Feasibility Criteria
Market Aspect
Thrift and Style has a market aspect that will help us to gain profit and strengths that our company has to make it profitable. Its uniqueness is our asset because our innovation in this business is we sell thrift clothes that is ready-to-wear, it is carefree, and there are no stinky smell just like the others and we could guarantee the fabric are conditioned and well-ironed.
Thrift and Style offers a wide variety of thrift clothes and other items that customers can choose from. The thrift clothes and other items are all in good quality for us to meet their satisfaction and loyalty. It is affordable and we could see the potential of these products to gain customers and to gain profit.
Most of our target customers are the students, teachers and online shoppers since our business is located inside the STI campus. Also, these consumers are most likely to go on trend and they are the ones who are thrifty. We are also aiming for having a lot of stalls in different places especially inside the malls. This will be profitable because most people here in the Philippines particularly teenagers often want to be ‘in’ or belonged in the society in terms of trendy clothes.
Bazaar is a permanently enclosed marketplace or street where goods and services are exchanged or sold. Thrift and Style will join bazaars to be recognized by more people, not just by students inside the campus of STI. It will be known by more people which means there is a greater possibility to gain profit.
Going online is a cost-efficient way to promote products, with the help of internet as our marketing medium to promote our products and reach our potential customers. Platforms like Facebook has become a part of the way businesses market our products and it is advantage for us because nowadays, selling clothes is more popular online. We can gain profit because clothes is essential and it is more profitable when there is occasion for the reason people often wants to wear good quality trendy clothes but in affordable price during Christmas and New Year.
Technical Aspect
Thrift and Style is located inside the STI campus and students can easily walk-in to our stall to see our innovated thrift clothes that they may like. We also offer delivery since we sell it online.
Our different trendy clothes that we sell came from our trusted supplier that offers us a wide variety of good quality thrift clothes at an affordable price and it is our choice how much gross profit will be added. Since it is a start-up business, our starting capital is thirty thousand pesos (30,000PHP), it is enough to fulfill the needs of our business that can last in one month or maybe in the span of two weeks depending with our productivity.
According to www.wordstream.com, "Online ad campaigns are highly powerful because online activity is so measurable." The Thrift and Style Boutique thought about having ad campaigns through online, since the target customers are mostly students (teenagers). It will be easy to get their attention by using social media like Youtube, Facebook, Twitter, Instagram and other websites. Ad Campaign will give brand awareness, drive sales, and leads some customers towards Thrift and Style Boutique which can help the boutique to gain profit. The Ad Campaign must be interesting and unique to caught the attention of the teenagers.
Nowadays, businesses take advantage to promote their product by using technologies. The Thrift and Style Boutique will show a good visual, quality, and prices with the help of Online Ad Campaign to obtain customers that will secure the boutique's profit. Also, we can use social media as a tool of communication in selling clothes to the public. As we all know, social media is now a very powerful platform when it comes in promoting products or services because most of the people are relying on it. In just one click, potential people will easily access and order to us. It only needs to post an appealing photo of clothes that indicate its details and consumers, will immediately catch their attention. As a result, customers will recognize our unique business.
Management Aspect
The goals of our Thrift and Style clothing business is to provide affordable clothes to the customers and to provide a good quality of fashion trendy style to the people.
The Thrift and Style clothing business is a form of business organization under sole proprietorship. This form of business is organized, owned and managed by a single person. Sole proprietorship is easy to establish. In sole proprietorship, only one person owns the business and you have the right to control it. All of the decisions are yours to make. A sole proprietorship has several advantages. However, this decisions should take in consideration to all of your circumstances, including whether you will need others to invest in your business.
To make our business profitable we need to create promotion offering discounted prices. Put some popular items on sale and encourage the customer to spend some time in our shop. To get the attention of the customers, we need to place the sale items in strategic areas of our shop so that the customers might purchase some of our pre-loved clothes. To elevate the profit, we will assign a staff to introduce our products in a unique and catchy way so that the customers will be attracted and to give them information about the good benefits and why they need to buy our pre-loved items. We can also post our pre-loved items through online so that potential buyers will reach our products.
The advantages of our Thrift and Style clothing business are; they have been washed thoroughly, it is already well-ironed, and it is ready to wear.The disadvantage of our Thrift & Style clothing business is that we have a lot of competitors.
As a student, we are aiming to make our business successful and we all need is to help and trust each other for us to work positively. We need to be passionate and dedicated to serve our customers needs. Having respect and concern to the customers and showing good attitude to make them comfortable when they are buying and shopping in our store. Thrift and Style staff needs to be confident when they are socializing.And with that, the best managers know how to get the most out of their employees, while building them up in the process. That means using judicious constructive criticism instead of belittling. It means leading by example instead of do as I say. These are all leadership traits that inspire employees to give their best.
Everyone must prioritize in running a business in order to make it successful. Multi- tasking is a must because it is important to keep on track and oversee the production of business, Keeping our abilities and weaknesses in mind while prioritizing multiple projects.
It is not just about gaining profit but also having effective communication towards the customers. Without communication skills, managers are ineffective. Everyone should be approachable and nice even when encountering rude customers. The best managers have developed the ability to not only communicate the points they are trying to make, but also to truly listen to those around them.