I also intend to run the business with as much passion and enthusiasm as I will start with, and ensure that I maintain the company mission statement as leading provider of clothes which are exclusively designed to offer unique style, quality and value for money for teenage boys from the age of 11 up until the age of 17. I shall also only recruit indiviuals who share the same vision.
JFL Management Team
Before Farhanah Mahmood (19) decided to start up the JFL business, she was an A- level student at College of North West London which was in partnership with ICAS, and completed A- levels in Business studies and Psychology. Whilst also studying towards her A- level Farhanah had been working as an administrative assistant at the High Commission of Pakistan, in London. Were she was responsible for composing customer passports whilst also dealing with customer enquires in relation to passport and visa’s. Before joining the High Commission Farhanah worked as an office clerk at Horizon Internet Store for a holiday job, and also organised the annual theme park trips for her school.
Julissa Young and Laura Bedwell will be recruited in to the new venture on a full time basis.
(Farhanah Mahmood CV is in Appendix C)
Legal Structure.
The business will be set up as a limited company, this structure will clearly separate the retail business form the shop and make it will be possible to attract the risk capital that will be required when the business starts to grow, for example when JFL decides to branch out, the business will be required to have a minimum paid up share capital.
However in the period covered by this business plan I intend to operate the original JFL store.
JFL Professional Advisers.
The business will take legal advice on the formation of the company from Golden Solicitors, a local firm of business solicitors.
Products and Services
JFL Products
JFL products will be aimed at teenage boys from the ages of 11 up till 17, and will offer a wide range of fashion ,consisting of unique smart casual yet branded leisure wear. ( Please see appendix for JFL collection.) JFL uniqueness in comparison to its competitors is its low prices for a high quality trendy yet fashionable clothes line.
JFL products will be manufactured by Horizon Fashion Ltd, a manufacturing company based in Mirpur Azad Khasimr, the company specialises in the production of garments including both formal and informal. The company is relatively new to this industry, opened up in 2000, but have built up a creditable reputation with in the space of four years, and are now one of the most highly sorts after manufacturing company within azad Kashmir. The company’s details are listed below.
JFL - Services.
JFL will work to ensure that its potential customer’s integrity is maintained. JFL will therefore produce a return policy for customers wishing to return garments. A customer satisfaction policy will also be produced. The content of both policy’s can be changed on an ongoing basis and therefore we will advise customers that should read both policies again when they next visit our store. The return policy will also be printed on the back of the receipt. (Please refer to appendix for JFL return and customer service policy.)
JFL Proprietary Position
I will intend and seek to maintain a high service element to my business JFL, extending my range of value added services, such as offering 10% discounts off customer purchase. In this way I will seek to build up a high level of repeat business. Customer loyalty is vital to JFL profitable growth.
Markets and Competitors
Market Projections and Market Segments.
The market for teenage boys’ clothing has been more sluggish than that for women’s clothing, with a growth rate of 12.1% between 1999 and 2000. However it has been forecasted to expand at 4.1 per cent average annual growth until 2010. This is the fastest economic growth generally, which is expected to be around 21.7 per cent annually, from 2004 – 2008. As shown in table 0.1.
Table .01: The UK Boys’ Clothing Market
By Value at Current and Constant 2004 Prices
(£m at rsp and %), 2004 – 200
Source National Statistics/Key Note ● e — JFL estimates based on part of year ● Rsp- retail selling prices
JFL market research confirms that the male teenage market is likely to be the largest growing clothing market, and has the potential to develop and become as large as the female market. To a great extent, this has been facilitated by the broad range of boys ’style’ or ’lifestyle’ magazines that reached the newsagents in the 1990s. Interest in designer brands and couture has grown, fuelled by advertising in these magazines.
JFL has segmented its market into providing for teenage boy from 11 years to around 17 years of age. A further emerging market – segment for JFL is to cater for men from the age of 17 years upwards.
Competition and Competitive Advantage.
Just for Lads major competitors are Burtons, Boys Base, Top Man and River Island, each of these competitors are based in the Blue Water Centre.
According to JFL personal market research about 40 per cent of teenage boys shop at either one of these clothing stores, however only 33 per cent of customers stated that they would use them again.(please see appendix)
Teenagers from around the ages of 14 till the age of 17 stated that they had to shop around several other branches of our competitors in order to find what they wanted, as they could not find what they wanted or much help with staff members. Only 45 per cent would go back to shop at either of our competitor’s stores. (Please refer to appendix)
Boys from the ages of 11 till around 13 years, who shop with there parents/guardians make up 15 per cent of customers, 65 per cent these customer said they would shop again at these stores, however they also stated that if a store was to exclusively for the age of 11 to 17 years then they would shop there, as they felt that there was little to offer, in terms of design and style for this age range.
I feel that by concentrating more on the style and design of the clothing , as this seems to be a very common problem for many teenagers, I will be able to have superior knowledge over my competitors, thus ensuring that my customer needs are satisfied and ensuring that a high level of repeat business is produced.
