Proposal

My name is Amy Ranahan; I am currently studying BAhons Fashion Design.

My enterprise venture started out as a wedding planning business for the local area but with the experience and expertise required and after researching into the industry, discovering the intense competition and lacking need for wedding planners I decided to change the idea to avoid potential risks that could cause detrimental damage to myself financially, emotionally and my business reputation within the industry.

The new vision is for a wedding magazine with a niche focusing on the importance of community values, eco-awareness, and financial care. There are deep set values forged between my business partner and I that we believe it is important to invest and care for the local area and all its community, local businesses and especially giving emerging talent opportunities within the industry.

There is already a magazine that sits relatively close to my own idea called “Your Bristol and Somerset Wedding” which also invests in the local area however I believe that the issue of finance within the current economical climate and also the constantly growing concerns for our part in the sustainable care of our earth and society is absolutely key to the success of this magazine.

I also aim to deliver a revived layout to traditional wedding magazines with the idea of producing mini issues/ pull-outs for each wedding requirement to create an overall magazine; this also includes a section specifically aimed at grooms and their contribution towards the big day.

Our channels of outreach are traditional print, online blog and official website and we also would like to open a shop in which most of our personal communications may be achieved.

More work and research is needed into the target customer segment and also into the competition to ensure the development of the best possible niche/ theme to the magazine that will make our feature a unique selling point.

There is a lot of competition within this industry; even within the magazine segment and so I will need to ensure thorough research is carried out towards competitors, available services and customer requirements and interests.

Once the initial theme/ niche has been established, consideration regarding our channels of public awareness, magazine content and method of working will need to be planned to ensure that our business model does not clash with any of our outstanding morals and values and also what this magazine is being created for and the opportunities it potentially presents clientele and employees.

I will invest time into researching at bridal fairs and online forums via surveys and communication. I have already analysed briefly the competition and realise the importance of creating the right niche. Also I will invest time in investigating some emerging smaller businesses and opportunities, in keeping with our strong held values.

Revenue streams will be a deciding factor towards the success of this idea so I will do in depth research into our processes from idea generation to consumption of the product to identify all intake and outgoings and to identify at the very least a breakeven point to decide whether the business is even worth furthering.

The majority of my research will be primary with market surveys, product analysis, niche exploration, financial quotes and communications.

I am absolutely confident that with sufficient research undertaken into our place within this highly fierce industry that our enterprise will be a success as long as we establish these essential things:

·         An unidentified gap in the market with sufficient consumer demand.

·         A style and content that has not been explored or offered within any competitor magazines.

·         Well forged business relations and reliable partnerships

·         A thoroughly planned business blueprint, including organising timescales and costs.

·         Financial awareness and strict accounting.

·         A well considered image and PR campaign to build status and commercial awareness to provide enough interest in our product and therefore a large consumer base.