1.1 Venture Overview:
Campus Couture Inc. was conceived on the Western campus in the Fall of 2011, after listening to endless complaints from girls having ‘closets full of clothes and yet have nothing to wear for that special night out. We knew there had to be a solution, which led to the creation of Campus Couture.
Campus Couture provides rental services of high-end apparel for the Western University and London community. Our company aims to provide access to students and young professionals to their dream closet without paying the designer cost.
Essentially, this will work by Campus Couture purchasing pieces from designers and other local and international retailers, and offering it as a rental service to our clientele. Campus Couture allows its members to search dresses by new arrivals, size, colour, style, or price. We aim to offer rental services for women to attend date nights, cocktail parties, and formal events idyllically for the Western Community. Campus Couture, Inc. was incorporated in 2012 and is based in London, Ontario (Exhibit 1).
1.2 Goals and Objectives:
The initial goal of Campus Couture is to present our aggregate research and analysis to generate confidence in our business model and its feasibility.
Establish a Presence Within the Campus Community:
Establish a consistent base of users that rely on Campus Couture’s site for their semi-formal and formal wear Establish ourselves are the forerunners in designer wear for the targeted consumers
Minimize Start-Up Costs:
From an operations standpoint, we strive to minimize start-up costs and maximize our customer-base in the first fiscal year, while generating a constant stream of profit in later periods. Promote Website Traffic:
By increasing awareness about Campus Couture, we aim to capture 15% of Western’s female population to become active members of Campus Couture, Inc. by the end of our first year of operations (Exhibit 2) Financial:
Usually negative cash from operations is risky, however sometimes is necessary to get the business afloat. Breakeven by the end of 2nd fiscal year. Personal Goals:
$15,000 in drawings by the Second Fiscal Year End (2013-2014) Drawings for Campus Couture Board of Directors at 70% of net income by 3rd fiscal year‐end Work part‐time; between 5-8 hours per week
1.3 Key Success Factors:
Successful Market Penetration:
Initial market penetration is vital for our business to prosper. As a consequence of our generally unfamiliar business concept, our marketing practices must be well-planned and innovative in order to win over our customer base. Due to the influence of word-of-mouth and social media activity amongst our target demographic, we believe that once this initial base is established, we can expect a steady increase in customer base moving forward.
Trendiness and Affordability:
Trendiness and affordability are key determinants of Campus Couture’s success, as today’s youth wants to maintain a fashionable image without the substantial expenditures associated with purchasing an outfit. Campus Couture aims to keep its product offerings current and updated adhering to the latest fashion trends. Furthermore, each rental will be a fraction of the retail cost of the dress, meaning that Campus Couture will be a practical alternative. Affordability is the keystone to our business model, and it is imperative that it is maintained. Our price model is based off of the number of times we expect each dress to be rented, thus increasing the customer base and the number of rentals. We can expect to increase inventory, while driving down rental rates in the future.
1.4 Corporate Capabilities:
Campus Couture adheres to a unique business model and can take definitive strides to provide our members a vast selection of dresses that cater to our students and young professionals. Campus Couture has skilled personnel that are capable of handling the daily operations and...
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