For a while now, I have been thinking a lot about starting a fashion consultancy company. I love fashion and I constantly find myself getting daily digest from fashion bloggers and consultants. The name of the company will be La Passion Voûtée (LPV) Fashion Consultancy. LPV will provide fashion (wardrobe and style) consultation to clients to meet their needs. Services will include closet organization, special occasions, travel styling, and photo shoot. Operative goals that the company will focus on are: performance goals, market goals, productive goals, innovation goals, and employee development goals.
MARKET GOALS
With the awareness that the fashion industry is a tough market to penetrate, LPV will strive to penetrate the market through advertisement in major local magazines. Since the company will be providing services to clients locally, marketing efforts will be focused on reaching those individuals. With my experience as I fashion blogger, I will grow our online presence with emphasis on our fashion consultancy expertise.
Currently, La Passion Voûtée fashion blog has active presence on Facebook, Instagram, Pinterest and Google Plus.La Passion Voûtée’s social media goals include gaining new followers on these social media network through participation in giveaways, which have proven to grow followers rapidly. The cost for one Instagram loop giveaway is $40 and it generates an average of 750 followers. LPV has also grown its Facebook Page followers by 800 with a $10 advertisement budget. In order to reach more local clients, Facebook advertisement will be narrowed to target these clients. We will also integrate a newsletter subscription into our website that will collect location information of subscribers. Our monthly advertisement budget will be set at $100 ($30 Facebook, $40 Instagram, $30 Pinterest). Once a month, we will offer free style consultation in exchange for followingLa Passion Voûtée’s social media accounts.
PERFORMANCE GOALS
Our performance goal will be focused on volume in terms of the number of clients we provide our services to every month. In the initial few months of business we may not be profitable so tracking profit may not be the best method for our business. We will track referral sources of our clients so that we can adjust our marketing goals accordingly. If we can start by providing our services to 10 paying clients per month, our performance goal will to to grow by at least 10%. This will make the following month’s goal to be 11. If we meet and exceed this expectation, LPV could further increase its performance goals. During high purchase periods such as Black Friday and holiday festivities (particularly in the month of December), we will have more aggressive performance goal and vice versa for slower months. By using this approach, our performance goals from month to month will be very attainable.
PRODUCTIVE GOALS
As a very small company with very few staff, we need each other to ensure that our goals are met monthly. In order to track employee contribution, LPV will track how many clients (amount paid by client) and commission earned from activities per employee. Tracking both metrics will allow us know which employees bring clients into the business and which ones bring sales to us. This will be achieved by looking at records to see which employee served each client.
INNOVATION GOALS
The fashion world is constantly changing. Styles that are in season quickly become old-fashioned in less than a year. So a key metric for LPV is for our employees to create innovative ways that allows us serve our clients better as well as ideas that will allow LPV get ahead of its peers. Employees will research trends that are popularly in other European countries (for example the most talked about styles during Paris and London Fashion Weeks) to help us forecast the possibility of those trends being big in the US. Other innovative ways could expand into the online world where we would provide virtual consultation with clients not in our local vicinity.
EMPLOYEE DEVELOPMENT GOALS
As LPV grows, employees will be given additional development courses. It could include how to track new and upcoming trends so that LPV can capitalize on it from commissions, and participation in Fashion Week. Training will also branch into the online scene as well to include tactics to increase LPV’s online presence and revenue. With additional training, we will ensure that all employees are competent in their roles and responsibilities.
ORGANIZATIONAL STRUCTURE
The organizational structure of LPV will start with me as the Editor-in-Chief where I will oversea everyone. In this role, I will ensure that our marketing goals (social media, advertising, etc) are achieved in a timely manner. The assistant editor will be responsible for the day to day operations of activities happening on our social media platforms in addition to creating content for our website and social media accounts. The assistant editor will be assisted by two social media experts. On the physical consulting aspects, I will have a manager who will coordinate the day to day operations of business in the office including ensuring that the needs of clients that come into our office are met. In addition, LPV will also have two style consultants who will focus their efforts on bringing us clients needing styling services. These style consultants will also coach clients and assist them with shopping for clothes. They will, in essence be, our field agent.
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