BUSINESS PLAN FOR FASHION ACCESSORIES SHOP

Source of idea
Usually business ideas originate from careful analysis of market trends and consumer needs .After completion of our education, me and my other friends were interested in starting a business for female society but we did not know what products or service we might sell. Firstly we examined our skill set whether we have such talent that could become basis of profitable business. We discussed with each other and took suggestions and ideas from family and friends too. Then keeping up with current events we identified market trends, new fads, industry news through internet and different advertisement and searched out new business opportunities for female sector.

Our Idea
Basically our idea was to do some innovative and novel work for satisfaction of broader female market that will be able to catch the attention of ladies of any age level. It took time to decide whether to go for a new product or to add value in the existing product. Keeping in mind the drastically changing trends in female market and their attraction towards branded items today, we finally decided to start a business of multibrand luxury accessories for women. Our multi accessory store will include branded dresses, designer hand bags, shoes and jewelry as women desire all these items and they will prefer to get all from same place. Our offer will be very convenient for our target market.

Alternative Ideas
Some other ideas on which we wanted to work in start while making mind set for business, includes: Boutique Gift shop (hand made items) Bakery

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Business Plan for Fashion Accessories Shop

Causes To Choose this Idea

To make our business most captive and desire-some for female market. To provide all branded quality goods under one roof and making our business more profitable. To make the transaction most convenient for ladies by employing female staff. Lady customers will prefer to buy dress along with other matching items from one place.

Business Name & Logo

The name we select for our outlet is She Style.

Sh3 Styl3
Its Easy to B Trendy!
VISION
The vision of our business is to serve customers and facilitate them by providing multi products in a single shop.

MISSION
The mission of our business to satisfying our customers by providing them best quality branded products & unique design keeping in views their comfort.

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Business Plan for Fashion Accessories Shop

BUSINESS OBJECTIVE
The main objectives of our business are: Satisfy customers needs & wants by providing them quality products and outstanding brands items. Capturing large market by opening our outlets in a main business hub. One of the main objectives of our business is profitability; we earn maximum profit by providing all necessary & related products & items under one roof. Attracting the customers by providing them all necessary goods such as dress, shoes, matching jewelry & handbags, and all type of imported cosmetics as well. Business growth and expansion is also include in our business objectives & mission statement, as in near future we will increase the numbers of our outlets in different main business areas of Rawalpindi & Islamabad and also in others big cities of the country. Our main objective to focus on working ladies, college & university going girls and house hold women also. Its include in our objective to fulfill their needs according to their desires (after complete market survey that what they want). Work hard to compete with already existing competitors.

LOCATION:
Location of any business plays an important role in the success & failure of the business. So, we conduct market survey to search out the best location of our business. After the survey we find out that Commercial, Sadder & Blue area are the best locations for any business. After carefully evaluation we decide to open our 1st outlet in Sadder ( Zarkoon Plaza) and acquire a shop on rent and near future we will expand our business & also open our new outlets in other business hubs of the city.

LAYOUT
Our outlet consists of two floors. At first floor there is welcome door, where educated & well-behaved sales girls always present to greet & guide the customers. First floor divided into two parts. One part consist of a reception & cash counter, where all type of new and updated technologies and computerized data base systems available. Another part is reserve for dress display, where all type of branded dress display according to size & styles. Some dresses are display on stands and some on dummies. On second floor there is a SHE SHOP, and all type of ladies accessories are available there includes matching jewelry, handbags, sandals and cosmetics items. There are also sales girls to guide the ladies customers.

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Business Plan for Fashion Accessories Shop

SHE SHOP

SHOES/ SANDLES

HANDBAGS

JEWELARY

COSMETICS

UP STAIRS TRY ROOM

SITTING AREA

WASHROOM

DISPLAY RACKS

KITCHEN

DUMMIES

COUNTER

MONITOR -ING CELL / OFFICE

PARKING AREA

PARKING AREA

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MARKET ANALYSIS
SEGMENTATION
She styles target segment are all the people of Rawalpindi which includes upper, middle and lower middle class. Along with this She style has segmented its target segment into the following category: Geographical Segmentation She style is a start up business; therefore it has geographically segmented its target market. This geographical region is Rawalpindi. . Demographic segmentation Age: 15---50years Gender: Female Family life cycle: young, single, married, and old Income: 20,000 plus, students belong to well family. Occupation: college/ university student, Professionals/ working women. Education: not required Psychographic segmentation Social class: middle class, upper class, upper middle.

Target Market
Our target market is working ladies, business women, college/ university going girls as well as house hold women. Our main objective is to provide them high quality product and value added services to satisfy their need and wants and to make them our loyal customers.

POSITIONONG:
We will position our business as a high quality and innovative business. Provide more value to customers and give them the opportunity to buy their clothes along with accessories at one place/ with high quality and good customer services.

All in One Place & its Easy to be Trendy!

We will position our product against the competitor and gain a competitive advantage through better quality sale products on reasonable price.

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SWOT ANALYSIS

STRENGTHS
Price relatively low. Provide all things under one roof. Provide female sales staff. Business location is suiable. Provide online booking service.

Our business is not at big level as some of our competiyors. Doing business 1st time so not much experience. Have market knowledge , but may be its not enough to cope with ours competitors stretegies. Less numbers of loyal customers as compared to competitors.

WEAKNESSES SES

SWOT ANALYSIS

OPPURTUNITIE SS
We can expend our business by opening new outlets in different business hubs of the city and then in different cities. People want change, so we can grap a huge market by providing them new design products and make them loyal.

THREATS

Our Competitors.

Changing trend & taste of customers.

In this way we can maximise our profit and can compete to our competitors.

Customers may switch to other brands if not satisfied.

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COMPETITORS
Our competitors are AL-JANAT. MIS SONEY. HOUSE OF ITTEHAD. BRAND CITY. DECORE. STONE AGE. LAL GHARARAH. CHANGE.

COMPETITIVE EDGE
Our business has competitive advantage that it provides all related & necessary items under one roof. We provide the customers female sales staff that guide them & help them to make purchasing conveniently. We provide them the facility of booking their orders online by visiting our website. We update our customers about our new design; style & brand through social media i.e. face book page & mobile marketing.

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MARKETING PLAN
The most important plan for a new starting venture is a marketing plan because without the marketing plan, a business can never exist. The marketing is a main portion, and the success of any venture heavily relies on its market strategies.SHE STYLE is going to make its customers aware through efficient marketing plan that we value our customer at each and every point.

Product:
A list of magnificent products of She Style involves following product lines:
Dresses Jewelry Shoes Hand bags Cosmetics

Product Description: Dresses:

She style offers a brand new, stylish, sizzling and bold variety of dresses for women. We designed cloth in order that it will suits to the personality of a person. We have Designer dresses Simple embroidery dresses Party dresses Abayas Casual wear Top jeans

Accessories:
Along with this we have do provide some accessories with dresses that will give you more elegant look along with dress.
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Shoes Hand bags Clutches Jewelry Cosmetics

Product Description
Party Dresses
In a country there is different type of and different class of peoples, high class, low class, and middle class. People do shopping and buy things according to their status personality and preferences. Parties are the smallest and important thing for the peoples to celebrate their happiness. She Style can provide you the dress according to your personality and status. She Style provides variety of dresses according to taste and preferences of different customers.

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Embroidery Dresses
Basically embroidery dresses are wearing weeding ceremonies. But it depends on a person that how she is going to wear it. We have all types of dresses in different colors.

Casual Wear
In our country different types of occasion are celebrated, different peoples have different choices. There is no specific type of occasional wear, on most of occasion people wear their casual dresses.

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Tops and Jeans

Stylish peoples are found everywhere. To make ourselves stylish is a desire of every girl. Many of girls wear tops and jeans and it become fashionable now a day.

Abayas
Abaya is a loose over wearing garment of Muslim culture that is used to cover the complete body. Initially it was used for the purpose of hijab but now days it is getting popularity in the fashion world too. Different designer has designed beautiful collection of Abayas that enhances the beauty of ladies in the cultural wearing. She Style Abayas of different style.

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Shoes
She style offers variety of shoes, sandals to its customers available in different sizes, colors and designs.

Handbags:
Dressing of ladies are incomplete without their purse .Now a day it become fashionable to have handbag or clutch matching with dress , so we offer our customers variety of handbags and clutches according to their choices.

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Business Plan for Fashion Accessories Shop

Jewelry:
She style offer a number of accessories including bracelets, rings, sets and artificial bridal sets. All the jewelry items having elegant style and affordable prices.

Cosmetics:
She style also offers cosmetics on its outlet. It provide opportunity t customer to done their whole shopping at one place give them ease to buy all accessories from one place and save their time and effort.

Price:
Customers decision to purchase a product is greatly influenced by Price tag placed on it. She Style has assigned reasonable and justified prices of its products which may realize the customers that they have made their moments cherished in a unique way in very cheap prices.

Pricing Objectives:

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SHE STYLE is a new business in market with unique and innovative ideas. It wants to have high growth rate hence it has to set that price for its product which gives maximum possible profits I n the initial couple of years.

PRICING STRATEGIES: Value Based Strategy For the pricing of products, She Style is following the value based strategy. Value-based pricing (also value optimized pricing) is a pricing strategy which sets prices primarily, but not exclusively, on the value, perceived or estimated, to the customer rather than on the cost of the product or historical prices. Where is it successfully used, it will improve profitability due to the higher prices without impacting greatly on sales volumes. In this strategy, In order to cover up the cost and to gain maximum possible profit. Our pricing structure will be based on the fabric and quality of the dress. All the dresses have their own attractiveness, look and price will be depending on the material and design of a dress.

Products
Dresses: Party wear Casual wear Tops and jeans Embroidery dresses Abayas Accessories: Shoes Handbags and clutches Jewelry: Earrings Rings Bracelets Jewelry sets Artificial Bridal sets Cosmetics

Prices (Rs.)
5,000-above 3000-above 5,000-7000 8000-above 3000-7000 1500-7000 1000-12,000 500-5000 500-3000 500-4000 1500-5000 10,000-above Available on companys prices

Special Offers:
Discount: She Style provide some discounts to its customer in order to maintain long term relation with the customers , to attract new customers and retained the present one.

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Discount will be depend on the item that customer is going to purchase every product have its own discount price and the price which is already decided then it will not be changed at any condition. The discount rates are as follows: On the occasion of EID-UL-AZHA, EID-UL-FITAR and CHRISMAS there will be 30 % off on prices of products. On these occasions She Style celebrate these happiest moments with their customers and give 30% discount to them and made shopping affordable for them.

Packages: We have made our packages of our different products according to the conditions and situations. We offer different packages of our product such as: Pair of shoe with handbag at discounted price (10%). One embroidery /party dress with shoe at discount of (20%). A pair of shoe, clutch and one jewelry item at discount of (15%).

Place:
Location:
She Style has planned to acquire a shop in Zarkoon Plaza Saddar, Rawalpindi. It is situated in commercial area of city. The main reason behind selecting this location Is, it is growing area for all shops or businesses. Address: Zarkoon plaza first floor Sadder, Rawalpindi

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Contact: 051-792230 Website: www.shestyle.com.pk

Distribution Channels
Initially SHE STYLE is operating only from one outlet, so it doesnt have any complicated distribution channel right now. SHE STYLE is mainly using the following approaches for distribution: Direct Selling SHE STYLE will directly sell its products to target consumers. First it takes the material From the suppliers. These products are sale to customer when he/she visits the outlet.

Suppliers

She Style

Consumer

Promotion:
SHE STYLE will use Marketing communication strategy for promotion of its products. This Strategy involves promoting heavily to potential customers which will create a demand that will pull the products through the distribution channels. A handsome amount is set aside from financial resources for heavy promotion of business in starting years for promotional activities unique and corporate colors will be used in all means communications. Following promotional tools will be used to build Brand image of SHE STYLE in mind of customer.

ADVERTISING:
Brochure: Brochures describing product specifications of SHE STYLE will be designed. SHE STYLEs offering along with its unique logo will be printed on it. These brochures will be distributed door to door. Press Advertisement:: Press advertisements will be released in newspaper and fashion magazine to which potential customer target market have easy access. Newspapers in which ads will be given are mentioned below.

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MaG Magazine Express Internet marketing: Today most effective way of advertisement is through internet. SHE STYLE developed its own Website at which products are published and online orders are taken. Other than developing its own website, SHE STYLE to prompts business through social networking sites. Recently there is a great trend of public to move towards these sites to establish social networks. Following are some a web pout which SHE STYLE has decided to promote business by giving business ads.eb Poi

Transport advertising: SHE STYLE logo along its message will be promoted through transport advertising. Such medium for promotion is selected for conveying message to far areas of target market. Broadcast Advertisement: These days use of radio has been increased in young generation. In order to convey business message to them, SHE STYLE has decided to give an ad on FM 99 and FM 94.6.Other than radio Advertisement ads will also be given on local cable channels. Exhibition: For bringing our offerings into knowledge of potential customers, SHE STYLE has decided to participate in Exhibitions which are managed by chamber of Commerce for support of SMEs.

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HUMAN RESOURCE PLAN

We are creating the next generation fashion shopping experience that's more value, more now, more convenient, and more fun. In our multi-brand accessories store we are planning to employ the receptionist, an accountant and four sales girls, to effectively deal with the female customers. As we are starting our business for four different items i-e branded hand bags, dresses, shoes and jewelry. Each items section will be handled over to a different girl separately according to her expertise. We four partners will control all management tasks, we will be the leading heads, ultimate authority is in our hands .It will be our responsibility to plan , organize and supervise all day to day operations. We planned to manage all recruitment process to successfully onboard all female employees. Management will assist hiring with employees training, performance reviews and career development. The supervisors will do research and recommend compensation and benefits for capable employee .Potential interested applicants will be recruited by preparing advertisement through internet and social media. Our firm will be seeking the female who can perform all tasks related to her job in best way. She must have complete understanding of HR and cultural development, a passion for fashion and flexibility to work in a high growth start up environment.

Our staff members

Maheen: works as a receptionist in our firm.

Qualification: She is a graduate in English and had done a spoken English course too. Skills and abilities: She has excellent communication skills, well trained, greets and welcomes all customers. She has good computer and internet knowledge. Work Experience: She has 4 months work experience in Zong customer service centre on same post.

Anaya : is an accountant here.

Qualification: She is a graduate in Finance and has done an accounting course for specialization. Skills and abilities: She manages all accounting task and keeps the record of all daily transactions and profits. Work Experience: She has 1 year job experience in First Women bank.

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Isra: manages all the sales of boutique section.

Qualification: She is a graduate in psychology. Qualities: She is well trained and has a very good attitude towards customers. Work Experience: She has worked for 6 months as a sales lady in Nishat Linen.

Saleha : manages all sales related tasks in hand bag section of our store.

Qualification: She is a business graduate in marketing. Work Experience: She has 1 year job experience in a Sha posh. Qualities: She has good brand knowledge and familiarity with customers preferences.

Alina : Branded shoes section is handed over to her.

Qualification: She has done graduation in business with specialization in HR. Work Experience: She has previously worked in Zaras boutique for 8 months. Skills and abilities: She has good customer relationship management knowledge and helps them to make rightful selection.

Nida : manages all tasks of jewelry department.

Qualification: She is a graduate in economics. Work Experience: Previously worked for 6 months in ladies stop shop for the same job .Skills and abilities: She lastly gives out product knowledge while selling and deal very effectively with customers. Employee Maheen Anaya Isra Saleha Alina Nida Ahsan Shafiq Task Receptionist Cashier Sales girlBoutique Sales girlhandbags Sales girlshoes Sales girlJewellery Office boy Watchman Salary (Rs) 10,000 20,000 8,000 8,000 8,000 8,000 5,000 6,000

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OPERATIONAL PLAN
Overview of How our business operates?
The outcome of our business operations is to provide value added services to our target market of customers. All the day to day operations are managed by all the people involved in business (either by owning it working as employees). We four partners will control all management task, we will be the leading heads & it will our responsibility to plan, organize & manage every day operations and tasks effectively to deliver the core customer value, build strong relationships with them which ultimately help us to maximize our profit.Outlet will remain open from 10 A.M to 10.P.M Our subordinates are responsible for their duties and task assigned to them according to their positions, job knowledge, skills & abilities (mention next in job description)

DIVISION OF RESPONSIBILITIES & TASK IN BUSINESS:

She Style is a partnership business in which four partners are contributing toward capital and sharing the proceeds of business. It has been established on base of partnership act, 1932. Duties and Responsibility Duties and responsibilities of each member are assigned according to the interest and qualification of each member. Additional benefits will pay on giving extra services and performing additional work not include in the job specification. Liability Liability of All members is unlimited. Personal property will also be liable to pay the debts. All the members have the basic right to point out the steps taken by other members in the meeting and the other have to answer in reasonable manner. Decision There is a decentralized approach in decision making. All members are free to take decision in his relevant department without the consent of other member. But descion about whole firm cant be taken without the consonant of other members.

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ORGANIGATINAL HIERARCHY:

Management
Finance Manager (Hira) Marketing Mnager (Mehvish) Sales Staff Supply chain manager (Tabassum) Receptionist (Maheen) Isra Saleha Operational Manager (Rabia) Cashier (Anaya) Watchman (Shafiq) Office Boy (Ahsan)

Nida

Alina

Job Specifications:
Finance Manager: Hira is the finance manager of the organization .Her job responsibilities involve monitoring and interpreting cash flow and predicting future trends , providing all relevant information of finances. Prepare financial statements (Income statement, Owners equity statement, balance sheet and cash flow statement).Prepare budget for all other departments and salaries of staff. And she is also managing online orders . Marketing and Sales Manager: Mehvish is the marketing manager of she style. Her job responsibilities include handling of advertising and marketing activities that how to introduce newly start business into market ,find effective ways for marketing. Direct and assist the advertising activities, manage the sales of shop that how to increase the sales and future plans for publicity of shop. Supply chain Manage: Tabassum is the supply chain manger of the shop.Her duties is to select the suppliers from which we purchase products. Her duty is to manage all supplies related activities including selection of supplier, purchases from the supplier and receive products from them.

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Operational Manager: Rabi is the operational manager of the organization. Her job responsibilities are to manage day to day activities. Direct the staff to perform their duties, monitor the day to day operation ,supervise all the staff and make sure that ever one is performing his/her duty efficiently. Cashier: Anaya Is hire for the post of Cashier, Her main job duties are to make bills of all the transactions and purchase that customer made. Receive cash from counters at the closing of shop count money that she start with and count the money at the hand of the day. Timing: 12 hours Office Boy: Is hire for the maintenance of the shop .His duty is to perform all small routine tasks . Timing: 8 hours Watchman Shafiq Is hire on the post of watchman .His job responsibilities are to sit on the main door of the shop to welcome customers and visitors open door for them and he is hired for the security purposes. Timing: 12 hours Receptionist: Her duty is to welcome the customer guide them about the location of the corner where they want to go .Receive online orders and write them. Timing: 12 hours Sales girls: Sales girls are responsible to welcome and guide the customers and help them to find the right product which they are looking for. Timing: 12 hours

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FINANCIAL PLAN
SHE STYLE being a new business needs a high capital investment to recover its expenses like advertisement, salaries, along with purchase of inventory. Thus SHE STYLE is investing Rs. 1, 20,000,00 as a initial capital investment. Sources of Funds She Styles has 4 active partners, who fulfill the whole capital requirements to meet its startup cost. Capital structure of SHE STYLE includes only Equity. No debt is including raising funds because it has an extra burden of expense as interest, which results lower in profit. Equity Structure

Members

Capital Investment 30,000,00 30,000,00 30,000,00 30,000,00

Tabassum Shaheen Hira Tabassum Rabia Tabassum Mehvish Rehman

To run this newly started fashion accessories shop a strong financial planning is required. And then evaluate the performance of business o that basis. Here is a projected sales forecast for SHE STYLEs product that it offering in market.

Projected Sales:
Products Party Dresses Embroidery dresses Casual dresses Tops and jeans Abayas Shoes Handbags and clutches Jewelry Cosmetics Sales of years (Rs.) 22,000,00 20,00,000 15,00,000 10,000,00 19,000,00 20,000,00 13,00,000 6,800,00 8,70,000

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PRO-FORMA INCOME STATEMENT Following is She Styles projected income statement based on the projected operating expenses and profits. Projected net income calculated from projected revenue less projected expenses.

SHE STYLE INCOME STATEMENT For the month DEC, 2014

Revenues: Sales Less cost of sales Gross profit 1,34,50,000 (90,000,00) 4450000 14,40,000 50,000 8,000 30000 44,000 1,000,00 6,000,00 7,56,000 1,20,000 7,20,000

Expenses:
Rent expense Insurance expense Depreciation expense Office Supplies expense Operating expense Legal expense Advertisement expense Salaries expense tax expense Utilities expense

Net profit

5,82,000

PRO-FORMA BALANCE SHEET

A summary of a She Styles financial position at the end of the year 2013 show projected assets, liabilities and net worth of it. Pro-forma balance sheet of She Styles is as follows:

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SHE STYLE BALANCE SHEET As on 31st DEC, 2013

Assets
Cash Furniture Purchases Electrical Appliances Computer Display Racks Inventory Balance

Amount
7,72,000 5,000,00 90,000,00 1,10,000 1,000,00 1,000,00 20,000,00 1,25,82000

Liabilities+ owners Equity

Rabia Tabassum Tabassum Shaheen Mehvish Rehman Hira Tabassum Profit

Amount
30,000,00 30,000,00 30,000,00 30,000,00 5,82,000

1,25,82,000

RISK ANAYLASIS
Risk Management: The objective of risk management is to reduce different risks related to business. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. Critical Risks Analysis For startup business there are many risks involved that are caused by different factors. The risks which are analyzed by Creative are as follows: Management Risks Marketing Risks Operational Risk Financial Risk Management Risk: In this risk we realize that there may be any dispute in the management team due to any unforeseen reasons which may result to terminate any of the members. Remedy: In this case when any of the management team member leaves the firm she/he is not entitled to use the name of the firm. She cannot start the same business with any other name. Such risks attempted to be controlled by including exclusive clauses in partnership deed.
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Marketing Risk: In case of marketing we realize that there may be any fault in our marketing plan due to which business can scuff. Remedy: For the backup of this risk we have different marketing plans with flexibility, as if in any case plan. A does not work we bring some changes in our plan according to circumstances. Operational Risk: There may be a risk which can disturb the operations of the business. There may be employees inefficiency of handling customers. Remedy: For minimizing this risk we hire educated and capable employees those who provide good customer services and efficiently perform their jobs. Financial Risk: We realize that in case of termination of any member there is a risk of finance that she may take her equity away which causes the business to suffer. Moreover startup capital may be proved insufficient to cope with un-expectancies. Remedy: To avoid this risk we have made certain clauses in our agreements that if any member decides to Leave the firm she will not take her equity out of the business immediately. The time period to pay back the equity will be minimum 6 months.

EXIT STRATEGY
She Styles after analyzing every risk and exit ways of the business, has devised an exit strategy incase In case our idea does not run .The exit strategies of She Style are as follow: Legal documents of partnership will be signed by the partners that partnership will not be resolved until 3 years. After five years if any partner wants to exit then he/she has to inform to the organization at least 6 months before. .If any partner exits from the business, she/he will get his or her share after 6 months. In case of losses every partner will be just liable for her share in organization. In case of winding up the business amount received from sale of asset will be divided among partners equally.

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