Chandra has been working at a dry cleaner for about a year. She notices that much of the store’s revenue comes from alterations to women’s clothing and is wondering if there is enough revenue there to develop a business based on that. How could a specialist in business development help her determine if this will work?
O By letting her gain experience is sewing.
O By creating a marketing plan for a potential business
O By educating her about how similar businesses develop.
O By helping her find some silent partners or angel investors.
A specialist in business development could help Chandra determine if developing a business based on alterations to women's clothing would work by:
1. Assessing the market demand: They could conduct market research to determine the size of the target market, the demand for alteration services, and the competition landscape. This would help Chandra understand if there is sufficient revenue potential in this niche.
2. Financial analysis: The specialist could analyze the store's financial data, including revenue from alterations, to determine the profitability and growth potential of this segment. They could help Chandra create financial projections for the potential business to estimate revenue, expenses, and profitability.
3. Creating a business plan: Based on the market research and financial analysis, the specialist could assist Chandra in developing a detailed business plan outlining the objectives, target market, marketing strategies, pricing, operational requirements, and financial projections. This plan would serve as a roadmap for the potential business.
4. Creating a marketing plan: The specialist could help Chandra create a comprehensive marketing plan to attract and retain customers for the alteration services. This would include identifying the target audience, developing promotional strategies, determining pricing strategies, and evaluating different marketing channels.
5. Education and guidance: The specialist could provide Chandra with education and guidance on how similar businesses in the industry have successfully developed and sustained their operations. This could include best practices, industry trends, and operational strategies specific to alterations services.
6. Funding assistance: If needed, the specialist could help Chandra explore funding options such as finding silent partners or angel investors who could provide capital for the new business. They could assist in preparing a compelling business proposal to pitch to potential investors or partners.
In summary, a specialist in business development could help Chandra determine the viability of developing a business based on alterations to women's clothing by conducting market research, financial analysis, creating business and marketing plans, providing education and guidance, and assisting with funding options.