Business Plan: Dazzling Diva Accessory Store
Business Plan: Dazzling Diva Accessory Store

Business Plan: Dazzling Diva Accessory Store

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  • Pages: 8 (3865 words)
  • Published: November 27, 2018
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Background Information

Company Profile

Dazzling Diva retail stores will be the name of the business, registered under in Austin County to give it identity. The store will be located in Austin, Texas, at 5000 Mission Oaks Boulevard, East Oak Hill. Austin is the seat of Travis County and the capital city of Texas State. The population is over 850,000, making it the 13th most populous city in the U.S. and fourth in Texas. The store will occupy about 900 square feet and will have a rest room, two dressing rooms, and a parking space. There are other businesses in this area, such flower shops, Burger King, restaurants, and cosmetic shops, which will create a con

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tinuous flow of traffic during and after business hours. The business will engage in retailing women’s accessories, such as hats, jewelry, scarfs, purses, and shoes, among others. The goods will be sourced from both local and international market. These accessories will also be sold in local markets, fashion shows, and festivals by sales representatives of the company. Dazzling Diva is owned by three business management students from the University of Texas: Joan, Michael, and Smith. Joan owns 40 shares in the company, whereas both other partners, Michael and Smith, have 30 percent ownership in the company. The company will initially be set up as a partnership, but will transit into a limited liability company by the third year of operation. The overall goal is to provide quality products and services for the community. The main goal of Dazzling Diva is to improve the customers’ look by making affordable and quality accessories available to the community. When the business is established, the community will be able to buy goods by a unit at a retail price. It will bring affordable and quality accessories closer to customers. The retail markup in the clothing industry is as high as 45-65%, making it one of the most viable and profitable industries in the United States. It is also one of the most exciting and fastest growing sectors in the country with consumers always being on the look-out for unique clothing accessories.

Mission, Vision and Strategy

Broad-based purposes. The aim of Dazzling Diva retail business is to provide quality products for Austin women, increase owners’ wealth through business profits, satisfy customers with an outstanding customer service, and improve the welfare of employees through appropriate remunerations and rewards. The main goal is to provide products and services for the community, thus bringing benefits to customers, community, employees, suppliers, and the country’s economy.

  • Mission. The mission is to provide quality and affordable products to customers in their locality.
  • Vision. To become the leading provider of quality female accessories in the state of Texas and its environs.

Objectives. To record an average of ten repeated purchases within two years o

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business. To increase market share by 15 percent every year, starting the second year of operations. To provide affordable and quality accessories to the community. To build customer relationship and referrals of 5 new clients in a year. Record a profit of 10 percent and above from year 2 of business.

Benefits

Implementing this project will benefit several stakeholders, namely business owners, community, employees, customers, vendors or suppliers of female accessories, and the country’s economy. Business owners get adequate dividends on their investment through collected operational profits, which will be used for their financial needs in the current economic hardships. The business will provide employment opportunities to a number of people who will run the store. These include sales representatives, full-time shop attendants, accountants, and managers of the company. It will provide the market with a help of a number of suppliers in the clothing and footwear industry. These include middlemen and textile and footwear manufacturers. Customers are assured of quality and affordable products that will improve their looks through unique wears that can be acquired from Dazzling Diva stores. The community will benefit from easy access to goods they could not have accessed anywhere else, from new employment opportunities, and from charitable contributions from the company. The government will be able to get revenue from the business through taxation as from the second year of business.

Management Structure

The founders have agreed to have Joan at the helm as the company’s CEO during initial years of business operation before phasing into a private limited liability company. Mr. Michael will be a financial manager, and Smith will be in charge of operations. Joan is the majority shareholder with 40% stake, whereas Smith and Michael have 30% shares each. Upon graduating to limited liability corporation in the third year of business operation, new management will be recruited in a competitive process, as required by the law. The three will then become a part of board members of the company. Joan is an experienced manager and has a Master’s degree in Business Administration. She is currently taking business classes in enterprise management at Texas University. She also has a vast experience in management, having previously worked for textile milling company and now working as a manager in hospitality industry. Michael is a student and an accountant in a local retail store company, where he gained experience in a variety of accounting software. Smith too is a student of entrepreneurship management with vast experience in running small and medium scale retail businesses. Under them there shall be experienced and talented sales staff and a cashier to help in day-to-day running of the business. The sales representative will help in performing other duties like office cleaning and maintenance.

Planning

Strategic planning sets the company’s goals and sets out a detailed plan for implementing the set goal. Planning is the responsibility of the three Dazzling Diva’s founder members of retail company. Planning in Dazzling Diva will entail the formulation of goals and objectives of the company as well as decion-making activities that the company will engage in to implement the set goals and objectives. The three owners will

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