Thursday, December 1, 2011
Wednesday, November 30, 2011
Gen Liability/Extended Coverage
The annual premium rate for general liability based on a business value or $250,000 is $500. With extended coverage is an additional $450.
$250,000 - $1,000,000 Annual Revenue
$450.00 Typical Annual Premium
Small Consulting Company
$250,000 - $1,000,000 Annual Revenue
0 - 2 Staff
0 - 5 Programmers
General Liability Quote:Coverage AmountProperty Coverage:This coverage protects your business assets in the event of theft, fire, etc. and is included in the quote.
| $10,000 | Business Property |
| $50,000 | Business Computer & Media * |
| $5,000 | Laptop Computer - World-Wide * |
* A package endorsement has been added to provide this coverage for the optimal price/value. $500.00 to $900.00 Typical Annual Premium
Umbrella Liability Quote:
Coverage Amount
Coverage for claims in excess of your General Liability coverage. This coverage is available only in combination with General Liability.
Coverage Amount
| $1,000,000 | Per Occurrence and Aggregate |
| $10,000 | Retention (Deductible) |
$450.00 Typical Annual Premium
Equipment and Fixtures
First off for remodeling the old boutique into the new boutique it will require painting the entire outside. The colors will be hot pink, black, and white to attract customers and be noticed.
I contacted my old neighbors who are painters here in town and got a quote from them. For the paint materials and labor for the outside it would cost $2550. This includes the paint, paint materials, and labor. The siding will be painted white, the shutters and top awning will be painted hot pink, and the door and stairway black.
Next for the inside to be painted would cost $1,695 due to all the decorative accents(Different color polka dots) on the walls.
For flooring I would put in a laminate floor to save cost instead of hardwood. I have a local contractor that I am using at the moment to put the same thing in my house. He gave me a rough estimate of $6,000 at the most if I buy the materials myself(it helps lower the cost this way).
There are several hanger and wall fixtures leftover in the store that the owner is going to let me have but they will need to be rearranged. Also there are a couple of glass cases in there he is giving to me as well for the accessories. I will need to purchase a table for the jeans. I found a Teak table on Overstock.com for for $350. I plan to buy 2 of these starting out.
For lighting I found these adorable ceiling fixtures that will look great for $128.99. I plan to purchase one for each of the 6 rooms. Also, I found these great vintage 62 inch floor lamps for $143.99 and I am buying 4 for now.
I am going to buy a POS System instead of a cash register. The cost is $3499.00.The package for a POS includes:
Microsoft POS Software
17" LCD Monitor with built-in speakers (monitor shipped may not be as pictured)
Base PC* (may not be as pictured)
16-inch Steel Cash Drawer
Metrologic Voyager Barcode Scanner with Hands Free Stand
POS-X Pole Display
Epson TM-T88V Thermal Receipt Printer
IDTech MiniMag Magnetic Stripe Reader
Keyboard & Mouse
UPS
All Required Cables
1-Year Free Telephone Support
1-Year Warranty with 7-Day Replacement
Download a Printable Systems Warranty Certificate
For counter options I found a black counter for $278.
I contacted my old neighbors who are painters here in town and got a quote from them. For the paint materials and labor for the outside it would cost $2550. This includes the paint, paint materials, and labor. The siding will be painted white, the shutters and top awning will be painted hot pink, and the door and stairway black.
Next for the inside to be painted would cost $1,695 due to all the decorative accents(Different color polka dots) on the walls.
For flooring I would put in a laminate floor to save cost instead of hardwood. I have a local contractor that I am using at the moment to put the same thing in my house. He gave me a rough estimate of $6,000 at the most if I buy the materials myself(it helps lower the cost this way).
There are several hanger and wall fixtures leftover in the store that the owner is going to let me have but they will need to be rearranged. Also there are a couple of glass cases in there he is giving to me as well for the accessories. I will need to purchase a table for the jeans. I found a Teak table on Overstock.com for for $350. I plan to buy 2 of these starting out.
For lighting I found these adorable ceiling fixtures that will look great for $128.99. I plan to purchase one for each of the 6 rooms. Also, I found these great vintage 62 inch floor lamps for $143.99 and I am buying 4 for now.
I am going to buy a POS System instead of a cash register. The cost is $3499.00.The package for a POS includes:
For counter options I found a black counter for $278.
Social Responsibility # 2
Since eco-fashion is the hot ongoing trend, So Sheek will carry an organic shirt line Salt of the Earth. The line features men, women, and kids organic clothing but we will only be carrying the women's line. The reason why I decided to carry their clothing line is because I wanted to support them because they are local designers(Murfreesboro, TN), they are environmentally friendly, and they are also supporters of Mercy Ministries and Compassion International charity organizations. The average price point is $24-$60.
Here are some of the apparel items from the line ...........
Here are some of the apparel items from the line ...........
Social Responsibility # 1
In efforts to get people to not just throw away their old jeans when they buy need ones, So Sheek will have their very own Jean promotion twice a year during the peak of the summer and fall seasons. The promotion will be called "Out with the old, In with the new". Our customers will be encouraged to bring in their old jeans instead of tossing them in the trash and give back to charity while protecting the environment. For each pair of old jeans a customer brings in from their closet they will get 10% off any new pair of jeans from the "So Sheek" jean line. There is no limit on how many jeans each customer can bring in during this promotion. It is a great way to give back, help the environment, and get a discount on a new pair of jeans to replace your old!
Customer/Clientele and Demographics
So Sheek's customer target market is ages 23-35. Most of our customers have a college degree and work out of town in Murfreesboro,Nashville, or Franklin.
According to esri.com.....
I am not sure if my store will be able to survive solely off of these middle income and upper income residents.
The research I found for demographics for my area were 4 different categories:
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
According to esri.com.....
- 55% of the these women make at least +55k/yr
- 35% make right under or over 50k/yr.
I am not sure if my store will be able to survive solely off of these middle income and upper income residents.
The research I found for demographics for my area were 4 different categories:
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
http://www.claritas.com/MyBestSegments/Content/tabs/filterMenuFrameWork.jsp?page=../Segments/snapshot.jsp&menuid=91&submenuid=911
Monday, November 14, 2011
Advertising Campaign
To advertise "So Sheek" Boutique and clothing line I couldn't think of any better way than a grand opening launch party! Every local media source will be invited as well as the entire community and the mayor. I would love to have a grand opening party so everyone can come and really see what "So Sheek" is about. The party will be catered by a local chef, there will be a bartender serving wine, and also a DJ playing music. Everyone that comes will get a free "So Sheek Boutique" t-shirt and a coupon for buy 1 item get the other 25% off! This launch party will let everyone know that we are now officially open and we are the trendiest boutique in town!
Brand Promo Campaign
To promote the "So Sheek" line and boutique I have chosen to put on a fashion show outside the store. This will boost our image in the industry and also the community. Editors of the local newspapers, magazines, and news channels will be invited and treated as VIP's(this will help gain publicity and editorial coverage). Fashion shows help showcase the brand and its new ideas and trends. The fashion show will take place in a tent outside the store with a runway down the middle(very much like Mercedes Benz Fashion Week) and everyone will have goody bags in their seats with great deals and coupons to use in the store, samples of merchandise we carry, and a personalized sweet treat. Also there will be a step and repeat so all the attendants can get their picture made for advertising. If this promotion goes well we will have them before big holidays so people can get their outfits for special events and big occasions that call for a new look!
Advertising
I chose to advertise with the Tennessean newspaper.It is Middle Tennessee's # 1 source for news and information. It is also the states largest newspaper and reaches....
• 643,000 weekly
• 528,800 Sunday
• 358,000 Daily
I am going with the retail advertising rates, and I am running my ad every other Sunday. I chose sundays because the Sunday paper reaches....
• 69% of those earning $100,000+
• 60% of women
• 60% of all greater Nashville adults
• 49% of young women ages 18-34 years
I want my ad's to stand out and draw people directly to it. For a two color ad at 3/8 page or small is $552. It will run every other Sunday.
Location and Costs
So Sheek Boutique will be located on 1400 North Main Street, Shelbyville, TN. It is a former children's apparel boutique with a great location. The house was built in 1935 and it is a single family home property. The estimated value is $198,300. The owner is interested in selling the property and not leasing it. It was last updated 11/02/2011. It is 2,702 square feet. The monthly insurance is $58, monthly property tax is $511, and price per sq.ft. is $73.
Physical Format of Business
My business will be retail and Internet sales only. We will have a boutique where customers may come and shop in Shelbyville, TN. For our online shoppers and out of town customers we will have a website with all of our latest styles and merchandise. They will be able to order items online or by phone.
Business licenses and legal format
The cost of a business license in my location(city and county) is $22.00 in Bedford County(Shelbyville, TN). The requirements we must meet to obtain a license include:
Approval of Codes Dept. located in City Hall. Annual renewal fees are based on gross. If we are to ever close our business we must file a report within 15 days of closing.
Our company will be an LLC(Limited Liability Co.). LLC is a business structure allowed by state statue. They are popular because,similiar to a corporation, owners have limited personal liability for the debts and actions of the LLC. The benefits of pass-through taxation and flexibility made an LLC a better choice for me.This is why I want my business to be an LLC and also because I did not want to do a partnership.
Approval of Codes Dept. located in City Hall. Annual renewal fees are based on gross. If we are to ever close our business we must file a report within 15 days of closing.
Our company will be an LLC(Limited Liability Co.). LLC is a business structure allowed by state statue. They are popular because,similiar to a corporation, owners have limited personal liability for the debts and actions of the LLC. The benefits of pass-through taxation and flexibility made an LLC a better choice for me.This is why I want my business to be an LLC and also because I did not want to do a partnership.
Patents and Trademarks
I searched the US Patent and trademarks website and found out that my brand name is available. The initial cost to apply for a trademark application is $275. My plan is to fill out an application online using the Trademark Electronic Application System. I will include a completed application form with the fee. It is important to used a trademark because you are identifying your goods that are being produced and distributed to be sold. The benefits of having your own trademark are:
- Constructive notice nationwide of the trademark owner's claim.
- Evidence of ownership of the trademark.
- Jurisdiction of federal courts may be invoked.
- Registration can be used as a basis for obtaining registration in foreign countries.
- Registration may be filed with U.S. Customs Service to prevent importation of infringing foreign goods
Domain name info
My clothing line is "So Sheek" and it will be sold exclusively in my own boutique along with other apparel lines and also sold online at www.sosheekboutique.com . The amount to purchase the domain name was $11.99/yr and $11.99 for annual renewal. Listed below are different add ons we can get and the fees.
With a business registration domain it is $4.99/yr. These are some of the features it would allow us to put on the website:
With a business registration domain it is $4.99/yr. These are some of the features it would allow us to put on the website:
- Provide shoppers with all of our shoppers with vital information in just one click! Business card-style listings include your business name, address, phone, fax, email, link to Web site, hours of operation and business type.
- Give potential customers a special message or offer! Business Registration provides a description field for your business where you can add your own comments, special savings and more.
- Help visitors find your place of business with a detailed online map.
- Includes FREE Online Business Card Web site! Need a web site for your domain? Point your domain to your 1-page Online Business Card Web site.
- Get additional exposure if you're selling your domain name! Business Registration can also include domain auction and appraisal information from Go Daddy Auctions®.
- 100- product catalog items
- 5 images per product
- 1 GB Disk space
- 50 GB Bandwidth
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