New Business and Professional Practice (Bespokeme)

Executive Summary

Primarily, BespokeMe is an online commercial platform hoping to specialize in handling the fashion marketing of bespoke designers to offer individuals convenience when shopping for fashion and design items. The commercial website will strategically bridge the gap between prospective clients and service providers. BespokeMe aims to support small and medium fashion designer enterprises by elevating their publicity to the general public. Unlike general directories dealing with a combination of the portfolio, such as real estate and automobile, the BespokeMe fashion and lifestyle directory website will be unique because it focuses only on bespoke fashion. As a result, competency is guaranteed by integrating diverse bespoke designers to serve diverse, prospective clients based on their personal needs. Moreover, BespokeMe will eliminate the need for customers to surf countless social media platforms to locate and compare different designs and styles since it houses them under a single website. BespokeMe is a promising revenue generator because it will offer adequate traffic and visibility to the intended service providers. Traditionally, fashion designers incurred huge expenses in marketing their products. BespokeMe guarantees enhanced publicity at a relatively lower cost.

Strategically, the Nigerian fashion industry is regarded as an outstanding competitor in the emerging fashion markets worldwide, housing exceptional designers such as Maki-Oh, who clothed Mrs. Obama, and Folake Folarin-Coker who clothed Agbani Darego in 2001 for her Miss World Pageant. Consequently, Agbani Darego emerged as the first native African to win Miss World. Because of the competitiveness of the fashion design industry in the country, Nigeria will be the target launching location for BespokeMe. Comprising about 36 states and 250 major ethnic groups, Nigeria has a population of over 200 million individuals. Thus, bringing the fashion design service providers under a single website will bring the bespoke services to the door of the consumers. Through diversification, BespokeMe will open endless opportunities for different service providers specializing in various fashion designs to meet prospective clients.

Designing the BespokeMe directory website will engage a web development team to create a user-friendly, appealing platform with a huge storage capacity. The website will be depicted crucial details such as the precise location of the service provider, contact details, social media details, the genre, specific customs, catalogs images and videos, and customer ratings and reviews to assist the client to make a purchase decision.

The management team will consist of the managing director, the supervisor, the facilitator, and the IT specialist. The managing director is also the co-owner of the business and will be accountable for all administrative tasks, inventory controls, endorsing signatories for purchases, and promotional activities. The supervisor will oversee the workers and ensure the stimulation of innovativeness among the employees. The facilitator will navigate both the virtual and walk-in clients. The IT specialist will regulate the routine activities of the website. The main source of income for the business will be the money paid for the services by the customers and will be used in reimbursing the workers, the management team, advertisement and promotional activities, and for the renovation and scaling-up services upon increased demand.

General Company’s Description

BespokeMe Directory is a virtual business that hopes to offer bespoke clients a sensible way of attaining the latest fashion design from the desired creator. The fashion industry in Nigeria is perceived as an exceptional contestant in the developing global fashion markets accommodating brilliant stylists such as Maki-Oh, who clothed Mrs. Obama, and Folake Folarin-Coker, who clothed Agbani Darego in 2001 for her Miss World Pageant. Subsequently, Agbani Darego became the first native African to win Miss World. The competitiveness of the fashion design industry in Nigeria will be the aim initiation setting for BespokeMe. Nigeria encompasses about 36 states and 250 major cultural groups and has a populace of over 200 million persons (Samuel, pp.69, 2022). Unlike the dominant general directories in Nigeria, merging several services such as real estate and automobile, the BespokeMe fashion and lifestyle directory website will be unique because it concentrates only on bespoke fashion. Thus, BespokeMe will utilize the business opportunity by becoming the only fashion design online business specializing only in bespoke designers. The business opportunity will offer BespokeMe the chance to bridge the gap between clients and service providers using the least time possible and at a considerable price. The website will utilize cloud computing technology to launch the website that integrates all the services under one page. The website will display crucial details such as the accurate location of the bespoke designer, contact details, social media details, the genre, specific customs, catalog images and videos, and client evaluations and reviews to support the customers in making the correct purchase decision. Thus, the main service to be delivered by BespokeMe is an online service to connect customers to suitable bespoke designers. Similarly, the website will incorporate Google Maps, which will virtually locate the nearest bespoke designer to the location of the customer for convenience purposes.

Vision

Delivering customer-centered services to bespoke fashion design services to our clients.

Mission

Our mission is to assume a global position in providing specialized fashion design services to bespoke designers and prospective clients to bring value to our pioneering technology and teamwork through accomplishing our corporate social responsibility.

Strategies

1. Pricing strategy: the business will operate using a cost-effective and competitive pricing strategy that ensures the cost of services offered at BespokeMe will be comparatively lower than those of contestants.
2. Organizational management plan: the business will employ a collaborative approach that integrates the relationships and duties of the management team and the workers to accomplish the set objectives of the enterprise jointly.
3. Quality of Services: the services will be delivered timely and customized to meet the customer’s requirements through forming a partnership with professional bespoke designers and service providers.
4. Marketing: Since the business operates online, the promotional activities will target all the social media podiums.

Business Model

BespokeMe’s online business will operate under a retail business model. Strategically, online retailing of the bespoke designs will permit customers to visit the website and search for their preferred bespoke designer and genre. BespokeMe will bring all bespoke designers under a single website where the customers conveniently access the desired fashion. Through innovative cloud computing technology, comprehensive Google Maps will be provided for the customers to access the selected service providers. Thus, through the online integration of bespoke designers, the service providers will experience increased traffic and visibility at a considerable price (Tipu, pp.86, 2019).

Products and Services

Primarily, the BespokeMe directory website’s main product is to integrate all the bespoke designers under a unified online site and market the fashion designs to the general public in Nigeria to increase the service providers’ visibility and create convenience for the customers. The main features of the BespokeMe website will be the integration of all the bespoke designers under a unified page accompanied by the precise location of the bespoke designer, communication particulars, social media specifics, the genre, and unique customs, collections images and videos and the customer appraisals and reviews to aid the clients to make the appropriate procurement decision. Therefore, the main service to be conveyed by BespokeMe is an online service to link the clients to the appropriate bespoke designer. Another website feature will be Google Maps, which will virtually locate the nearby bespoke designer to the customer’s locality for expediency dedication. Moreover, integrating diverse bespoke designers to serve diverse, prospective clients based on their personal needs will offer an outstanding element of effectiveness. Thus, BespokeMe will eradicate clients’ need to surf numerous social media podiums to trace and relate diverse designs and styles because it stocks them under a solitary website.

Technology

Technological advancement has been witnessed in the fashion design industry in recent decades. The advancements in technology have established a shift from brick-and-mortar retail services to revolutionized e-commerce platforms. Thus, the business uses cloud computing technology, data analytics, and artificial intelligence to run and operate the BespokeMe directory website effectively. Cloud computing will offer effective data security to protect the confidentiality of client details and the overall wellbeing of the business due to the volatile nature of online operations.

The Markets and the Customers

Research Data

The main market for BespokeMe operations is the Nigerian population. Because of the degree of competition in the fashion design sector in the country, Nigeria will be the selected launching setting for BespokeMe. Comprising about 36 states and 250 major ethnic groups, Nigeria has a populace of over 200 million persons. Therefore, conveying the fashion design service providers under a unified website will bring the bespoke services at the convenience of the clients. Through diversification, BespokeMe will open endless opportunities for different service providers specializing in various fashion designs to meet prospective clients. Over the last decade, the Nigerian fashion industry has increased rapidly in complexity triggering international demand. In 2020, the retail apparel market in Nigeria was treasured at $4.8 billion, a corresponding rise of 5.5% and a projected value of $6.3 billion by 2025. Internationally, the plus-size marketplace is projected to accrue to about $700 billion by 2027. Similarly, bespoke fashion is gaining popularity because individuals increasingly want customized outfits to meet their demands. Similarly, the observed trends are because bespoke fashion accommodates all classes of individuals. The evidenced trends show that the fastening visibility of the bespoke retailers through BespokeMe will enhance the chances of increased awareness and ultimately acquire a global presence.

Customers

The target customers will include fashionistas and individuals requiring quick aid for last-minute occasions. The website will target individuals aged 16 and above. Nigerians love designs that are 100% customized based on the client’s body shape, choice, and desired style; the Nigerian population is the perfect customer base for BespokeMe.

Competition

BespokeMe hopes to do an online fashion design business in a highly competitive arena. Nigeria’s online retail fashion design industry has numerous rivals (Samuel, pp.75, 2022). Thus, BespokeMe will encounter competitive rivals like Boohoo, Inditex, and Pretty Angel. The noted online fashion design businesses provide products similar to those offered by BespokeMe. Besides, the competitors target a similar market population in Nigeria. Strategically, their products aim to attract young fashioners between the ages of 16 and beyond. Most of the target customers are approaching the end of their educational journey and transitioning into the workplace. As a result, the target customers have less disposable income. Therefore, BespokeMe will position itself at a competitive advantage by offering cost-effective services. Moreover, most youths prefer high-quality products that are customized. Thus, BespokeMe will ensure the incorporated service providers aim for quality rather than quantity. Similarly, being a startup business, BespokeMe will face financial inadequacies to compete with established enterprises in Nigeria.

Marketing Plan

Markedly, the virtual fashion trend discloses that clients want to control their product purchase cycle. Thus, BespokeMe retail will take advantage of the online promotion by evaluating and restructuring retail options to concentrate on clients’ livelihoods. Through merging diverse service providers and displaying customer reviews, BespokeMe will strategically offer the opportunity for customers to parallel the quality, brand, choice, and convenience of the desired products.

Market Strategy

BespokeMe online retail will monetize the online marketing approach by evaluating and restructuring retail options to target the lifestyle of different customers and fashion design preferences. The promotional activities will target all the social media podiums since the business operates online (Desai & Vidyapeeth, pp.197, 2019). The uniqueness of the marketing strategy for BespokeMe will be the inclusion of different options for bespoke designers and customized services.

Price Positioning

The pricing technique will be displayed online with discounts for the services offered to the diverse bespoke fashion designs and genres. For convenience, the payment technique will be done online through various payment routes such as PayPal and Western Union, among other user-friendly payment options. Because BespokeMe is still in its startup phase, the business will run using a cost-effective and competitive pricing strategy that guarantees the price of services provided at BespokeMe will be relatively lower than those of competitors. Moreover, the pricing strategy will integrate customized pricing where the offered services will be charged based on the purchaser factor. Setting a fabric cost is essential for customized services. Besides, because of the fluctuating nature of the market price and the customers’ moods, the customized pricing strategy will consider factors such as the overall fashion design item to be purchased and the amount the budget of the target customer. Furthermore, BespokeMe will continuously compare the charges of other leading brands to ensure the price is relatively lower than that of the rivals (Hakala et al., pp.15, 2020). The low price at the startup will be useful to garner a loyal customer base. Innovative tools such as Pricing Analytics will be employed to evaluate the progress of the business from time to time and make endorsements for the appropriate pricing at any given moment. Moreover, the pricing strategy will incorporate value-based pricing by assessing the preference of customers. Strategically, the combination of customized and value-based pricing will ultimately strengthen the brand name and aid in creating of loyal customer base.

Sales Plan

Sales Strategy

The sale strategy for BespokeMe will be advertising and promoting the business on social media podiums such as WhatsApp, Twitter, Facebook, and Instagram, among the leading worldwide online social platforms. The advertisements will aim at increasing the awareness of BespokeMe. Conversely, promotional services will feature discounts and incentives after using BespokeMe to purchase and connect with bespoke designers. Similarly, the sales strategy will design a customer-feedback mechanism after using the service (John-Eke & Eke, pp.37, 2020). The feedback and recommendations offered by the customers will play a central role in modifying the sales strategy occasionally. Therefore, at the startup of BespokeMe, the business will offer the customers a 10% off price on the total services.

Standard Channels

The objective of sales promotion is to increase public awareness and visibility of the website’s services and create long-lasting relationships that will develop customer loyalty (Zebari et al., pp.657, 2019). The standard channels employed include digital advertisement and marketing through online platforms, search engine optimization, and the email marketing system through Articles and News Stories.

Hiring

The business will engage in prompt recruitment to employ additional workers in cases of business expansion. Moreover, the recruitment process will be conducted to replace resigned workers or even in case of demise. Job advertisements will be disseminated through the public press, enumerating the job description, required qualifications, interview time, date, and location (Dimcea et al., pp.117, 2023). Moreover, the business will include a continuous training and development program to facilitate personal growth. Similarly, well-performing workers will be promoted to higher ranks. The management team will determine the incentives and promotions according to the workers’ productivity, educational level, specialization, and overall work experience of the employee.

Penetration Tactics

Moving target: The business will change the target groups based on the market trend at any given moment. Changing the target group will trigger diversity leading to improving overall sales due to developing a new customer base.

Sustainability: Different fashion design customers are increasingly becoming conscious of the environment. As a result, they expect products that will align with their ecological requirements. Thus, BespokeMe will partner with bespoke designers offering sustainable products. Thus, because a precise commitment to sustainability is regarded as a desirable practice in corporate image, the business will penetrate more virgin markets through corporate social responsibility (Katsikeas et al., pp.413, 2020).

Digitalization: Noteworthy, contemporary fashion design customers utilize diverse online platforms to acquire details regarding trends, experience, and product prices. As a result, BespokeMe will increase its presence on different social platforms through the optimization of the search engine.

Overflow of data: Strategically, amassing comprehensive customer information targeting every aspect of the client, from their user accounts and social media preference, will be a novel penetration technique. The data will be used to determine the genre, time, and scope of the customer’s next purchase through sophisticated algorithms with high precision and probability. Therefore, the data will enable the customization of advertisements and product offerings.

IP and Patent Strategy

Because Bespoke Me is a patent idea, the IP strategy involves documenting the virgin plan and any future discoveries, using digital rights management, entering into strong non-disclosure contracts with the partners, and developing strong access passcodes for the website’s particulars.

Operations and Resource Plan

The core operations of BespokeMe will be the virtual platform where network connectivity will facilitate the advancement of the business to acquire a long-term goal of a worldwide customer base. The target customers for BespokeMe are individuals aged 16 and above and thus are well acquainted with internet technology. Hence, a huge populace of target customers can be acquired without significant inconveniences. Because the BespokeMe website directory operates on a unified site, most operations will be handled without outsourcing. However, the management of technological operations is projected to encounter a shortage of experts to manage and handle the customers effectively. As a result, BespokeMe will outsource only the specific technical aspects that will lack adequate experts to handle if the need arises.

Core in Service

BespokeMe’s unique operational procedures mandate the creation of a relatively appealing website that provides a broad range of updated trending fashion designs besides picturing significant details on past and prospective fashion design trends. The website will be user-friendly and easy to operate. The core service that will be executed by BespokeMe will be to timely and professionally link customers to the desired bespoke designer for quality and customized outfits.

Distribution Strategy

The business will deliver its services directly to prospective bespoke customers through the online platform (Tipu, pp.90, 2019). The bespoke designers will distribute the purchased products and the desired genre after the completion of the linking deal.

Value Added Services

Strategically, BespokeMe aims to promote the online retail business via a determined and focused marketing advocacy. The strategy will encompass a grand launching event, the involvement of local media coverage, and a direct mail campaign. The objective is to maintain a marketing cost of less than 5% of the gross annual sales. The business will partner with local bespoke designers and fashion design organizations.

Unique Processes

The operations on the website will be rendered customer-centered. Thus, BespokeMe will use a simple page with minimal designs and ads inclined toward product images and catalogs rather than features of flamboyant scripts. For a more personal touch, the website reviews section will illuminate the appraisals depicting the fashion designs loved by clients through the navigation link to “we too cherish these,” replacing the common statement, “clients also purchased.” Furthermore, the website will include a “New Arrivals” feature to make loyal clients get the newest collections promptly without needlessly surfing countless items already purchased. Overall, the outstanding uniqueness of the processes of BespokeMe is the online presence of its operations that will facilitate convenient marketing of the services offered by the business to the general population through targeting diverse social media platforms.

Future Services

Initially, the business will offer formal links to bespoke customers within Nigeria. In the future, the product categories can be expanded and differentiated under different subsidiaries to offer customized services based on different segments, such as men’s wear, women’s wear, and kids.

Management and Organization

Management Team and Key Personnel

The management team will consist of the managing director, the supervisor, the accounts manager, the quality control officer, and. The managing director is also the co-owner of the business and will execute the administrative functions, inventory regulation, network model, procurement, and promotional undertakings (Tipu, pp.91, 2019). Besides, the managing director will act as a sales representative part-time. The accounts manager will monitor the cash flow in and out of business. Besides, the accounts manager will maintain accurate financial records and assess the business’s financial capacity and projections. Furthermore, the quality control officer will monitor and coordinate the computer systems and all the business operations to ensure customer satisfaction.

Other key workers in the business will include the facilitators, the IT specialist, the supervisor, and the security personnel. The IT specialist will regulate the routine activities of the website. The security manager will ensure the safety of the office equipment and the cybersecurity of the software and programs installed for running the website through continuous monitoring and controlling the cybersecurity checkpoints. The supervisor will oversee the workers and stimulate creativity among the employees. The facilitator will navigate both the virtual and walk-in clients.

Workers will be motivated to operate within their areas of specialization to ensure physical and intellectual boundaries for optimizing productivity. Thus, all the business mandates will be delegated based on the strengths and weaknesses of the employees. All workers will be mandated to demonstrate a high degree of professionalism to offer specialized customer-centered services. The managing director will facilitate employee appraisal to assess the technical performance of the workers biannually. Strategically, the biannual assessments are appropriate for the continued advancement of the business.

Advisor

The overall business advisor will be selected from the management team. The qualifications of the management team members will be essential to ensure sound governance. The advisor will offer counsel after examining the business’s financial status, risk analysis, and customer appraisals.

Legal Structure

BespokeMe will get the mandatory legal licensing and permits to comply with the country’s regulations. Because it is a novel business idea in the bespoke fashion design industry, BespokeMe would be patented (Tipu, pp.91, 2019). Thus, the managing director will ensure that all the bespoke designers partnered in the business operation are licensed to ensure quality customer-centered services. The facilitators will operate under a full-time employment contract. All workers will have a two-week paid holiday after one year of recruitment.

Management Team Qualifications and Roles

Managing Director

Qualifications

• A minimum of a diploma in business administration.
• Sound managerial skills and technical expertise.
• Leadership experience.

Duties

• Facilitating sound relations between the workers and the management team.
• Oversee the overall business operations.
• Planning and organizing procurement undertakings.

Accountant

• A minimum of a diploma in accounting, book/keeping, or related qualifications from a recognized institution.
• Certification in office practice will be an added advantage.

Duties

• Cash flow monitoring.
• Maintaining accurate financial records and assessing the financial position of the business.

IT Specialist

• A minimum of a diploma in Information Technology or related qualifications from a recognized institution.
• Sound knowledge in programming, web designing, and cybersecurity.

Duties

• Development and maintenance of the BespokeMe website.
• Performance of frequent cybersecurity checks.

Quality Control Officer

• A minimum of a diploma in quality assurance or any related qualifications from a recognized institution.
• Sound expertise in instrumentation, controlling, and reconciliation of technical errors.

Duties

• Ensures quality services throughout the customers’ purchase cycle.
• Monitoring the effectiveness of the website services.

Facilitators

• A minimum of a certificate in human resource management.
• A certificate in computer application packages.

Duties

• Helping clients as the support team in case of queries.
• Training of new employees.

Management Team Gaps

The projected gaps in the management team encompass the inadequacies in technological operations. The team may encounter an inadequate labor force with the required technical skills to run and create the website. Thus, BespokeMe will outsource the technological operations if the perceived gap occurs. Similarly, the management team solely relies on external bespoke designers who will complete the purchase cycle after being linked with the appropriate customers.

Financial Plan

Markedly, the business financial plan illustrates BespokeMe’s projections for future operations according to the amounts the business will employ as the budget. Thus, the financial plan depicts the pre-operation expenses, working capital approximates, cash flow balance sheet, break-even point, and productivity ratios.

Financial Capacity

The business needs a projected capital of $300,000. The managing director has $150,000. Thus, the business will borrow $10,000,000 from the National Bank. The remaining $50,000 will be obtained from friends and relatives wishing to support the initiative. The loan will be repaid within five years at a simple interest of 10%.

Pro forma Cash Flow

Subtotal Cash Received

Subtotal Cash Flow Balance Sheet

Primary Assumptions

The business plan centers the projections on the supposition that consumer behavior and the preference for bespoke designs will continue to grow steadily for the predictable future. The business assumes the Nigerian economy will remain in its current expansion position.

Key Startup Requirements

1. Office installations
2. Inventories
3. Website
4. Branding
5. Marketing
6. Photography
7. Legal expenses
8. Startup assets

Limitations and Risk Analysis

Primarily, the business projects numerous risks related to inventory management. Failure to attain the necessary inventory supplies may cause dissatisfied clients and declining sales. Similarly, the business landscape in Nigeria is a critical risk. The stiff competition from well-established industries is projected to pose a significant challenge (Zhao et al., pp.7, 2021). Therefore, the marketing operations will be optimized to ensure BespokeMe aligns with the highly competitive Nigerian market.

Solutions

BespokeMe must always ensure the required equipment is installed to ensure continuity of customer service. Similarly, the management team must devote adequate time and resources to marketing the business’s operations to remain competitive. Moreover, the customized pricing strategy will be maintained to ensure the cost is considerably lower than the rivals.

Alternative Solutions

BespokeMe will budget for future uncertain risks that may emerge at any given moment in the lifecycle of the business. The reserved risk finances will only be utilized in the event of the occurrence of the risks as an alternative remedy.

Milestones

The business is scheduled to begin on 1^st January 2024. BespokeMe will set precise and demarcated objectives regarding the business year’s beginning and termination.

Deadlines

Prioritized milestones will encompass the appraisal of customer satisfaction biannually. Besides, the pricing, quality, and distribution strategies will be reviewed biannually.

Relationship Occasions

The business will schedule and communicate important events to optimize profit generation and customer satisfaction. The events will be conducted quarterly, such as the questionnaire day, promotional week, and offers days for loyal customers.

Conclusion

The business plan depicts the launching of the BespokeMe directory website in Nigeria. BespokeMe is hoping to specialize in the handling of fashion marketing of bespoke designers to offer individuals convenience when shopping on fashion and design items. The website will close the gap between clients and the service providers (Oliveira et al., pp.12, 2022). The business aims at assisting small and medium fashion designer enterprise through increasing their publicity to the public. Contrary to general directories targeting a combination of product portfolio, BespokeMe fashion and lifestyle directory website will be distinct since it concentrates exclusively on bespoke fashion. As a result, competency is assured through the incorporation of different bespoke designers to serve varied clients according to their individual demands. Furthermore, BespokeMe will eradicate the necessity for clients to navigate innumerable social media podiums to find and compare different designs and styles because it offers them under a unified website. BespokeMe is a promising producer of income because it will provide sufficient traffic and visibility to the proposing service providers. Traditionally, fashion designers incurred huge expenses marketing their products. BespokeMe promises greater publicity a moderately lower expense. The target launching market for BespokeMe is Nigeria. Comprising about 36 states and 250 major ethnic groups, Nigeria has a population of over 200 million individuals. The business is scheduled to begin on 1^st January 2024 with a projected budget of capital $300,000.

References

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Zhao, L., Liu, S. and Zhao, X., 2021. Big data and digital design models for fashion design. Journal of Engineered Fibers and Fabrics, 16, p.15589250211019023. Retrieved from https://journals.sagepub.com/doi/pdf/10.1177/15589250211019023