Glam N’ Go Business Plan
Fashion Entrepreneurship
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You've become aware of a new retail space opening up on West Broad St. close to campus. The landlords are looking for a dynamic new business to lease the space and make an impact in their community. As an incentive, they're offering $100,000 of seed capital to the entrepreneurs with the best business plan for their space. You've been thinking about opening your own company after graduation and have just the partners with whom to pitch an amazing idea! (In groups of 2-4, develop a full business plan for a new fashion company.)
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I’m a pretty shy person so the professor ended up pairing me with a group of a few other girls. I didn’t seem to fit into the group very well and didn’t think my skills would contribute the best to the group and the idea so I ended up partnering up with someone I was working on other class projects with. She was initially by herself and I thought, not only was her beauty vending machine idea amazing, but that I would be able to contribute to the creation and execution of the business plan.
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Through this semester long project, we drafted a business plan for a beauty vending machine called Glam N’ Go. These vending machines would start by being placed on college campuses and contain things like skincare, feminine products, and haircare items. We developed financial and marketing plans, along with research and an explanation of the business, industry, our brand, etc.. Overall, this project really inspired me into thinking I’d like to start my own business someday, and I think our beauty vending machine could someday become a real business.
Below is an excerpt from my completed paper, and the button takes you to a PDF of the full finished product.
“Founded by two college students, Glam N’ Go is a beauty vending machine company that strives to provide all women with luxury beauty essentials on the go. The mission of Glam N’ Go is to help women enhance their beauty and self-expression even when they’re on the go in order to help them feel like their best and most confident selves. The vending machines provide everyday necessities such as makeup, skincare, and feminine hygiene products so that any woman will have these items available at her fingertips even in the midst of her busy life. Glam N’ Go’s customer is a young, hardworking college woman who believes in maintaining one's confidence and loves to engage in a beauty experience. She is a busy bee but enjoys taking the time for self-care and shopping for items that make her feel great. Starting in Richmond, VA, the first two Glam N’ Go machines will be launched on the VCU campus. Projected annual revenue for both machines is $273,750, with a gross profit percentage of 62.4. Pre-opening expenses are a total of $55,500 and the projected breakeven amount is $82,218.”