A BUSINESS PLAN ON

FASHION DESIGN

PRESENTED BY

MUDATHIR BASHIRAT OMOWUMI

BA/HND/F21/5976

DEPARTMENT OF BUSINESS ADMINISTRATION

COURSE CODE: EED 313

COURSE TITLE: ENTREPRENUESHIP

SUBMITTED TO

MR. GALADIMA

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 FASHION DESIGN BUSINESS PLAN
Why Start a Fashion Design Business?
Fashion is one aspect that cannot be done without especially in an age
where different age groups all have a large percentage of them that are
geared to fashion. A fashion design business is a business for
entrepreneurs who are creative and enterprising in nature. These
individuals understand the fashion world such as the importance of texture,
color, and shape in varied clothing as well as the business of ensuring that
this creativity yields revenue and eventually profit.
Business Overview
The fashion design industry has no companies with a dominant market
share in the industry. The industry is one that has generated revenue of
N700,000 with an annual growth of 7.2% for between the periods of 2011
to 2018.  In Nigeria, there are more than 21,000 fashion designer
businesses employing nearly 27,000 people.

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 TEMITOPE FASHION HOME
Executive summary
Temitope Fashion Home is established to intrigue our clients with our
fashion pieces while also identifying with the uniqueness in each of our
clients. Our aim is to become a worldwide brand name in the year 2025 in
Ikorodu Lagos State.
We therefore are in business in order to generate revenue, make profit
whilst also favorably competing with other leading brands in the fashion
design industry in seven years time.

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Our location in Ikorodu Lagos State is a very strategic one as we are
located in the hub of the fashion industry and with the right strategies and
plans that we have in place, we are sure of meeting, achieving and
exceeding our desired goals and intentions.
Our publicity strategies are top notch as we have hired the services of a
brand consultant to help us draft the strategies that will make us stand out
from similar fashion design businesses in the industry.
Our intention of achieving this vision is in going the extra mile to hire the
right management team that understands our core vision and principles as
a business and willing to ensure that these values are clearly
communicated and implemented by the non-management staff in the
organization.
We intend to build a solid business structure by ensuring that we hire
professional and competent employees that understand the business and
industry thoroughly and are also committed to seeing that we achieve our
intended goal through increased productivity.
Seeing as technology has come to stay, we will be deploying the right
technology that will help us become efficient in producing the right
designs, while also getting the right and recent equipment are procured for
use in increasing productivity.
Finally our owner, Quadri Balikis Temitope have the right amount of
fashion and business experience needed to ensure that Temitope Fashion
Home become the brand leaders it intends to be. Balikis is a creative
fashion designer and has been producing designs for 5 years.
We intend to ensure that we create multiple sources of income that will be
in line with our core service; these other services might be intangible in
nature and include services such as trainings and consultancy services. Our

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intention of creating multiple sources of income is so that we would be
able to boost the bottom line of our business as is permissible under the
laws of Nigeria.
Therefore, some of the products and services we intend to offer are;
 Sale of fashion design wears for certain ages and sexes
 Sale of fashion accessories
 Consultancy and advisory services
 Trainings
Our Vision Statement
Our vision is to intrigue our clients with our fashion pieces while
identifying with the uniqueness in each of our clients. We also intend to
become a worldwide brand name in the year 2025 here in Ikorodu Lagos
State.
Our Mission Statement
In order to achieve our vision, we have laid down procedures that would
ensure that most of our target market is aware of our products. We also
have competent and professional employees that would ensure that our
vision is actualized.
SWOT Analysis
Making a honest assessment of our business concept by pointing out the
advantages and weaknesses we have will allow us know if we are taking
the right step into starting this business, and as such we hired the help of a
reputable business consultant here in Ikorodu Lagos State.
In looking critically at our business concept, the business consultant used
the popular SWOT (strengths, weaknesses, opportunities and threats)
analysis to determine how suitable we were for the industry. Below is the

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result of the SWOT analysis that was conducted on behalf of Temitope
Fashion Home;
Strengths
Our strength lies in the fact that we create unique designs for our various
clients to meet their tastes and preferences, as well as other fashion related
services. Our several marketing and publicity strategies are already
enabling us stand out from the others in the industry.
Also, we have hired competent employees who are not only professionals
but have the necessary expertise to enable us meet our intended goals and
objectives. Also, our owner, Quadri Balikis Temitope have the right
amount of fashion and business experience needed to ensure that Temitope
Fashion Home become the brand leader it intends to be.
Weaknesses
There are certain factors which we have perceived as weaknesses to our
business and that is the fact that we are located in a fashion hub as Lagos
State. Also, the industry is a bit saturated as there are enough fashion
design businesses in and around Ikorodu.
Opportunities
There are several opportunities that abound for our fashion design school
such as ability to showcase our designs to the world through fashion shows
and pageantries as well as celebrity endorsement. Also, the internet is
offering us vast opportunities that will enable us showcase our designs to
clients in far locations.
Threats
While the fashion industry might seem fun and glamorous, there are
threats that the industry faces every now and then and as a business we are

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well prepared to meet any threats we might face during start up and whilst
running the business.
Some of the threats we are likely to face are scarcity of the raw materials,
unreliable vendors as well as arrival of more competitors into the market.
We have however laid the right strategies that will ensure that we
surmount any challenges that we are likely to face during the course of
starting or running the business.
MARKET ANALYSIS
Market Trends
The fashion industry is a glamorous and fun industry that is competitive in
nature. Running a fashion design business is time consuming and most
fashion design businesses usually fail because the entrepreneurs do not
have the wherewithal to be creative and run the business at the same time.
This is because any entrepreneur starting this business usually spends less
time designing, and more time managing production, dealing with
suppliers, sending clothes to magazines, and managing the employees’ in-
between. It usually takes an entrepreneur who has been into the business
before to be able to successfully handle the business.
This kind of business is one that requires endurance and tenacity because
this is a hyper competitive and complex industry, in which any start-up
business can have suppliers and customers in the short period of time of
starting the business.
Which is why to succeed in this industry you would need to be committed
first as the chief executive officer before being a fashion designer.
However, this does not mean that you do everything yourself, as most
fashion design businesses usually hire a chief executive officer to handle
the administrative affairs so that the owner can focus on fashion designing.

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Finally, fashion designing in the real business world is different from that
learnt in school. Starting and running a fashion design business would
mean you developing and ensuring you follow a creative process that is
organized, which is why most entrepreneurs looking to start their own
business usually work as interns in larger fashion houses so as to be able to
understand the methodology required in running the business.
Another option when starting this business especially if you are just skilled
in fashion designing is to find a partner that is skilled in business in order
to help manage part of the business.

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SALES AND MARKETING STRATEGY
 Sources of Income
Temitope Fashion Home is a fashion design business that has been
established with the aim of generating revenue and making profit in the
fashion industry in Nigeria. We intend to ensure that we offer various in
order to meet the various needs of our customers.
Therefore, we intend to generate income for Temitope Fashion Home by
offering the following services;
 Sale of fashion design wears for certain ages and sexes
 Sale of fashion accessories
 Consultancy and advisory services
 Trainings
Start – Up Expenditure (Budget)
In starting a new business, there are certain aspects of the business the
bulk of the capital is spent on. In starting our fashion design business and
running it to a certain standard, we expect to spend the bulk of our capital
on raw materials, leasing a facility, paying the salaries of employees as
well as utility bills.
Therefore the key areas where we intend to spend our start-up capital on
are;
 Total fee for registering the business in Nigeria – N20,000
 Obtaining of licenses and permits as well as accounting software – N
10,000
 Insurance coverage (workers’ compensation, general liability) –
N50,000
 Other start-up expenses (sewing machine, scissors, generator, and
thread) – N80,000

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  Leasing a shop for the period of one year – N20,000
 Miscellaneous – N20,000
From the above analysis, we would need an estimate of N200,000 in order
to successfully start and run our fashion design business here in Ikorodu
Lagos State. It should be noted that the bulk of our capital would be used
to pay employees salaries for a period of six months, lease a fairly used
vehicle as well as lease a facility that we would use for the period of one
year.
N.B: We have been able to generate the sum of N100,000 from our
personal savings. We sourced for the sum of N30,000 from our family
members and friends. We applied for a loan of N70,000 from our
commercial bank. All the approving documents needed in ensuring that the
loan gets credited to our account have been signed.
The bank loan is expected to be repaid in 2 years at a 2% interest rate.

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