Developing a Detailed Business Plan to Establish an Online Ready-Made Garments Shop in Finland

Abstract

The objective of this thesis is to develop a business plan to set up an online apparel store based in Finland. To develop a business plan, the first step forward was to identify the components of a business plan. Helped with the existing knowledge and best practice, the components of the business plan were selected. Later, the current state analysis provided insights into the market conditions and thus helped to set the foundation for the development of the initial business plan. The study used Applied action research and relied mainly on the use of qualitative data. There were two stages in collecting the primary data. For the first stage, six customers were interviewed. For the second stage, two industry experts were interviewed for feedback on the initial proposal and validating the proposal. For the analysis of the market conditions, online databases, news, articles, research papers, books, and annual reports of the existing businesses were utilized. The key findings demonstrated the importance of sustainability and ethical sourcing to satisfy the current customer base. Aside from that, digital marketing and social media are found to be crucial in guiding customer demands and preferences. The outcome of the thesis is a business plan for an online ready-made garments shop in Finland based on utilizing the business model canvas. The business plan provides a comprehensive guideline to the case company to launch its service and start operating. The thesis can also help business professionals and entrepreneurs in getting an initial idea about how a business plan is developed and what are the considerations while developing a business plan. The industry-specific requirements of developing a business plan and operating a business in the ready-made garments e-retailing sector can also be understood from the thesis.