Do you want to start a fashion consultant and need to write a plan? If YES, here is a sample fashion consultant business plan template & feasibility report.
If you are a fashion enthusiast or someone who has background in image consulting matters, and you intend starting your business, then you should consider starting a fashion consulting firm. There are many corporate executives, celebrities and public figures that will be more than willing to patronize your services.
Being a fashion consultant means that you will help your clients handle everything that has to do with their wardrobe and how they want the public to see them. That is, you have to improve the way your client presents him or herself to the public.
Starting a fashion consulting firm is not too expensive except for the money required to rent and furnish an office space. Running this type of business requires that you should be trained and interestingly some schools now offer courses in becoming a wardrobe stylist. There are also specific intuitive requirements for the position such as having an artistic sense about which articles of clothing work together to make a beautiful look.
If you are truly convinced that starting a fashion consulting firm is the right business for you to do, then you need to write your own business plan. Below is a sample fashion consulting firm business plan template that will help you write yours with little or no stress.
A Sample Fashion Consulting Firm Business Plan Template
1. Industry Overview
Fashion consultants, which can also be referred to personal stylists or wardrobe stylists, help clients develop and enhance their professional and/or personal images. They help clients choose clothes for a variety of occasions and help them decide which styles are flattering and communicate the appropriate message.
They are professionals when it comes to selecting clothing for published editorial features, print or television advertising campaigns, music videos, concert performances, and any public appearances made by celebrities, models or other public figures.
Fashion consultants are often part of a larger creative team assembled by the client, collaborating with the fashion designer, photographer/director, hair stylist, and makeup artist to put together a particular look or theme for the specific project.
Fashion consulting business is a niche idea in the Public Relation Firms industry and a close study of the industry shows that the industry experienced comfortable growth in recent time. As economic conditions have improved, industry revenue has increased due to businesses increasing their marketing expenditure.
Players in this industry have also benefited from the shift to digital media in recent years. Going forward, public relations firms will continue to benefit from rising marketing budgets. The expansion of niche and social networking services and the continued development of mobile media are expected to contribute to relatively strong growth.
So also, the biggest players in the industry are expected to remain active in their acquisition of mid-sized niche firms, as global advertising agencies look to diversify their service offerings. The public relations firm industry is in the mature phase of its life cycle and luckily for the industry, the advent of digital media has provided an opportunity for the industry to explore and experience vibrant growth.
Of course, the industry is becoming more concentrated, as seen by a few large global firms dominating the market and gaining huge market share in the available market.
Statistics has it that in the united states of America alone, there are about 44,164 licensed and registered public relations cum fashion consulting firms responsible for employing about 92,332 employees and the industry rakes in a whooping sum of $14 billion annually with an annual growth rate projected at 2.9 percent.
It is important to state that the establishments with lion shares of the industry are The Omnicom Group Inc. and The Interpublic Group of Companies Inc.
A recent report published by IBISWorld shows that over the five years to 2022, the Public Relations industry has achieved growth through clients’ expanding marketing budgets. With an evolving digital media landscape, clients have shifted their budgets away from traditional mass media, such as TV, print and radio, toward more below-the-line or niche-focused strategies to reach targeted audience groups.
Consequently, industry operators have focused on social media outlets such as Facebook, YouTube, Twitter and blogs as areas of growth for public relation (PR) campaigns. In addition to isolating fragmented consumer segments, these strategies enable clients to measure the reach of campaigns through direct online interaction and analytics, making them a more attractive option.
Over and above, fashion consulting firms cannot be phased out despite the change in PR approaches and the emergence of new media. It is easier for fashion consulting firms to leverage on modern technology to reach out to their target market.
As a matter of fact, it is cost effective and far reaching for them to make use of social media platforms to carry out some of their PR campaigns.
2. Executive Summary
Stacey Spielberg™ Fashion Consulting Firm, Inc. is a U.S based and world class fashion consulting firm that will be located in Hollywood, Los Angeles – California. We have been able to secure a standard and well – positioned office facility in a central business district in Hollywood.
We are set to compete in the highly competitive public relations firm industry not only in the United States market, but also in the global market because our clientele base will not be restricted to just businesses and celebrities/public figures in the United States but in the global market.
Stacey Spielberg™ Fashion Consulting Firm, Inc. will offer robust fashion cum image consulting services to both corporate organizations and individuals. Our core services will revolve around helping our clients in the selection of clothing for published editorial features, print or television advertising campaigns, music videos, concert performances, and any public appearances.
Our business goal is to become one of the leading fashion consulting firms in the United States of America with high profile clients scattered all around the globe. Our workers are going to be selected from a pool of talented and highly creative fashion consultants cum wardrobe stylist and experts in and around Los Angeles – California.
We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company.
At Stacey Spielberg™ Fashion Consulting Firm, Inc. our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s business needs precisely and completely.
Stacey Spielberg™ Fashion Consulting Firm, Inc. is private registered business that is owned by Stacey Spielberg. After studying at the Rhode Island School of Design, Stacey Spielberg graduated from University of California, Beckley with BA in Public Relations and she has hands on experience in wardrobe management, corporate branding and advertising, image branding, public relations and business management et al.
3. Our Products and Services
Stacey Spielberg™ Fashion Consulting Firm, Inc. was established with the aim of maximizing profits in the Public Relations Firms industry. We want to compete favorably with leading fashion consulting firms in the United States, which is why we have put in place a competent team that will ensure that we meet and even surpass our customers’ expectations.
We will work hard to ensure that Stacey Spielberg™ Fashion Consulting Firm, Inc. do not just work for clients in the United States of America, but also for clients in other parts of the world. Our services offerings are listed below;
- Wardrobe management services (selecting the clothing for published editorial features, print or television advertising campaigns, music videos, concert performances, and any public appearances made by celebrities, models or other public figures)
- Collaborating with the fashion designer, photographer/director, hair stylist, and makeup artist to put together a particular look or theme for the specific project
- Image promotion
- Other related services such as personal shopping, restructuring a client’s entire wardrobe, reorganizing a client’s closet, or other duties relating to the client’s personal lifestyle.
4. Our Mission and Vision Statement
- Our vision is to establish a standard and world class fashion consulting firm whose services and brand will not only be accepted in the United States of America, but also in other parts of the world.
- Our mission is to provide professional and highly creative, result – oriented fashion consulting services that will assist businesses, and individuals in promoting their personal brands.
- We want to build a fashion consulting firm that can favorably compete with other leading brands in the industry.
Our Business Structure
Stacey Spielberg™ Fashion Consulting Firm, Inc. intends starting small in Hollywood, Los Angeles – California, but hopes to grow big in order to compete favorably with leading fashion consulting firms in the United States. We are aware of the importance of building a solid business structure that can support the kind of world class business we want to own.
At Stacey Spielberg™ Fashion Consulting Firm, Inc. we will ensure that we hire people that are qualified, hardworking, and creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, Stacey Spielberg™ Fashion Consulting Firm, Inc. have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Fashion Consultants/Wardrobe Specialists
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Accountant
- Client Service Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Fashion Consultants/Wardrobe Specialists
- Responsible for handling wardrobe management services
- Collaborating with the fashion designer, photographer/director, hair stylist, and makeup artist to put together a particular look or theme for the specific project
- In charge of image promotion for our clients
- Handles services such as personal shopping, restructuring a client’s entire wardrobe, reorganizing a client’s closet, or other duties relating to the client’s personal lifestyle
- Handle other related public image advisory and consulting services
Human Resources and Admin Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defining job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversee the smooth running of the daily office.
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Create new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
Accountant/Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distribute mails in the organization
- Handles any other duties as assigned by the manager
6. SWOT Analysis
Stacey Spielberg™ Fashion Consulting Firm, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured fashion consulting firm that can favorably compete in the highly competitive industry in the United States.
We know that if we get things right before starting our fashion consulting firm, we will not have to struggle to attract loyal clients. We hired the services of Dr. James Meadow, a HR and Business consultant with bias in business structuring to help us conduct SWOT analysis for our company and he did a pretty good job for us.
Here is a of the result we got from the SWOT analysis that was conducted on behalf of Stacey Spielberg™ Fashion Consulting Firm, Inc.;
- Strength:
Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient fashion consultants in various niche areas in the industry. Aside from the synergy that exist in our carefully selected workforce, our services will be measurable, result driven and guided by international best practices in the industry.
- Weakness:
As a new fashion consulting firm in Los Angeles – California, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated industry; that is perhaps our major weakness.
Another weakness is that within the first 12 months, we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.
- Opportunities:
No doubt, the opportunities available in the fashion consulting firms is massive considering the number of individuals and corporate organizations who want to promote their image and create positive public perception. As a standard and world class fashion consulting firm, we are ready to take advantage of any opportunity that is available in the industry.
- Threat:
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a fashion consulting firm cum public relations firm in same location where our target market exists and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
Some schools now offer courses in becoming a wardrobe stylist, but of course, there are specific educational requirements for the position. Most stylists acquire these professional skills and knowledge by assisting other established stylists, in a system similar to apprenticeship.
A notable trend also shows that high-level fashion stylists now collaborate directly with designers to produce custom clothing for celebrity clients or editorials; this is common for celebrity stylists whose clients attend awards shows and for fashion editors at top magazines.
Stylists may also provide services such as personal shopping, restructuring a client’s entire wardrobe, reorganizing a client’s closet, or other duties relating to the client’s personal lifestyle. Lastly, loads of traditional fashion consulting firms have started to specialize in online promotions so as to stay competitive in the industry.
As a result of this trend, the revenue generated in the industry has grown tremendously over the years. Going forward, the public relations firm industry will continue to experience sustained growth, as the proliferation of digital devices, such as tablets and smartphones, provide new streams of income.
8. Our Target Market
Prior to starting our fashion consulting firm, we are certain that there is a wide range of both corporate and individual clients who cannot successfully run their businesses without the services and support of a standard fashion consulting firm.
In view of that, we have created strategies that will enable us reach out to various corporate organizations, and individuals who we know can’t afford to do without our services. We have conducted our market research and survey and we will ensure that we meet and surpass the expectations of our clients. Below is a list of the people and organizations that we will market our services to;
- Celebrities, Politicians, Public Figures and Public Speakers
- Television Stations
- Aspiring celebrities
- B2B clients (collaborating with the fashion designer, photographer/director, hair stylist, and makeup artist)
Our Competitive Advantage
Surviving in the business world as a fashion consulting firm requires more than your expertise but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.
We are quite aware that to be highly competitive in the public relations industry means that you are not only expected to be able to deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services if don’t always meet up with their targets.
Our competitive advantage lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient fashion consultants cum wardrobe stylists, a team with excellent qualifications and experience in various niche areas in the public relations industry. Aside from the synergy that exists in our carefully selected fashion consultants, our services will be measurable, result driven and guided by best practices in the industry.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Stacey Spielberg™ Fashion Consulting Firm, Inc. is established with the aim of maximizing profits in the public relations industry and we are going to ensure that we do all it takes to meet and surpass the expectations of all our clients.
Stacey Spielberg™ Fashion Consulting Firm, Inc. will generate income by offering the following fashion consulting services;
- Wardrobe management services
- Work as part of a larger creative team assembled by the client, collaborating with the fashion designer, photographer/director, hair stylist, and makeup artist to put together a particular look or theme for the specific project
- Image promotion
- Other related services such as personal shopping, restructuring a client’s entire wardrobe, reorganizing a client’s closet, or other duties relating to the client’s personal lifestyle.
10. Sales Forecast
One thing is certain, there would always be corporate organizations and individuals (celebrities and public figures) who would need the services of fashion consulting firms to help them promote their personal brands and corporate image.
Stacey Spielberg™ Fashion Consulting Firm, Inc. is well positioned to take on the available market in public relations firm industry and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our fashion consulting firm to enviable heights.
We have been able to examine the fashion consulting marketing space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Stacey Spielberg™ Fashion Consulting Firm, Inc., it is based on the location of our business and of course the wide range of fashion consulting we offer;
- First Fiscal Year (FY1): $200,000
- Second Fiscal Year (FY2): $300,000
- Third Fiscal Year (FY3): $500,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same fashion consulting and PR services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiff competitions in the public relations firm industry, hence we have been able to hire some of the best marketing experts to handle our sales and marketing. Our sales and marketing team will be recruited based on their vast experience in the public relations industry and they will be trained on a regular basis so as to be well equipped to meet their targets.
Our corporate goal is to grow Stacey Spielberg™ Fashion Consulting Firm, Inc. to become one of the leading fashion consulting brands in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States of America but also in other parts of the world.
Stacey Spielberg™ Fashion Consulting Firm, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our fashion consulting firm by sending introductory letters alongside our brochure to individuals, corporate organizations, and key stake holders.
- Promptness in bidding for fashion consulting contracts from TV stations and other cooperate organizations
- Advertise our business in relevant lifestyle magazines, newspapers, TV and radio stations
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver excellent services
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our in – house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate and individual clients in the whole of the United States which is why we have made provisions for effective publicity and advertisement of our fashion consulting firm.
Below are the platforms we intend to leverage on to promote and advertise Stacey Spielberg™ Fashion Consulting Firm, Inc.;
- Place adverts on both print (newspapers and events and lifestyle magazines) and electronic media platforms
- Sponsor relevant community – based events / programs
- Leverage on the internet and social media and photo sharing platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our services
- Install our Billboards in strategic locations all around Lake City Los Angeles – California
- Distribute our fliers and handbills in target areas
- List Stacey Spielberg™ Fashion Consulting Firm, Inc. in local directories / yellow pages
- Advertise Stacey Spielberg™ Fashion Consulting Firm, Inc. in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.
12. Our Pricing Strategy
Fashion consultants/wardrobe stylists can be paid an hourly wage, a day rate, or a project rate. Editorial assignments tend to pay less money, while advertising campaigns, commercials, or spokesperson campaigns tend to pay the most.
Some freelance fashion editors, that is stylists who work exclusively in producing editorial content, may receive a rate per page in a given publication; fashion editors typically negotiate this rate on a yearly basis, during which time the publication will assign a certain number of project pages to be completed.
Stylists may also be paid a flat fee for the length of a project, usually called a buyout. Some stylists can be put on a monthly retainer, in which they are paid a set fee for a period of time and are on call for the entire time period.
At Stacey Spielberg™ Fashion Consulting Firm, Inc. we will keep the prices of our services below the average market rate by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services.
We are aware that there are some one – off jobs or contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from the contractors or organizations that bid for such contracts.
- Payment Options
The payment policy adopted by Stacey Spielberg™ Fashion Consulting Firm, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Stacey Spielberg™ Fashion Consulting Firm, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part.
13. Startup Expenditure (Budget)
Starting a fashion consulting firm business can be cost effective because on the average, you are not expected to acquire expensive machines and equipment.
Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to equip the office, purchase the required software applications, pay bills, promote the business and obtain the appropriate business license and certifications.
However, this is what it would cost us to setup Stacey Spielberg™ Fashion Consulting Firm, Inc. in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Leasing/renting an office space in a good location in Hollywood, Los Angeles – California that will accommodate the number of employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $50,000.
- The cost for furnishing and equipping the office (computers, printers, projectors, markers, servers / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $30,000
- The amount required to purchase the needed software applications – $ 1,500
- Launching an official Website will cost – $500
- The amount needed to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5000
Going by the report from the market research and feasibility studies conducted, we will need about two hundred and fifty thousand (250,000) U.S. dollars to successfully set up a medium scale but standard fashion consulting firm in the United States of America.
Generating Fund/Startup Capital for Stacey Spielberg™ Fashion Consulting Firm, Inc.
Stacey Spielberg™ Fashion Consulting Firm, Inc. is a private registered business that will be owned, financed and managed by Stacey Spielberg. She decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Personal savings and sale of her stocks
- Friends and other extended family members
- The bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $85,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is an established fact that the future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Stacey Spielberg™ Fashion Consulting Firm, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our fashion consulting services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Stacey Spielberg™ Fashion Consulting Firm, Inc. will make sure that the right foundation, structures and standard operating processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard office facility in a good location in Hollywood, Los Angeles – California: Completed
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Secure trademark for our products: In Progress
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress