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OML Business Plan

Jun 11, 2019 at Other Essay Samples

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Possessing the equal rights with men, women may get both negative and positive impacts. The negative side is that women do not have enough time for their family as well as time for their image. Psychologists state that 90% of women turn to their service with the problem of diffidence. As it later turns out, this problem is associated with an appearance. “OML” company was created in order to support women’s confidence, open their individuality with less emotional and financial costs for the customers. It is commonly known that if the person is in a harmony, whose dress is an addition to the internal content of personality, this person is successful and full of strengths for asserting herself in modern society. “OML” will give its customers an opportunity to take the right role at work, in the family and friends environment. As it was mentioned above, the “OML” bets for the rent service of dresses and accessories from modern fashion brands. In order to make the service more integral, stylists, make-up artists and hairdressers will be involved. To make the business format more comfortable for the clients, showroom and online service will be available for more detailed familiarization.

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Business Details

Company name: “OML”

Legal status: Sole proprietorship

The business will: OML will provide a service that can help every woman feel confident while choosing the dress for any occasion from the widest range of dresses and accessorizes. “OML” provides a service of confidence, happiness and comfort to its customers.

The Business Idea

Ukrainian people have a proverb “a good dress is a card of invitation, a good mind is a letter of recommendation” or in other words: ”fine dress helps to impress”. This is exactly what “OML” does – satisfies all customers’ needs creating their perfect image with minimal financial costs.

Business Goals

  1. Develop strong customer relationships and loyalty by:
  • Providing shopping environment, where women will feel comfortable and fascinated by the wide range of beautiful clothes and accessories.
  • Providing high-quality of personal assistance by professional stylist.
  • Organizing special events for existing customers and prospects.
  • Offering a complimentary service of hairdresser and make-up artist.
  • Teaching women how to find their own unique style and stress their personality.
  1. In 3-5 years “OML” will expand its chain over the UK and will open service for men and children as well. “OML” team believes that modern men pay as much attention to image as women. In 3-5 years “OML” wants to achieve recognition and cooperation with famous people and journals.

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Provided Services:

  1. Rent dress for any occasion.
  2. Rent accessories for any occasion.
  3. Exchange, sale or rent second hand dresses through “OML”.
  4. Personal stylist, make-up artist and hairdresser.

Unique Selling Point

The Unique Selling Point of “OML” is a comfortable format of business, which will satisfy even the most demanding customers. An exquisite show-rooms in the beautiful setting in Central London accompanying by fast and reliable online store are available 7 days per week. Furthermore, the assistance of a qualified personal stylist, hairdresser and make-up artist will make the experience integral. Uniqueness of “OML” business is dresses for pregnant women who do not want to break out of the normal rhythm of life. Moreover, a special service of returning the dresses, which are in a perfect/good condition, will also be a unique feature.8.

Profiling Customers

  • Gender: female
  • Age: 18+
  • Income level: ?28k +
  • Marital status: single, married, future parent, engaged
  • Location: London, UK
  • Occupation: business manager, singer, artist, auction house worker, model, student
  • Hobbies: fashion, social life, modeling, personal style

“OML”’s customer is always in search of something unique, which can stress her personality. She is a social person who is looking for dresses for every aspect of her life. She wears fancy dresses, casual gowns, black ties, cocktail and party frocks, depending on what the occasion is.

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SECURITY MATTERS
Customer`s order data is never shared with any third parties.
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QUALITY CONTROL
Each order is double-checked before sending it to customer.

According to Census (2011), approximately 1,042,170 women aged between 20 and 50 reside in London. Furthermore, the Office of National Statistics (2011) shows that there are approximately 31,726 brides per year in London.

Profiling Competitors

There are 5 competitors throughout London, which provide the similar service.

Below there is a brief description of strengths and weaknesses of “OML” competitors.

«One Night Stand»

Strengths:

The company has 30 years of experience.

Showroom has central location in Chelsea.

Weaknesses:

There is no online service and web catalogue.

The company provides just evening and special occasions dresses.

“Wish Want Wear”

Strengths:

The company provides wide range of dresses for different occasions.

There is a trial service (3 dresses delivered to your door to try and then book it for accession).

Weaknesses:

No actual showroom where the dresses can be fit, so the orders are made blindfold.

“Girls Meet Dress.com”

Strengths:

The company provides a wide range of dresses.

Weaknesses:

The company has pure online service with small unprofessional showroom for customers in London.

“Dress Like the Celebs”

Weaknesses:

The company has a very poor range of dresses and unknown brands with doubtful quality.

No showroom.

“My Celebrity Dress”

Strengths

The company has a wide range of well-known brand dresses.

There is a possibility to find the dress exactly like celebrity has.

Weaknesses:

No showroom.

The web site of the company is not very usable.

According to the findings about the strengths and weaknesses of the competitors, the “OML” will try to improve own service and get windward of competitor’s weaknesses. First, it can be seen that only one competitor has professional showroom in London. “OML’s” main advantage over the competitor’s will be exquisite showroom in Central London available for personal service. Also, after the detailed view of competitor’s websites, the “OML” will make own site more usable, clear and better-viewed.

SWOT Analysis

Strengths:

Quality and selection of products.

High and personalized customer service.

Qualified staff.

Owner’s commitment and sense of purpose.

Central located showroom.

Parking nearby the showroom.

Weaknesses:

Owner’s inexperience in running the business.

The owner is foreigner and do not understand all London’s attitudes.

Opportunities:

Become number one in target market of hiring dresses in London.

Expand the chain.

Cause people to exchange, resell and rent their own dresses.

Expand clientele to men and children.

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Threats:

Threat of not getting the right amount of consumers.

Threat of competitors.

Inability to understand the fashion trends.

Unsuccessful advertising campaign.

Incorrect choice of business location even if it is a center.

Misunderstanding of sizes needed.

Managing Market Risks

  1. Damage of reputation

It is essential to develop a good “face” of the company. Bad reputation and risks related can be destructive for every business. In order to avoid these risks, “OML” will try to pay enough attention for each comment and complaint, as well as respond to it properly.

  1. Lack of customers

The main risk of “OML” business is a lack of customers. “OML” will try to reach as many customers as it can in all possible ways through the customer-orientated service, advertising and quality of services provided.

  1. Pricing

Setting wrong prices for new retail business may be extremely risky. It is always difficult to establish prices that are appropriate for business goods and services. “OML” prices will be mainly based on market prices.

Pricing

As it was mentioned above, “OML” business will be based on market prices. As initially it is a rental service, the prices per item will be calculated based on absorption pricing strategy depending on cost of purchase and year of manufacture.

  1. Rent price for the dress will be 15-30% of the purchasing price.
  2. Rent price for accessories will be approximately 15% of purchasing price.
  3. Prices for customers to rent their own dresses through “OML” service will be negotiated (depends on quality, condition and brand), but in any case the percentage of 20% will be charged by “OML”.
  4. Prices for make-up and hair dress will be based on average market prices or will be provided to customers as rewards.
  5. Prices for dry-cleaning and insurance will be included in rent price.

The percentage of price charged will depend on initial retail price. The higher retail price per item is, the more percentage will be charged.

The prices of “OML” will be almost the same as competitors; however, with a little difference. The prices of “OML” services will be higher than market prices, because of higher quality service.

Marketing, Promoting and Advertising Goals

  1. Make a professional website, which will be functional, comfortable, and attractive to customers.
  2. Hire a person, who will create the company’s Blog about the “OML”, fashion trends, fashion and other social events. The Blog’s target is to attract new customers, keep in touch with them and provide with latest news.
  3. Offer discounts and rewards for customers.
  4. List “OML” on all popular local directories and location based services and Apps.
  5. Make the website accessible for mobile users and develop an App for “OML”.
  6. Be socially active at all Online Social Networks, including paid advertising. (Twitter, Facebook, Instagram, etc.)
  7. Organize seasonal promotions on Christmas, St. Valentine’s Day, etc.
  8. Put advertising in all places where potential customers may be: schools for pregnant women, wedding agencies, photo studios, beauty salons.
  9. Cooperation with journals, TV and famous designers.

Staff

For the first period “OML” will require following employees:

Full-time employees:

  1. Two professional stylists, who will work in showroom daily, help customers in purchasing dresses and accessories for the business.
  2. Person who will work online with customers.
  3. Accountant
  4. Manager
  5. Cleaner
  6. Courier for delivery service

Part-time employees:

  1. Make-up and hair artist on part-time job.
  2. Photographer for the online catalogue and business’s events.
  3. Blogger

Premises

Premises required at start-up will include the showroom located in Central London (approximately 60m2). There will be a showroom, two fitting rooms, water closet and storage.

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The design of showroom will be observed in brand style and colors, which will be used for creating cards, packaging, website, etc.

Showroom equipment:

  • Reception desk
  • Computer with a point of sale terminal
  • Printer
  • Music center
  • Racks
  • Slat walls
  • Mannequins
  • Hangers
  • Tagging supplies
  • Cheers
  • Curtains
  • Carpet
  • Accessories shelving
  • Coffee machine with tableware

Fitting rooms’ equipment:

  • Ottomans
  • Mirrors
  • Curtains
  • Carpets

Suppliers

As the main service behind the “OML” is rent, not sales, the suppliers will vary and depend on fashion trends. There won't be a permanent supplier, as the “OML’s” range will be replenished constantly. Two professional stylists accompanied by the owner will be always in search of something unique and fashionable to satisfy different customer's needs.

Operational Risks:

  • Risk of staff’s incompetence.
  • Discourtesy of staff.
  • Incompetence of cleaning company.
  • Risks of courier delay.

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