Running head: BUSINESS CONCEPT
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Business Concept
Management of Small Business
MGT-463
November 7, 2016
BUSINESS CONCEPT
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Business Concept
Explore a business concept
My business is start an online clothing business that will serve both men and women, but
will be particularly focused on the plus size individuals. The online store will deal with both
products and services. The products will comprise of all types of clothing; professional, casual,
and sportswear. Accessories will include belts, watches, sunglasses, rings, bracelet, shoes, and
necklaces. Services on the other hand will include professional advice on how to couple up
various designers, as well as advice on the kind of clothes to wear for different occasions, such
as a job interviews, weddings, and dinner dates. The online store will have a website where
people will place orders for their products or services, and the products will be delivered to their
location, while the services in the form of professional advice will be sent to their emails.
Technique used to explore the business idea
I used a technique with four major steps to explore my business idea. They include;
market research, reinventing an old idea, focusing on the most important, and being selective. On
the first step, I did a market research on the existing retail plus size clothing stores, and found
that they are only a few of them in my area that offer trendy fashions, and updated professional
advice on the current fashion. Most of them are not appealing to both men and women in terms
of their services, and the products they offer. On step two of reinventing an old idea, I decided to
venture in the retail clothing industry, but do things differently. My business idea will focus on
offering online services that most existing stores do not offer. It will also offer services on
fashion that other stores do not offer (Strydom & Nieuwenhuizen, 2007). On the third step of
focusing on the most important, my business idea will focus on the plus size individuals since
BUSINESS CONCEPT
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they are more updated with the current trends and fashions that my store will be offering. On the
last step of being selective, my online retail store will stand out because as a plus size woman
myself, I understand the needs of my fellow plus size men and women. This will result to
attraction, maintenance, and loyalty of customers.
Origin and context of my business idea
The origin and context of my business idea is from the lack of retail clothing stores that
offer exceptional products and services that are appealing to the plus size individuals. My
business idea originates from the need to offer these exceptional products and services. This will
be achieved through being updated with the current fashion trends, and collaborating with some
of the leading designers; hence, always having the current products in the store. Fashion services,
on the other hand, will be offered by personnel who are well exposed, and know the clothing
needs that various occasions demand. The idea also originates from the fact that there are few
retail clothing stores that offer online services (Strydom & Nieuwenhuizen, 2007). This simply
means that the target customers (plus size) can see the products, and services that the store
provides from their devices such as mobile phones, tablets, and laptops. They can also order the
products or services at their comfort, and have them delivered without having to make trips to
the physical store.
Why the business idea is a good idea
I feel that this is a good idea since the cost of setting up the online store will vary
compared to that of setting a physical store. This is due to the fact I will not require a large space
to display my products, but just a small space for holding the products awaiting customer orders.
The marketing and advertising costs will also be very low since I will use the social media
BUSINESS CONCEPT
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platforms, which are relatively low compared to advertising in mainstream media (Craig, 2013).
Advertising on the social media platform will also be very effective since my target customers
are the plus size men and women who are always on the social media (Facebook, Twitter, and
Instagram).
Potential challenges
There are various potential challenges that I am likely to face that are closely related with
the nature of my business being an online business. The first one is lack of verification measures
whereby the online customer portal is not aware of the credibility of the customer. This is likely
to become a problem when such a customer issues a purchase that is cash on delivery. In case the
customer is not genuine the business may result revenue loss (Strydom, Antonites &
Nieuwenhuizen, 2007). The second challenge is online security which is mostly associated with
online payments and customer data. This may cause loss of revenue to the business, as well as
loss of customers.
Addressing the potential challenges
On the first challenge of lack of verification, I will ensure that email or textual messages
are sent to customers to validate their identity. In cases where a customer issues a purchase on
cash on delivery, an automated call will always be used so as to validate the delivery address
from the customer (Craig, 2013). On the issue of security, I will ensure that the website of the
business will be on a dedicated server with 24 hours support. This will detect when such issues
arise and efficiently resolve them.
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References
Belew, S., & Elad, J. (2009). Starting an online business all-in-one for dummies. Hoboken, NJ:
Wiley Pub.
Craig, R. (2013). The Everything guide to starting an online business: The latest strategies and
advice on how to start a profitable Internet business.
Strydom, J. W., Antonites, A., & Nieuwenhuizen, C. (2007). Entrepreneurship & how to
establish your own business. Cape Town, South Africa: Juta.
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