Personal Business Plan
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Question 1: What are your goals after you leave your university?
Answer: After completing graduation in textile designing from the university, I want to start my own business. The basic aim in starting a new venture is to practically implement my designs in the garment industry.
Question 2: What is your purpose, your values and your mission? List the 3 key questions that guide your choices.
Answer: Purpose: The purpose of starting the business is to put creativity in designs and to ease the customers and spread creativity in designs.
Values: The core values of the business are trust, honesty, creativity, convenience and commitment. We provide our customers for good quality with commitment and convenience.
Mission: Our mission is to establish an Abaya shop which offers high quality with creative designs and build trust with honesty(Paul & Dewhurst, 2016).
Key Questions: 1. What are my passions for starting a new venture?
2. From where the inspiration comes to me?
3. For what I had a great love?
Question 3: What is the market and opportunity that align with your goals?
Answer: Market Opportunity: There is a larger market of Abayas in UAE because almost all females belonging from any class wear Abayas. The female wants to wear Abayas that have unique designs and are superior in quality. The demand for Abayas in the UAE market is very high because every female except the foreigner wear Abayas. The customer wants to wear comfortable Abayas as they use it in different places and occasions. The upper class demands sophisticated and unique Abayas according to different occasions.
Question 4: Create your market positioning statement.
Answer: We are establishing are an outlet in Abu Dhabi and the target market for Abayas is the high upper and upper class of UAE. We will also provide our quality services to students in different colleges and university.
Market positioning Statement: "We are providing high-quality Abayas with creative designs and features to our valued customers to build trust and long-term relationship".
We are offering Abayas in different beautiful designs using quality fabric to give our customer a feeling of comfort. Abayas are available in almost all sizes and different colours. Scarf that are used with Abayas are also available in our shop and customers can buy them according to their choice. We are also offering the customization services to our proud customers. We can make Abayas according to their specific requirements. Our differentiation point is that we are offering the customization services with creative designs.
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Question 5: What are the key milestones and checkpoints in your plan? How will you measure/determine if you have successfully attained these milestones? How do you define success? What external factors might affect your attaining success? Develop contingency and risk mitigation strategies.
Answer: The milestone in our business is to generate revenues in a suitable manner by providing our customers with high-quality Abayas. We will make sure that we use quality fabric in making Abayas we will check the quality every week as it is the startup of the business. Customer convenience and comfort is our priority in business. Success is to building trust by providing customers with fine quality Abayas according to their choices(Jan & Kim, 2015).
Competitors in the market can influence our sales and there is also a threat of economic stability. But we believe that our quality Abayas will capture a lot of customer segments and we will soon enter in the peak of our business. We try to cope with risk by developing a set of strategies that help us continue our services. We will offer our customers several discounts on their first purchase and on buying more than one Abayas. We will set economical rates Abayas so that affordability can be increased.
In the starting of business it can be difficult to manage the rent of shop due to which the owner can take loan for handling the expense and rent. Moreover, it can be quite difficult to find a professional and trained designer in reasonable rates thus the company needs to either increase the budget or arrange training for the existing employees. there are also chances that the suppliers can make the delivery of fabric late due to which the overall delivery of the products can be affected. To avoid this problem, it is necessary that the company maintain relationship with more than one supplier who are offering high quality fabric so if one supplier is not available then other can be contacted.
SWOT Analysis: • The company is offering customized and high quality Abayas which is its main strength
• Brand awareness plus recognition is low in the market which can be considered as major weakness
• The trend of abaya is high among the ladies of region due to which the potential is high
• The threat of competition is high due to which there are chances that the new business can face issues.
Question 6: How do you plan to practice ethical principles in your daily actions?
Answer: Entrepreneurial Ethics: We will deal with our customers in a submissive way and follow the business ethics in our business operation. Our major focus is to build strong long-term relations with our customer and suppliers. The three people that motivates me are my parents, course teacher and Faiza Bouguessa. My parents encourage me to start a new venture and my course teacher because they know my potential and could better guide me. Faiza Bouguessa designs are a source of inspiration for me.
PBP Summary: Unique and stylish Abayas for ladies.
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