What was the ask?
In groups of 2-4, develop a full business plan for a new fashion company.
The Backstory:
You've become aware of a new city-wide development initiative that is looking for dynamic new retail business to open next year in the Richmond, Virginia area. As an incentive, $100,000 of seed capital is being given to the entrepreneurs with the best business plan. You've been thinking about opening your own company after graduation and have just the partners with whom to pitch an amazing idea!
Meet the Team
I had an amazing team for this group business plan project. My role in the project was Buyer. I focused on creating the Financial Plan, Industry Research, and Staffing Plans.
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Group MemberNathalie’s role in the project as a founder was marketing manager. She specialized in creating our branding and marketing plan.
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Group MemberAlina’s role in the project as a founder was Operations Manager. She focused on Customer Research, Suppliers Research, and our Operations Plan.
What is Excess?
Excess is a brand that sells accessories that are made exclusively from dead-stock fabrics and materials or materials made in a sustainable way. Pictured right is one page from our business plan.
Attached below is a PDF file of the entire plan.
While each member of the group contributed to the entire project, one of my focuses was the industry overview. I completed research regarding the Women’s Accessory Industry.
Marketing and Operations
Nathalie focused on our sales and marketing section and Alina looked into our suppliers. We all collaborated and agreed on a marketing plan and suppliers that fit the best with our company.
I also looked into a location for our brick and mortar business. I have been working at a retail store in Carytown, Richmond throughout my years in university. This little area of the city is constantly busy with people and tourists shopping so I knew that it would be the perfect location for our store.
I created our staffing plan which includes the owners and one employee. As our business grows, we will add more part-time employees as needed.
I completed our financial plan as well. I am very interested in the financial aspect of fashion and business. I wanted to take the lead in this subject to gain more experience. The entire plan included a First-Year Sales Plan, First Year Expenses, Monthly Sales Plan, Sales and Gross Profit, Profit & Loss Statement, Breakeven Analysis, Pre-Opening Plan, Opening Inventory, and Cash Flow Statement.
Reflection
Reflection
This project was definitely a challenge and made me step out of my comfort zone. I had never thought about all the little details of what it would be like to start my own business until writing this business plan. Completing the line development project was helpful as some of the knowledge overlapped. I enjoyed learning more about the financial aspect. I was able to get advice and talk to my boss (who runs a small local business) about their expenses and it was very interesting and informative. I think that this project made me learn so much about how to run a business, that knowledge and experience will help me to become a better employee when I am working for a company whether it is big or small.