The company I would like to introduce is called Latinas y Mas which is a boutique clothing store. Latinas y Mas located in San Antonio, Texas, which is where I am from and why I chose this location. At the boutique we sell a unique style of clothing that caters to women of all sizes. To go with their outfit, we also sell jewelry along with shoes and other accessories to complete the look. My marketing plan is to advertise on social media outlets, which I see most of my business coming from.
The mission of my company is to make all women feel confident, in what she wears when she walks out the door. To not be limited in their choice of clothing and have body positivity. By offering clothing and accessories that are stylish yet affordable to every woman of every size. That every customer who shops with us will be treated like she is our best friend. Treat all customers with courteous and respect, when they are shopping with us, so they will continue to shop with us.
When it comes to goals for my company, I would like to see my business grow into a store front. Being able to establish customers not just locally but also in other states of the U.S. Another goal is to make a six-figure income, so that I can live comfortably, while establishing a savings for the future. My short-term goals are to establish a store front and building my customer base to ship all over the United States. My long-term goal is establishing my business to where I am making a six-figure income.
To meet my long-term goal which is to make a six-figure income in the next five years or so. For me to meet that goal, I would need to make sure that first my short-term goals have been met. Secondly, I need to make keep track of how many visitors I am getting at my store front. I would need to set sales goals for the months. If those are completed, I should be able to meet my long-term goal.
My short-term goal of getting a store front can only be achieved if I am able to establish customers via social media. If I can lure them to my website via social media outlets than just maybe, for every so many people that visit one will turn into a customer. I will need to keep track of the amount of people that visit the website. By knowing what the most popular selling items are and restocking them. Keeping track of visitors on my website and what they buy will help reach my goal.
To achieve the goals, we have set in place we have to look at other avenues. We must look at the competition and who they are. Taking into consideration the economic issues that may have an impact on the company. Of course, when owning a business, issues that may arise our political and legal issues. All these environmental analyses must be looked at when owning one’s own business.
When I look at who my competitors are I think of other online retailers that sale similar items. That would be other boutiques that are near and far who also sale similar clothing and accessories. They would have to be my biggest competition regarding sales and could hurt my chances of meeting my goals. The bigger retailers like Macy’s and other like that I don’t have much of a concern for. After research and years of shopping there they don’t carry or sale the same items as I do.
Even though the U.S. is in some sort of economic state due to this pandemic that has hit us hard. I don’t think that will have much of an effect on the business as more people are opening their own businesses. The only issue I could see happening is maybe a delay of shipment on item. However, having dealt with other boutiques as a consumer myself it hasn’t been an issue for me. The strain on the economy caused by the pandemic has people choosing to work from home creating their own businesses.
Political and Legal Analysis
Opening this business will come with laws that have to be abided by, such as employment laws when I hire employees. Laws cannot be avoided with whether they are local, state, or federal. The same can be said for taxes which cannot be avoided either and must be taken care of. Politically the business will not be involved in anything that pertains to politics. Any such participation could disrupt the business and could potentially cause a loss of customers.
When it comes to technology it will most certainly play a significant role in the business. Internet will play a role so that the boutique can advertise on social media and grow. Advances in technology giving one the capability to keep track of the visitors to their website. Also allows us to keep track of sales on a as needed basis. Those things aid in the help of growing the business and reaching one’s goals.
Sociocultural Forces Analysis
Culture is a part of our business however just because our name is in spanish, does not mean we only cater to people of spanish speaking. We aim to please everyone from whatever your culture may be. Culture in some sense is a way of life and the way of life for the business is how we treat our customers. Leading by example and teaching our employees that our culture here is diverse. We are diverse in what we sale and who we sale too we aim to please and keep them wanting to come back.
It’s imperative that a swot be created to identify one’s strengths, weaknesses, opportunities, and threats. The analysis is to be used as a guide, so you know what you do well, and you build on that. It also gives you the opportunity to address those items that are lacking, allowing you to try new openings. Lastly, minimizing your risk which is something the company needs to do.
|Strengths Customer Friendliness Willingness to meet goals Positive Mindset||Weaknesses Keeping up with inventory Poor customer service No diversification|
|Opportunities Seek potential new customers New ways to get our name out Finding investors||Threats Other boutiques Potential loss of customer(s) Shortage of inventory|
Note: Strengths, weaknesses, opportunities, and threats for xxxx company.
The strengths which the business needs to be successful and reach its goals to keep it moving forward. Those which are in my control are customer friendliness, willingness to meet goals, and a positive mindset. These should be at the forefront of our business to help the business grow.
Weaknesses in a business can happen and those for this company are Keeping up with inventory. The other weaknesses are poor customer service which can happen but should not happen. Finally, no diversification which involves the inventory not being diversified for the customer.
There are always new opportunities and ways to support the business and its needs. Such as seeking potential new customers, new ways to get our name out there, and finding investors. New opportunities are great for a business and helping it grow and become successful.
Owning a business can come with some threats that could not be good for the business.
Other boutiques, potential loss of customer(s), and shortage of inventory can hurt the company. Many things can hurt a business but its how it is managed and dealt with for the business.
The point of this plan is to make a successful business that will grow and prosper. To meet the needs of its customers and new customers that come along. While having a positive mindset with all the good and the bad that may come.
Robbins, T. (n.d.). How To Analyze Business Strengths. Retrieved from Tonyrobbin.com: https://www.tonyrobbins.com/business/strengths-and-weaknesses/
Seven Business Threats That Your Company Might Face. (2021, August 24). Retrieved from European Business Review: https://www.europeanbusinessreview.com/seven-business-threats-that-your-company-might-face/
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