Monday, 27 October 2008

Must Do Homework

So I want to open my own boutique. The fashion industry is very competitive. Studies show that 80% of retail clothing businesses fail within the first five years. Most small retail stores suffer from poor supplies, poor evolution of fashion trends, discount stores and high competition.

I got this information from a consultant, who is offering me his services for €2152,80. This will pay for a small and simple market study that includes:

1. Consumer demand characteristics of the Saint Rémy de Provence area
2. Market barriers and attractions
3. Market area penetration
4. Competitors, location, market position, concept
5. Proposed market position for the project
6. Indentification and appraisal of other possible business channels coupled with the shop
7. Projected investment budget
8. Operating budget, profit and loss statement for the first three years, including projected breakdown revenues, activity ratio and operating margins, shop rent level, general expenses
9. Recommendation for space and location areas in Saint Rémy de Provence

It will take him three weeks to finish the report. Although I can do the market study myself, I think that the results will be more accurate if a true bilingual, and a native French person, does it. This will save me time and a whole lot of errors. On top of that, I happen to be a math and accounting dunce.

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