Business Plan: "Laced Up"

Executive Summary:

"Laced up" will be an aftermarket store for sneakers which are highly coveted which most people will not be able to get from the companies directly due to high demand. There will be an up-charge for the shoes due to their demand and will not be sold for retail price.

Mission statement:

To provide customers with limited shoes from various brands with a fair market price.

Vision statement:

In five to ten years, I want Laced Up to one of the most reputable sneaker shops within the city. I want to have a strong community where people know my company's name for a good reason. We will build strong customer relationships through excellent customer service and the sale of fairly price authentic Nikes and Jordans.

Culture:

Laced up will have employees who are very involved in the "sneaker game." I hope to employee sneaker collectors and people who are very knowledgable about these coveted shoes, so that people who are coming in to shop will have a positive experience when it comes to asking questions or even just talking about shoes. I want people to walk in the store excited even if they want to just look around at what we have for sale.

Company Summary:

Laced up is a new consignment sneaker store that will provide expertise in coveted footwear such as Nike, Adidas, and Reebok. Some of theses brands have very coveted models which not everyone can get their hands on during the release of them. Private resellers or people who in bulk of these shoes try and resell them for hundreds of dollars over the retail price. We want to offer a price which will still be higher than the retail price, but a fair market value. We will also higher specialists who will be able to authenticate all of our items in our store, to ensure all of our products are authentic.

There will be employees in our store who will handle the pricing of shoes as well. We will also offer trade ins and the buying of footwear from customers as well. Customers will be able to trade in shoes from their collection and use store credit to buy another shoe they may want.

Market Analysis Summary/Strategies and Implementation Summary:

We want to be located in a city where there is a lot of younger people. Although there are older "sneaker heads" who are collectors, many of the youth enjoy this kind of footwear as the style is very in. Also, by being in a city, we would be able to grow our cliental more and we feel this company could make more connections in a city-like environment. Streetwear in general, especially sneakers is a very growing market. Both women and men would be our target groups, as many Nikes and Jordans have been releasing in Women's only sizing. Nike is growing their Women's lifestyle footwear more and more.

Our company will offer shoes that are no longer available in-store because they are sold out and only being resold aftermarket online. This is where the value of our shop comes in. If someone wants a particular shoe they may not want to pay the high price online where they cannot see or even try on the shoe in-person. In Laced Up, we have the shoe in person at a competitive price. If there are any other sneaker consignment shops in the area, we want to have competitive pricing to attract more customers.

Strategies and Implementation Summary:

I believe our store will be able to achieve the desired outcome through a knowledgable and friendly staff of employees. Our workers will focus on building customer relationships because we are a smaller and local shop. We need to grow our community to put our name out there. Also, I believe by having competitive, lower pricing on coveted footwear we will be able to get customers through the door with pricing alone. The location of our store is a major factor as well. This type of footwear is very relevant in cities and part of the culture, so Laced Up will strategically be opened.

Management and Operations Summary:

We want to ask customers questions about what they are looking for and be able to lay out our store as well as possible. There are a lot of Jordans and Nikes in general that many are trying to get, so sorting shoes by models and different colors in certain regions of the store will be crucial. We will also sort brands together, as we want the store to be laid out in a way that is easy for customers to find a particular brand or model. For example, if a customer is looking for a Jordan 1, we want the Jordan 1s to be in the "Jordan section" next to the other Jordan 1s. This is a very "hot" model, so this perhaps could be placed in the front of the store.

Also, I want to have multiple employees in charge of different departments. Some employees will be on the floor assisting customers, while others will be at the register. I will also dedicated workers to our authentication team and our trade ins. Lastly, I will have workers responsible for pricing footwear.

Financial Plan:

The start up cost of this company will be quite expensive, as the Nikes and Jordans are no longer available on Nike.com or through retailers. However, I plan to be able to obtain some footwear from various connections such as other sneaker boutiques, for example at a discounted price. Filling our inventory will be expensive, but as we grow more connections obtaining these sneakers will be easier and our name will be out there, so customers will be coming in trading/selling our store shoes. This will increase our inventory even more.

Funding Request and Exit Strategy:

If I plan to ever sell the company, this will most likely be a transferred ownership to a third party or key employee. This store will be connected with its community very well and will grow many relationships. People who love sneakers will always be coming in and I would prefer to sell the company to someone who understands the market and culture as well. I would prefer to sell the company to an employee as they would be familiar with store procedures.

Appendices:

The sneaker world is a very large one. To someone who may not be familiar with it, this may seem like an unusual hobby or far fetched, however there are many famous sneaker consignment shops which are recognized around the world that do very well, such as Flight Club in New York City. For reference, I will include a picture of how their store is set up because it is a similar set up I would want in Laced Up.