Project: Entrepreneurship
Idea Generation: To create an app for a one stop solution for Fashion Services comprising Image Consultants, Fashion Consultants and Fashion Stylist. To offer, personalised doorstep services to Clients for corporate events, personal styling etc. by consulting Clients individually or in groups basis.
Gap:
As there are people to guide in the market for the above fashion services however, there is a gap wherein people don’t find the consultants easily and at the best services available at the doorstep and willing to pay for such services. Out of 4,000 people surveyed, 79% would be willing to pay for such a service. (esrlondon.com, 2021)
As there are people to guide in the market for the above fashion services however, there is a gap wherein people don’t find the consultants easily and at the best services available at the doorstep and willing to pay for such services. Out of 4,000 people surveyed, 79% would be willing to pay for such a service. (esrlondon.com, 2021)
Problem Statement:
People who lose confidence due to the attire by looking at other smartly dressed people around.
Value Proposition: Doorstep quick service to communicate the right look for the dressing style.
Unique Selling Proposition: To dress well for a suitable event and make the first impression as the best impression.
Feasibility Study:
The feasibility study for my project involves an accessibility to fashion consultants, image consultants and fashion stylist at their doorstep. The study involves the analyses the viability of the case to determine whether the app would succeed or not. The following are the various feasibility factors:
The feasibility study for my project involves an accessibility to fashion consultants, image consultants and fashion stylist at their doorstep. The study involves the analyses the viability of the case to determine whether the app would succeed or not. The following are the various feasibility factors:
Market Feasibility
Everyone wants to create a powerful persona to impress the people around. Also, not everyone knows what one can do differently to stand tall or impress the audience. Therefore, by building the Client’s confidence and charm they can be helped to get to the finish line.
To understand the market if the business can be successful with enough demand for fashion services.
As people are becoming more conscious on their looks, the industry has a demand wherein
people from the target group of 18 to 40 years of age are willing to spend on consulting fashion services for themselves to get the best attire look at their doorstep.
Client’s looking for a wedding attire, personal grooming to face the public with confidence, any party to look forward to, personal events, seminars, conferences etc. generates a demand of the Clients to consult a professional/specialist for themselves.
The Indian fashion industry is expected to reach US$ 400 million in a couple of years with vigorous growth of over 10 per cent year-on-year. While this is tiny compared to the global industry, it is not too bad for an industry in this stage of infancy. The reason India's fashion industry will have a bright future is that it has a large young population. This, combined with increasing disposable incomes, has led to an increase in consumerism. So, those who can afford are looking for high quality and originality. They love brand names. Hence, we can say that the future of fashion industry in India looks promising. (fibre2fashion.com, 2022)
Therefore, to calculate the market size of Indian Fashion services could be:
Total Number of Population in Delhi/NCR X Average Expenditure (per month without rent) X Percentage of User Penetration in Fashion (in 2022)
=3.2 Crores X 5,000 INR X 22.8% = 3.2 Crores X 1,140 INR = 364.8 Crores INR
(thefinancepoint.com, 2022) (statista.com, 2022)
This shows a huge potential for the market to be tapped. Also, the more the number the better for the business to target the audience for fashion services.
Technological Feasibility
To determine the efficacy of my business plan there are many techniques and processes that have to be looked into while designing and considering an app for the brand.
End to end encryption so that users’ data remain safe and protected. Taking preventive measures from hacking as well as phishing. This will be kept in mind and will be worked upon by an IT team.
This service model for Clients will be available on an app wherein to develop the app it will take 2-3 months on beta version. Professional coders will be involved so that proper protection of data is looked into.
Also, to complete the development within budget would be one of the major goals. For this IT team would be hired from one of the best colleges in India.
Accurate and in-depth service design would be available for all the Clients on the app. Product designers and developers and other team members can consult each other for better layout of the app.
From my primary research conducted all the suggestions and feedback would be looked into considering and applying to the service design of the app so that reliable data is looked upon.
Various technologies available for the mobile app wherein top programming languages used to develop mobile app are swift, C++, Java, HTML5, PHP.
Financial Feasibility
Financial feasibility would be considered to know if the project should be viable for a long-term. The following costs can be included:
App creation
IT Team – staff
Marketing Team – staff
Image Consultants, Fashion Consultants and Stylist - Onboarding
A market survey was done for 49 respondents wherein 95.8% respondents opted for fashion services and 98% of them wish to receive the same at their doorstep.
This indicates that financially the project would sustain over the long term and meet all debt obligations. The ability of a project to achieve sufficient income, credit and cash flow would be explained in the revenue model of this project.
The revenue for this project would be Ad, Subscription, Affiliate and Client based. A marketing agency would be outsourced so that promotional activities can be worked upon so carry out the revenue target for the company.
The project estimated cost is also calculated for this project wherein major costs are fixed and variable costs that includes advertising & marketing as well as app development & maintenance cost.
Core Competencies:
Innovative Technology to provide best service design to Clients. The company would invest heavily on research and development.
Best customer service wherein Clients would have best user experience as well as greatest experience during and after consulting an advisor. Company will invest on customer service representatives and selection of consultants on the app.
The marketing strategies are going to be high on digital medium so that Clients engage themselves with the app to get coupons and use the app frequently.
Total Available Market: Wedding market, corporate trainings market, Seminars and Large events, Individual basis consultations, one to one advisory for wardrobe audit etc.
Serviceable Available Market: One to one consultation and advisory for an individual or an event basis.
Serviceable Obtainable Market: Young Professionals.
Conclusion:
Fashion today is mainly dependent on brand promotion and fashion influencers that use social media to communicate their views on fashion.
Fashion industry is a fast-changing industry and people look forward to dress well according to the trend in the market.
The business plan targets the young professionals for fashion services via an App wherein it will boost the confidence level of an individual to dress well at a public gathering.
Heavy amount to be spent on advertising and marketing so that many users are onboard on the App and customer retention is done. Content marketing would also be an effective strategy for customer retention.
Therefore, the App will be end to end encrypted to protect client’s data and will be updated frequently as per market expectations.
The business strategy would be to focus more on data of clients and constant customer retention so that maximum number of clients can be reached out via the App.
The company would reach its break-even point after 3 years and would eventually start earning profits in the subsequent years in the market.
Hence, the business would expand eventually to other tier-1 cities in the subsequent years.
