BUSINESS PLAN: F'Joy Couture

Abstract

Having a business idea as a step towards being an entrepreneur is a leap, creating an action plan towards implementing the idea is another major leap towards actualizing the business idea. A documented business plan is needed as a guide to every entrepreneur to evaluate every leap taken while running the business. And because of the ever-changing customer’s demand and new style inventions almost every season; this project work is needed to help the author (entrepreneur) plan her steps in the fashion industry.

The major goal of this project is to create a business plan that suits the proposed company’s model and that can further be used by other intending fashion companies and or Start-ups as template in the future. The core objectives include but not limited to:

1. Launching the new fashion company; 2. Description of the products and services the company is providing the customers; 3. Analysing the fashion industry in Nigeria and the opportunities for Start-ups 4. Value-creation for the target market 5. Marketing and operational plans of the company

The company’s product which is high-end fashion is believed to be a success in the market because it will be the highest quality personalized clothing, provided at an affordable and reasonable prices

Both primary and secondary sources were used to gather insights about the industry and customer behaviour in the target region before creating the business plan for F’Joy Couture. An online survey was created with a demographic of at least 100 people, aged 18-60 to gather customer insights in the Northern-region of Nigeria, with more focus on Abuja residents. Other sources were from official information published about the industry by government, individuals and industry competitors.

The business plan has been created using the acquired knowledge from the market research and reliable literature. This has helped in defining the business mission; marketing and organizational plans and the financial plans which will subsequently be further developed.

Recommendations are finally provided for the Nigerian government on how best they can help promote the Fashion industry better and to intending start-up company in the Nigeria fashion industry on how to be sustainable and utilize all the available opportunities provided by the industry.