Strategic Plan Part II
Christina’s Unique Clothing Store will cater to clientele looking for a shopping experience that cannot be gotten anywhere else. In order for the small business to accomplish this, the owner of Christina’s Unique Clothing Store will need to complete a Strength, Weakness, Opportunity, Threats, and Trends analysis (SWOTT). The SWOTT will allow the owner to view the business from an objective point of view and analysis any problem areas before it becomes an actual problem. Christina’s Unique Clothing Store will conduct an internal and external analysis using the SWOTT table giving explanations or an analysis on seven factors in the table and naming one factor to be considered the major factor for each category. The SWOTT identified location and creativity in fashion as the strength and opportunity for Christina’s Unique Clothing. The SWOTT identified locating a wholesaler for the merchandise as a weakness, and the legal and regulatory issues as a threat while identifying environmental conscience as a trend for the company to focus for the future. A major strength the company will have is location of the store. Location is an important factor in a business succeeding; therefore, finding the right location for Christina’s Unique Clothing Store is the company’s strength. The store’s location will be in area that the intended targeted clientele will frequent to shop, therefore presenting the business the opportunity to offer personalized tailored care in the clothing industry. As the store opens, offering creative and unique accessory items will allow Christina’s Unique Clothing to stand apart from the other boutiques in the area. Sorella Boutique is a high-end quality retail store that sells designer clothing such as “Seven For All Mankind, Vince, and Nicole Miller”, however, the boutique’s service stops there. Sorella Boutique does not offer its customers a personalized or tailored shopping experience (Sorella Boutique, 2011, p.1). Locating the correct wholesaler for the merchandise to be displayed and sold in Christina’s Unique Clothing Store will be a challenge. The internet is littered with wholesale dealers posing a deal for all to have however; for a new business buying merchandise cheap is great on the budget but buying cheap merchandise will spell failure in the end. Legal and regulatory issues will need to be researched and followed through before the business can open its doors to the public. Skipping or ignoring the legalities can only bring disaster to the business quickly. For a retail clothing store the legal issues are few ensuring the local city or county license requirements are met before opening the business. Insuring the business for at fault accidents should be considered also, thus protecting the business from liability during an accident. Although to open a small business, it is not required to have any documentation other than a business license from the city in which the business will be operated within, it is recommended that the owner have knowledge of how to run a business. As a long-term goal and for future success, the company will want to move towards becoming environmental conscience with a designer that is reusing materials for the designers clothing line or accessories. Becoming environmental conscience is how Christina’s Unique Clothing Store will out-last the other boutiques in the area. Although, 51% new small business will survive the first five years, focusing early on what the company’s long-term goals can help the company stay focused on the future (Schaefer, 2011). Christina’s Unique Clothing clientele is targeted towards the higher income class, economic times are still rough and can be a threat for a new business, and must be weighed. As the economic status changes, the company can adapt as well. The fashion industry changes the design line each year; the company can adapt its inventory to include the latest fashion designs to...
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