The feasibility study is strategically employed for determining the viability of the business idea. It elaborates whether the project is achievable based on the foundational resources in place (Wolf, 2020). It is significant to conduct a feasibility study to evaluate the directional approach of the business before the commitment of any resource, budgets, or time accumulation. The essay is evaluating the feasibility status of the clothing industry and how it has availed the set protocols of the business setups. The proposed business name is Paris Emporium.
Industry and Market Feasibility
Paris Emporium: Current Market Analysis
Paris Emporium is a proposed clothing business to serve as a private entity in France. The business classification will be based on the fashion industry targeting relevant retail shops within the said industrial group. From social media analysis and identification, the business will be opened in another competitive market. The current consumer price index of 1.5% in Paris-France is providing an amicable starting point for the company to grow (Sable, 2019). The industry of fashion is contributing largely to this percentage since the product is among the basic need.
The estimated amount of capital required to commence the clothing brand is not limited. That means the price margin depends on the input capital. However, most of the brands accumulate from 4% to 13%, which is a considerable profit to the Paris Emporium clothing brand (Sable, 2019). With the minimal workers’ wages, the business is set to realize its potential profit within the target market sphere.
Industry and Market Feasibility: trends in the industry
The business is opened to various trending factors in the day-to-day marketing structure. The main one of these is the digitization and the online presence where they can sell their products. An example of the companies enjoying such trends is the Third-Love, which has embodied the e-commerce business system and online access to their consumers. In this line, sustainability is another factor that is calling for the company incorporation for the market stand.
Product and Service Feasibility
The analysis of product and service feasibility is the assessment and evaluation of the appealing status target product or service. Besides other substantial factors, it is only ideal for venturing into product/service if it is selling. The product/service feasibility depends on the concept of market desirability and how the consumers are making favorable attempts to purchase. The analysis of product/service feasibility is categorically grouped into two aspects, i.e., based on desirability and demand.
Product Service Desirability
The desirability of the product entails the analysis of whether the service or product can fulfill its target mission. The value depends on the brand description, proposed market, and the overall benefits of the business. Paris Emporium is targeting to clothes and attires in the industry of design and fashion. The market is Paris, which is embodied by the most urbanized population. The product is beneficial in that it will be providing employment opportunities and revenue contributions to the country. With the current technology, the brand will be sold based on the virtual system, online, and door to door approach.
Product Service Demand
This strategy determines the analysis of the demand for the proposed product/service. Categorically, the identification of this feasibility depends on two concepts, i.e., buying intention survey and the use of internet, library, and Gumshoe Research. With the two strategies, the Paris Emporium will depend on both to ascertain its credibility and success. The company will invest in the survey system to provide a description data in line with the product. The consumer will have ample time understanding the content of the brand. Distribution of such services will determine the status of the success of the business. Using research libraries and the internet for scrutiny of data and information on the brand will also enable the firm to understand its status.
The aspect of financial feasibility underlines the concept of capital and finance of the study regarding the economic viability of the business being proposed. These include the starting capital, expenses of operation, forecast, and the internal and external flow of cash (Woodruff, 2019). The recommended starting capital for this firm is $10 000, which would accumulate for one year. The firm relays on potential investors and grants to fully remain operational in the market. Counter-interaction with technological advances and innovative ideas will help the firm adapt to new business competition.
The aspect of entrepreneurial readiness is measured based on a person's setup to start the business. It is very consequential and substantial to highlight the varying factors that define people's willingness. Some of these determinant factors are individuals or family traits, psychological propagations, and the general entrepreneurial or economic background (Coduras, Saiz-Alvarez & Ruizd, 2016). The success of the business depends on these factors.
To ascertain the entrepreneurial readiness, the Paris Emporium firm is organized within the economic frameworks that will enable it to proceed and sustainably achieve its mission. The workers in this firm will be selected based on their derivatives and interest. The interest must be in line with entrepreneurship skills. In general, the business is set to sustainability strives for a longer time with its service impotence offered to its target community.
Coduras, A., Saiz-Alvarez, M. J & Ruizd, J. (2016) Measuring readiness for entrepreneurship: An information tool proposal. Retrieved from https://www.elsevier.es/en-revista-journal- innovation-knowledge-376-articulo-measuring-readiness-for-entrepreneurship- S2444569X16000226
Sable, J (2019) What Is the Profit Margin for Retail Clothes? Retrieved from https://smallbusiness.chron.com/profit-margin-retail-clothes-25123.html
Schmidt, S (2020) 4 Top Apparel Industry Trends to Watch in 2020. Retrieved from https://blog.marketresearch.com/4-top-apparel-industry-trends-to-watch-in-2020
Rahat (2016) Product/Service feasibility. Retrieved from http://eduplanetbd.blogspot.com/2016/09/productservice-feasibility.html
Woodruff, J. (2019) How to Prepare a Financial Feasibility Study. Retrieved from https://bizfluent.com/how-4731058-write-financial-plan.html
Wolf, L (2020) How to Write a Market Feasibility Study. Retrieved from https://www.thebalancesmb.com/how-to-write-a-market-feasibility-study-in-4-easy- lessons-3515137
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