Developing Style Junction: Business Plan, Marketing, and Financials

This report presents a comprehensive business plan for Style Junction, a new apparel store in London, UK, targeting kids and female customers. It includes a SWOT analysis identifying the company's strengths, weaknesses, opportunities, and threats, as well as an industry analysis highlighting the competitive landscape of the UK apparel market. The plan outlines the business's vision, objectives, and goals, along with financial projections and potential financing opportunities like venture capitalists and angel investors. Market segmentation strategies are detailed, focusing on demographic and behavioral aspects. The marketing mix for Style Junction encompasses product offerings, pricing strategies, place (location and distribution), and promotional activities. Furthermore, the report covers essential business operational requirements, legal formalities for starting a business in the UK, and staffing needs. Finally, it conducts a PESTLE analysis to assess the external factors impacting Style Junction's strategies and operations, including political, economic, social, technological, legal, and environmental considerations.

Financial plan for the business and forecasting of future plan-
Brief outline of any investment needed:
For starting the business, named as Style Junction, investment needed is of approximate at least £ 75,000.
Financing opportunities: -
For introducing the business person requires a financial assistance so in market or in the family there are some helping hands that aids in making the business more
successful. Some of the sources from whom Style Junction can attain funds for starting the business are elaborated in below: -
Venture capitalist - It is the group that takes ownership of the company in exchange for capital. The ratio of ownership to capital are negotiate and usually on the basis on a
company valuation. The advantages of this are not all financial. The relationship the recognized with this can gives a plenty of education, industry relations and a clear course for
the business.
Angle investors - This refers to the company has been the friends and family that helps in investing the amount with the aim of investing capital or helping friends for starting the
business. They being a shareholder of the company.
Financial institutions – A broad range like banks and other private financial institutions that helps in lending money to the customer in return of the interest for a short or long
term period. Theses institution provides various kinds of loans and start up loans to the users.
Cash flow and profit projections:
Profit projections:
PESTLE analysis of Style Junction:
In case of Style Junction, PESTLE Analysis is undertaken for scanning external factors that can impact on strategies and operations of the venture. All the factors in context to
Style Junction are below:
Political: In UK, political stability can impact on operations and strategies of Style Junction very positively. It is because establishing business in stable political environment
makes it easy and convenient for owners.
Economic: Economy of UK is market oriented that can impact positively on operations of Style Junction as market-oriented economy is organized which makes companies,
prices, and production are controlled naturally by the demand for goods and services rather than by government.
Social: In UK, populations are demanded traditional and western apparels. By offering products and services as demanded and preferred by customers, Style Junction can achieve
sustainability in the market.
Technological: Technological innovation in UK are increasing rapidly. Style Junction, through using varied technologies, for example, Robots that sew and cut fabric, clothes to
be worn in virtual reality and AI algorithms that predict style trends can operate successfully.
Legal: Laws in UK are governed by political leaders. Through adhering varied laws, such as Equality Act, data protection Act, Health and Safety at Workplace Act and so on,
Style Junction can carry out operations without facing any penalties.
Environmental: In UK, huge initiatives are taken for protecting environment of the country. By becoming responsible for approximate of 15% of greenhouse gas emission, Style
Junction can participate in the initiative and can take more responsibility along with contribution to environmental sustainability.
Starting a Business and
Fundamentals of Marketing
SWOT Analysis of Style Junction:
SWOT Analysis is effective model for analysing internal environment of the company. For Style Junction,
SWOT Analysis is as follows:
Industry analysis for Style Junction:
Apparel market of UK is hotbed of competition. It ranges from mid players to value clothing establishments,
departmental stores and specialist brand. Retail landscape of UK has been anything and unexciting with tectonic changes. For Style Junction, some of
players that makes competitive rivalry high for the venture includes Arcadia, JD Sports, Sports Direct and many more.
Market segmentation for Style Junction:
The term market segmentation is termed to aggregating prospective buyers into varied groups or segments
having common needs along with who respond similarly to a marketing efforts. In context to Style Junction, market segmentation is done of following
basis:
Demographic segmentation: The segmentation comprises of splitting up target people as per observable
along with people based differences. In context to Style Junction, market is segmented according to age, gender, income, and marital status.
Behavioural segmentation: The segmentation entails segregating market as per behaviours of target
consumers, particularly related to offering. Kinds of behaviours that Style Junction will consider to segment the market are consumer’s loyalty to brand,
shopping habits and usage rates.
Marketing mix for Style Junction:
In a company, marketing mix serves purpose of understand what elements must be combined in order to meet their marketing goals and objectives. For
Style Junction, elements of marketing mix are as follows:
Product: Key products of Style Junction are apparels for kids and female. For kids, it will offer fanciful dresses, subtle earth tones and beachy colours,
along with prints like yellows, blues, tie-dyes and more. At same time, for female, it will offer Voluminous Silhouettes, mid-length skirts, feminine pink
hue, luxe velvet fabric, trendy athleisure, hot off-the-shoulder tops, attractive statement sleeves, cool stripes, embroidered patches and so on.
Price: In case with Style Junction, penetration pricing strategy is convenient as with this, the company can start with low prices and gradually increase
them as they gain traction.
Place: In this element, things that Style Junction will consider includes channels, transportation and location. The location of the store is at London, UK
and it will use direct channel of communication to meet needs of target audiences.
Promotion: For Style Junction, purpose of promotion is to present its different types of product in order to increase demand for offering. Key promotional
strategies that the company can opt includes social media marketing, relationship marketing, in-store promotional activities, advertising and direct
marketing.
It is concluded from above information that business is a core activity which is being done with the aim of making money. The basic aim of the business
is to make a profit and having brand image in the eyes of the customers and having the concern value. Business plan benefits entrepreneurs’ emphasis on
the detailed steps necessary to make business ideas succeed, but it also helps them to achieve goals and objectives.
References:
Barrow, C., and et., al., The Business Plan Workbook: A Step-By-Step Guide to Creating and Developing a Successful Business. Kogan Page Publishers.
Oxford Analytica, 2019. Pemex business plan draws scepticism in Mexico. Emerald Expert Briefings, (oxan-db).
Leading retailers' share of the apparel market in the United Kingdom (UK). 2021. [Online]. Available through: <statista.com/statistics/673906/leading-
retailer-share-of-apparel-market-united-kingdom-uk/>
A business is an organisation or any other entity occupied in commercialized, non-recreational, non-profit governance, giving or industrial
activities. It can be a for profit entity too. It is a commercialized activity which include giving goods and services with a primary aim of earning
profits. The concept of business concept is the fundamental idea behind the business. The business model, strategy, vision and mission are improved
on the basis of this concept. Style Junction is new small store planning to establish in London, UK by offering varied categories of apparels for kids
and female.
Business overview
Vision: For Style Junction, vision is to innovate, lead, enhance along with provide best apparels to customers.
Objectives: Objectives of Style Junction is to strengthen customer service, provide opportunities for teams to improve their leadership skills and
reach out to more community members.
Goals: Goals of Style Junction is to Upsurge overall brand awareness, open new store locations across UK and increase market share.
Business operational requirements
It is term used to explain a wide range of activities. In instance it explains a concern performs regular activity for making money. It consists
different sectors that are human resource, finance department and others sectors that helps in making the works systematic and effective. It helps in
making to business impressive. In case of Style Junction, operational requirements include space for deliveries, loading met on store, budgetary
priorities and setting equipment at correct places at store. In Style Junction, the operations can help in making the business decisions and all the
actions alternatively all the activities being done to make the profit and the actions perform with the aim of auctioning the business activity.
Business legal formalities -
For starting a business in UK, mentioned below are some legal formalities that Style Junction needs to adhere:
Register the business - Before starting the business world the requirements to legally register the company so the person can begin trading. For
Style Junction, getting register as sole trader is key legal requirement.
Get insured - For businesses such as solicitor, architect and some wellness centres professional, expertise insurance indemnity is a legal need.
This regards the value of any reimbursement award to users because to any defeat or injure cause by neglectful overhaul.
Comply with data laws - Secure details within human resource websites is the simplest way to hold it secured. Style Junction have a clear
isolation strategy and have it close by and updated to guarantee the commerce staff are wholly aware of how their individual information’s will be
saved, for what reasons, and how long it will be hold.
Preparing the documentation - While setting the business, owner of Style Junction requires to have the proper filing system and all the
documents must be arranged in the systematic form all the actions were legalised and register under the Companies Act. All the documents were the
includes the name of the firm, address, place, established date and validation forma or many more. The statement must have the act that are crucial
for the business that are required to be start the business.
Staffing requirements
The company requires a skilled and professional staff that makes the clothes and many other accessories which is used to wear on the dresses
with good presentation. For starting business, manager of Style Junction requires to manage all the operation among supervising the staff and their
working. After that they required a 2 to 3 well skilled designers and accountant who will manage the accounts of the business. In business they
need a cleaner so that they can keep the store clean and also they required some helpers who will help in showing the clothes to the clients. In last,
it requires a person who can manage the website and social account of the store and post the current updates and offers so that customers can have
an idea of trending offers and new exclusive discounts plan as well as super saving offers.
Strengths
 The location of Style Junction will draw in
visitors along with downtown shoppers.
 The company has assembled a team which
embraces distinct disciplines with expertise in
all business areas.
Weaknesses
 Being a new company, it lacks capital and
funds.
 Style Junction has not established itself as
reputable clothing provider yet.
Opportunities
 It has opportunity to expand in untapped areas.
 It can attract varied investors and strengthen
business operations.
Threats
 Changing attitudes of society members is threat
for Style Junction.
 Rapid changes in technologies is threat for new
venture.