Business Plan
Owners Stephanie Anastasia Hien Mien Doan Alex Ton Style Diary 410 Elizabeth St, Surry Hills Sydney, NSW 2010 ABN: 23 453 656 901 Prepared: December 2013 Design and Business Management
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Table of Contents Business Plan Summary 5
The Finances 54
The Business 6
The Market 7
Assumptions 57
The Future 8
The Finances 9
Expected cash flow 60
The Business 10
Break-even analysis 62
Business details 11
Supporting documentation 64
Registration details 15
Gantt Chart 66
Business premises 15
CSR 68
16
Location 69
Management & ownership 17
Interface Design 70
18
Reference & Credits 75
Products/services 22
Questioner 76
Organisation chart
Key personnel
Key objectives and financial review
56
Start-up costs for [YEAR]
58
Innovation 24 Insurance 24
Risk management 26
Legal considerations
29
Operations 30
Sustainability plan 34
The Market
36
Market research
38
Market targets
38
Environmental/industry analysis 39 Your customers 40 S.W.O.T. analysis 42 Your competitors 44 Advertising & sales 46 The Future 48 Vision statement 50 Mission statement 50 Goals/objectives 51 Action plan 53
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Business Plan Summary Born from the ideas of three creative young souls who have background in graphic and fashion design, Style Diary is a website and online application where fashion enthusiasts can gather inspirations from the smart image search engine, build and keep their creative ideas in the gallery, collage and sketchbook, as well as share it with the community either by joining the Style Market (our online shop) or publishing their trend book. The website has user-friendly interface, which is designed to be used by both tech-blind and tech-savvy fashion lovers and targeting women between 18 – 40 years old who want to indulge themselves in the beauty of fashion world as well as those who have interest in joining the market and in need of help to survive in this highly competitive industry. Style Diary business model is taking benefit from it’s online market system, as well as ‘Editor Choice’ fee charged to some of the featured products, brands, or sellers that will show up on the top of the image search result. Started with the rising popularity of Pinterest, the face of Internet has change and in order to stand out, a website cannot merely following the traditional style anymore. With the combination of social media, creative platform, and online shop, Style Diary is
fulfilling market’s demand of multifunction system. And by using the bond of fashion community as its core business, Style Diary is a new platform where creative ideas will gather and nurture each other. While currently no other website and application for fashion that has the same business model, Etsy, Ebay, and other online shops like Iconic are the competitors for Style Market. Pinterest and Trandland are also one for Mix-Match feature (image search engine, collage, etc). Style Diary is anticipating AUD$513,584 this round to be used for building the website and application, as well as basic office equipment and marketing.
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The Business Business name: Style Diary Business structure: Partnership ABN: 23 453 656 901 ACN: Business location: 11/7 Mandalong Rd, Mosman Sydney, NSW 2088 Date established: 28th November 2013 Business owner(s): Stephanie Anastasia, Minh Hien Doan, Alex Ton Relevant owner experience:
Products/services:
Stephanie Anastasia and Minh Hien Doan both are recently graduate from Raffles College of Design and Commerce majoring in Graphic Design, while Alex Ton is from Fashion Design.
This new business is offering the customers with an innovative website for fashion lovers.
Stephanie has experiences in raising and re-raising partnership media partner for AIESEC during her time as one of the members of Online and Printed Media Partner in Communication Department. Together with her past position as the head of Public Relation department in student organisation, this will help her in marketing and raising partners for Style Diary. This will be crucial, especially in the beginning of its establishment. Minh Hien Doan’s graphic background will help her developing the interface, advertisement, and branding side of the product. She got two years experiences of working freelance for design studios which will help her to identify the best style for Style Diary look and keep it in line with current trend. Alex’s past experiences in customer services and fashion background will help her in delivering excellent communication and services to the customers with. She can also use the skill and knowledge to help her in dealing with the development of the product and staff members in fashion department.
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Starting with a kind of gallery where fashion enthusiasts can upload and search various pictures that inspire them and build personal moodboard, trend book, and sketchbook based on it. The users can also filter their search result based on material, style, colours, and pattern. The website has additional function that will supports online sellers. There are three different account types, which are regular account, semi-premium account, and premium account. Normal users who only use the website to find and create inspiration can sign up as regular account for free. While individual users who want to find and create inspiration while also sell some of their stuffs can register as semi-premium account holder. There will be a small monthly cost and some extra functions for them. Then the premium account is targeted for an online shop or company whose purpose is to promote and sell their stuffs on the website. A bigger monthly charge and full extra functions will be added to the account holder.
The Market Target market: Style Diary is created for everyone who considers him or herself as fashion enthusiast. Various functions that are available can be used and help many people with different professions and interests. Professional in fashion world can use it when they do brainstorming and idea developing. Ordinary people can also use it when they want to indulge themselves in their fashion interest. And small business community can use it as an affordable and efficient business solution. Marketing strategy: As an online community, it is important for most of its marketing strategy to be Internet based. Starting from social media is the first answer. Appearing as a suggestion page in Facebook is one of the example. Having fashion magazine and fashion blogs to write an article and review about Style Diary is the next step; as well as attending many fashion or website exhibitions. Then the marketing can make the mobile version get featured as Editor Choice in Play Store and Appstore. After the website become more well known and has many users, the ‘share’ button on partnered website can works as indirect marketing. As well as when some big brands sponsor Style Diary and do their own advertisement. There is also possibility of creating some kind of competition in which people has to have Style Diary account and use it to participate; or to become a sponsor for some fashion event and competition in the later days.
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The Future Vision statement: To become the best and biggest fashion enthusiast online community where the users can easily share, search, develop and realize their ideas and creativity.
Mission statement: - To provide the users with the best and advance image search engine while also still user friendly, so it can be used by everyone regardless of their high-tech knowledge.
- To provide an interface that can help designers work and communicate more effectively as well as get more inspiration through this multifunction website and application.
- To help people develop and realise their idea by providing them with various tools that are convenient to use in gaining more knowledge and inspirations in the creative world; like moodboard, sketchbook and trend book.
- To support fashion enthusiast community by providing small and individual businesses with a chance to do affordable and efficient trading so they can survive and compete with many big online fashion shops.
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Goal & Objectives Style Diary has some short and long term goals set as the target of the company’s success. One of the most important is to raise at least 2 companies as investors, sponsors, or temporary partners and reaching the breakeven points as soon as possible. Having a good reputation among fashion lovers and internet users also important for the future of the company. And in the long term, Style Diary targeting to have successful retention skill program and most of the employees have been working with Style Diary for quite a while and committed to the company.
The Finances Style Diary have an estimated income from sales around AUD$252,322 in the first year after the website is launched. The company currently have around AUD$250,000 start-up capital which come from each of the owner and expecting around AUD$500,000 more to come from either bank loan or investation.
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THE BUSINESS
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Business Details Style Diary is a fashion website which is a combination between image search engine, creative booster, social media, and online shop. The website is divided into two big services with 3 types of accounts to support this system:
1. Mix-Match One of the main feature of this first part of the website is image search engine. The user can filter their search result based on several categories (material, pattern, style, colour, tag, uploader, etc). After the user find the image they want, they can keep it in their private gallery, moodboard, trend book, or sketchbook. The build in crop and scissors (custom crop) feature will be very useful for people who want to mix-match one piece of cloth with another. Trend book has additional features, including build in layout, pencil and brush, as well as e-book export and publish facilities. If the user chooses to publish the trendbook, it will appear on Style Diary’s Trend book Collection and they can choose to put price on it. Compare to that, sketchbook offers more flexibility with its brightness and saturation editing functions to accompany wide variety of pencils and brushes. The user can control their privacy setting as well. They can choose to either make certain moodboard, trendbook, or sketchbook available for public, certain users only, or strictly private view. They can also follow other inspirational users and be followed by other fashion lovers.
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2. Style Market The second part of the website offers the users a chance to do business. Semi-premium and premium account holders may upload pictures of the goods that they want to sell. These pictures will show up along with other uploaded pictures when some other users using the image search engine from Mix-Match. The people who like what they see and wonder where they could get it can just click the link to the seller’s shop profile and order it directly. In order to avoid fraud, the payment has to go through Style Diary. The money will be sent to the sellers after the customers received the goods. If the customers cancelled their order within 24 hours after their purchase, 90% of the money will be transferred back and the rest will go to the sellers. If further changes are taking place within 48 hours (cancellation, change products in the order), only 50% of the money will be given back to the customers. After that no refund will be given, unless there are troubles with the stocks or the received goods are damaged before the shipping.
Account Type & The Details The regular or free account. Intended for all regular users. - Full function on Mix-Match services. - Buying function on Style Market.
The semi-premium account. Intended for individual who want to sell some of their goods. - Full function on Mix-Match services. - Selling and buying function on Style Market. The premium account. Intended for small companies and businesses. - Full function on Mix-Match services. - Selling and buying function on Style Market. - Complete transaction report, charts, business budget and target, and customers record.
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Registration Details Business name: Style Diary Trading name(s): Style Diary Date registered: 21st October 2013 Location(s) registered: 410 Elizabeth St, Surry Hills, Sydney, NSW 2010 Business structure: Partnership ABN: 23 453 656 901 ACN: GST: Yes, 10th December 2013 Domain names: www.stylediary.com.au Licences & permits: Logo, Company Name, Domain Name.
Business Premises Business location: Style Diary is located in Surry Hills, NSW, a convenient suburb, which is a main area for design activities and wholesale. The office position is within walking distances from Central Railway Station, the largest station on the City Rail network, coffee shops, restaurants and hotels. Those facilities are convenience for the staffs and hopefully able to increase the work efficiency. The location is also attractive for potential partners, sponsors, and other business associations. Buy/lease: Style Diary is currently on leasing contract with an office at 410 Elizabeth St, Surry Hills. It is a 110sqm office with timber floor, exposed beams, great natural light and northern views. The building also has a separate tearoom and kitchenette for staffs. The rent is AUD$1050 per week with AUD$5000 bond, while the cost of renovation and furniture is around AUD$15.000. Design and Business Management
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Organisation Chart
Minh Hien Doan
Stephanie Anastasia
Head of Creative Department & Product Development.
Head of Public Relation and Marketing.
IT or Web Designers
Fashion or Style assistance
Account Managers
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Alex Ton Head of Human Resources, Finance, & Customer Service.
Customer Services
Marketing
Human Resources
Management & Ownership Names of Owners
Experience
Stephanie Anastasia, Minh Hien Doan, Alex Ton.
All the 3 founders of Style Diary have their own qualification and relevant backgrounds to do well in their position. However, none of them has ever run a business, and this will the biggest challenge for Style Diary
Details of management & ownership Style Diary is a brand new fashion-graphic website which business model is more about providing services than selling products. With two major functions on the website (Mix Match & Style Market), it is important to assign the right person to the right positions and responsibilities. The three founders will be the held the highest position and share important responsibilities according to each strength, talent and experiences. Stephanie will take care of the public relation and marketing with main responsibility in raising partners and sponsors. Hien’s position as the head of creative department will help in product development; while Alex’s fashion background and communicative personality works well with her position as the head of Human Resources, Finance, and Customer Service. In regards to all those jobs and responsibilities, Style Diary still need some helps and will hire some talented employees. The current required staffs are senior web designer or IT with web design speciality, customer service, and fashion or style assistance, with the possibility of hiring human resource, finance assistance, and public relation or account manager in the future. Each of the owner put AUD$80,000 AUD$85,000 into the capital and has roughly the same percentage of Style Diary’s ownership. The business currently is using partnership contract, with the possibility of changing into company in the future.
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Key Personnel Current Staff Job Title Head of Human Resources, Finance, & Customer Service Head of Creative Department & Product Development
Head of Public Relation and Marketing
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Name
Alex Ton
Minh Hien Doan
Stephanie Anastasia
Expected Staff Turnover
Skills or Strengths
Permanent full time
Bachelor of Design (Fashion Design). 3 years experiences in customer services.
Permanent full time
Bachelor of Design (Graphic Design). 2 years experiences of working freelance for design studios.
Permanent full time
Bachelor of Design (Graphic Design). Has experiences in raising and re-raising partnership media partner for AIESEC, 3 years experiences in public relation.
Required Staff
Job Title
Customer Services
Qu ant ity 2
Expected Staff Turnover
Skills Necessary
1-2 years
Have a good communication skill and related working experiences.
Date Required 9th Dec (1) 2015 (1)
Have to have bachelor degree in multimedia design, IT, and/or system information. Senior Web Designer or IT
1
3-5 years
3 years experiences working for web design.
10th June
Have a proper proficiency in required softwares. Have a solid portfolio. Have a good fashion taste and wide knowledge about fashion industry. Fashion designer/ style assistant
2
2-4 years
Have at least 2 years working in the related industry and a very solid supporting portfolio.
10th June (1) 2015 (1)
High interest in online industry.
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Have a degree in Information Technology and/or have a solid portfolio. IT or web design assistants
2
1-2 years
Have a good technical skill and high proficiency in required softwares.
2015
Willing to learn, can work within deadline and able to work both as individual and in teams.
Human Resource & Finance Assistance
Graduated from related major or have a related working experience and good recommendation. 2
2-4 years
Able to work both as individual and in teams
2015
Good character judger and communicator. Have a wide knowledge about online and fashion industry.
Public Relation or Account Manager
2
2-4 years
Have a good communication skill and attractive personality. Able to work under pressure and within deadline. Have a good presentation skill.
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2015
Recruitment options
Training programs
As an online business, Internet will be the most important media for advertising job opportunities in Style Diary.
In order to keep the business competitive within the market, having high quality employees with up-todate knowledge is important. Therefore Style Diary has several routine training programs.
Beside social media, several website like Jobdb, Seek, Jobseeker, The Loop, and Pedestrian are also good starting points. Another important method is by opening internship opportunity and developing a close connection with university. Visit their graduation exhibition to then offer an interview and internship with some of potential fresh graduates.
There will be around 1 or 2 talks every month about the latest issue or development within the company and industry. The speaker can be from within the company or guess speaker with relevant experiences and knowledge. As for the new recruits, in the first month they will be given some adjustment trainings. They will be included into various activities done by many related departments (even the one they are not working in) so the new recruits know how things work within Style Diary, and what to expect from other staffs. There are also possibilities for potential employees to be given some extra formal training. Whether it will be a certificated course, higher education, or seminars will depends on the circumstances and necessity.
Skill retention strategies Style Diary understands that employee is very important in building a business. That is why the company needs the right retention strategy for the important and skilful staffs.
Hiring the employees with real passion towards the industry is one of the most important factors to keep them stay with the company. Beside that, various training programs those are available to all the staffs are showing that Style Diary appreciates their knowledge and skills. Another appreciation programs that is available for the employee are 20% discount for any purchase in Style Market and no listing fee when they decided to upgrade into semi-premium account. When they use premium account, there will be 50% discount on the listing fee and 10% discount on the transaction fee. The last, but not least, is Style Diary will held a feedback week every 6 months. During this week, all the staffs will receive a thank you email about their hard work for the company and some comment of their performance from the supervisor. The staffs can also give their feedback to the company and supervisors (can be anonymous or not) within a special section on the staffs part of the company’s website. Company outing program will also be held annually to strengthen the bond between all the employees.
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Products / Services Products/Services
Description
Price The price of the product will be decided by each seller with 3.5% extra cost transaction fee for product under $500. Above that the buyer will be charged with $20 fixed transaction fee. Semi premium & Premium account:
Style Market
Online Shop
Mix-Match
Image search engine with sketchbook, trend book, and mood board functions
Market position Style Diary is designed for individual and small businesses that like customised and unique fashion products. Most of them will fit within middle to highend market. Unique selling position Most of the available fashion-inspiration-websites are either blogs or editorial website, which does not Page 22
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Listing fee for product under $300, each listing is 50 cent for products under $10, $1 for $10-$50 products, $2 for $50-$80 and $1 extra listing fee for every $30 base price. For product above $300, there will be $10 fixed listing fee. This will last for five months of the price and will last for four months. Renewing fee will be 0.25% and will last for another four months. After that the renewing fee will be half of the original listing fee and will last for another five months.
Free
have enough two-way interactions. Style Diary is aiming to exploit this latent potential business model which already flourishing in other creative sectors. And by focusing the service for fashion enthusiasts, Style Diary will be able to maximise it’s facilities and functions to suit what the market need. Instead of just being a company who sells something for someone, the website is a platform for fashion community to support each other both creatively and financially. They build and share ideas, as well as trading the customised and unique products. This bond, connection, and
opportunity are important within the highly competitive industry. Anticipated demand Style Diary anticipate most of its users will either be a regular or semi-premium account holder. The assumption of the distribution numbers is 50% regular, 35% semi-premium, and 15% premium. There is possibility of the number to shift into 40% regular, 40% semi-premium, and 20% premium. Pricing strategy Both the website and mobile application of Style Diary will be free. However they might be advertisement within both media. The advertisement can only be used by Style Diary users and will only be showing the product or business within the website. Occasionally, it will also be used to promote some events or competitions that are either sponsored or held by Style Diary. The users themselves will decide the pricing strategy for their Style Diary online shop. There is no start up or annual fee for semi-premium and premium account, however when doing their business there will be listing fee and transaction fee. The listing fee for each product is 50 cent for products under $10, $1 for $10-$50 products, $2 for $50-$80 and $1 listing fee extra for every $30 base price of the products until $10 for product with price above $300. This will last for five months. After that the renewing fee will be half of the listing fee and will last for another five months. When the user makes a sell on Style Diary, there will be
transaction fee. It is 3.5% of the price up until $500 products, above that there will only be fixed transaction fee of $20. This does not include the shipping cost or tax (if applicable). Value to customer Style Diary can be a necessity or luxury to different users and customers, depending on how and why they use it. And some may start using it out of curiosity and think of the website as a luxury, but after they get used to it, the position can move to the necessity area. The same with individuals who start using the website to sell some of their products may found out the fun part of Style Diary and start to find enjoyment when they use it. Growth potential With the technology advancement and the demand of more flexible shopping experience. Style Diary’s business model is anticipated to keep growing in the future.
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Innovation Intellectual property strategy Style Diary brand identity including domain name, logo and company’s name have been trademarked. Intellectual property also applies to all the content provided on the Style Diary website. However, the pictures that are uploaded by the users will be considered as each of the users intellectual property. And any offending activities towards the copyright will be under the name and responsibility of each user, as agreed within the Term and Condition. IPAustralia protects our IP under the trademark application submitted on 21st October 2013.
Insurance Covers Style Diary chooses to use AAMI business insurance to protect the safety of the business. The Quote 3 is chosen and it costs AUD$207.88 per month or AUD$2,494.66 per year. The details of the covers includes:
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Risk Management Strategic Risk Some other competitors will ‘copy’ the idea before this business can develop enough reputation. The needed technology will cost too much. Inappropriate use of the website or banning and censorship risk from certain countries. The technology is too advance and new to be accepted by the most of the users.
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Likelihood
Impact
Strategy Patent on certain technologies
Likely
Likely
High
Medium
Create a high user interaction, which will build some loyalty feeling. Searching for potential investors. Getting a financial loan. Filtering the offending pictures.
Very Likely
Unlikely
Medium
High
Filtering search results based on the origin and age of the users. Run some campaigns about the core idea of the website and how the users can get benefit from it.
Unable to gather enough users and build reputation.
Very Likely
High
Pay Google, Play Store, and AppStore to feature the website and application on editor choice or top search result. Do partnership with bigger website or brand to boost the reputation.
Operational Risk
Likeli hood
Impact
Strategy
Not finding the right developer that is good and committed enough to build the software.
Likely
High
More specific job description on the job search application.
Not having enough budgets to out source high quality developer. Failure in the network or domain.
Searching for potential investors. Likely
Likely
Medium
High
Searching partnership with the software developer company and share the revenue. Create a network failure feedback form to be filled in by the users. Design and Business Management
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Too many enquires to be handled properly by the customer service. Overload data consumption and heavy website loading that can decrease the speed of the website, especially for the users without high bandwidth.
Error with payment system
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Create a quite specific and complete FAQ section. Likely
Likely
Medium
High
Establishing phone customer service line that available on working hours.
Rendering the image as low as possible but still in acceptable quality. Saving more data in cloud system.
Unlikely
High
On hold all transaction activities, spread the apologies and information about system error as soon as possible, then directly contact the involved parties (sellers and buyers) that is affected by the error while doing the transaction and offer them temporary solutions (ex: if the transaction is urgent, the website can offer to pay the seller first while the goods are delivered. The buyer will receive a bill that can be paid after the system is fixed).
Legal Considerations In every business model, there will always be some threats and problem with various regulations. This is why Style Diary create a list of some laws and legislations that May effects the business. 1. The intellectual property protection from IP Australia and international law: As most of the business, Style Diary will use both registered and unregistered rights within the website and application. However, within the company itself, all the employee have to sign confidentiality agreement. 2. Australian Customer Law: this will effects especially the Style Market in how the sellers need to conduct their business and the quality of their product. The specification is mentioned within the warranties & refund section. 3. Competition and Consumer Act 2010 4. Privacy Act 1988 5. Domain name: ending with ‘.com.au’ has some regulation which is mentioned within AUDA website. Basically, the company’s needs to be Australian registered company, be trading under a registered business name or have an Australian trademark. The domain name needs to be either exactly match or be an acronym of the company or be closely and substantially connected because of the product or service that is provided. 6. Website design copyright issue: ensure there is a clause in the design agreement that assigns ownership of all intellectual property rights in the content and design (including any future amendments) to Style Diary, and not the original web designer anymore. There will also be a warranty from the designer that confirms they did not copy the content from a third party and that the content provided will not infringe the intellectual property rights of the third party. 7. ‘Downtime’ assurances from the ISP: ensures that certain targets or rebates is written into the hosting agreement. This is very important for an internet-based business. 8. Part V of the Trade Practices Act 1974 (the TPA) + various Fair Trading Laws of NSW which mostly are mirrors of the TPA: the laws prohibit misleading or deceptive conduct, including the making of false representations. Breaches of these areas of TPA are punishable by fines up to $1.1 million for corporation and $22,000 for individuals. Design and Business Management
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Operation Production Process and Suppliers The details of the time line example can be seen on pg 66-67.
Strategic Equipment
Purchase Date
Purchase Price
IMac desktop
June 1
$2.500
HP desktop
June 1
$800
Fax machine
June 16
$300
Canson Pro10 Pixma Pro-10 printer
June 7
$500
Business phone – Panasonic KX-TG6821 ALB phone.
June 12
$70
Office table & chair from IKEA.
June 1
$1500
Technology (Software) Style Diary uses Adobe creative latest version CS6 to support all design works such as: flyer, brochure, magazine advertising, poster and website. IOS SDK and Android SDK to create various versions on phone. Microsoft office 2013 for composing the documents. The Adobe creative CS6 costs AUD$2150.98, Microsoft office costs AUD$255, CoffeeCup website editor, IOS SDK and android SDK are free products.
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Inventory Inventory item
Unit price
Quantity in stock
Total cost
A4/A3 copy paper pallet
$25.00
30
750$
Canon colour-ink
$50.00
10
500$
Artline drawing system pen pack 20- size 0.2/0.5
$19.13
20
382.6$
Copic markers pack/ 72
$450
2
900$
Canon EOS 550
$1500
2
3000$
Canson Laserjet Colour Printer
$189
2
378$
IMac
$2500
4
10.000$
Macbook Pro
$1500
4
6000$
Trading hours Style Diary’s office is open 5 days a week, from 9am to 5pm but the customer service is available 24/7 via email and during office hours in working days via telephone. While the website and all the services there are active 24/7.
Communication channels Customers can contact Style Diary anytime through the website and email (customerservice@stylediary.com.au). During working hours, Style Diary’s hot line number is 9875 8967. For meeting and other business purposes, Style Diary’s office in Surry Hill is open during working hours.
Payment types accepted Paypal, credit card, Visa & Mastercard, electronic voucher (can be given to other users).
Credit policy As a fashion online shop, most of the transactions will likely be under AUD$1,000 which will be more convenient to be paid all at once. However, on few cases, there might be a probability of big transactions that are above AUD$1,000, Style Diary provides a credit payment method. The customer can pay 25% of the price upfront and then divide the rest of the payment into 5 – 12 instalments within a year (depends on the cost of the product). This service only for transaction above AUD$1,000 and the available payment method is only credit card. Each user has a limit to the credit policy access; normally maximum 3 credits for one user. However if the user has used and finish the credit services more than 6 times and has a good payment record, the maximum credit access limit will be extended to 5 credits.
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In order to use credit service, the user also has to provide extra personal information such as home address and ID (passport or driving licence number).
Warranties & refunds Premium account: If after the purchase of the semi-premium and premium account the user does not received an email with link to access their upgraded account within 48 working hours, the user may contact the customer service to assist with the process. And if something went wrong and for some reason the access to the new account cannot be given to the user, a full refund will be given within 48 working hours. Online shop: In case of the network failure which affects the transaction process and causing money loss on either party, Style Diary will refund the money within 48 working hours after the network is stable. Both the seller and the buyer will be given notification when the refund is processed. If the user has not accept their money. The Style Diary requires each seller to provide their own customized warranties & refunds policies, which will be shown to the buyer every time before they do the payment. There is acknowledgement tick box to ensure the buyer to read the customized policy. These policies will also be shown in the seller’s profile page. Beside that the stated policies, the users are also protected by each the return and warranty law of each country. For example, as an Australian consumer, you have a legal right to return goods purchased from a business and to obtain a repair, replacement or refund if, the goods: •
Are faulty or develop a fault within a reasonable period of time after purchase
•
Are not fit for their purpose any purpose you stated or that the buyer made known to you (i.e. they don’t do what the seller said they would do).
•
Don’t match the seller’s description or sample
•
Are of unacceptable quality
•
Fail to meet other mandatory consumer guarantees under the Australian Consumer Law.
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Buyers’ rights under Australian law: Where goods fall into one of the above categories the buyer is entitled to: •
A replacement or refund for a major failure, and compensation for any other reasonably foreseeable loss or damage or
•
A replacement or repair if the goods otherwise fail to be of acceptable quality.
To exercise these rights, the buyer should contact the Seller and may be required to return the goods and to provide proof of purchase. The buyer also must not have caused or contributed to the failure of the goods, for example, by damaging or misusing the goods.
Quality control It is in the best interest of Style Diary to provides the best services to each customers. The company will ensures both the website and the application met with the market demands by keeping eyes on the latest trend in the market, as well as the feedback of the users. The regular review of Style Diary’s performance is one of the way to know what services needs to be update and how well this business model works. Style Diary will always do extensive researches in regards of the potential partners and sponsors. The company also requires all the staffs to be responsiveness, communicative, reliable and trustworthy in performing their service.
Memberships and affiliations Style Diary is the member of AGDA - Australian Graphic Design Association and Silver member of TFIA – The Council of Textile & Fashion Industries of Australia. The company have good relationship with many design institutes, including Raffles, Billy Blue, and UTS university.
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Sustainability Plan Marketing Stages
Input
Output
Promotional material
Paper( Brochure, flyer, voucher, magazine advertising), Ink ( printed document)
Waste (paper, ink)
Stationary
Paper (business card, invitation, letter head, paper bag), Ink ( printed document), Ribbon
Waste (paper, ink)
Staff uniform
Input: fabric(Cotton, denim, threats), Ink ( printed document)
Fabric (Cotton, denim, threats), Ink ( printed document)
Stages
Input
Output
Taken care by the seller
Electricity (Email, delivery transport)
Waste (Electricity)
Manufacturing
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Processing Stages
Input
Output
Online designer orders.
Electricity (design process, computer, email)
Waste (Electricity)
Customer service
Electricity (online, phone)
Waste (Electricity)
Office supply
Paper (Contract, printed document, deliverable), Electricity (design process, computer)
Waste (Electricity, paper, ink)
Stages
Input
Output
Consumption of paper
Paper
Waste (Paper)
End-of-life disposal
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THE MARKET
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Market Research To analyse Style Diary’s target market, the team has conducted a qualitative research to many fashion enthusiasts as the company’s target market, especially about the customers demands of fashion industry.
The survey shows that most of Australian consumers now are using multichannel to purchase products. Due to the increase usage of smart phones and tablet, the chosen media usually revolves around social networks and online shops/website. Consumers want to engage with the retailers in many ways, by using email, through online applications, and website. Most of the users of multichannel are between 15-40 years old, since they are more adapt with the technology. The example of the survey and questioner are included in the Supporting Documentation section. According to Rackspace Hosting research (http://www.powerretail.com.au/insights/selfish-impatient-australianshoppers/), this shopping habit will continue to grow as the shopper are seeking for convenient shopping way and the possibility of price comparison. With the internet become more accessible and has become part of daily life, the people are exposed to the desire to keep up with current trends and many choices with competitive prices.
Market Target Style Diary will assess its sales and business target annually. The first and second year target will be to reach the break-even point and the next target will be determined according to the first year result. The website also targeting to have at least 20,000 members after the first year of its launching.
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Environmental / Industry Analysis With the technology getting more advance everyday, many new forms of businesses growing.
Adding mobile and busy modern lifestyle into the mix, the demand of easy, mobile, and flexible business keeps increasing. And since Australians are embracing the Internet, with nearly nine in 10 adults, there is no question in why two of the most popular business advancements right now are online shops and online service providers (ex: online consultant, online school, etc). Even with the businesses that still maintain their shop front channel, it is inevitable to eventually start adapting multi-channels business which then develop into omni-channel. E-commerce, M-commerce, and S-commerce (social media) are the additional choices that are usually accompanying most of the retail stores. Maintaining all of those channels in the same time is not easy, especially when the business owner also has to take care the promotion and advertisement media. This trend is one of the reason why many small business starts to combine those various channels into one, so it will be much easier to handle. And most of them choose social media as their main channels. The growth of online shopping that is related to social media in Australia is proofed by ACMA latest communications report 2010–11 (E-commerce marketplace in Australia: Online shopping). It mentions how in the six months to April 2011, approximately 62 per cent of adult Internet users
purchased a good or service online. With factors related to convenience (67% of people purchasing online) and price (47% of people purchasing online) were the main drivers of the adoption of online shopping by Australians.
As for those who does not purchasing online, the main reported barriers were the lack of trust in to internet (19%), no need (18%) or having a preference for shopping in store (18%). The first two of those barriers can be cracked by building a platform in which the act of buying and selling is community and sharing based. Where the users share the similar interest and can give direct review of their experience. This type of online platform will also have good effects on the micro economy, as small and casual business can easily find and maintain their market. Fashion is also one of the top four items that is purchased online by Australian. ACMA’s report stated that 53% of online shopping is purchasing clothing, shoes and personal items. And that is second after including accommodation and tickets, which is 60%. Online-based business is also popular as it is a sustainable and eco friendly solution for the people who concerned about environment. The efficiency in time, space, and fuel for transportation will ensure the popularity of online world even in the future. Design and Business Management
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OUR Customers Customer demographics: Fashion enthusiast in productive age, 18 - 40 years old, from various occupation. They mostly are female and active or at least, use social media. They have a free lifestyle, independence; are willing to try something new, love outdoor activities. Their income ranges varies from $35.000 per year to more than $80.000 per year. Customer Management: Style Diary believes that the keys to maintain a close relationship to customer are taking care of our customer by being attentive to their experiences while using the services, listen closely to their desires and feedbacks. The company often join exhibition and held regular seminar to ensures the customers can get clear information about Style Diary’s products and deliver their opinion. With some useful talk and tips from the expert, Style Diary also has desire to educate its customer and share knowledge to each other. Style Diary is not only a platform where people follow and keep up with the trend, but also to create our own trend and style. This should be accessible for everyone with the best value of money. Key Customer: Our key customer is a 28 years old professional marketer, who has high passion towards fashion. A tech-savvy and active social media user with dressing up and outfit mixmatch hobby. She and her friend love to make costume made jewellery and want an outlet to sell some of her old shoes and bags. She also often shop online and visit some weekend market to hunt for something that is eye-catching enough to be added to her current collection.
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S.W.O.T. Analysis Strengths Offering innovative services that people currently need, as in mood board and trend-book creation for inspiration gathering and selling function for fast and effective shopping. The fashion and design background of the owners will ensure the application to be in line with the customer’s need, especially in the functions and interfaces department. The ranking functions will help the customers to decide which products and sellers are good and reputable. Online-based services will broaden the market. Available in various devices. The high contributions and interactions between the users via the website will make it into a platform of a new community.
Opportunities
The additional of selling and buying functions will increase the income of the website. The opportunity for sponsorship and partnership with famous fashion labels.
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Weaknesses Lack of capital.
Lack of reputation.
None of the owner has IT and business background.
Threats The new and unique functions of the website may confuse some of the new users. The possibility of being copied by other big competitors. The possibility of having fraud sellers or buyers. The website may not be able to gather enough users. Design and Business Management
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OUR Competitors Competitor
Established date
Size
Market share (%)
Value to customers
Fashionable website. Good customer service. December Trenland
10
-
Appealing interface.
2006 High quality. Aesthetic.
User-friendly. December So.cl
Social media. -
0.27%
2012
Advance technology. Lively and fresh interface.
Easy to use. September Pinterest
22
83%
User-friendly interface.
2011 Social media.
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Strengths
Weaknesses
They are promoted by renowned fashion brands and fashion designer.
Trendland isn’t well-known among regular internet users.
All the design is created to suit many different features.
The website only linked with certain social media (tweeter and instagram).
They use social network to support the system, so the customers can share their articles or ideas easily.
The interface is not user-friendly enough to attract ‘techblind’ users.
So.cl is a new website. The website can easily help the users to gain many inspirations and share it on social network.
Has not build enough reputation.
It has four interesting features to support user creative mind.
Lacking of promotional activities and marketing.
Supported with flexible interface (ex: phone version website).
The design doesn’t consistent enough to appeal the right target market (too stiff and ‘clinical’ for their young market target).
The website does not know yet about what their business model is. User-friendly interface with strong and clean design. Sensitive copyright issue. The “pin it“ button allow the users to keep and share their inspiration. It also contains the link to the original website.
Can’t upload more than 1 picture at the same time. Can’t pin some images from certain social network.
Connect well with social media. The website is quite heavy and not suitable for users with limited internet bandwidth.
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Advertising & Sales Advertising and Promotional Strategy Promotion type
Expected business improvement
Cost ($)
Target date
Magazine advertising, brochure and flyer.
Advertise our application on IDN, Wallpaper, Desktop and I.D magazine. Further more is distribute flyer at some design collages, bookstore, art store, and some fashion exhibitions to appealing everyone who interested in design.
$3000 $8000
N/A
Free - $30000 for long term
N/A
Free
N/A
Putting advertising banner on popular websites such as: designer forum deviant art, Behance, flicker and other fashion online magazine. Website banner is easy to catch viewer’s attention no matter whether they want to see it or not.
Online Advertising & Product Review/ Recommendation
Online review by fashion bloger and fashion magazine. Create a page of our application and share it free on social network pages are: Facebook, twitter which updating all information about style diary with some interesting event and some promotions to attract everyone. Provides 1-month free trials for customer to explore and enjoy full of the benefits from our application until they decide whether they should become a membership or not.
Free Trial 3 months special semi-premium and premium membership for several invited reviewers with the benefit of full function without product listing fee. Join exhibition.
Hosting, attending, or sponsoring conferences, workshops, exhibitions in related field.
$5000 $10000
at least 3 times a year.
Launch some competitions.
Create several competitions which will requires Style Diary membership to participate. The even might requires partnership and sponsorship from fashion brands. The topic goes around cloth or any other fashion design, best trendbook of the months, favourite online seller, etc.
$10000 $20000
At least 5 times a year
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Sales and Marketing Objectives Managing Director and marketing team makes up our sales team. All print adverts are designed in studio by our creative team, while the marketing team analyze and research marketing strategy and planning the events. Having an expertise marketer gives us the experiences of fashion industry. Catching the impression and fulfill customer demands are important, that’s why the sales techniques are important to decide the success of our product. Next steps, we focus on building a professional website and an attractive application. To promote our brand effectively and touch the target of at least 5000 memberships yearly, we aiming to appeal as much users as possible by sharing our product page through social network, introducing our product at any related event, conference. Online advertise on fashion design community website and offer flyers and brochures at community places or collage schools.
Sales and Distribution Channels
Channel type
Products/services
Percentage of sales (%)
Advantages
Disadvantages Be dominated by new applications. Customer has to recognize about the product first before searching for it in App Store.
Play store and app store
Product/Service
80%
Attracts customers to lead them stands out from all the other applications from the same category.
Event/ conference
Product/Service
10%
Promote the product on right target market.
It cost lot money.
Design Collage
Service
10%
Easy to attract customers.
They have to promote that collage for free.
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THE FUTURE
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Vision Statement To become the best and biggest fashion enthusiast online community where the users can easily share, search, develop and realize their ideas and creativity.
Mission Statement - To provide the users with the best and advance image search engine while also still user friendly, so it can be used by everyone regardless of their high-tech knowledge. - To provide an interface that can help designers work and communicate more effectively as well as get more inspiration through this multifunction website and application. - To help people develop and realise their idea by providing them with various tools that are convenient to use in gaining more knowledge and inspirations in the creative world; like moodboard, sketchbook and trend book. - To support fashion enthusiast community by providing small and individual businesses with a chance to do affordable and efficient trading so they can survive and compete with many big online fashion shops.
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Goals & Objectives Short Term Category
Goal
Objective
Responsibility
Income & Profit
Reach breakeven points.
Doing income & profit review every 3 months, to then come up with a list of what can & needs to be improved.
Owner, Managers, Marketing Team, Accountant.
Marketing
Raising at least 2 companies as investors, sponsors, or temporary partners.
Creating a competition for nonprofessional fashion enthusiasts. Inviting 2 companies as the sponsors and featuring their product on our website.
Marketing, Public Relation.
Advertisement and Promotion.
Membership
Get at least 300 new members on the first quarter and 700 on the second quarter.
Create a competition with the process of the competition is involving the usage of Style Diary account.
Marketing, Public Relation
Special invitation for blogers and other review medias to try Style Diary account.
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Hire customer service with good communication skills and has approachable manner.
Business development
Have a good reputation on customer service and widely considered as a responsive company.
Come up with several ‘consolation’ package (ex: e-voucher, discount code, etc) to be given to the customers who experience discomfort because of the company’s fault.
Customer Service, Public Relation
Doing a routine survey and questioners every 3 or 6 months. Adding some reward at the end of the survey to encourage participation. Become one of the best applications in the Editor Choice section of app store and play store within the first quarter of its release.
Approach the Editorial section of the Play store and Appstore.
Goal
Objective
Responsibility
Income & Profit
Reach revenue goals.
Have consultation with financial expert, create higher goals and plan or improve new strategy in marketing and product development.
Owner, Managers, Marketing Team, Accountant.
Marketing
Have at least 5 good ongoing CSR programs
Skilled Staffs Retention
Most of the supervisors have been working with Style Diary for quite a while and committed to the company.
Marketing
Give free trial sample of semi-premium and premium account to many fashion blogers and magazine editors.
Marketing
Long Term Category
Doing CSR evaluation every 6 months.
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Creating a CSR that can ignite high participation from the staff and the users
Create various Skill Retention programs; including training possibility, special staff discount, and feedback week program.
Owner, Human Resource, Public Relation.
Human Resource, Owner.
Action Plan Milestone
Date of expected completion
Person responsible
January 2014
Owner, Public Relation, Accountant
August 2014
Marketing, Owner, Public Relation.
January 2014
IT, Web Designer, Owner
November 2013
Human Relation, Owner
August 2014
Marketing, Public Relation
No time limit
Web admin
December 2014
Owners, Public Relation, Marketing.
Lack of capital. Get a bank loan, sponsors, partners, and investors. Lack of reputation. Become Silver Member of TFIA to be involved in the fashion industry and being updated with the latest news. Approach editor team of Playstore, Appstore, fashion magazine, and fashion blogers to get them do review on Style Diary. The new and unique functions of the website may confuse some of the new users. Design a user-friendly interfaces and create a clear and complete FAQ & ‘How to’ section on the website. None of the owner has IT and business background. Hire experienced IT staffs and fund some IT classes and trainings. The possibility of being copied by other big competitors. Build a good reputation and make sure to tell as many people as possible about Style Diary. The possibility of having fraud sellers or buyers. Create clear and strict rules about this case, response to all feedback and complain, and delete/block any account responsible for the crime act. Have a strict Term and Condition, as well as explicit penalty. The website may not be able to gather enough users. Do as much as advertising and promotion program, having many media do review about Style Diary, participate in exhibition or related events, create competitions or events to promote Style Diary.
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THE FINANCES
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Key Objects & Financial Review Financial Objectives
Financial Required
Style Diary will have an estimate income from sales around AUD$252,322 in the first year after the website is launched.
The company currently have around AUD$250,000 start-up capital which come from each of the owner and expecting around AUD$500,000 more to come from either bank loan or investors.
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Assumptions Expected bank loan deadline payment is within 5 years. Expected capital payment deadline is within 7 years. Expected renting cost will be AUD$1,050 per week with AUD$5,000 bond. Expected cost from advertising and marketing is AUD$5,000 in the first year. Expected accountant and solicitor fee will be around AUD$3,500 per year.
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Start-up Costs Start-up Cost
Cost ($)
Registration Business Name
$160
License
N/A
Permit
N/A
Domain Names
$64
Trade marks/designs/patents
$320
Membership fees
$5,000
Accountant fees
$2,000
Solicitor fees
$1,500
Rental lease cost (Rent advance/deposit)
$17,600
Utility connections & bonds (Electricity, gas, water)
N/A
Phone connection
$600
Internet connection
$960
Training
$1,000
Wages
436,800
Website Development
$15,000
Insurance
$2,500
Printing
$1,000
Stationary & office supplies
$600
Marketing & advertising
$5,000
Total start-up cost
$490,044
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Equipment / Capital Cost
Cost ($)
Start-up capital
$250,000
Plant & equipment Computer Software
$2,500
Computer Equipment
$16,000
Camera
$3,000
Phone
$70
Fax Machine
$100
Printer
$370
Office equipment Furniture
Total equipment / capital cost
$1,500
$273,540
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Expected Cash Flow
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Break-Even Analysis Break-Even Calculator Timeframe (Monthly) Average price of each product/service sold Average cost of each product/service to make/deliver Fixed costs for the month Percentage of price that is profit Total sales needed for break-even Number of units sold needed for break-even
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$15.00 $8.30 $31,500.00 45% $70,522.39 4701.5
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SUPPORTING DOCUMENTS
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Gantt chart Production Process and Suppliers
ID
Task Name
Duration
Jan 19, ‘15 S M T W T F S
1
Project Request (by Client) or Project Pitching (to Client)
0 days
2
Proposal Review
2 days
3
Project Overview (Draft of Budget & Time frame)
4 days
4
Reach Agreement
4 days
5
Formalise Project
2 days
6
Confirm Agreement
3 days
7
Design Overview
7-14 days
8
Design Approval
5 days
9
Project Implementation
varied
10
Finish
0 days
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Timeframe Jan 26, ‘15
Feb 02, ‘15
Feb 09, ‘15
Feb 16, ‘15
Feb 23, ‘15
S M T W T F S
S M T W T F S
S M T W T F S
S M T W T F S
S M T W T F S
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CSR As a company that doing its business in creative field, it is really important to provide the employees with a nice and comfortable working space.
Choosing an office with a lot of open spaces & sunshine is one of the strategy. Together with many supportive materials, such as collections of creative magazine and books, colour palette and samples on certain wall, comfortable chairs, and brain storming room, it is hoped that the staffs will work more efficiently and save a lot of electricity. Aside from that, the company also provides the workers with a free gym membership. This will not only encourage more healthy lifestyle within a desk-job working environment, but also create a stronger bond between all the employees as they are also sharing something outside the work. This CSR is completed with annual outing program which will also be part of the skills retention. For the CSR program that is for outside company environment, Style Diary choose to start with education. By holding various seminars, talks, and exhibition the company shows it’s desires to share the knowledge with many people. There is a plan in the future to give scholarship to talented young student in fashion and design field. But this can only be done after the company earn enough profit. There is also a charity program like Fashion Trade, being run in a partnership with Red Cross.
The purpose of the program is to raise money for the community, reduce landfill by recycling, and fill Red Cross Stores with great donations they can sell to raise funds for Red Cross.
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Property & Map Address
410 Elizabeth St Surry Hills
State
New South Wales
Postcode
2010
Phone Area Code
02
Sub Region ; Region
Eastern Suburb ; Sydney
Weekly Rent & Bond
$1050AUD ; $5000AUD
Property Type
Studio
Land Area
110 sqm
Details
Timber floor, exposed beams, great natural light and northern views.
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Interfaces examples
EVENT
NEWS
GALLERY
ABOUT US
PRODUCT
REGISTER
EVENT
CONTACT US
NEWS
GALLERY Sign up
ABOUT US
PRODUCT
Account Name:
Next
Password: Email: You can login with
REGISTER
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CONTACT US
HELLO Linh lan
SEARCH FOR INSPIRATION:
CATEGORY
HELLO Linh lan
SEARCH FOR INSPIRATION:
CATEGORY
MY GALLARY
MY PROFILE
MY FRIENDS
HELP CENTER
SETTINGS
LOG OUT
SHARE
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Sign up Account Name: Password: Email: You can login with
ATION:
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Reference & Credits AAMI Business Insurance n.d, Business Insurance Online Quote, viewed 18 November 2013, <https://quote. aami.com.au/business-insurance/#/get_your_quotes>. AAMI, Insurance cover, viewed 20 November 2013, <https://quote.aami.com.au/business-insurance/#/select_your_business/occupation/Bakery> ASIC, Fee search, viewed 17 November 2013, <http://www.asic.gov.au/asic/asic.nsf/byheadline/Search+Fees?openDocument> Dribbles, Highlights of the Day, viewed 01 October 2013 <http://dribbble.com/highlights> Idiagram, Visual Models, viewed 01 October 2013 <http://www.idiagram.com/ideas/visual_models.html> IP Australia, Registration class 30, viewed on 20 November 2013, <http://pericles.ipaustralia.gov.au/tmgns/facelets/trademarkclass.xhtml?classld=30> IP Australia, Trademark example, viewed on 20 November 2013, <http://pericles.ipaustralia.gov.au/ols/tmcheck/tmdisplay.html?query=724004> Learn Marketing, n.d, PEST analysis, viewed 07 October 2013 <http://www.learnmarketing.net/pestanalysis.htm> MIT Technology Review, Better, More Accurate Image Search, viewed 01 October 2013 <http://www.technologyreview.com/news/407658/better-more-accurate-image-search/> Noupe, Instant Inspiration: Niice.co, a Brand-new Search Engine for Designers Sparks Your Creativity, viewed 01 October 2013 <http://www.noupe.com/design/instant-inspiration-niice-co-a-brand-new-search-engine-for-designerssparks-your-creativity-75944.html> Red Cross, Fashion Trade, viewed 23 November 2013 <http://www.redcross.org.au/fashion-trade.aspx> Signature 9, The 99 Most Influential Fashion & Beauty Blogs, viewed 03 November 2013 <http://www.signature9.com/style-99> Teaching Thinking, Expanding Minds: Developing Creative Thinking in Young Learners, viewed 01 October 2013 <http://www.teachingthinking.net/thinking/web%20resources/robert_fisher_expandingminds.htm> TinEye Labs, Frequently Asked Questions, viewed 01 October 2013 <http://labs.tineye.com/faq.html> TinEye, What is MobileEngine?, viewed 01 October 2013 <http://services.tineye.com/MobileEngine#what-is-MobileEngine>
Image Credit: http://freehdwalls.net http://www.v3wall.com http://www.pinterest.com
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Questioner 1. How many hours per day you usually spend on the Internet or online social networks? A. Less than 1hour B. 2hours C. 3hours D. More than 3hours 2. Do you prefer reading fashion magazines or fashion blogs? A. Magazine B. Fashion Blog 3. Do you mind receiving emails from online websites about new products, discounts information, advertisement and things like that? A. Yes B. No 4. Do you prefer buying fashion items online or buying at retail store? A. Online B. Retail Store 5. What do you like the most about shopping online? A. Save time B. Cheaper C. More variety
D. Easy to do price comparison with other shops
6. What do you dislike the most about online shopping? A. No â&#x20AC;&#x2DC;touchâ&#x20AC;&#x2122; experience B. The photos may be misleading
C. Extra personal information
7. How often do you go shopping? What are your fashion shopping habits? A. Almost every day B. Once a week or weekend C. Once every 2-6 months 8. What is the product that you buy most online? A. Travel & accommodation B. Clothes
C. Make up
D. Junk mail
D. Once a year
D. Random items (..........................................)
9. Do you care about famous fashion brands? A. Yes B. No C. Sometimes 10. What are the main important factors when you choose fashion items? A. Colours/Material B. Prices C. Quality/Brand
D. Fair Trade and Green products
11. Is there any particular time when you like to do online shopping? If yes, when is it? A. Big Holiday (New year, Christmas, etc) B. Before formal event or party C. Seasonal (Spring/Summer/Autum/Winter) D. I have no favourite shopping time 13 Where do you usually take your fashion inspiration? A. Family/Friends B. Idols C. Magazine/Fashion Blog
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D. Store trend (windows shopping)
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