TABLE OF CONTENTS Company Product & Description Services Why Us? Target Market Price List Our Mission Customer Profile Market Research & Competition Market Projections Barriers to Entry Marketing Social Media Logo & Ad & Slogan Public Relations & Advertising Events Marketing Expenses
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TABLE OF CONTENTS CONT. Pricing Elements Competition Sales & Distribution Operations Financials Startup Expenses Break Even Analysis Project Timeline Appendices
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Editorial and commercial styling for photo shoots and video/film Personal styling >Closet organizing >Personal shopping >Consulting
COMPANY & PRODUCT DESCRIPTION
WHY US? The Nü Black brings a fresh approach to styling and an aesthetic different to what is prevalent in the fashion system in Chicago.
Gender: men and women Age: 18-35 Location: Chicago and Chicagoland area Income: $20,000+ Marital status: single and married Education: college and post-graduate Occupation: photography, journalism, finance, publishing Ethinicites: all 3
PRINT VIDEO/FILM ADVERTISING
$200/gig Back-up fee: $50
Consulting: first hour free, $85/session Personal Shopping: $200/day Closet Organizing: $80/hr
OUR MISSION To help clients develop and express their own personal style in an honest and efficient manner. We strive to apply a nü aesthetic with styling through imagery and people.
Name: Rei Sargent Age: 25 CUSTOMER PROFILE Occupation: Nurse Annual income: $70,000 Education/Degree: BS in Nursing Residence/Type and location: Apartment, Chicago Marital Status: Single Children: None Leisure Activities: Cooking, Music, Hiking Vacation/Travel: Summers in Tel Aviv, Israel Favorite Stores/Designers: Marc Jacobs, Zara, Topshop
MARKET RESEARCH & COMPETITION
Size of Target Market in U.S.: 300 people Size of Target Market in Chicagoland: 176 people Potential Size of the Market: 1,553,280 people This includes people who live in the United States, who live within 10 miles of Chicago, who like fashion, street style, thrifted goods, editorial style work, and styling.
We plan to maximize on advertising to garner a faithful clientele during changing seasons. This goes hand in hand with tax refund season. Many people like to treat themselves with their tax refund money, and tax refund season is usually around the time when it begins to get warmer out. The shopping-on-a-budget trend is quickly growing, and there is a market of people who want to thrift their wardrobes or shop on a dime, but don't know how to go about doing so.
BARRIERS TO ENTRY The current market demand is
not visibly seen, but according to Facebook, there is a growing interest in stylist services. This shouldn't be too tough for a startup because there are not many barriers to entry for The Nü Black Styling Firm because there are not many other styling firms that do what we as a company do. There are many trends that we will use to our advantage to increase the amount of business and revenue. Trends like changing seasons, tax refunds, and thrifting give The Nü Black Styling Firm a leg up on the competition. When seasons change, so do wardrobes, and people need to go shopping.
MARKETING An account will be managed on the following websites and apps: Facebook Twitter Virb (Company site) Instagram Wordpress Youtube Vine Spotify Pinterest Tumblr
SOCIAL MEDIA In order to reach our target audience and beyond, we will utilize many mediums of social networking.
LOGO & AD & SLOGAN Shop. Style. Organize
Coverage in: CS Magazine Chicago Mag Men’s Book Magazine Local news
Facebook Ads Google Ads Refinery29 Chicago street fashion blogs Red Eye Boutiques (Pluggers and pamphlets)
What will be needed: Space DJ Beverage sponsor Snack sponsor Event photographer (ASL Media) Racks Advertising Signage We will host parties where local designers and vendors can sell their pieces and sign up for consultations. A gallery or loft space will be rented out and drinks will be served. These parties will serve as a place where people can network, shop, and socialize.
$10 day $50 for campaign $30
Space DJ Beverages Snacks Event Photographer Racks Advertising/Signage
Free $75 Sponsor Sponsor $100 $50 $80
Pricing was determined by researching the competition and taking into consideration all of the services we provide. Most importantly, we thought about the wants and needs of our target customer.
PRICING ELEMENTS We look at the client’s lifestyle, budget, and day-to-day activities. He or she will be investing in the development of an individual style and the experience of selfdiscovery that will last a lifetime. We don’t just give out strict rules; we provide guidelines and eyeopening possibilities. For our contractors, we offer an unparalleled point of view, professionalism, and the proper resources to communicate an exact visual statement.
Akasha Stylist Initial consultation: $50 (up to 1 hour) Closet check-up: $75 per hour Personal styling: $150 per hour Personal shopping for client: $50 per hour Personal shopping with client: $100 per hour Dressing for special occasions, events: $125 per hour Wardrobe photo shoot: $200 per hour
SALES & DISTRIBUTION
Our approach sets us apart from the competition because we want to show our clientele every aspect of our business. Exposing the backstage. To keep our exclusivity, we will also rely on the word-of-mouth tactic, offering compensation (i.e. giveaways, goodies, and discounts) for referrals.
SOCIAL MEDIA SALES
OPERATIONS The Nü Black Styling Firm will work out of our own studio until enough funding is acquired to secure a bigger space in which we can work, host, and live. Our supplies come from office supply stores, going-out-of-business retail stores that are selling their fixtures, and fabric stores. Hunting for fixtures from retail shops that are ending will allow us to obtain unique pieces at the most reasonable prices.
STARTUP EXPENSES One Time Costs $600 Styling Kit $200 Fixtures Per Month $10 Electricity $50 Wi-Fi $200 Transportation (Gas) $800 Labor Occasional Costs $30 Paper Advertising $300 Facebook Ads $305 Per Event $50 Office Supplies $1060 Per Month After 1st Month $2545 Total Startup Cost
BREAK EVEN ANALYSIS
APPENDICES Project Timeline Smartsheet.com Break Even Analysis Hbsp.harvard.edu/multimedia/flashtools/breakeven
Facebook Target Market Research
Published on May 13, 2013