Detailed Business Plan: Trial Swerve - VR/AR Solutions in Fashion

This document presents a comprehensive business plan for "Trial Swerve," a venture focused on providing virtual reality (VR) and augmented reality (AR) fitting solutions for online shoppers and fashion retailers. The plan outlines the business's objectives to achieve stable profitability and successfully launch its products in the UK market, highlighting a profit margin of £10 with a 2.00% markup and total costs estimated at £168,880. The company aims to address the challenges consumers face with online fashion purchases, such as high product returns and dissatisfaction with fit, by offering software solutions that enable virtual try-ons. The plan details the owner's background, including relevant work experience and education, and discusses the products and services offered, targeting both individual consumers and businesses. Market research findings indicate a significant growth potential in the virtual fitting room market, driven by the increasing reliance on online retail, especially post-COVID-19. Customer questionnaires provide insights into consumer preferences and challenges associated with digital trial rooms, informing the company's strategies and product development.

Welcome
The Business Plan
You’ve got a business idea. You’ve decided to start a business.
You want to get going.
But there’s a lot more to a good business than a good idea.
You need to think things through to maximise your chances of success.
Are you the right person to run the business? Will customers like your product?
A business plan will help you turn an idea into a business. It needs you to think through all the
parts of your business to plan how everything will work. It will take a few weeks to write if you’re
going to do it properly. Some parts will be easier to complete than others.
Stick at it because it’s not the final document that’s important, it’s the process. Although you
want to have a good plan when you’re done, an OK plan is better than no plan.
The Prince’s Trust Business Plan Pack
The best business plans aren’t long and complex; they explain only the most important information – what you want
to achieve, how you will get there and the things you need to do along the way.
It’s best to tackle a business plan in small chunks. The Prince’s Trust Business Plan Pack can help. This is The
Business Plan divided into sections to help you develop your business idea. You can use the information in The
Guide to help you complete the sections. Some of the sections of The Business Plan have tables to record the
financial parts of your business. The tables are also available in MS Excel format and the sums in these are
automatic.
The Prince’s Trust Enterprise Programme
The Prince’s Trust has helped many young people to complete their business plans and start their own businesses.
If you are aged 18–30 and unemployed or working fewer than 16 hours per week, then we might be able to help
you. We have offices throughout the UK and in each there is a team of Enterprise Programme staff.
To take part, you need to be interested in self employment and have a business idea that you would like help to
test and explore. The programme can then help you to see if your business idea will work and whether self
employment is right for you. If through this process you find out it is, the programme can offer mentoring support
and, if you really need it, financial support to start your business. However, if self employment turns out not to be
the right option, the programme can offer support to secure other goals in employment, education, training or
voluntary work.
We can’t guarantee that your business will work or that we will be able to offer you money, but if you are up for a
challenge and want our help to explore your business idea, get in touch and come and meet us.

Getting started
Whose plan is this?
Business and owner details:
This proposed business is of virtual reality software which enables users to try clothes and other fashion
accessories virtually. I am student who wants to pursue my entrepreneurial dreams and exploit the opportunities
present in the Virtual Reality industry.
Business name:
The Trial Swerve
Owner(s) name:
Abc Xyz
Business address and postcode:
Unit LMNO, Arial Way, London W127GD, United Kingdom
Business telephone number:
[phone]I
Business email address:
[e-mail]

Section one
Executive summary
1.1 Business summary:
The trial swerve offers VR and AR fitting solutions for online shoppers and fashion retailers at an affordable
price.
1.2 Business aims:
The aim of the company is to attain stable profitability and successfully launch the products in
UK.
1.3 Financial summary:
Profit margin of the company will be £10 with mark up of 2.00%. The total costs will be £168880

Elevator Pitch
1.4 Your business name:
Trial swerve
1.5 Strapline:
Experience Immersive Shopping
1.6 Elevator pitch:
The recent growth in online shopping has introduced new consumer problems in case of fashion retails such
as high product return and consumer dissatisfaction with the look of the arrived product. The Trial swerve provides
virtual reality and augmented solutions to consumers and fashion retailors for trying digital fashion purchases. The
software solutions provided by the company provide users accesses to virtual reality or augmented realty trial
rooms to test various online fashion products. This enables consumers to purchase the best fit products and is
beneficial for business firms and individual users.

Section two
Owner’s background
2.1 Why do you want to run your own business?
The main reason I want to start this business of VR and AR shopping rooms because I saw an opportunity
in this industry with increasing trend of online shopping. I believe that this enterprise can gain high success in a
shirt time period and help me develop a globally successfully enterprise. This is because the requirement for online
shopping rooms will increase internationally as more consumers are going to shift to online shopping instead of
physical shopping. Apart from this I want to gain control of my own decisions and achieve work-life balance which
is not possible in doing corporate jobs. I have confident that my dedication will help me take this company to
highest potential. This company will provide me higher returns in comparison to doing corporate job which is also
the reason why I want to venture in this industry rather than moving towards corporate employment.
2.2 Previous work experience:
My previous work-experience is at the role of assistant manager in retail shop. This working experienced
increased my business acumen and helped understand the value of different employees and their contribution in
completing daily operations at the firm.
2.3 Qualifications and education:
My educational qualifications is a graduate degree in management.
2.4 Training:
Details of future training courses you want to complete:
In future I want to complete training in basic e-commerce courses. I will gain this training from online
courses on E-commerce. This training will support my success in this entrepreneurial venture because e-commerce
fashion retailors are an important consumer segment for the product offered by the proposed company.
2.5 Hobbies and interests:
Travelling and participating in sports is one of my main hobbies. My main interests are learning about
digital technologies such as Internet of things, Artificial Intelligence and Virtual technology.
2.7 Additional information:
Starting this enterprise is very important for me as it will help me bring innovative solutions to the market
and use this opportunity to become an established entrepreneur. I will be able to offer online consumers unique
solutions and change digital shopping all over the globe.

Section three
Products and services
3.1 What are you going to sell?
a product
a service
both
3.2 Describe the basic product/service you are going to sell:
In simplest terms the product offered by Trial Swerve will include providing consumers software which
helps them try clothing and other fashion items online so that they are able to purchase the best products which are
suitable for their body. In addition to this virtual reality product will also be offered by the company which can be
used by fashion retailers to provide consumers at their establishment digital trial room experience. Consumers will
be able to make quick decisions from this VR product or usage of the AR software,
3.3 Describe the different types of product/service you are going to be selling:
The first product is VR technology offered to fashion retailers so that they are able to provide consumers
additional value by giving them digital shopping experience. The consumers will be able to try on clothes and other
fashion accessories without using physical trial rooms. Another product offered by the company is of an Augmented
reality software which can be used by online fashion retailers as well as individual consumers. This software
enables consumers to try fashion products digitally and determine if particular piece of clothing is suitable for
purchasing.
3.4 If you are not going to sell all your products/services at the start of your business, explain why not and
when you will start selling them:
The first product which will be lunched initially will the Augmented reality software designed for individual
consumers. This product will be released first because it has wider target audience. In addition to this, the positive
consumer reception of this product will act as a evidence for persuading fashion retailers to utilize the purchase the
next product quickly.
3.5 Additional information:
The lunch of the second product which includes Virtual Reality technology which allows fashion retailers to
set up digital trial rooms in their stores requires more marketing in comparison to the augmented reality product.
This is another reason that the augmented reality product will be released first while the virtual reality product will
be released later on. The positive consumer reaction for the augmented reality product will support success of the
virtual reality product.

Section four
The market
4.1 Are your customers:
individuals
businesses
both
4.2 Describe your typical customer:
The basic consumer for the products offered by Trial Swerve includes fashion retailers and consumers.
The first product of the company which is an Augmented reality software meant to provide digital shopping
experience to online consumers can be used by online fashion retailers as well as individual consumers. This
utilizes the camera of the consumers computer or smartphone to provide consumers augmented reality visuals of
them wearing specific products. The virtual reality technology which will be offered to fashion retailers helps the
business firms utilize VR to develop digital trial room.
4.3 Where are your customers based?
The consumers of the company are not limited by geographical boundaries. The main consumers of the
company are in the fashion retail industry.
4.4 What prompts your customers to buy your product/service?
Individual consumers face difficulties in determining suitability of fashion products during online shopping.
The AR solutions provided by this product provides effective solution for this problem. In case of fashion retailers
the VR and AR product enhances digital experience of the consumers which is the reason for fashion retailers
purchasing this product.
4.5 What factors help your customers choose which business to buy from?
Affordability is the main factor which will attract consumers to the Trial Swerve as thee AR and VR
products of the company will be oof high quality and of lower price in comparison to other firms.
4.6 Have you sold products/services to customers already?
yes
no
If you answered “yes”, give details:
4.7 Have you got customers waiting to buy your product/service?
yes
no
If you answered “yes”, give details:
4.8 Additional information:

Section five
Market research
5.1 Key findings from desk research:
Desk research is defined as the research conducted from internet. It is determined from the desk research
that the COVID-19 has accelerated the demand for virtual fitting rooms. The global virtual fitting room market size
was 2.2 billion great British pounds in the year 2020. The international market for virtual fitting room showcases that
there is lower growth of 17.3% in 2020 in comparison to average year on year growth during 2017-2019. The
growth projection for this market is 2.62 billion great British pounds in 2021 to 9.71 billion great British pounds in
the year 2028 at CAGR of 20.6% in the market period of 2021 to 2028. This demonstrates that creating new
establishment in this market is beneficial because of high growth potential. It is interpreted that virtual fitting room
industry will grow exponentially in the upcoming years because of increasing dependency on online retail for
shopping fashion products.
5.2 Key findings from field research – customer questionnaires:
Questionnaire
Q1) Do you agree that shopping for clothes online is difficult because of inability to try clothes physically?
a) Yes
b) No
Q2) What are the benefits of using digital trial room based on Virtual or Augmented technology?
a) Quicker shopping
b) Better consumer experience
c) Personalization
d) Supports decision making
Q3) What are the main problems of associated with digital trial rooms?
a) Breach of privacy
b) Requirement of internet connection
c) Inability to determine size of the product
d) Functionality issues
Q4) Do you agree with the statement that virtual reality trial rooms better than augmented reality trial rooms?
a) Yes
b) No
Q1) Do you agree that shopping for clothes online is difficult because of inability to
try clothes physically?
Frequency
a) Yes 10
b) No 5
Q2) What are the benefits of using digital trial rooms for shopping cloths based on
Virtual or Augmented technology?
Frequency

a) Quicker shopping 4
b) Better consumer experience 5
c) Personalization 4
d) Supports decision making 2
Q3) What are the main problems of associated with digital trial rooms? Frequency
a) Breach of privacy 7
b) Requirement of internet connection 2
c) Inability to determine size of the product 2
d) Functionality issues 4
Q4) Do you agree with the statement that virtual reality trial rooms better than
augmented reality trial rooms?
Frequency
a) Yes 7
b) No 8
Interpretation: From the above field research it is determined that consumers are facing problems in
online shopping as most consumers have states that they are not able to try online fashion products to understand
if the fitting and other aspects of the clothing is suitable for them. Out of 15 respondents ten have agreed with the
statement that online shopping is difficult because of inability to try physical clothing. In addition to this consumer
also see the benefits of using trial rooms as 5 respondents out of 15 respondents have stated that usage of digital
trial rooms on the basis of Virtual reality or augmented reality technology improves consumer experience. There
are several problems which affects experience of consumers using trial rooms. According to 7 consumers the
threat of privacy breach is the main challenge associated with usage of digital trial rooms. Apart from this the field
research has also highlighted the fact that most consumers prefer digital trial rooms which are based on Virtual
reality in comparison to Augmented Reality. 8 respondents out of the total 15 survey takers have agreed with the
statement that virtual reality trial rooms are better than augmented reality based trial rooms.
5.3 Key findings from field research – test trading:
Test trading is defined as the processes of testing specific business idea with the consumers while still
gaining unemployment benefits. In case of the test trading for the VR and AR trial rooms it was well received by the
target audience and reached u to the desired mark. This showcases that investing in this business idea is
profitable.
5.4 Additional information:
Market research has improved the understanding of market reaction to the introduction of an affordable digital
trial room brand. This brand will be able to gain success by fulfilling consumer demand at lower costs.

Section six
Marketing strategy
What are you going to do? Why have you chosen this marketing method? How much will it
cost?
Traditional billboard advertisement to
interact with small scale and large
scale fashion retailers and help them
change online shopping experience
of the consumers.
This is suitable method for reaching fashion
retailers who are profitable consumer segment for
the company. This is because it will connect the
company to small scale fashion retailers.
£100
Social media marketing: This
type of marketing involves promoting
products by using social networks.
This marketing method is advantageous for the
business idea as most online shoppers use social
media. This marketing method supports develop
loyal young age online consumers.
£70
TOTAL COST £170

Section seven
Competitor analysis
7.1 Table of competitors
Name, location
and business size
Product/service Price Strengths Weaknesses
Virtuesize Virtual fitting solution for online
fashion retailers
The company is constructed by
experienced Virtual Reality experts in
Japan which increases its credibility.
The company is not famous
globally.
Zeekit by Wal-Mart Virtual fitting solution for e-
commerce shoppers
The company is acquired by US based
Walmart which increases its financial
capabilities and industry knowledge.
Acquisition by Walmart
reduces the ability of the
firm to offer its services to
competing retailers such as
Amazon.

7.2 SWOT analysis :
Strengths
 The strength of the Trial Swerve is that it offers both AR and VR fitting
room solutions.
 The respective company has the strength of offering consumers and
fashion retailers specific solutions for their problems.
Weaknesses
 Lack of brand recognition is weakness of the firm.
 Lack of entrepreneurial experience affects success of the
company.
Opportunities
 The firm has the opportunity to increase income by expanding internationally.
 There is high opportunity for growth in the VR fitting industry.
Threats
 Increasing competition in VR industry is threat for The trial
Swerve.
 Cyber security and privacy breaches are also threat for the
company.
7.3 Unique Selling Point (USP):
Unique Selling Point (USP)
The USP of the company is affordability and different solutions for fashion retailers and individual consumers.