Oú La La
Introduction: Oú La La is a full service custom umbrella shop. The cornerstone of Oú La La is high quality umbrellas and custom umbrellas. Oú La La is founded on the dedication of offering our customers the most trendsetting and innovative products of impeccable quality. We will carry only the top of the line quality umbrellas and accessories. Our selection will range from the basics of functional umbrella to the trendiest stylish stiletto style umbrellas. I am the owner and I am very passionate about fashion. I intend to spend all of my tears and effort into ensuring that this business is successful. Our Customers are as passionate about fashion, art, and individualism as I am. My store will be trying to make umbrellas a staple in fashion and style. In the words of Coco Chanel: "Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening". My customer are people who enjoy and want to be individuals. Individualism plays a huge role in society. It has to do with freedom of emotion, thoughts and diversification. My umbrellas will be a catalyst for individualism. Individualism colors each person with a uniqueness and allows for others to get an insight for what they really believe in and like. Oú La La invites everyone in our mission to change fashion!
Mission: Provide umbrellas for all. Vision: Oú La La wishes to make umbrellas an indispensable adjunct in fashion.
Company: Oú La La has a Limited liability Company (LLC) legal structure. A limited liability company is a form of a private limited company. It’s a hybrid business that combines the flowthrough entity of a partnership/sole proprietorship and limited liability of a corporation. A LLC provides me with limited liability in many jurisdictions. It is wellsuited for a single owner and is more flexible than a corporation. Market and Sales: Presently, Oú La La doesn’t have a retail location, but has plans to acquire a location in the Wicker Park/Bucktown area once the funds necessary are obtained. Wicker Park and Bucktown are one of Chicago’s creative epicenters. They are famous for their famous peerless boutiques/stores and numerous art galleries. This neighborhood attracts people with an acute knowledge and affinity for individuality, uniqueness, and fashion, which makes this location attractive. Wicker Park/Bucktown Demographics: Area: 0.958 Squares
Population: 26,154 Median Household income in 2013: $81,672 (The median Household income in Wicker Park/Bucktown was $34,573 higher than that of Chicago in 2013). Median rent: $ 1,219 Oú La La Demographics: Middle to Upperclass: ( $35,000 $100,000 or more annually) 20 35 years old All Races and both genders. (Oú La La upholds the belief that race is a social construct and that the typological conceptualizations of race are untenable).
Psychographics: Trendy Artistictype crowd Hipsters Artsy and edgy Yuppies Wicker Park/Bucktown is a neighborhood thriving with creativity and energy. Its array of boutiques and galleries make it an attractive area for artists and the fashion forward.
Wicker Park/Bucktown has a reputation for attracting the youngish and artistictype crowd, and is home to young artsy hipsters thus fitting with our targeted market. Pricing: Oú La La will maintain a flexible pricing strategy. We will be basing the prices of our products based on the quality of the product and customization options utilized. Most of our umbrellas will come with a suggested retail price based on competition and materials used. We will also be using the concept of keystoning to increase profit margins. We will be following an aggressive promotional plan. Umbrella press kits will be sent to gallery events, flyers will be distributed throughout the city, and a direct mail program with special promotions will be used to further target our customer base. Also, local artists and celebrities will be sporting our umbrellas. Sales: We will utilize a type of software that with every sale transaction, the software will record and register in its database the customer’s name and email address. We will use this information in our direct mailing program. Ou La La will offer a 14 day return/exchange policy in order to foster trust with our consumers. This will allow us to have a loyal customer base. We expect our sales to start conservatively and increase overtime.
Free umbrellas will be offered as a part of the gift kits Product and service: Oú La La’s primary focus will be on the customization of the umbrellas, which is expected to generate roughly 80% of our monthly income. Oú La La will also provide a
creative space for our customer to create. Artwork is necessary as a tool for progression and expression. Factors that are integral to the success of Oú La La are quality craftsmanship (because our umbrellas are expensive, the product has to be of impeccability, creativity and innovation (custom umbrellas imply one of a kind product individually tailored to the customers preferences). Fashion forward and technology. Oú La La is positioned to serve 2 types of customers: The standard walkin customers and internet customers. These customers will live nearby and thus share the demographics of the local area which is our intended target. These customers are primarily interested in being trendy, fashionable and edgy. Our second type of customers are internet customers. Our internet customer included anyone with access to the internet. These customers have the same motives as our walkin customers, but have chosen to make their purchase online due to an inaccessibility to our store. These customers are likely to use our custom umbrella function. Competitors:
“In 2012, retail sales of women’s umbrellas amounted to approximately 235 million U.S. dollars.”
Amazon
Bellaumbrella
4imprint
Totes
Target
Oú La La will have better deals, quality, and customer service. It is also offering consumers a chance to express their creativity and individualism through our customization function. Management & Organizational Structure: At Oú La La duties will be divided and delegated according to strengths, weaknesses, level of expertise, and creativity. Because great customer service is so vital to Oú La La’s
success we expect a high degree of customer service skills and personality from our employees. We will assess productivity by performing informal employees evaluations every 3 months. Oú La La is a small business and will have a simple organizational structure. All decision will be in line with the company’s objectives and views. I will act as the general manager. As the general manager and owner, I will be responsible for all administrative functions, inventory, promotion, and purchasing. I will also be sales representative.
There will be 1 full time and 2 part time employee working 1025 hours a week.
Full time employee will be paid at a rate of $10.00 per hour.
Part time employee will be paid at rate $8.50 per hour.
There is room for growth! Flow Chart:
Accounting and investment: As a retail business we will accept cash, all major credit cards, and checks. We will use a credible check checking service to reduce our loss percentage on bad checks. We accept American Express, Visa, MasterCard, and Discover card. All transaction made through
credit cards will be deposited in our business account within 24 hours. I will hire an accountant who will provide the investors quarterly reports to the investors. The accountant will be in charge of making sure that all of our taxes are done properly. The accountant will work in conjunction with the lawyers.
We need an investment of $250,000.
Fixed cost: $54, 228 yearly. (salary for both full and part time ($39,600) employees and rent ($14,628).
Average variable cost: $15,000 yearly.
We estimate spending approximately $20,000 on inventory yearly.
Our accountant will use the cash flow statement, income statement, and statement of financial position as formal records of the financial activities of Oú La La. The statement of Financial Position is also known as the balance sheet. It will be used to present Oú La La’s assets, liabilities, and equity. The income statement will report our financial performance in terms of our net profit or loss over. It will present our income and expenses. The cash flow statement presents the movement in cash and bank balances. Budget projection: Year 1:
Years 2:
Year 3:
Works Cited: "Wicker Park Neighborhood in Chicago, Illinois (IL), 60622, 60647 Detailed Profile." Wicker Park Neighborhood in Chicago, Illinois (IL), 60622, 60647 Subdivision Profile . N.p., n.d. Web. 15 May 2016.
< http://www.citydata.com/neighborhood/WickerParkChicagoIL.html >
Zoe Garton. "Burberry Prorsum Catwalk Yourself." Catwalk Yourself . N.p., n.d. Web. 15 May 2016.
< http://www.catwalkyourself.com/fashionshows/rtwautumnwinter2012201 3londonburberryprorsum/ >.