MANM514 Business Plan

Introduction

United Kingdom is home to one of the industry leading fashion brands with the likes of Burberry, Next Plc, Asos, and Mark & Spencer all having their origins based from the country (Britishcouncil.org, 2021). Fashion in the United Kingdom has an international appeal with trendsetting creativity translating into a global dynamic industry. Clothing and apparel has always been considered as a big business in the country. With the overall industry valued in billions the fashion industry in the country is regarded as one of the largest creative industries in the world. UK’s fashion also comprises of softer benefits similar to the economic ones. For instance, UK is also regarded as the global pioneers of fashion education having a total of six of the world’s top twenty fashion universities (Thecreativeindustries.co.uk, 2021). The country is also known to host several international events having global appeal such as London Fashion Week.

Problem Statement

Of late, fast fashion has been criticised severely owing to several environmental concerns. The fashion industry in particular is known to adversely contribute to 10 percent of the total global carbon dioxide emissions each year with up to 1.5 trillion litres of water being utilized annually which are some alarming statistics (Fashionunited.uk, 2021). Raw materials such as synthetic fibres are highly polluting in nature affecting the natural climate while tiny plastic microfibers have been known to hinder the water system as well as the food chain. The textile and fashion industry has always been a polluting industry but it has increased dramatically specially in the United Kingdom as the industry boomed in the 19^th century (Victoria and Albert Museum, 2021).

Business Solution

With growing concerns over fast fashion that too at alarming rates, the need for change is imminent (Guardian, 2021). Slow and sustainable fashion which involves the integration of ethical manufacturing practices is the only solution to the problem stated above. However, the masses are still not aware and consumer awareness is imperative. Better quality raw materials, slow fashion, sustainability and up-cycling is the way to move ahead and the brand ‘UnTapped’ is in the works and is looking to educate the masses who are still not aware of such alarming statistics aiming to enter the fashion industry with its traditional manufacturing practices backed up by ethical fashion.

Report Purpose

This report has been prepared with the primary objective of showcasing a business plan for the upcoming brand ‘UnTapped’ aiming to make a mark in the fashion and apparel industry.

Business Overview

The business is a UK based sole proprietorship business that is looking to capitalize upon the business opportunity identified. The business will be owned by entrepreneur Mr. Avnesh Thogaru and will be headquartered in the city of London. UnTapped will be the name of the brand by which all the products of the business will be sold to target market segment through online distribution channels as the business will operate solely digitally. This is because of the current shift towards digitalization especially considering the impacts of Covid-19.

Legal Stature

The business will be set up under the sole trader business as such business structures have minimum legal requirements and hassle. Consequently, Mr. Thogaru will be able to retain full operational control over the operations of the business and will be the final decision making authoritative figure of the business.

Products and Services

The UnTapped brand will have several different products in its arsenal to offer to the intended target market. From t-shirts, shirts, tops, bottoms, dresses, overlays and traditional wear; the brand has it all. Additionally, the business has this unique idea of up-cycling where customers can also send their old garments and apparel made with materials such as cotton, linen, silk and denim and the business will up-cycle them into new and better products as per customized orders with the aid of traditional handcrafting and use of sustainable raw materials such as organic hemp, organic linen, cruelty-free silk from banana stems and animal free cotton from coconut husks. Additionally, different DIY accessories will also be made and sold using the wastes that are discarded from the traditional production process. DIY Accessories can help customers to upcyle their own apparel.

Sustainable Packaging

Packaging is one of the most important aspects in the industry as plastic packaging contributes adversely to the environment. Hence the demand for sustainable packaging is imminent as it reduces the environmental footprint. Additionally, sustainability packaging strategy also falls in line with the core values of this business and its corporate social responsibility. The business will ditch the use of plastic packaging in favour of plant based and paper packaging solutions with an eco-friendly packaging label for communicating that the operations of the business will be streamlined to reflect sustainability.

Mission and Vision

The mission statement of the business reads as “We, the makers of UnTapped are on a mission to save the natural habitat by taking an initiative to make consumers aware about the harmful effects of fast fashion with our brand UnTapped aimed towards promoting the approach of slow and sustainable fashion”.

The ultimate vision of the business is to become a trend setter for slow fashion, up-scaling, and bringing back traditional handicraft techniques to produce apparel in order to conserve the environment for the future generations to come.

Core Values

The core values of the business can be best explained as a summary of the 5P’s which implies a passion towards the following five aspects:

1. People: Respect for one another without discriminating within the community.
2. Environment: Protecting and conserving the environment through refining operations in a way that does not affect the environment.
3. Service: This implies accountability, integrity, quality and best in class service with a smile.
4. Knowledge: Relevance and Innovation along with adapting to key market trends.
5. Business: Best at everything for the customers of the business.
   
   

Financial Goals and Objectives

The primary short term financial goal of the business is to become profitable in the first year of operations with a positive net income with 5% incremental revenue in the years to come.  The secondary long term financial goal of the business is to own offline retail stores with multiple outlets in London thus operating in both offline as well as online mediums which also falls in line with the vision of Mr. Thogaru.

Market Analysis

In the year of 2020, the fashion and apparel industry in the United Kingdom market is valued around 52 billion GBP which dropped by 2 billion owing to the effects of Covid-19 and the world-wide pandemic (Statista, 2021). The market is projected to grow steadily in the years to come. Furthermore, the market has also been projected to reach 67 billion GBP by the end of year 2026. This sector is also a great contributor to employment as the sector employs a total of 800,000 jobs in the economy. This is not just all as exports of such products account for over £6.5 billion to international countries as most fashion businesses are known to export. Lastly, the rate of foreign investments are also increasing as international conglomerates are known to invest heavily on start-up businesses such as JW Anderson and Christopher Kane being prime examples of such investments.

According to most recent data, if sales volume were to be believed then annual expenditure on fashion and apparel reached a total of 54 billion GBP in 2020. Additionally, data results also reflect that women apparel grew at a much faster rate in comparison to men fashion and children segments (UKFT, 2021). By the end of year 2022, clothing and footwear revenue coming in only from e-commerce is forecasted at 32.9 billion USD that reflects the increased demand for online shopping and digitalization in the country especially after the effects of Covid-19. In 2020, a total of 55 percent of individual buyers purchased apparel online.

Pestle Analysis

There are several strategic management tools that can help in analyzing the macro-environmental factors which can help potentially impact a particular organization. Pestle Analysis which reflects upon a culmination of six different external factors is the best strategic management tool in this regards (Perera 2017). These factors in a close connection with the fashion industry that can potentially have an impact upon the business start-up have been discussed as follows:

Political Factors: After several years of ignorance, the Government of UK have finally taken note of fast fashion and have decided to act upon. The government has unveiled plans to reduce wastage in the sector by holding manufacturers accountable for waste. According to the government, a producer responsibility scheme could boost reused garments, upcycling and support sustainable businesses (Eandt.theiet.org, 2021). Such government initiatives work great and in favour of new sustainable start-ups. Additionally, the government should also consider providing support funding to such start-ups.

Economic Factors: The current state of economic affairs has been severely hindered by Covid19 and Brexit that has affected the overall economy (Tuc.org.uk, 2021). These have also resulted in less consumer spends and high import prices. Additionally, there were many businesses that filed for bankruptcy and small scale start-up businesses failed to survive. The industry revenue also took a hit in 2020 as compared to pre-covid figures. All these factual statistics clearly fail to work in favour of a new start-up business which increases the economic risk.

Social Factors: Brits are known to be trendsetters in place of trend followers with the country known for hosting several fashion events. Additionally, consumers love spending on apparel and brands endorsed by influencers tend to sell really well (FashionUnited, 2021). Recent trends point more towards online buying behaviour and thus a start-up business based on an online revenue model and heavily marketed by social media influencers can tend to do well.

Technological Factors: Rapid technological advancements in the textile industry have also resulted in producing apparel in sustainable and environment friendly way. Technological shifts have of late drifted and accelerated towards traditional handicraft methods for manufacturing goods using exotic and sustainable raw materials such as organic cotton, organic hemp, beeswax, avant garde natural designs, organic linen, banana stems and cotton based coconut husks (Publications.parliament.uk, 2021).

Legal Factors: Businesses in the fashion industry are required to comply with several rules, policies and regulations. Additioanlly, the business looks to outsource certain raw materials from India owing to cost savings as a result of which different laws such as excise, labour and import restrictions must be taken note of. Inflation must also be taken into consideration along with all domestic laws which are required to operate in the country.

Environmental Factors: Fast Fashion has been associated with harmful environmental impacts which include carbon emissions, water dependency and loss of natural habitats. Additionally, materials such as fibre and polyester are known to be quite harmful (The Independent, 2021). However, with the business looking to adopt a slow fashion and up-cycling approach, the adverse environmental footprint of the business will be quite low. Additionally, wastage will also be accounted for by making tailor made accessories with all discarded materials.

Market Trends

Following are the list of market trends that are expected to hit the fashion industry in 2021 and beyond:

1. Digitalization: The industry is reducing its dependency upon offline retail as a total of 71% of executives anticipate their online business to grow by 20% in the next year. Digital consumption continues to increase specially after Covid-19 as shoppers look for digitally sophisticated interactions (London, 2021).
2. Social Media: The popularity of TikTok exploded during the beginning of pandemic resulting in luxury brands joining the digital bandwagon which include brands such as Burberry, Gucci, Christian Dior, Fendi and Stella McCartney. Brands have also been known to make use of engaging content through Instagram and its Live & Reels feature to increase reach and awareness.
3. Conscience Shopping: A shift in consumer buying behaviour have been noticed especially after the pandemic as consumers are thinking hard and long before they buy. Current predictions include consumers in the conscious fashion era to buy less which would result in brands in adopting a demand focused approach.
4. Sustainability: Sustainability is one of the latest trends to hit the fashion industry with the pandemic accelerating its importance. The industry is high on eco-conscious fashion with many brands and start-ups looking to create only up-cycled fashion as a part of their eco-conscious effort.
5. Transparency and Ethics: Modern consumers are more aware than ever and demand brands to stand up towards ethical business and accountability. Brands who are looking to be transparent and socially responsible are the brands that are most likely to thrive in the future.
   
   

Competitive Analysis

Competitive Profiling

Competitors	Business Description	Strengths	Weaknesses
Beaumont Organic	The brand was launched in the year of 2008 and is regarded as a premium sustainable fashion brand. All o the products are sustainably produced and the business also has an offline retail store at 49 HiltonStreet (Beaumont Organic, 2021).	· Loyal Customer base. · Brand goodwill. · Offline and online business model. · Sustainability.	· Premium priced products. · No men fashion products. · Does not offer up-cycling facilities.
Thought	Thought is a sustainable contemporary clothing brand based in UK regarded as one of the best sustainable brands out there. The brand is known for integrating certified and quality raw materials as a part of their production process (ThoughtClothing, 2021).	· Strong online tie-ups. · Refined supply chain network. · Ethical Code of Conduct policy. · Corporate social responsibility.	· No children apparel offerings. · Premium products. · Limited on accessories. · No up-cycling.

 

Competitive Positioning (Unique Selling Point)

The market is quite saturated with a mix of traditional, digital and a blended business model. However, upcycled fashion is an industry trend which cannot be denied and the competition in this market segment is also stiff with several brands operating. However, UnTapped aims to fit in into this crowded market by positioning itself as a legitimate brand based on the following unique selling points:

• Most competitors are known to target women and sell women based products. UnTapped will sell goods for both, men and women. The intended target audience are millennial and Generation Z.
• UnTapped will have a diverse product portfolio with customized products. Furthermore, the brand will also sell DIY kits that can help customers’ upcycle their own apparel which is unique considering that the immediate peers do not sell such kits.
• Corporate social responsibility and ethics will be integrated into the business model and operations of the business.
• Competitive pricing is key to success with most peers involved in charging premium prices for their product offerings while UnTapped products will be value based products that won’t hurt the customer’s wallets.
  
  

Michael Porter’s Five Forces Analysis

Porter’s Five Forces framework is one of the best strategic management tools for analyzing the micro environment and the overall competitive environment of any particular company (Bruijl 2018). These forces have been discussed as follows:

Bargaining power of suppliers: When it comes to the sustainable fashion segment of the industry, manufacturers are dependent upon suppliers for quality raw materials at cheaper prices. However, Covid-19 has severely disrupted the supply chain resulting in raw material scarcity. Additionally with international lockdowns, pandemic situation and foreign trade restrictions, the bargaining power of suppliers may be considered high. Hence the company must consider maintaining sound supplier relations and alternative contacts in hand to keep their bargaining power under check.

Bargaining power of consumers: Since the business will be operating in the B2C segment, consumers are mostly individual in number that dilutes their bargaining power. However, the competitiveness in the industry is quite high with so many brands competing at different price points and the final consumer having several different alternatives to choose from. Hence it is easy to switch among brands with no switching costs. Additionally, for a new entrant, customer loyalty is negligible. Thus the bargaining power may be considered medium and the business must maintain sound customer relations and must ensure a high customer satisfaction score.

Competitive Rivalry: The industry has a high number of players with different target markets competing in both an online as well as an offline business model. The final customer has several options to choose from. Additionally, along with domestic brands, there are several international brands as well with a strong market presence. Hence, the competitive rivalry is significantly high for the business which must try offering value for money products and services.

Threat of Substitutes: Considering the fact that slow fashion is still an emerging trend, fast fashion still dominates the vast majority of the industry as most consumers are still not aware. There is no real substitute for apparel but slow fashion can easily be substituted for fast fashion thus resulting in the threat of substitutes as high. The business must consider marketing their products properly through both offline and online marketing to spread the word and increase awareness and reach.

Threat of New Entrants: The market is already very saturated with high level of competitiveness. Considering risk & demand, the threat of new entrants is medium because it takes capital investments to penetrate a market and creating goodwill takes time. Moreover, the current state of the economy has affected profit potentials that may be demoralising for new entrants to enter the market.

SWOT Analysis

The SWOT Analysis tool regarded as one of the most popular strategic management tools that aid in analyzing the internal factors of an organization by evaluating the strengths, weaknesses, opportunities and threats of the organization (Phadermrod, Crowder and Wills 2019). The strengths, weaknesses, opportunities and threats of the business have been discussed as follows:

Strengths:

1. The core strength of the operations can be associated with the diverse offerings of the business which comprises of several different products and services which the business will have as an offering to its intended target market. Additionally, the business will offer products for women, men as well as children. Also accompanying the list of a diverse product portfolio is the range of different DIY accessories which will be made from wastes and discards that are omitted out from producing apparel.
2. The supply chain of the business is quite reliable as raw materials which meet up to environment friendly standards and certifications will be outsourced from India which will mostly comprise of organic and traditional raw materials. Also, since the owner is a native to India, Mr. Thogaru has several personal contacts which can help leverage affordable deals that do not affect profitability.
3. With most businesses and brands known for charging premium prices, UnTapped will be priced competitively taking into consideration the prices of competitors. Additioanlly, products are intended to offer real value to the target market.
   
   

Weaknesses:

1. Since the proposed business is a start-up venture in the works, it has its own inherent set of weakness which is inexperience. This is a hurdle which the business has to overcome and it is with time, experience and the correct personnel recruits that UnTapped can overcome this hurdle in due course.
2. Furthermore, since the brand UnTapped is a fresh new brand with a fresh new concept, it is relatively new and never heard of. Thus the business will not enjoy brand loyalty from the very beginning which takes time and consistency to develop. Additionally, the business will start from scratch and thus will not have a customer base. The implementation of a diverse marketing strategy can help counter this weakness helping the business to develop brand awareness in due course.
3. Although industry trends reflect that majority of consumers have shifted their preferences towards an online buying approach, there is still no holding back that traditional outlets still exist and do fairly well. Many consumers still enjoy the old school approach where they can go about shopping and enjoy trials after which they make their purchase decision. Since the business will only operate in the online segment, it misses out on traditional offline sales. Once, the business is up and running, the long term financial objective of Mr. Thogaru is to also open traditional offline stores which helps mitigate the weakness in the long run.
   
   

Opportunities

1. The business always has the opportunity of opening up offline retail stores in the future to generate offline revenue which helps in increasing the overall profitability and financial position of the business.
2. Although the company has a diverse product portfolio, it is no hidden fact that footwear is one of the most growing industries and is closely related to fashion with a bright future outlook. The footwear industry in the country is robust with consumer spends consistently increasing which is backed up by demand (Statista, 2021). The business can consider expanding their product line to include footwear in the long run.
3. Since the business will involve importing most of the raw materials from India with the entrepreneur having several contacts in the country, the business can also expand upon in the long run to run operations in India. Additionally, India is considered to have the second largest population in the world behind China (Censusindia.gov.in, 2021). The demand for quality products at competitive prices are quite high in the country. This provides for an opportunity for venturing into a new geographical market in the future.
   
   

Threats:

1. Covid-19 is regarded as one of the most significant threats to the business. Not only has the pandemic managed to decrease consumer spend on an average, it along with global lockdowns have the high potential of disrupting demand (Deloitte Insights, 2021). Additionally, the pandemic has affected mostly all industries and also has disrupted the supply chain resulting in raw material scarcity (Tuc.org.uk, 2021).
2. Owing to the saturated nature of the market and state of competitive rivalry, the competitive threat is quite high. Additionally, big brands, international players and key players are well positioned which increases the competitive threat for the business.

Marketing Plan

The traditional marketing mix is a combination of 4 P’s of marketing which forms a part of an effective marketing plan (Isoraite 2016). The proposed mix pertaining to the business has been discussed as follows:

1. Product: The business will have a diverse list of slow fashion product portfolio with multiple apparel options such as t-shirts, shirts, tops, inners, leggings, bottoms and other jeans for women, men as well as children. All the products will be made from ethically soured raw materials that do not happen to adversely impact the environment. Additionally, the business will also cater to up-cycling requests where customers can provide their old goods which will be revamped and customized as per customer requests. The business will also offer a range of different DIY accessories which will be made all discards and wastes so as to ensure minimum to zero wastage which immensely helps in protecting the environment. DIY accessories can also help customers to upcyle their own apparel which in turn falls in line with the vision of the business.
2. Pricing: With most brands charging premium prices for their offerings, UnTapped will be priced very competitively for providing real value to the intended target market. Since raw materials will be outsourced from a supply chain situated in India which will be cheap, the benefits will be extended to the final consumer for keeping prices as low as possible. The business will initially adopt a price penetrative strategy to also make a note of the amount a consumer is willing to pay in exchange of offerings (Spann, Fischer and Tellis 2015). The initial prices per unit of all the product offerings will be priced in between £35 and £50.
3. Place: The business will adopt an online business model especially considering the rising demand for online buying. Orders can be placed through the company website where orders will be dispatched with free delivery in London. A bare minimum delivery fee will be charged for across other cities in the United Kingdom. The business will also respond to DM’s over Instagram where customers can inquire and place orders as well. Lastly, the business will also have tie-up’s with popular online shopping applications available on Android and IOS mobile platforms such as Amazon,Shein and Shopify to have a strong online presence.
4. Promotion: The business will make use of several promotional techniques for driving revenue figures. A few examples of such promotional techniques are discounts, free delivery charges, seasonal offers, promotional coupons, one plus one off and loyalty programs. Lastly, the business will also make use of digital marketing strategies for promoting the business and its brand of products. The initial offer will comprise of a free up-cycled bags bearing the UnTapped logo for every two units of products ordered. Additionally, students can also avail discounts worth 10% on producing the valid student id and other relevant documents.
   
   

Marketing Strategies

Since the business will operate in an online medium it makes sense to heavily invest in digital marketing by tying up with a digital marketing consultancy firm to reach the intended target market which consists of both, men and women aged between 22years and 35 years along with children less than 10 years of age. A few digital marketing strategies which the business will heavily depend upon for promoting the brand are discussed as follows:

1. Social Media Marketing: Social media is one of the latest market trends which has hit the industry and it makes sense to promote products over social media. The business will actively have social media handles across different social media platforms such as Instagram, Twitter, Facebook and Youtube which will help in engaging with target customers and increasing reach. Social media marketing is incomplete without social media branding. The UnTapped logo will remain consistent as a profile picture across all social media channels. All social media posts will be visually appealing and will attempt to spread the message which is consistent with the mission of the business. The brand name will be watermarked minutely into all posts such that customers start recognizing UnTapped products without having to view the logo every time. Social media marketing sits well with the intended target market as consumers tend to engage much better with visually appealing content. Lastly, YouTube videos will also be catering to a younger audience educating them about the perks of upcylced fashion.
2. Influencer Marketing: Social media influencers have a great reach and enjoy an influential position of influencing their followers (Bala and Verma 2018). The business will collaborate with social media influencers, youtubersand content creators for spreading the word and promoting the brand. The brand will collaborate with influencers by offering free giveaways and promotional discounts to solidify brand positioning.
3. SEO & PPC: The business will use search engine optimization for increasing the presence of the company website such that it is able to rank high on Google search results when consumers search for keywords such as upcycling, fashion, apparel, clothing and slow-fashion. Additionally, the business will also make use of pay-per-click strategy with the help of Google Ads for increasing brand image and market recognition (Charlesworth 2018).
4. Content Marketing: Lastly, the business will also create content in the form of blogs, videos and infographics that can help to engage with audience better. Through content marketing, the business will aim to spread the word about the harmful effects of fast fashion and the emerging trend of slow fashion (Chaffey and Chadwick 2019).
   
   

Operational Strategy

1. Outsourcing of Raw Materials: Environment-friendly raw materials mostly will be outsourced from India and will be used for the production process using traditional handcrafting methods. Additionally, some materials will also be taken from the UK depending upon market prices.
2. Audit: The manager and the owner will audit the raw materials using random sampling techniques to ensure that every batch of supplies fall in line with desired standards.
3. Customer Orders: Customers can please their orders on the company website or on the instragram handle of the business. Additionally, inquiries and requests will also be entertained through emails or direct voice calls.
4. Process: Traditional handicraft techniques will be used for production process from the raw materials that are sourced. Additionally, the business shall also up-cycle old products that are sent over by customers. Lastly, the business will also make DIY kits and accessories that will be sold directly to customers for upcycling their own apparel.
5. Inventory Management: The entrepreneur and the operation manager will be in charge of inventory control in order to ensure an effective working capital management. Inventory will be ordered from suppliers in lieu of customer demands.
6. Customer Service and Support: The business will also have 24 hours customer voice support to deal with queries, complains and grievances.
   
   

Management Plan

Mr. Avnesh Thogaru the entrepreneur of the business will recruit the personnel listed below aiming to achieve a small scale hierarchical organization structure that follows a systematic chain of command. The necessary recruits will take place through interviews conducted two months in advance before the date of commencement of operations with an objective of providing them a two week live on the job training so that the recruits are acquainted with their roles, responsibilities and duties.

Designation	Work Hours	Month	Role
Mr. Avnesh Thogaru	Full Time	1	Proprietor
Office Manager	Full Time	1	Management
Craftsmen	Full Time	2	Designing and Crafting
Customer Executive	Full Time	2	Customer Support
Office Staff	Full Time	1	Administrative Role
Cleaning Staff	Part Time	1	Cleanliness

 

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