES.................................................................................................................................10
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SECTION 1: THE BUSINESS CONCEPT
The second attire is the business concept which is related to the business of clothes. In this
modern era and constantly changing the world the fashion trend, living style and emergence of
brands is also increasing. With the transitional change in the fashion trends buying capacity of
the 90% of the people is increased a nowadays and this leads to buying of excess clothes
especially by the young youth of the country (Burns, 2016). The Second Attire is the business
with the concept of buying the old clothes from the prospect people for which is the pricing is
done on the basis of the quality, size and brand of the cloth. These clothes are being treated
like many clothes requires, a little bit of tailoring, dyeing, finishing etc. then these clothes are
displayed out for the sale only for the backward class and poor people who cannot afford such
fashionable and branded clothes at minim price with all sizes, colours, designs and styles.
This concept of The Second Attire has three major benefits first the people are bored with their
clothes and don't know what to do with such clothes can sell their clothes and earn something
out of it, secondly, The Second Attire with this concept can increase the profit, become popular
and increase the customer base by generating employment to poor people who are good in
tailoring, ding etc. and last but not the least the poor people can afford to buy such fancy
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clothes at the lowest prices. This business concept will enable the lower class people to afford
such pretty clothes to wear in the festive seasons and on special occasions (Spaeder,2019).
SECTION 2: TESTING OF THE BUSINESS CONCEPT
FIRST STEP
In order to test the business concept the first and foremost thing is the lifting up of the
questions related to the business concept. The brainstorming and questioning help in
understanding the concept and need for the business in a deeper way and increases the scope
of the business and new ideas that can be added to the concept for making it more popular and
flourishing. When the justified answers are found for the questions then it gives an assurance
that the business has a good scope (Burns, 2016), so the following are the questions which can
be evolved related to the above business idea:
o What is the need for starting the business?
o Who will be the target market?
o What objectives can be fulfilled with the business?
o What are the available sources?
o Where the businesses can be operated?
o How much will be the investment in the business?
To start the business the first thing required to do was gathering the information and which
covered all the above aspect of the business which widely includes the financial aspect and
target market. To start the business the legal formalities and documentation are to be done by
the owner of the business. The identification of the questions and the solutions to the
questions gives a clear idea and objective related to the operation of the business with giving
information related to the finances, strategies, resources, market, place, marketing etc.
SECOND STEP
The second step in the business testing the identification of the competitors and their
strategies. With the help of the study and identification of the competitor’s idea and strategies
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help to understand and get a rough idea about the scope of a business, response by the target
market and the level of the profit that can be made (Kappel,2019). This information will also
give a rough about the target market also and enables the owner to accordingly formulize the
strategies. The strategies formulation for a start-up is very important as it helps in creating a
base for the business in the tough market and to reach to the target market also the
understanding and implementation of the strategies are very important. The identification and
study of the competitor also help in making the contacts with the sources and arrangement of
the resources for the business as it gives a kind of rough blueprint to the business but in a
modified and better form (Kappel,2019).
THIRD STEP
The third step rotates around the arrangement of the financial arrangements of the business.
This includes the strong base of the business idea, target customer and convincing of the
customer). Along with this, the business idea which is being used here does not require much
investment so the finance can be arranged by taking up a loan out of which the salaries can be
paid to the few employees and to the customers who will be selling the used clothes for the
business. Arrangements of the finances is required in this business is not so big amount which
enables the company to start the business with low cost and gives a chance to make huge profit
out of it finances will be used in the legal procedure, documentation, licensing, salaries,
resources used for the business etc.it happens that in initial stage the revenue generation is not
high but later on it covers up the investment and returns generated by the business (Burns,
2016).
FOURTH STEP
The fourth step in the business is the access to the target market and making them understand
the concept and idea of the business (Fahy and Jobber, 2015). The target market in this
business idea is the upper middle class and middle-class people for buying the used clothes
which they are not going to wear in future. Another target market which is the major market
for earning the profit margin in the business is the backward class and the poor class to whom
these purchased clothes will be sold at minimum price in non-posh areas where the population
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of such people is high in number. To understand the market trend, need, preferences, taste etc.
of the target market is very important as it gives the area of the execution of the business and
this gives the idea about elsewhere the business can be applied and profit can be earned.
FIFTH STEP
The fifth point covers the market analysis by executing the business idea on the target market
by covering a small group of the target market. The profit generation and investment are done
in the business give an idea about the scope of the business in the target market (Lehmann,
2016). This analysis can be done by taking into consideration of various aspects like taste,
preferences, need, requirement, value, offer, worth, quality etc. of the product offered. This
also analyses the benefits to the upper class and middle-class target market that what all
benefits they are having out of selling their used old clothes to The Second Attire. The benefits
they can avail is that they can earn some money, get rid of the excess used old clothes that can
be used by the other needy people as they can buy clothes at a minimum and affordable price.
Other than this the market analysis can be done by getting a feedback from the buyers and the
sellers of the clothes for whom The Second Attire is playing a role of mediator by earning
money out of it and giving employment opportunities to the poor tailor.
SIXTH STEP
After analyzing the market the time comes when the execution of the business is done on the
basis of the response received from the small group. If the response is good then the business is
implemented on an expanded level and should start a sale in the appropriate place where the
lower class and backward class people are in huge number where the sales can be on a higher
level. For this the company should take into consideration the external factors like festive
season, climatic condition, population demographic etc. to expand the business and to reach to
mass in other areas also the company can tie up with the NGOs also where they can also take
this opportunity to buy clothes for the people living in orphanage, old age etc.. Further, the
marketing strategies can be applied and implemented by studying the loopholes if any and the
business can be carried out (Burns, 2016).
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SEVENTH STEP
To establish and expand the business in more areas and to cover more of such people the
company go for affordable marketing activities like printing the pamphlets about the business,
tying up with NGOs they also help in promoting such business, tying up with schools and
colleges this enables the mouth marketing and also increase the customer base and the
company can reach to the mall villages and the people living there (Spencer and Adams, 217).
More of marketing strategies can be used according to the revenue generation in the future like
giving offers on the clothes, heavy discounts, lucky draw, other attraction like refreshment and
drinks etc. but all these can be done in the later stage of the business.
EIGHT STEP
When the business is being established and is doing well with revenue generation and profit
making then the organization structure is formed. In the initial stage, the organization structure
of The Second Attire is to be kept small and simply free of hierarchy and ambiguity. The founder
of the business tailors and managers or supervisors are enough for the business in the starting
stage (Burns, 2016).
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SECTION3:
SECOND ITERATION
The second iteration to the business idea means is there any scope for any new marketing
strategy, a new idea, modification in the business. This can be done only on the basis of the
feedback which is obtained from the feedback and the responses from the target market of
type business (Spencer and Adams, 2017). The business can get a feedback form filled from the
target market depending upon whether they are buying the clothes or selling the clothes to the
company. From these procedures, it was found that the business in the initial stage should only
focus on the slum areas, and areas which are having the lower class and backward class
population and direct communication and approach should be done by the company with such
people. The company should avoid tying up with schools, colleges, NGOs as it will hinder the
progress of the business, credibility decreases and the generation of the goodwill will also be
affected.
The company should formalize the marketing and promotional activities only after increment in
the customer base and profit as it will be an additional cost to the company. The company
should keep on revising the buying policy in order to get the clothing from the upper class and
middle-class people depending upon the brand of the cloth, quality of the cloth, style and
design of the cloth, size of the cloth etc. this helps in setting up different buying prices in
different areas which will ultimately help in the financial saving of the company. The company
should also focus on the climatic conditions before putting up any sale as it will directly affect
the sale of the clothes. The iteration also includes the study of the buying capacity of the lower
class people as it will give an idea about the new strategy or alteration to be made in the
business. The company can hire more of the tailors from the lower class only as this will give
benefit to both the company and the employee and more supervisors can be hired for the
multiple sales in future from this class only as this will generate employment also along with the
profit generation (Lehmann, 2016).
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Therefore from the above business idea and its testing, it can be understood that the business
is viable and beneficial in so many ways for the target market, for the company and for the
people who will be selling the scrapped clothes to the company. The business can earn goodwill
and profit as it is focusing on the lower class people and operating the business in a sustainable
manner without harming anyone in the whole process and this business to some extent is
fulfilling the social need of the economy also.
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REFERENCES
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development: predictor of performance, motivator of change, or both?. Journal of Small
Business & Entrepreneurship, 29(5), pp.375-395.
2. Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
3. Cooper, R.G., 2019. The drivers of success in new-product development. Industrial
Marketing Management, 76, pp.36-47.
4. Fahy, J. and Jobber, D., 2015. Foundations of marketing.
5. Kappel, E., 2019. A zone-based approach to predict process-induced distortions of
composite structures based on a ‘spring-in reference curve’. Composite Structures, 209,
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6. Lehmann, E.E. and Schwerdtfeger, M.T., 2016. Evaluation of IPO-firm takeovers: an
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the idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
9. Spaeder, K. (2019). How to Research Your Business Idea. Retrieved from
https://www.entrepreneur.com/article/70518
10. Spencer, D.M. and Adams, A.P., 2017. Viability of nonresident open water swimming
event competitors as a target market: a case study. Event Management, 21(4), pp.391-
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