Fashion Entrepreneurship : Retail Business Planning

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ISBN: 9781563672330 | 1563672332
Cover: Paperback
Copyright: 10/1/2002

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This text provides a background in entrepreneurship for apparel, accessories, textiles and home furnishings business development. In addition, the text delivers the information needed to develop a comprehensive, effective business plan. The chapters include information on merchandising, operating procedures, human resource development and financing. Further examined is the development of a fashion retail business from concept articulation to exit strategies. Included is a discussion of brick-and-mortar businesses, click companies and service firms in the apparel and soft good sectors. The last chapter of the text presents a sample business plan.

Taking the Road to Entrepreneurship

(29)

Introduction

(1)

Understanding Entrepreneurship: The Age of the Entrepreneur

(2)

Fashion Trends Lead to Entrepreneurial Opportunities

(1)

The Entrepreneurial Profile

(1)

Do You Have What It Takes?

(7)

Traits of Successful Entrepreneurs

(3)

Less Successful Traits of Entrepreneurs

(1)

Assessing Yourself: Traits and Skills

(2)

Assessing Your Business Skills

(1)

Timing and Funding Availability

(1)

Common Myths About Entrepreneurs

(1)

Why Some Businesses Fail While Others Succeed

(2)

Development of the Business Concept: What Will the Company Be?

(6)

Researching the Concept

(2)

SWOT and MECA Analyses

(1)

Writing the Concept Statement

(1)

Why Business Planning Is Important

(1)

Conclusion

(8)

Analyzing the Product

(24)

Introduction

(1)

Defining the Product

(2)

Dissecting the Product

(1)

The Product Life Cycle

(3)

Introductory Stage

(1)

Growth Stage

(1)

Maturity

(1)

Decline Stage

(1)

Practice Application

(1)

New Uses or Images for Old Products

(1)

At Your Service

(6)

When the Product Is a Service

(5)

When the Product Is Tangible

(1)

Branding

(6)

Intellectual Property: Brand Names, Trademarks, and Copyrights

(1)

Brand Sponsorship

(2)

Brand Value

(1)

Licensing and Royalties

(2)

Conclusion

(6)

Researching the Industry and the Market

(20)

Introduction

(1)

Market Research Defined

(2)

Defining the Industry

(2)

Describing the Industry

(7)

Economic Sectors of the Industry

(2)

Industry Life Cycle

(1)

Economic Conditions and Cycles

(1)

Seasonality and the Fashion Industry

(2)

Impact of Technology

(1)

Supply and Distribution Channels

(1)

Financial Patterns

(1)

Competition

(1)

The Consumer

(1)

Regional Market Feasibility Study

(3)

The Regional Consumer

(1)

The Regional Location

(1)

The Regional Competition

(1)

Conclusion

(6)

Strategic Planning From Entry to Exit

(20)

Introduction

(1)

Entry Strategies

(7)

Opening a New Business

(1)

Purchasing a Franchise Operation

(4)

Acquiring an Existing Business

(2)

Exit Strategies

(9)

Management Succession

(1)

Selling the Business to Outsiders

(1)

Selling the Business to Insiders

(1)

Liquidating the Business

(1)

The Process of Valuation

(1)

What Is the Business Worth?---Valuation Methods

(2)

Offering Memorandum

(1)

Looking for Buyers

(1)

Structuring the Sale

(1)

Negotiating the Sale

(1)

Conclusion

(4)

Finding a Location for the Business

(26)

Introduction

(1)

The Location Hierarchy: Region to State to City to Site

(3)

The Region

(1)

The State

(1)

The City

(2)

The Site

(1)

Location Factors

(3)

National Retail Traffic Index

(1)

Location Checklist

(2)

Finances and Location

100

(3)

Estimating Location Costs

100

(3)

Monthly Expenses Related to Location

103

(1)

Build, Buy, or Lease?

103

(3)

Building a Facility

103

(1)

Buying a Facility

104

(1)

Leasing a Facility

104

(2)

Location and the Business Plan

106

(1)

Designing Effective Selling Space

107

(7)

The Exterior

107

(1)

The Interior

108

(6)

Conclusion

114

(5)

Becoming an E-Trepreneur

119

(30)

Jana Hawley

Introduction

119

(1)

History and Future Projections

119

(2)

Web Demographics

121

(2)

Benefits and Limitations of Going On-line

123

(1)

Building a Business Plan for E-Commerce

123

(4)

E-Models

127

(8)

Storefront Model

127

(1)

E-Catalog Model

128

(1)

Portal Model

128

(1)

Distributed Storefront Model

128

(2)

Affiliate Model

130

(1)

Auction Model

130

(2)

On-line Shopping Malls Model

132

(1)

Content-Attraction Model

133

(1)

Lowest-Price Model

133

(1)

Click-and-Mortar Model

134

(1)

Members-Only Model

135

(1)

Customer Relationship Management

135

(2)

Security and Privacy

137

(1)

Promotion and Marketing

138

(5)

Brand Recognition

138

(1)

The Domain Name

139

(1)

Search Engines

140

(1)

Hyperlinks

141

(1)

Print Web Address on All Communication Materials

141

(1)

Publicity and Promotional Efforts

141

(2)

E-Commerce Challenges and Concerns

143

(1)

Conclusion

143

(6)

A Strategy for Penetrating the Market

149

(24)

Introduction

149

(1)

The Role of the Marketing Strategy

149

(1)

Market Variables: The Ps of Marketing

150

(19)

Product

151

(1)

Place

151

(1)

Price

152

(5)

Promotion

157

(9)

People: Exceptional Customer Service

166

(3)

Conclusion

169

(4)

Exploring Management

173

(26)

Introduction

173

(1)

The Management Team

173

(10)

Building an Organizational Culture

175

(1)

Leadership

175

(3)

Open-Book Management

178

(3)

Effective Communication

181

(1)

Technology and Communication

182

(1)

Intrapreneurship

183

(1)

Organizational Structure

183

(5)

Determining Key Roles and Tasks

184

(2)

Creating Job Descriptions

186

(1)

Creating the Organizational Chart

187

(1)

Hiring the Right Employees

188

(2)

Sources for Recruiting Employees

188

(1)

The Job Interview

189

(1)

Selecting the Advisory Team

190

(1)

Motivating Employees

191

(2)

The Compensation Package

193

(1)

Conclusion

194

(5)

Merchandise Planning

199

(30)

Introduction

199

(1)

The Role of the Buyer

199

(1)

The Resident Buying Office

200

(1)

The Buying and Merchandising Process

201

(20)

Sources for Effective Buying

201

(2)

Market Week

203

(1)

Resource Selection

204

(5)

Managing Fashion Merchandise

209

(4)

Sales Forecasting Factors

213

(1)

Planning the Merchandise Assortment

213

(3)

Preparing the Open to Buy

216

(1)

The Markdown Policy

217

(1)

Markup

218

(2)

Pricing Strategies for Fashion Merchandise

220

(1)

Visual Merchandising and the Buyer

221

(1)

Sales Promotion and the Buyer

221

(1)

Sales Supporting Services and the Buyer

221

(1)

The Buyer's Responsibility for Profits

221

(1)

Stockturn

222

(1)

Stock-to-Sales Ratio

222

(1)

Buying for Nonstore Retail Operations

222

(2)

Conclusion

224

(5)

Selecting a Business Entity

229

(20)

Introduction

229

(1)

Considerations in Choosing a Legal Entity

229

(1)

The Sole Proprietorship

230

(2)

Advantages of a Sole Proprietorship

230

(1)

Disadvantages of a Sole Proprietorship

231

(1)

The Partnership

232

(4)

Advantages of a Partnership

234

(1)

Disadvantages of a Partnership

235

(1)

Limited Partnerships

236

(1)

The Corporation

236

(5)

Forming a Corporation

237

(1)

Operating a Corporation

238

(1)

Different Roles: Shareholders, Directors, and Officers

239

(1)

Issuing Stock

239

(1)

Annual and Other Regular Meetings

240

(1)

Reporting Requirements

240

(1)

Advantages of a Corporation

240

(1)

Disadvantages of a Corporation

241

(1)

Alternative Forms of Ownership

241

(2)

The Limited Liability Corporation

242

(1)

The S-Corporation

242

(1)

Selecting a Lawyer

243

(1)

Selecting an Accountant

243

(1)

Conclusion

243

(6)

Creating and Understanding the Financial Plan

249

(36)

Introduction

249

(1)

The Importance of the Financial Picture

249

(1)

The Financial Statements

250

(17)

The Cash Flow Statement

251

(8)

The Income Statement

259

(3)

The Balance Sheet

262

(4)

Liabilities and Owner's Equity

266

(1)

The Assumptions

266

(1)

Analyzing the Financials

267

(7)

Understanding Key Financial Ratios

268

(4)

The Break-Even Point

272

(2)

Understanding Cash Flow

274

(1)

Accessing Capital

274

(6)

Debt Financing

275

(3)

The Mind-set of the Banker

278

(1)

Equity Financing

279

(1)

Conclusion

280

(5)

Developing Operating and Control Systems

285

(24)

Introduction

285

(1)

Operations and the Facility

285

(3)

Space Allocation

286

(1)

Staff Efficiency

286

(1)

Customer Mobility

286

(1)

Hours of Operation

287

(1)

Lease and Improvements

287

(1)

Utilities and Maintenance

287

(1)

Security

287

(1)

Operations and the Merchandise

288

(3)

Receiving Goods

288

(1)

Marking Goods

288

(1)

Placing Merchandise on the Sales Floor

288

(2)

Paying the Suppliers

290

(1)

Tracking Merchandise

290

(1)

Taking Markdowns

290

(1)

Returning Goods to the Vendor

291

(1)

Operations and the Employees

291

(3)

Training Employees

291

(1)

Compensation and Incentives

292

(2)

Reprimands and Terminations

294

(1)

Communication with Employees

294

(1)

Operations and the Customer

294

(4)

Approaching and Assisting the Customer

294

(1)

Writing Up the Sale---Transaction Flow

295

(1)

Handling Returns

296

(1)

Following Up on Sales

296

(1)

Handling Customer Complaints

296

(2)

Inventory and Operations

298

(2)

Methods of Inventory Management

298

(1)

Inventory Control

298

(1)

Merchandise Fulfillment and Customer Needs

299

(1)

Research and Development

300

(1)

Operations and the Computer

300

(1)

Conclusion

301

(8)

Planning Growth Strategies

309

(16)

Introduction

309

(1)

Strategic Growth Planning

309

(3)

Strategies for Facing New Competition

310

(1)

Strategies for Becoming a Market Leader

310

(1)

Strategies for Creating a Market Niche

311

(1)

Going Global as a Growth Strategy

312

(5)

Avenues to Global Growth

313

(3)

Entry Strategies to Global Avenues

316

(1)

Opening the Doors to Global Growth

316

(1)

Planning for Growth

317

(2)

New Offerings to the Market

318

(1)

Steps to Planning the Growth Stage

319

(1)

Conclusion

319

(6)

Constructing the Business Plan--Creating the Roadmap

325

(16)

Introduction

325

(1)

The Reasons for Developing a Business Plan

325

(2)

Definition of a Business Plan

327

(1)

Analysis of the Business Plan

327

(1)

How the Plan Takes Shape---Components of the Business Plan

328

(10)

Cover Letter

328

(1)

Cover Page

329

(1)

Table of Contents

329

(1)

Executive Summary

329

(1)

Product/Service Plan

330

(1)

Management and Organization Plan

331

(2)

Marketing Plan

333

(2)

Location

335

(1)

Merchandising Plan

336

(1)

Financial Plan

336

(1)

Operating and Control Systems

336

(2)

Growth Plan

338

(1)

Appendix

338

(1)

Tips for Writing a Good Business Plan

338

(1)

Packaging the Business Plan

339

(1)

Conclusion

339

(2)

Sample Business Plan

341

(32)

Appendix A: Resources for the Fashion Retail Entrepreneur

373

(2)

Glossary of Terms

375

(13)

Index

388

(6)

CD-ROM Instructions

394

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Fashion Entrepreneurship : Retail Business Planning

Summary

Table of Contents

Supplemental Materials