Clothes As Art Inc.
The store is approximately square feet. It contains two dressing rooms and a unisex restroom. Parking space is available in front of the store with additional spaces in the rear for overflow. This variety of businesses creates a constant flow of traffic during most business hours.
Business Operations While a clothing retail store is not unique in itself, this business will have one-of-a-kind items and provide personal one-on-one attention to customers after hours when needed. Customers can buy sweaters, dress slacks, dress shirts, coats, jogging suits, jean outfits, childrens' items, catalog items, and more.
The store hours will be 7 days a week. Store hours will be from 10 A. We will have two full-time employees. We will not be offering benefits for the first couple of years. Employees will do the cleaning of the building.
The inventory will be purchased through several vendors that include: We estimate our retail business plan executive summary to turn over 8 times a year. The following are our operation policies and will be posted throughout the store: The following will be conducted by Mitchell's accounting firm: Weekly payroll Compliance with all Connecticut Sales Tax requirements Generate Profit and Loss Statements as required Consultation on an as-needed basis Generate all requirements as required by Federal, State, and Local Taxes Generate all W-2s as required Filing all required personal tax returns will be at the current cost rates for Schedule C's and other business returns This accounting firm will be phased out as we learn how to use the appropriate accounting software to manage our own books.
Arbor has combined managerial experience of 12 years and has also taken business management classes at Smith Community College and Hartford Business Institute. She is therefore technically qualified to handle the products the store will offer.
Ventures and Wonderkins sell similar products to Boston Rags. The owners of Ventures are also close friends of Ms. The owners have referred to an attorney but will not retain an attorney until a later date. The attorney will be used for recommendations in respect to future incorporation as a Limited Liability Corporation.
The attorney will also handle any future permit or certificate needs. Boston Rags, like Mark Zap's, decided to carry a line of clothing that is a "more simple" but still gives off "a chameleon type of feel" in which "it can fit into any type of setting—not too bright or loud.
New growth developments in the urban wear industry have made obtaining the clothing much more simple and easy.
This clothing can also be sold at festivals and fashion shows. Inventory Boston Rags's inventory tracking system will tell Boston Rags's management what merchandise is in stock, what is on order, when it will arrive, and what was sold. With such a system Boston Rags can plan purchases more intelligently and quickly recognize the fast moving items we need to reorder and the slow moving items we should markdown or specially promote.
We will control inventory right at the cash register with our point-of-sale POS software and equipment. Our POS software records each sale when it happens, so inventory records are always up-to-date.
We will get more information about the sale than we would gather with a manual system. By running reports based on this information, we will be able to make better decisions.
Our POS equipment includes electronic cash drawers, bar-code scanners, credit card readers, and receipt printers. Our POS software package includes integrated accounting modules, including general ledger, accounts receivable, accounts payable, purchasing, and inventory control systems.
In essence, our POS system is an all-in-one way to keep track of our business cash flow. The reporting capabilities of our POS programs include sales, costs, and profits by salesperson or by category for the day, month, and year-to-date.
We will count our inventory once every two weeks the count cycle. Processing paperwork and placing orders with our vendors will take two weeks the order cycle. The order will take two weeks to get to us delivery cycle.
Therefore, we will need six weeks worth of inventory from the first day of the count cycle to stay in operation until our merchandise arrives. We will have on hand a six-week supply of inventory and turn it over 8 times a year.
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This plan outlines how Boston Rags, a start-up retail men's, women's, and children's clothing store, will provide the Hartford community with unique clothing they would normally purchase outside of the state.
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