"SEC-S20W1 | My Business Ideas | ( Clothing Business)
Everyone desires to run a business, but the problem we always face when we want to start a business is capital and government policies. Today I am here to share with you my business plans as part of my entry to the contest organized by; @dove11, and @aviral123
Question #1- Are you planning to start a business or already in business?
Yes, I am planning to start a business, immediately after I graduate from school. I plan to go into a business which has been my dream for years now.
Right from my 100 level, I have been engaging myself in doing small, small businesses like buying and selling clothes during the festive period. I want to become a businesswoman. My mom was a businesswoman and I admire her way of doing business the reason why I am planning to start a business is so I can create employment in my country and other countries as well.
My chosen business is the clothing business. My plan for a clothing business is to own a boutique where I will begin by shipping clothes into Nigeria then after some years I open a textile industry where I will be manufacturing my brand of clothes.
The clothing business is a business that never dies as everyone needs clothes to cover the body. We wear clothes every day and it is a business that usually moves market during the festive period. I have been into the business before that exposes me to so many things about the business that I am now planning to start the business.
Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.
The idea of my business is an individual business where I would use my capital to start the business. In this model of business, I would Source capital from the bank friends, and family to start the business, my capital wouldn't be enough for me to kick-start the business when I want to start.
I don't like a partnership business because of the disagreement that usually comes into a partnership business in the long run. I want my business to be a sole proprietorship business where only I will incur all the profits and losses of the business. The more reason why I want to start an individual business is because of the ownership which I want my children to continue the business when I am no more.
Also, my model as an individual business owner, is that I will allow anyone who wants to invest in my business to do so through the buying of my business shares. By doing so I will raise more money to expand my business.
Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.
A hybrid business model is the idea of my business model. This is a business model that would help me to combine elements of a limited liability company and partnership. This model would offer me the strategic balance of collaboration, protection, and flexibility. The partnership aspect will allow me to share responsibility, leveraging my skills experience, and networks with others. This model also encourages collaboration, allowing partners to make strategic decisions together and distribute profits according to the agreement of the business.
However, for me to mitigate the potential drawbacks of partnership I will provide an extra layer of security for my business. This is to ensure that the personal assets of partners are well protected. The management structure of the would be based on a democratic decision-making process where all partners will have an equal voice in making strategic decisions. For me to avoid conflict I will ensure that a well-defined partnership agreement is outlined, where roles, responsibilities, and sharing of profit ratio is documented.
Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?
Okay, assuming I am in a business now and doing well, my plans to expand my business for the long term are:
- Reinventing my profits.
- Establishing new branches in areas where my business is not available
- Going into a partnership to promote, create awareness, and bring in more investors.
- I will increase the workforce of my business.
For me to achieve all these and many more, I will hire professionals to help me. There is a say that goes this way, two heads are better than one and also it is easier to achieve success while working with a team. Teamwork is what I will do in this case. Bringing in professionals would increase the productivity and profitability of my business.
I am inviting my friends; @dave-hanny, @ruthjoe, and @vickyson to also join me.
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You have shared the plan for a clothing business, which is your long-time dream. You want to open a boutique after graduation and later set up a textile factory to manufacture your own brand of clothes. You are stepping into business after being inspired by your mother. They prefer a sole proprietorship business so that all profits and losses belong to them. Also, they are looking at partnerships and hybrid models to expand the business. His future plans include expanding the business with the help of professionals. You have shared great content and I hope you succeed.
Dear friend, I am a tailor and sometimes I buy and sell some clothes to women around the house. By doing this I get very good profit. So in that case I know profit is better than loss in cloth business. Since your mother is a business woman you can learn something from her too. Also your business idea is unique. May you start your business soon and may your dreams come true.