FASH 303 // The Business of Fashion
Project 2:
Business Plan
25% of final grade
WHY (PURPOSE)
Understanding the complexity and strategic direction required to establish a start-up business is key to developing a purposeful approach to design process and meaningful appreciation of how products, services brands, and consumers interconnect.
This project will require in-depth business analysis, making use of a diverse range of sources and materials, which will enhance students’ research skills and strengthen their preparedness for employment.
This group project also requires the development of core interpersonal, communication, and project management skills.
WHAT (OVERVIEW)
Using an original fashion/style/luxury business idea and the business plan template provided in class, complete a full business plan for a start-up business of your own.
Complete each section of the plan based on the tips given by the template, and your personal research on each topic. You should aim at breaking down your initial idea in its core components and investigate the viability of each of these by researching things like manufacturing, retail costs, suppliers, promotional strategies etc…
Your written information must be supported by visual documentation (photographs, diagrams, charts etc…). ALL information must be cited academically following either MLA, APA, or Chicago Turabian citation formatting standards. This includes both written and visual sources.
The financial section should include a cashflow chart for the first year of operation accompanied by a cashflow forecast for the first year of operations (broken down by month) and a cashflow projection for the first 5 years (broken down quarterly).
Remember that the purpose of a business plan is to convince a banker or investor to loan you money or make an investment, so be sure to clearly identify what information would be more important for them to know and present it clearly using appropriate language and visual material.
SUBMISSION REQUIREMENTS // 25% of final grade
- One PDF file of your full business plan, to be submitted through Blackboard.
- Prepare and deliver a 3-minute “elevator pitch” presentation (supported by a Powerpoint or PDF slide deck) on your plan. The slide deck must be saved on the class dropbox prior to the beginning of class 13.
The complete report must be submitted to Blackboard as a single PDF file, no larger than 10MB, using the appropriate link in the “Submissions” section of Blackboard. Formats other than PDF will not be accepted. All necessary files must be uploaded to blackboard BEFORE the beginning of class presentations.
FEEDBACK SCHEDULE:
· Work-in-Progress Feedback
Feedback will be offered throughout the development of this project through regular in-class reviews. These reviews will include individual progress discussions with faculty, as well as peer-to-peer group discussions. Please refer to schedule of in-class work-in-progress review activities posted in the course syllabus.
Students are welcome to email drafts of work-in-progress to Faculty for one-on-one guidance. When emailing work-in-progress for faculty review, please allow 48hrs for reply.
· Critique and post-submission feedback
Peer and Faculty feedback will be shared verbally during in-class presentations. Particular focus will be drawn to highlight both positive reinforcement and constructive guidance. All students are expected to participate and engage during this process to maximize the learning value of the formal presentation and discussion process.
Assignment rubric score and written feedback from Faculty will be posted to Blackboard following submission of the completed project.
· The rubric used for the scoring of this project, is accessible under the “Submissions” section on Blackboard.