Question #1- Are you planning to start a business or already in business?
Owning a business adventure is a dream of every ambitious young person. But running a business is not an easy task so not everyone has that ability to run a business and make profits. Owning and running a successful business requires dedication, commitment, discipline and certain skills. Over the years I have groomed my and trained myself for that purpose.
I have attended entrepreneurial seminars and events and I think I am fully ready to take the bold step of starting a business.
First of all my business of choice is a result of market research which enabled me to identify a suitable product which is in high demand in my location. I settled on starting a fashion boutique business where I will be selling unisex clothing and footwear. We live in an era where the norm of the day is ‘you are addressed the way you are dressed’. People invest on their looks and fashion. I will like to leverage that demand to make my business thrive.
So basically my business will be selling:
Official wears for both men and women, casual wears for both men and women not forgetting the children. I will also be selling footwear ranging from office shoes to sneakers and slides.
I also intend adding the services of a fashion advisor who will be offering fashion advice to my customers to aid them make the right choices and choosing what fits their style.
Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.
Based on my knowledge on the two types of business models I will prefer to start my business as an individual. I understand the disadvantages of starting the business alone will come with challenges but I believe that if you fail to challenge yourself, you deny yourself of being out the best in you so I will like to take this journey alone at least for this particular adventure.
I believe this will give me the confidence to operate and act independently as the sole owner of the business. I will be able to manage my finances in a way that will suit my business plan and maximize profits for myself.
Having a sole proprietorship business puts you at your best because you are fully aware of the fact that all loses will be borne by only you and all profits will be made by only you. This gives you the motivation needed or required to give out your best in order to succeed as compared to having a partner where responsibilities and boundaries might be defined.
So my decision is to start my business on an individual basis or model.
Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.
Considering the type of business I am venturing into which is fashion. I will be looking forward with having business partnerships with other businesses in the fashion industry. That is the two business will act as partners where we act independently as separate entities but form a partnership in the field of getting our products in.
Let me give a scenario to be better understood.
Ordering items on wholesale basis makes it cheaper that means you will be ordering for many which you may not need all at the moment. So I will go into partnership with other businesses so that we can order together and when our products are in we can now share it accordingly. This will allow you grow as fast as possible because you will be able to get the best prices on the market which will enable you make more profit on sales.
Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?
The growth of every business is the dream of any entrepreneur. If my business is doing well I will look forward to expanding it.
I will be looking forward to creating my own fashion brand which will also be in charge of designing and creating shirts and accessories for commercial purpose. I will expand the business by putting in deliberate efforts like3
Making good use of e-commerce platforms. I will put up my products for sale on such platforms. By so doing I will be able to reach out to many more people and will also break the distance barrier.
I will also look forward to signing top fashion models and influencers which will help me in the advertisement of my products. The power of these influencers can not be underestimated.
I will also put on organizational structures to govern and help me run the business successfully.I will do this by employing trained professionals to aid in this agenda.
I will like to end my business write up here and I will invite @farhmade, @sophie and @beniba to participate in this challenge