The Sewing Business lies in the Clothing and Footwear industry, closely related to the textile industry. This industry involves designing and sewing clothes from pieces of garments. Quality Clothing Enterprises will be a limited liability company owned by shareholders. The corporation will be a separate legal entity from the owners and hence have limited liability. The firm will have ordinary shares only. The company will have access to more capital than in a sole proprietorship. Clothing The business will be located in New York City in the New York State. Since it is a small corporation, the firm will rent a building in the City where all its activities will take place. Supplies such as zippers and fabric will be bought and tailoring and fitting made, to finished clothes ready for customers. The town has high pollution of people, with everybody being a potential customer since everybody needs clothes. The firm will, however, target the adult segment of the population, those who work in the offices.
Question to Answer
- Prepare a projection of your startup costs, and the amounts you will need for the first three months of the business, assuming you will make your first sale in Month 4. Use one of the free available startup cost calculators such as BusinessKnowHow (https://www.businessknowhow.com/startup/startup.htm.) or SBA https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs.. In your discussion, provide the total sum you will need and explain the larger and key items.
- Discuss the details of your proposed business’ allocation of resources: consider financial, human, and other physical resources you will need. Explain how much money you will need and what you will need it for over the first two years of business.
- Prepare a timeline for your business plan. Select at least 6-10 milestone dates, which reflect important events or milestones in the emergence and development of your business from an idea to a viable company. Explain each of those milestones in 1-2 sentences. One of your milestones must be when your potential investors may expect to see a return.