Business Plan To Open SHOP In Bihar Marketing Essay
We are preparing to open Wedding ceremony attire and accessories store known as as “VIVHA UTSAV” in Patna.VIVHA UTSAV is the Wedding attire and components look for brides like no other. While most retail bridal Shops give attention to selling Wedding gowns and Accessories for Bride only, we will focus on the mothers of bride, mother of groom, her good friends and sisters. Because there is majority of Hindus in Bihar so we will provide dresses and accessories primarily for Hindu brides.
1) The primary objective is to provide one-stop-shopping for the marriage.
2) To make wedding shopping easy and enjoyable.
3) To attain a position in Bihar as we’ve in other says in this sector.
VIVHA UTSAV is a boutique which will provide attire and extras for not merely bride also for her relatives and close friends also. We believe in providing excellent and outstanding services and making looking a tranquil and pleasurable knowledge. We also have confidence in providing a specialist and enjoyable environment to your employees in order that they will be motivated to be dependable and valuable resources to our customer.
We want to provide best product and buying experience to the customer. We want to build strong and long term relationships with our customer.
Type of Retailer
It is a specialty store catering only the marketplace for wedding purchasing. The attire and add-ons is only going to be for bride-to-be and the female member attending marriage.
. We will carry the following different products both traditional and modern day for Wedding occasion which customers can purchase based on the way they want:-
LEHNGA CHOLIS and SAREES
1) BY TYPE
a) Custom made lehnga choli: – Designner marriage ceremony lehnags and sarees , tailor made creator lehnga choli and sarees , Crepe designer lehngas and sarees etc.
b) Traditional Lehnga Choli:- Traditional Indian cholis, Bandhej lehngas, Bandhni sarees, Tie-dye traditional sarees,
c) Embroided Lehngas:- Zari Lehngas and sarees, Kundan Lehngas and sarees ,Trendy sequins lehngas and sarees wear, extravagant Neemzari Cholis Kashmiri Do the job dress.
d) Fish slice lehngas cholis, mermaid design, and Circular lehnga choli
2) By Fabric
Georgette lehnga choli and sarees,Crepe Lehnga Choli and sarees, Silk Lehnga Choli and sarees, Net lehnga Choli and sarees, Satin lehnga choli and Sarees, Brocade lehnga choli and sarees, Tissue lehnga choli and sarees
3) BY Price tag and colors:
Customer can buy according to different personal rang and colors.
JWELLERY and OTHER ACCESSORIES
a) Marriage necklace for bride-to-be and her family members and friends. They can have got Kundan, Pearl, Studded, Polki, Victorian, Beaded Necklaces and much more.
b) Gleaming earrings: – Manner earrings, Hoop Earrings, Long Earrings, top earrings and could more.
c) Designer bangles: – Adjustable bangles, Trend bangles, Gold bangles, Stone bangles, Studded bangles and many more.
d) American studded jewellary, Antique jewellary, Designer Chains, Gorgeous Bracelets, Scintillating Pendants, Beautiful anklets, Nose rings
e) Hair accessories, Footwear and Bags.
3) MARKETING PLAN
For the past three years, there are over 25 thousand Weddings annually in Bihar, 35 hundred of which are in Patna. The common cost of a marriage in Patna is normally near about Rs.10lakh to 15 lakh in top quality society and Rs.3 to 5 5 lakh in mediocre families and it has been increasing constantly by 5% every year. It has got highest per capita gross domestic merchandise in Bihar, which is preferable to the the majority of the metropolitan place in India. In 2009 2009, World Bank rated Patna as second greatest city in India to start a business.
There many trend and designer boutique in Patna and all of them are locally owned, single-unit procedure. However there is raising no of players getting into in this sector but primary focus of the shops is to provide dresses and add-ons for all occasion, no-one provide accessories and dresses specially for wedding only. So the market is currently missing a destination to find out an excellent selection of every item for wedding jointly at one place.
We are going to cater the Hindus because they are the majority. The prospective market is brides, bride’s mother, groom’s mother, bride-to-be and groom’s sisters, bride’s friends. Wedding dress and accessories typically comprise about 6.8% of the full total wedding ceremony expenditure, while attire and gadgets for mom sister and good friends comprises 7.1% of the full total wedding expenditure. So we will be also concentrating on this 7.1% together with the 6.8%.Individuals have joint families generally in Bihar and Patna also. So a wedding generally have 2 mothers, 6-10 sisters and friends.
Trends in Target market
Because of the enhanced livelihood in Patna people don’t mind to invest high total make the wedding a memorable one, because it is the one time function. People nowadays there are moving toward modernization. They would like to have the matrimony both in traditional and modern way. Brides, her sister and close friends now wanted to don each accessory matching with their dresses. It’s possible only if they store from the same place.
Our shop will be situated in customer mind with its name “VIVHA UTSAV Wedding party Shop”. Any who will hear or check out this name, finally come know that it is just a store for wedding purchasing.
Our sales strategy was created by doing so that it will result in close the deal. Whenever a customer will type in our shop, she’ll believe that her place in wedding ceremony and needs are very very important to us. We can make an environment in which shopping for other items will be mainly because significant as the experience of shopping for wedding attire. At Vivha utsav various other wedding parties like mother, sister and friends may also gain equivalent importance and focus as the bride receives.
Initially our market share will end up being low or modest.Nonetheless it is likely to grow at a good rate as a result of our unique niche the Vivha Utsav is normally targeting
1) It’s the only store of its type. While most of the boutiques concentrate on selling only wedding dresses, we offer importance to different items also.
2) We provides unique attendants to bride, mothers, sisters and friends to ensure that they can buy the most appropriate dress and extras for themselves.
3) Our wide selection of clothing style, developer and accessories.
1) We are planning to cater only the market for brides and her female family members and friends certainly not the groom wear industry. so we might not exactly get the attention of some customer because of this reason.
2) Wedding business is a seasonal organization. We will have small no of foot falls in the off season
1) Increasing trend of shopping for examples of informative essays designer wedding gowns and accessories.
2) At our store along with bridal dress and accessory concentrate is on other items also. Our buyer will be offered a wide selection of their desired attire, and their wants will be our major mla format for essay focus.
1) Competitors who already exist on the market may have prices lower than our products.
2) People who already had a marriage in past times may prefer to visit boutique
from where they bought in past.
1) We will start with standard print and on-line listings in wedding press.We will advertise through localized newspaper, matrimonial sites, local weddinh publications
2) We will bring some wedding shows in order that the customer can have a look on what we are going to provide them.
3) We will build romantic relationships with relationship consultants, who can refer us to the customer for wedding shopping.
4) We will sign-up ourselves in yellow web pages under the bridal sector, so this will act as a typical source for client to find us.
5) We will also have a website to ensure that the customer who wants to learn about us before store at our can own everything which she wants. They are able to also know about store location and retailer time. Those who are struggling to physically come to place an order can place the purchase online.
4) OPERATIONAL PLAN
We will identify our shop in downtown Patna; due to its daily activities it’ll draw a sizable no of feet falls into the area. This is a destination shopping area .In addition, it the hub of general public transportation and there is higher level of pedestrian traffic and it also includes a good no of residents living in the area. We have selected the corner of a main intersection with free parking.
Our retailer will be two tale building. First ground will be for carry dresses and components for bride’s mom, her sister and friends. Second flooring will be having the dresses and accessories for bride. On both the floor there will be changing and dressing space. Store layout will get rid. It will offer an Intimate, Relaxing environment that will facilitate browsing and Browsing. We will place fixtures holding the latest styles along the perimeter of the retailers layout. Flooring and lighting will clearly differentiate the different product areas. The money counter will end up being at the exit of the shop.
We will make contract with different artist, manufacturer of fabrics; diverse items need to decorate the dresses and various other accessories. Other provider will get for sewing equipment, embroidery equipment, needles, threads etc.
We will not sell anything on credit rating. Whenever a dress will being made to order, a 50 percent, non refundable deposit will be needed. After the dress is ready, the customer will need to pay the entire due sum before taking the attire from the shop. This policy is applied on all other items also.
Store operations: Vivha Utsav will carry out business on weekdays from 9 am to 6 pm and on weekends from 10am to 8 pm. We will have work force including store supervisor, receptionist, cashier and part time sales associates, who all will come to be females only, because some clients may feel unpleasant in the presence of male worker. The store will have three product sales associate on weekdays and five sales associate on weekends to avoid problem of traffic in store. Moreover before coming to the store to achieve the dress and accessories consumers must take appointment. This may also help preventing the traffic problem. Sales associate will be paid on hourly bases and the shop manager and receptionist will become paid monthly. The working hours will be raised at the growing season time to accommodate the planned upsurge in sales, so as their salaries may also increase. Some product sales goals will be set for all the employees and when the employees will achieve those goals they’ll be rewarded monrtarily.To accomplish those goals employees will have to do the following things:-
a) Focus on the customer: customers have to be acknowledges right from the time they enter in the store because everyone, who will step in our store, will be preparing for the big event. They need to be taken seriously immediately because they will not be in our shop for fun or everyday purpose.
b) Keep customer targeted: The process of choosing bridal attire and accessories can be quite a longer one, since it is a very important order and there are so many variables like colors, type, fabric etc. hence if the sale representative will navigate the customer efficiently through the process it can cause the desired outcome.
c) We will not only sell goods but may also sell shopping encounter. Because wedding purchase especially wedding attires are as extremely emotionally attached and memorable process for bride-to-be, her mother and friends. Therefore the employees should try to satisfy them in every possible manners so that the experience becomes a confident one in order that they recommend us with their close friends and relative for marriage ceremony purchase.
The dresses and additional accessories will be marketed on made-to order basis. So an example of each product of every design will be kept in store in order that customer can put on. If however a customer is satisfied with the floor design she can purchase that merchandise. We will get hold of the creator who set minimums that is we require purchasing a certain number of sample items. We will keep tabs on our entire product sales in computers with regards to no of that time period particular is purchased, which kind of product is virtually all demanding etc. If some products are selling poorly, they will be discounted, purchased off rack or will become replaced by latest items.
5) Financial Plan
We will require Rs.50 lakh to get our business off the bottom. We are currently seeking funding from external investors and business loans. In the starting we will increase Rs.15 lakh in collateral capital. We would like investors for further Rs. 25 lakh and Rs 10 lakh in loans.
Use of Funds
Funds will be utilized to cover renovations, structure of fitting rooms, revenue counter, painting, carpeting, light, and décor and screen fixtures. We may also purchase inventory computer systems, a check out and inventory management system. The rest of the of the Startup money will be used to cover operating bills, such as rent, utilities, marketing, costs and wages.
Based on our marketing plans, location, retail store size and product offerings we be prepared to collect annual sales of Rs.5040000 in 1st time. Our average expense of things sold will be 40%, which leaves us with a gross margin of 60%.Our regular fixed cost is estimated to get Rs 113125, consequently we will need to generate sales of Rs 4, 20,000 monthly to reach the breakeven stage. We will become profitable regular monthly basis after our primary year.
Break even analysis
Profit quantity Ratio = (Contribution/sales)*100
= (1788000/5040000)*100= 35%
BEP point (Rs) =Fixed cost/PV ratio
= 1357500/35%= Rs.3826510
BEP Point (months) =BEP point (Rs)/monthly sales
= 3826510/420000= 9.11
So we will take 9 months and 4 day to attain the break even sales
Cash Flow Projections
We will gather immediate payment from buyer because we will not give credit to customer, so our cashflow statement will be considerably similar to our income statement. Our cashflow statement will clearly demonstrate our ability to cover all charges.