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1.0 Executive Summary
Asian Heritage Clothing will be start-up retail men’s, women’s, and children’s clothing store specializing in unique clothing that recognizes different fashionable trends of Asians. The store is a one stop shop, it includes everything about fashion – any kind of clothing’s, bags, accessories, and many more. This excludes family health insurance but talking about fashion clothing, Asian Heritage Will be a great deal. This store is a local market and will serve both youth and adults. Our intent is to provide the community with unique clothing they would normally purchase according to their culture.
We would be the first and only Asian owned apparel store here in our country. Our intentions are to obtain 80% market share and become a central hub of shopping activity for the local population as well others who enjoy wearing Asian trendy apparel. There are no other Asian urban wear stores located within 20 miles of the location selected for this store.
1.1 Objectives
1.2 Mission
Asian Heritage Clothing Store is a retail clothing store specializing in unique clothing and accessories describing each Asian culture. We encourage customers to be experimental with new clothing styles. Our mission is to understand what our customers’ needs and hopes are after buying urban wear clothing.
Asian Heritage Clothing will maintain financial balance while delivering a quality product to our customers. We will make our clothing accessible throughout our community by way of establishing a retail location, fashion shows, and events. We will make a profit and generate cash. We will provide a rewarding work environment and fair compensation to our employees; ultimately provide excellent value to our customers, and a fair return to our owners.
1.3 Keys to Success
In order to succeed in the Asian wear apparel industry, Asian Heritage Clothing must:
2.0 Company Summary
The business will be named “Asian Heritage Clothing Store.” This is to identify the store with the different fashion trends of Asians, where most of the store’s inventory will be purchased.
Asian Heritage Clothing Store’s primary goal is to find customers and keep them coming back.
Asian Heritage is designed to help customers change their look and/or stick with their Asian culture and traditions without buying an entirely new wardrobe. We will cater to the person wanting to build a new wardrobe by purchasing clothing and accessory pieces to add to clothing they already have.
Customers will rely on the business they purchase pieces from to give them continuous help and personal opinions. Theirs is a business that repeats and it will be easy to establish a strong clientele.
Customers will save money from having to buy a complete outfit by just purchasing pieces. They will also enjoy shopping in stores that are well inventoried and serviced-minded, such as Asian Heritage Clothing.
Asian Heritage will set the pace for Asian urban fashion for all seasons. Last year’s outfit will be accessorized to be this year’s outfit. People like to buy clothing pieces and accessories to continue wearing clothing that would be out-of-date otherwise.
Asian Heritage Clothing will also cater to all types of customers and for all occasions other than routine shopping. Examples: Wives buying gifts for their husbands, friends buying gifts for their friends, etc. Asian Heritage Clothing’s store will be a source of wearable gifts.
Retail profits can be as high as 65-85 percent on clothing and accessory pieces. The sales and profit margins in a specialty clothing and accessory store are higher than the average retail store. We have the opportunity to profit successfully.
The urban clothing market is the most exciting, fastest growing market for consumers. They will always look for unique clothing pieces and they will not hesitate to buy them.
2.1 Company Ownership
Asian Heritage Clothing is organized as a partnership among the four partners of Robles, Nabong, de los Santos and Logronio. Each of them will hold 25 percent ownership. They will handle all administrative and managerial duties.
2.2 Start-Up Summary
Asian Heritage Clothing’s incorporation costs are listed below. The company will start with three months inventory on hand for apparel and accessories as this are the main revenue generator. The majority of the company’s assets will reside in inventory. The details are included in the following chart and table. It is planned to start the business in the month of December because this is the Christmas seasonal month in which retail store are known to have high sales. Once established, business volume may be somewhat cyclical for that reason.
Successful operation and building a loyal customer base will allow Asian Heritage Clothing to be self sufficient and profitable in year two.
Start-up |
|
Requirements | |
Start-up Expenses | |
Rent |
Php 18,000 |
Grand Opening Event |
10,000 |
Telephone & Utilities (3 months) |
9,000 |
Travel |
5,000 |
Business Insurance |
100,000 |
Advertising & Promotion |
20,000 |
Store Fixtures/Decorations |
50,000 |
Computer/Cash Register |
5,000 |
Signage (Including Permits) |
2,000 |
Organizational Dues & Subscriptions |
3,000 |
Business/Office Supplies |
2,000 |
Other |
5,000 |
Total Start-up Expenses |
211,000 |
Start-up Funding Plan | |
Investment | |
Personal Investment |
Php 4,000,000 |
Other |
$0 |
Total Investment |
P4,000,000 |
Short-term Liabilities | |
Unpaid Expenses |
Php 0 |
Short-term Loans |
1,000,000 |
Interest-free Short-term Loans |
0 |
Subtotal Short-term Liabilities |
1,000,000 |
Long-term Liabilities |
0 |
Total Liabilities |
1,000,000 |
Loss at Start-up |
211,000 |
Total Capital |
4,000,000 |
Total Capital and Liabilities |
4,789,000 |
Checkline |
0 |
2.3 Company Locations and Facilities
Asian Heritage Clothing Store will be located at Makati. The store is approximately 2500 square feet. It contains four dressing rooms and a unisex restroom. Parking space is available in front of the store with additional spaces in the rear for overflow. There are a variety of businesses in the area that include coffee shops, restaurants, and a bake shop. This variety of businesses creates a constant flow of traffic during most business hours.
While a clothing retail store is not unique in itself, this business will have one-of-a-kind items and provide personal one-on-one attention to customers after hours when needed. Customers can buy sweaters, dress slacks, dress shirts, coats, jogging suits, jean outfits, children’s’ items, catalog items, and more. The store hours will be 7 days a week. Store hours will be from 10 A.M. to 10 P.M., Monday through Saturday, and 11:00 A.M. to 8:00 P.M. on Sundays.
We will have two full-time employees. The wages for these employees will be Php 20.00 per hour. We will not be offering benefits for the first couple of years. Employees will do the cleaning of the building.
3.0 Products
Asian Heritage Clothing wants to give the Asian a modern fashionable trend in every consumer. The main targets of A.H.C are those Asians who want to feel the comfort with modern styles that can satisfy their needs and wants on terms of fashionable clothing. Our selection deals on every kind of clothes for men and women. We will be purchasing through sales representatives and manufacturers in a variety of sizes, colors and style to fit our target market base. Our quality is our main objective to convince our consumers to buy in our store.
Our Store will be open on those consumers who want to suggest or say something about our products. In this method it will help us to identify what the consumer wants.
3.1 Product description
Asian Heritage Clothing’s brand will fall in our main objective is to satisfy the consumers with our quality with fashionable style for Asians.
Some of the labels we will carry are listed below:
– Sunny Get Up by People r People
– Ragged Jeans by Jeans and Co.
– Trendy accessories by Abubut
– Modernized Native clothes by Rico Designs
– Asia’s Sophisticated Things by One Asia
3.2 Competitive Comparison
Asian Heritage Clothing has a number of advantages that will allow us to build our brand identity, add value to our merchandise and build a loyal customer base while standing apart from our competitors.
3.3 Sales Literature
Asian Heritage Clothing will use a targeted advertising and sales program to generate publicity and build a customer base.
3.4 Sourcing
We will shop for our merchandise as outlined below
3.5 Technology
Our business plan will be generated and reviewed on a bi-annual basis using the most updated version of Business Plan Pro from Palo Alto Software and reviewed quarterly to ensure all financial goals and objectives are being reached. Palo Alto’s companion software, Marketing Plan Pro, will allow us to make the most of our limited marketing budget by focusing our communications on our target markets and enhancing our marketing knowledge.
3.6 Future Products
As we achieve and exceed our sales and profitability goals, Asian Heritage Clothing will add Asian boots to the product line and our own personal in-house label of clothing that will include Asian Heritage Jeans for women and men. We will expand our line of brands with those that have been repeatedly requested by our customers. An e-commerce website will also be created to increase our distribution channels and expand our customer base to a national level.
4.0 Market Analysis Summary
The primary Target of Asian Heritage Clothing will be local citizens living in Metro Manila. As we are situated in the heart of their residential community we believe they will make up the largest percentage of our customer base.
The secondary target customers are the foreign community of Asians living or staying in the area. Visiting foreigners from other Asian countries are growing rapidly and may seem to be a good chance to have something of their liking.
The last target customer of Asian Heritage is listed as other. As popularity about the store increases we expect to see an assortment of curiosity seekers, and local residents from the community as well as seasonal purchasers during different seasons.
4.1 Market Segmentation
A good number of consumers’ population is concentrated heavily in Manila city therefore leading to the highest concentration of our customer base.
The last area of potential customers is labeled as “other.” Because Asian Heritage Clothing offers a variety of Asian wear clothes along with accessories and gifts we feel that we will attract many curious shoppers. Our ambience and customer service will make them repeat customers.
4.2 Target Market Segment Strategy
The goal of Asian Heritage Clothing is to give the Asian the quality that they want in terms of clothing that can really satisfy the fashion trends of Asians.
4.2.1 Market needs
There are several important needs in the Asian Clothes business that are being either underserved or not met at all. Asian Heritage Clothing plans to meet and service those needs.
4.2.2 Market Trends
Many of People around the world appreciate the beauty and the quality of Asian culture. It is Popular on its designs and how beautiful it was made. It is very stylish like the Asians prefer it.
Asian Heritage makes a big impact to the different Asian. They help the people to survive in a very native way into stylish and fabulous clothes.
4.2.3. Market Growth
The Market Growth of The economy in Manila really say that it increase and the reason is the Asian Heritage Clothing that really do extremely well in selling the excellent clothes to the Asian consumer. Several Job opportunities were given to those people who want to have a job.
4.2.4. Industry Analysis
4.2.3. Main Competitors
Main Competitors of Asian Heritage Clothing are also in the Clothing Industry that is near in our stores.
One of the most competitors near in our store:
5.0 Strategy and Implementation Summary
Asian Heritage Clothing’s goal is to provide apparel to the under served market of the Asian residing in the Philippines community. The major Asian apparel retailers have left a hole in this market by not providing a larger assortment of sizes and designs for the different taste of Asians.
Our intention is to gain 80% of this market share by focusing on our niche positioning, neighborhood location, brand that we sell, culture hospitality and special promotions.
5.1 Competitive Edge
5.2 Marketing Strategy
Our marketing strategy will focus heavily on sales promotion, niche positioning in the market and customer service with loyalty and retention in sales.
5.2.1 Positioning Statement
For the more full-bodied individual seeking Asian apparel, Asian Heritage Clothing will offer name brand Asian wear in a larger assortment of styles and sizes that aren’t always readily available in the mass Asian apparel retailers.
5.2.2 Pricing Strategy
Asian Heritage Clothing will maintain a flexible pricing strategy. We base the product lines that we carry on their reputation and quality as Asian wear apparel. Most of our lines come with a suggested retail price that we will follow. We will also utilize the standard practice of keystoning as well.
5.2.3 Promotion Strategy
Asian Heritage Clothing will follow an aggressive yet creative promotional plan. This will allow us to focus directly on our target customer while still being conservative with our advertising dollars.
5.2.4 Distribution Strategy
Our retail location will be the foundation of building our customer base. We will also manage a direct mail program that will focus on our top 50% customers spotlighting any in-house sales and promotions.
5.2.5 Marketing Programs
Our marketing programs will consist of the distribution of 5,000 color flyers two weeks prior to our grand opening event.
5.3 Sales Strategy
6.0 Management Summary
Employees will be encouraged to work within their creative, physical, and intellectual boundaries. All duties will be divided and delegated according to strengths and weaknesses. At Asian Heritage we will expect a high degree of customer service skills and personality as this is essential to our success.
Mary An Nabong will assess the productivity and perform informal employees evaluations of all employees every six months. These bi-annual evaluations are conducive to the continued growth of our small business.
6.1 Organizational Structure
Asian Heritage Clothing is a small business and therefore requires a simple organizational structure. Mary An Nabong will act as a general manager. All decisions are made in-line with the company objectives. Employee tasks are delegated based upon their level of expertise, creativity, strengths and weaknesses.
6.2 Management Team
Mary An Nabong, co-owner and general manager will be responsible for all administrative functions, purchasing, inventory control, and promotions. She will also act as a part-time sales representative. She has spent over 10 years in accounting, finance and operations management. She has extensive background in purchasing, inventory control, and marketing.
6.3 Personnel Plan
The personnel plan is included in the following table below. There will be one full-time employee and two part-time employees working 20-30 hours per week. The full-time employee will be paid at a rate of $10.00 per hour and the two part-time employees will be paid at a rate of $8.00 per hour. All employee’s will benefit from a one day paid holiday on their respective birthdays and one week of paid vacation after twelve months of employment.
At this time medical benefits will not be offered to employees. As profits increase in the future medical benefits will be offered to all employees.
Personnel
Personnel Plan
FY 2008 FY 2009 FY 2010
Owner P516,375 P568,035 P624,825
Full-time postion P918,000 P1,009,800 P1,110,780
Part-time position P550,800 P605,880 P666,450
Total People 3 3 3
Total Payroll P1,985,975 P2,183,715 P2,402,055
7.0 Financial Plan
The growth of Asian Heritage Clothing will be moderate and the cash balance will always be positive. Being a retail environment we will not be selling on credit. We will accept cash, checks, and all major credit cards. TeleCheck Services will be used as the check guaranty system to help reduce the percentage of loss on bad checks. Marketing and advertising will remain at or below 5% of sales. We will continue to reinvest residual profits into company expansion, and personnel.
7.1 Important Assumptions
Asian Heritage does not sell on credit nor do we offer layaways at this time. We accept cash and checks, Visa, MasterCard, Discover and American Express. All sales paid via credit cards will be deposited in our business checking account within 48 hours. Our business checking account will be with Banco de Oro. They have reported the interest rate as those listed below.
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1. Commerce
– Latin name of “commercium, is a combination of two root words; com means together and mercies mean wares.
– Commerce defines as an exchange of wares, goods, or merchandise
– This is primarily concerned with trading for profit
– Commerce have two subcategories, retail trading and wholesale trading
Retail Trading
Retailer does not keep large stock of goods for he usually has not enough capital to buy in bulk.
Wholesale Trading
While retailer buys small stocks of goods, the wholesaler usually buys large stocks of goods or bulk purchase from the producer. In return for its bulk purchase, a producer gives discounts to wholesalers.
Retailers and wholesalers are coexistent. Wholesalers buy from the producer, and sell and distribute to retailers while retailers, who are not directly purchasing from a producer, buys goods from producers. Again, this is not always the case, capital should still be considered, a retailer with higher capital can become wholesalers which is directly purchasing goods from the producers.
2. Industry
– Considered as the producers, manufacturers
– They make products from raw materials and convert them to something useful and is needed by consumers and then distributes them through commerce naming, the retailers and the wholesalers.
– An economic activity that produces:
a. consumer goods
– intended for use by final consumers.
b. industrial goods
– for use by other industries.
– Industry is dependent yet interdependent to other industries. This is because some factors of production are only made available through other industries which become a supplier for them.
3. Business Services
– This category specializes in rendering useful services. i.e. insurance, banks, telephone, amusement houses.
– Business services rely mostly, but not solely on the expertise of workers. They usually train them which results in the specialization to their particular field to help them offer a quality service.
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