Research Proposal Introduction I am proposing to write my final major project on a professional business plan. The business plan will be based on an actual online business started by myself. The business has been set up to function online via Mirabelle Fashion website. It was originally set up to test the interest in animal friendly handbags and analyse the market. Business Background The company is called Mirabelle Fashion and aims to sell animal friendly handbags. By animal friendly I mean no animal material (such as leather) has been used. The materials used to date are PU or otherwise known as polyurethane. I decided to create an online business as it was the most economically friendly option available. It was also a way to test the market before deciding if there was a need for the product and what consumers were really looking for. There are many other pros to an online business such as low cost, easy set up and maintenance, availability for customers twenty four seven and worldwide consumer base if desired. With many companies going into administration on a daily basis due to the economic crunch it is a safe option now and for the future. Business Mission The mission of Mirabelle Fashion is to offer stylish, good quality bags made from animal friendly materials. Mirabelle Fashion aims to show the fashion world it is possible to be fashionable and have stylish products without having to harm or destroy living creatures. The business mission of Mirabelle Fashion falls under the animal welfare sector. There are some well known people worldwide who feel strongly about animal welfare such as fashion designer Stella McCartney, actress Natalie Portman and Pamela Anderson. Mirabelle Fashion wants to meet the needs of individuals out there who are not necessarily well known or are not able to find suitable products and then turn to the high street or luxury products for an easy solution. Business Inspiration After studying ethical and sustainable fashion module with Claire Hamer at the London College of Fashion I became very interested in the subject. I was enlightened to this sector of the fashion industry that was growing in momentum. The inspiration to create animal friendly handbags came from my love for animals and my interest in fashion business. My love of animals and interest in the fashion business sector seemed like a perfect fit for ethical/green fashion sector. When looking at my own needs for a handbag that was functional, fashionable and was animal friendly I thought the market was limited. There are plenty of high street brands and luxury brands offering many versions of handbags however most of them seem to be made from some type of animal skin. While the non leather options can look and feel cheap. Stella McCartney, a well known luxury designer, is known to produce non leather bags but with the prices starting around six hundred pounds for a bag it is not economically viable for all consumers.
Business Competition The ethical fashion market continues to grow and therefore so does the competition. There are currently ethical and animal friendly labels producing accessories including handbags. These labels include Matt & Nat, Vegan Chic, Edun and Amy Kathryn to name a few. Research Material The research into the ethical market has been undertaken by using market reports, books and the internet. Literature Review The following books have been of great importance with regards to finding out information on the ethical and green fashion. Ecochic by Matilda Lee Eco-chic The Fashion Paradox by Sandy Black Online Research Ethical Clothing – UK- February 2009 Mintel Fashion Accessories Retailing- UK- July 2009 Mintel Fashion Online – UK- April 2010 Mintel UK Accessories Retailers 2010 Verdict Research Research Findings • In 2009 Mintel reported that the market for ethical clothing was worth around £175 million. This excluded charity shop sales and second hand sales. • There is stronger demand for fairly produced and sustainable clothing by consumers. • The ethical fashion market is producing products that are fashionable and stylish. This is helping the growth of the market. • Sustainable materials like bamboo, for example, are on the increase. • Ethical fashion is being recognised by the fashion industry. It has its own section to showcase products in the London Fashion Week called Estethica. • Large retailers such as H&M and Marks and Spencer have involved ethical fashion into their brands by producing fair trade products. • Designers are able to expand their designs into eveningwear for example thanks to the availability of materials like peace silk. • Online fashion sales have recently slowed down in 2010. • Online fashion market is estimated at £4.27 billion, April 2010. • There are opportunities for online retailers to offer better services like free returns. • Accessories have proved they are resilient in the recession.
Proposed Approach and Format The final major project will be in a business plan format. As well as the following information: • Will include steps taken to create online website. • Will include process of ideas and decisions regarding product design. • Will include process of establishing supplier contacts. • Having prototypes made. • Will include website maintenance. • Will include advertising and publicity generation. Business Plan Format Will be divided into the following sections: Executive Summary Will summarise what the business is about. Introduction Will introduce the business and going into more detail as to what the business stands for. Market Analysis (PESTLE) Will look at the political, economical, social, technology, legal and environmental factors affecting or possible affect on the business. SWOT Analysis Will look at the strengths, weakness, opportunities and threats that relate to the business. Marketing and Promotion Plan Will highlight the way in which the business will be marketed and promoted through various means. Management Team This will mention who is involved within the business and the role they play or played. Operations/Resources/Project Plan Will outline how the business is to run with regards to actual office premises to paying running costs of the business. Financials Looks at the costs of the products, the potential selling price and cash flow forecasts. Risks and Contingency The risks of the business will be listed here as well as the contingency plan or plans. The focus being the ability to turn around the direction of the business should things not be favourable. Conclusion Will conclude the business plan and summarize the business. Bibliography Black, S. (2008) Eco-Chic: The Fashion Paradox .London: Black Dog Publishing Limited Lee, M. (2007) Eco Chic: The savvy shopper’s guide to ethical fashion. Great Britain: Gaia Ethical Clothing – UK- February 2009 Mintel http://academic.mintel.com/ Fashion Accessories Retailing- UK- July 2009 Mintel http://academic.mintel.com/ Fashion Online – UK- April 2010 Mintel http://academic.mintel.com/ UK Accessories Retailers 2010 Verdict Research http://www.bi-interactive.com/