Independent University , Bangladesh

Group Name: Team RentIT

Submitted by,
NAME ID
A.F.M Sadman Fiaz (2010324)

Tamman Mahmud Chowdhury (2010064)

Israt Jahan Titly (2030771)

Nadid Nayeer (2022093)

Khadem Islam (2030364)

Al Imran Pranta  (2020480)

Course Title: Introduction to Business

Course Code: Bus 201
Section: 01
Semester: Autumn 2020
Submitted to: Farzana Chowdhury
Independent University, Bangladesh
Date of Submission: 03/01/2021
 Index
serial no Topics Page no
1. Executive Summary 05-06
2. Company Background 07-09
a. Main business operations
b. Mission and vision statement
c. definition of operating industry and legal
form of the business
3. Management Team 10-13
a. Business Organogram
b. Job Description Of the owners
c. Education Qualification of the owners
4. Product /service Descriptions 14-16
a. Product service details
b. Unique features of the product and why
customers would want to buy it
5. Marketing Plan 17
a. Target Market
b. Pricing Strategy
c. Promotional Tools
6. Financing The Business 18-19
a. Total Budget For The Business
b. source of funds
c. Allocation of Funds
d. Income statement
7. Conclusion 20
8. Referencing 21
Table of Contents
Executive Summary..................................................................................................................................5
Company Background..............................................................................................................................6
Risk of Management :..........................................................................................................................................................................7

SWOT ANALYSIS.......................................................................................................................................8
Management Team..................................................................................................................................9
Job Descriptions Of The Owners..............................................................................................................10
Education Qualification..........................................................................................................................12
Product and Service Details....................................................................................................................13
Marketing Plan.......................................................................................................................................16
Market Segmentation.............................................................................................................................17
Financing the business............................................................................................................................18
Income Statement..................................................................................................................................19
Conclusion..............................................................................................................................................20
References..............................................................................................................................................21

Name of the business plan: Renting designer cloths through online platform
Logo and tagline of the business company:

Executive Summary
. “RentIT”is an online based renting platform through which we will represent all the designer
cloths to the customers. “RentIT” will offer its customers Bangladeshi and international designer
cloths from all around the world from where people would be able to rent out expensive lehengas,
wedding clothing, bridal wears, groom dresses, ethnic clothing etc. Basically outfits that are cultural
and cultural-like.

These items are split into two classes due to the scale of our goods. The two segments are the
male and the female. The section for women will offer ethnic wear, bridal wear, party wear. In the
male segment designer panjabi, sherwani, groom outfits are included. Since we’re new to the
business, we would only rent clothing that fits our culture. We might be renting out western outfits
in the future.

The main objective of the company is not just to profit, but also to introduce brand and quality
products to our customers. The products are affordable and elegant. That rental business would
contribute to saving money since our research indicates that women tend to buy costly lehengas
on different occasions and often don’t wear it more than once. Odds are much less that second-
hand lehenga’s are profitable for selling. So they can rent out, and this is more profitable than
selling it.

RentIT Online Rental Services, Inc. It’s a registered online rental service. For now we have chosen
to operate in the country because we know that our clothing rental service will be in high demand
due to a lockdown and an increasing number of events in the country that will warrant people
renting cloths. RentIT Online Rental Service Inc. is engaged in the rental of traditional women’s
clothing (e.g. wedding dress and dress), traditional men’s clothing (e.g. Punjabi , sherwani and
groom outfits ). Although our intention to launch RentITTM Clothing Rental Services, Inc. is to
provide only the above mentioned services, we will not close our doors to diversification
(additional services) as long as it does not affect our core services. We are quite optimistic that our
values, quality clothing and of course, the quality of service that we offer will help us drive our
clothing rental business to enviable heights and also help us attract the number of clients that will
make the business profitable. We are dedicated to establishing a good business relationship with
our clients, giving them value for their money and why they rent our clothes and costumes over
and over again.Our overall corporate goal is to make RentIT TM Clothing Rental Services, Inc. one
of the leading Bangladeshi clothing rental marks over the first five years. This might look too big a
dream, but we’re optimistic that this will surely happen because we’ve done our research and
feasibility studies. So the brands or designer cloths that we are going to rent out for females are “
Sabyasachi , Manish Malothra , Butterfly by Shagufta ,Anuradha Vakil , Anzara “ . Now for male
we’ll be renting out “Manyavar “.

RentIT™ Clothing Rental Services, Inc. is owned and managed by Nadid Nayeer ,
Tamman Mahmud Chowdhury , Israt Jahan , Sadman Fiaz and Khadem Islam .They are
inotable figures in the fashion industry in Bangladesh . Aside from this new clothing rental
business they all work in different renowned fashion houses .

Company Background
Our main target/service :
“RentIT” is totally an online platform or online service for general people. But this platform is
especially for ladies and along with that we provide costumes for gents as well. With the help of
this platform people can rent dresses within their desired budget. We are going to rent dresses for
1 day. We would provide high-end dresses for them. Our goal is to give people the chance to enjoy
their special day within their preferred budget. Majority of us buy expensive dresses but don’t get
the chance to wear it twice . This is why we created this platform. RentIT would give every person
the chance to wear designer expensive dresses without ripping their pockets off. And we are
hoping to achieve all our goals and success in our business as we are the first online service which
is going to help through their outfit problems. The brands we would provide are – Sabyasachi,
Manish Malhotra, Ritu Kumar etc. And we would also provide Bangladesh brands for people who
would prefer Bangladeshi products over anything and the following brands would be- Zahid Khan,
Sahar Rahman, Butterfly by Shagufta and more. People need to inform us before 5 days to confirm
their order. After each use we would dry wash our products and seal the item. We would have 2
online platforms for our services. We would operate our page through these platforms –
“RentIT” facebook page.
“RentIT” website.
When someone is going to order any item we would immediately check the outfit and let them
know. Although we would always dry wash and iron our dresses right after taking them as return.

“RentIT” facebook page. “RentIT” website

Mission of the company:

Our mission is to give people the outfits we had always been dreaming. Most people often want to
buy or try high end designer clothes but because of their budget they can not afford. We are going
to provide them the dresses they had been looking for. We would achieve extreme responses or
support from people by giving them the service they want. We would provide dresses at an
affordable rate and just by staying by their side we can get our business successful. And after
giving them our best we can get public recognition and thus our business would grow.

Vision of the company:

Our vision is to get enough fame and prove us to be the first outfit rental company in Bangladesh.
And we would deliver top quality and high end brands outfits to our customers as rent. At first we
would prioritize female outfits and later on we would prioritize male outfits as well. We want to
show ourselves as the most friendly and helpful service as a rental company. And in future we
would expand our business and might bring prom dresses or party wears which might be helpful
for people.

Competitive Advantages:
As we've investigated this strategy, we know that no rival around us is doing the same thing or is
prepared to do the same thing. But it's sure we can get the market share faster and master it.
There are however enough openings for others or such businesses to launch something close to
our own and we do have to be prepared for that. And we will therefore offer higher quality goods
and service, and all of this will allow us to attract enough clients .

Legal Form of Business Partnership :

We want a relationship company and that is why we will be able to spend more capital in our
business. In addition, we will be able to share ownership, business experience and expertise, and
more with our business, and this will help us share losses and gains.

Risk of Management :
here’s an equal possibility that a business would face loss or profit. So we would insure our
business with Bangladesh insurance company. We would pay 6000, 8000, 10000 taka as insurance
fee in the following year . So we won’t be facing major losses while we won’t make a profit, the
insurance company would be liable for our losses. We would get the same amount of
compensation from them. And not to mention that we will keep 20% of our profit every year in a
savings fund if we face any loss in the future we will use it.

SWOT ANALYSIS

Every business has its strengths, weaknesses, opportunities and threats, so do our
business got it

Strengths Weakness
∙ Our servicet is very much innovative. ∙ The reliance of outside capital
∙ Attractive and unique design.
∙ The use of a highly efficient, flexible
business model utilizing direct
consumer sales and distribution.
∙ We’re introducing this online rental service
for the first time in Bangladesh.
∙ No competitors.
∙ Continuous technological development.
necessary to grow the business.
∙ Limited source of finance.
∙ The difficulty to develop brand
awareness as a start-up company.
∙ Lack of experience.

Opportunity Threats
∙ Creates employment for local people. ● Future and potential competition.
∙ Participation within a growing industry. ● Political unrest
∙ Decreased service costs through ● Terrorism
economies of scale. ● Bankruptcy
∙ Help people rent out the most unique and
desired product
∙ Increase employment opportunity
∙ High possibility to capture maximum
market share.

Management Team
The management team is the group of individuals that operate at the higher levels of an
organization and have day to day responsibility for managing other individuals and
maintaining responsibility for key business functions.

The management team is also generally responsible for putting together business strategy
and ensuring the business objectives are met. The management team are held accountable
by the company’s board of directors.
 CEO
(Nadid Nayeer)

CFO.
( Sadman fiaz)

CMO. HR MANAGER Product Manager

IT Specialist
( Tamman
(Khadem) (Israt Jahan) ( Imran pranto )
Mahmud)

Job Descriptions Of The Owners

The Company is a partnership owned company. There are in total six partners. Every partners have
rights in the company. Hence every partners decision counts equally .
Each of our company partners has a position in the company. And here everyone’s position has been
given considering their experience. He has been appointed to that position for the job he is good at.
Our partners include company CEO, HR Manager, IT Specialist, CMO, CFO and Product Manger.

The responsibilities of the company’s partners are stated below:

Chief Executive Officer responsibilities:

1.Developing high quality business strategies and plans ensuring their alignment with short-
term and long-term objectives .
2.Overseeing all operations and business activities to ensure they produce the desired results
and are consistent with the overall strategy and mission.

Chief Marketing Officer responsibilities:

1.Listening to the trends of the market and directing the market research efforts of the company.
2.Liaising with other departments to guide a unified approach to customer service, distribution
etc. that meets market demands.
3.Defining marketing strategies to support the company’s overall strategies and objectives.

Chief Financial Officer responsibilities:

1.Driving the company’s financial planning.
2.Performing risk management by analyzing the organization’s liabilities and investments.
3.Deciding on investment strategies by considering cash and liquidity risks.

Human Resource Manager Responsibilities:

1.Developing and implementing HR strategies and initiatives aligned with the overall business
strategy.
2.Bridging management and employee relations by addressing demands, grievances or other
issues.
3.Managing the recruitment and selection process .

Information Technology Specialist responsibilities:

1.This role requires extensive familiarity with IT processes and procedures, effective
communication, departmental enhancement, and user support.
2. IT specialists balance enterprise-wide support and enhancement with direct assistance for IT
departments and users.

Product Manager :

The Product Manager is responsible for the product planning.

2. He is also responsible for executing the Product Lifecycle, including: gathering and
prioritizing product and customer requirements, defining the product vision,

Education Qualification

Educational and professional Background of the owners:

Nadid Nayeer : Nadid Nayeer is the CEO of the company.
1. He completed his BBA from Independent University, Bangladesh.
2. He completed his MBA from Taylors University, Malaysia.
3. He has three years of experience working as a research specialist in a multinational company.
The partners knows that he is the individual who will get the company out of the gate and up to
full speed for a long time to come.
Tamman Mahmud Chowdhury: Tamman Mahmud Chowdhury is the CMO of the company.
1.He completed his BBA from Independent University, Bangladesh.
2. He completed his MBA from York University, Canada.
3. He worked for several years on the Dhaka Stock Exchange and commodities market as a
broker.
4. He later took a position as an International Sales and Marketing Representative for a major
agricultural brokerage and supply firm in Bangladesh.

Sadman Fiaz : Sadman fiaz is the CFO of the company.

1. He completed his BBA from Independent University, Bangladesh.
2. He completed his MBA from Copenhagen Business School , Denmark.
3. He worked over five years in the business-to-business sales realm.

Israt Jahan Titly : Israt Jahan Titly is the HR manager of this company.
1.She completed her BBA from Independent University,Bangladesh.
2. She completed her MBA from Macquaire University, Australia.
3.She worked for Nabisco, Inc. as a service representative for over three years. Her experience
in merchandising, and inventory control is a welcome addition to The Daily perc team.

Khadem Islam : Khadem Islam is the IT Specialist of the company.

1. He completed his B.SC from Independent university, Bangladesh.
2. He completed his M.SC from Griffith University, Australia.
3. He worked as a civil engineer for two years for the Bangladesh Governemnt.

Imran Pranto : Imran is the Product Manager of our company.

1. He completed his BBA from Independent University Bangladesh.
2. He has worked for 3 years at a renowned fashion house before joining our company.

Product and Service Details

Product : The products that we plan to rent are speciality products because of the premium
brand. We were only able to get our hands on the beautiful products through some really good
connections and moreover these products are not so easily available in the market and that is
also the beauty of it. Few of the brands that we will be renting are : Sabyasachi, Manish
Malhostra,, Anuradha Vakil and so on. There is no doubt on the quality of the products as
these are made by top designers using the best of the best fabric. We will be renting 2 sizes for
every product displayed on our website (www.rentit.com) the sizes are Medium and Large. All
our products will get a high quality dry wash after every use. The high quality dry wash will
make sure that the product wont be harmed because of the wash.
Products for rent :

This lehenga designed by Sabyasachi, very uncommon in the market

but is available on our store for rent.

This is another one designed by Manish Malhotra of 3 more lehengas we

will be renting on our store.

A beautiful Gown designed by Sabyasachi, this is one of their best sellers and it is
also available on our store for rent at a really cheap price.
 A fabulous kameez designed by Anuradha Vakil, available for rent only on
our store.

A beautiful Gown designed by Shagufta Osman , this one

is their best seller and it’s also available on our store for rent at a discount price only for limited time.
 This an exclusive sherwani from ‘Manyavaar’ which is also
available at our store for rent for limited time and to rent out this product customer have give pre-oder .

A beautiful traditional bridal outfit designed by “Anzara”. This product is

available at our store for renting .

Service details: Our business is completely online based, there will be no shops resulting to a
decrease in expenses which allows us to invest more into the business. The process of renting is
very simple. You just need go to our website www.rentit.com or facebook page ‘RentIT’ and
choose the outfit that you like. And then you choose a time and date for when you need the dress
and that is all. It is as simple as that, your dress will be infront of your door. All you need to do is
give us a 30% advance payment through Bkash, VISA or cash on delivery. We will come back to you
to receive the dress after exactly 24hrs there will be no hassle for you to come to our warehouse
and drop the dress.
Note: You have order the dress at least 2 days prior (Inside Dhaka) and 4 days (Outside Dhaka).
However, we know our customers well and we know there might be emergency events and you
need to look top notch. Don’t you worry RentIT has your back. We have emergency services where
the dress will be arrived at your door step within an hour but the rent might be a bit higher in that
case.
 Marketing Plan
Target Market: On our online rental service company we will be targeting the female sub –
category. As we will be renting the designer cloths from both abroad and our own country,
targeting the female would be more appropriate because according to our research the prices,
varieties and demand for female “designer” cloths are much higher. Also as per our research
the female median age of Bangladesh is 27.3 Years and Average height of a female in
Bangladesh is 150.78cm (4’11 feet). So our inventory of cloths are based on somewhat the
same data.

Pricing Strategy: Firstly, There will be no doubt on the quality of the products that we will
be renting. We are keeping both high and low prices of rent of the products so that our
customers can enjoy a vast budget range. Although rental of few Designer Bridal Lehengas
might be a bit high but surely a lot cheaper than if someone would be planning to buy one.
One of our main objectives on setting the rental prices were, so that even if someone couldn’t
afford a dress in real life but they want to see themselves in it, we will be more than happy to
give them the opportunity.

Promotional Tools :

RentIT™ Clothing Rental Services, Inc. is set to create a standard for clothing rental
services in Bangladesh , which is why we will go all the way to adopt and apply best
practices to promote our clothing rental business.
Good enough there is no hard and fast rule on how to advertise or promote a clothing
rental services business. Here are the platforms we intend leveraging on to promote
and advertise RentIT™ Clothing Rental Services, Inc.;

● Encourage our loyal customers to help us use Word of Mouth mode of

advertisement (referrals)
● Advertise our clothing rental services business in relevant magazines, local
newspaper, local TV and radio stations
● Promote our business online via our official website
● List our business on local directories (yellow pages)
● Sponsor relevant community programs
● Leverage on the internet and social media platforms like; Instagram, Facebook,
twitter, et al to promote our brand
● Install our billboards in strategic locations in and around West Palm Beach –
Florida
● Leverage on direct coupon mailing approach
● Engage in roadshow from time to time in target communities
● Distribute our fliers and handbills in target area
● Ensure that all our staff members wear our branded shirts and all our official
vehicles are well branded with our company logo et al.
 Market Segmentation

It is a marketing strategy which involves dividing a broad target market into subsets of
consumers, business or countries that have or perceived to have common needs,
interests and priorities and then designing and implementing strategies to target them.
A market can be divided into five segments. But we are going to prioritize on 3
segmentations which are decribed bellow:

1. Geographic Segmentation: It categorizes the location of the business/product. It

helps identifies which area is in need the most. Also, it helps the manufacturer to
decide which area it should start with, for instance; a state having a high percentage of
hosting different kinds of ceremonies compared to other states will be beneficial to
start renting out the designer and branded traditional cloths. I

2. Demographic Segmentation: It helps to identify the target markets for the

particular product. It classifies its market by age, gender, income, social class and etc.
Here the service is for male and female aged from 10-60 years old. . Hence the
product should be linked with common emotion they share with their child. The most
challenging thing for us might be renting out the cloths which is stylish and affordable
for all the classes. Hence the income ratio would be 30 -60 thousand taka monthly.

3. Psychographic Segmentation: Our product would lift up people’s lifestyle or fashi

on in a great way as we are giving the chance to hire products from us especially for wo
men. Soon we might include men’s wear too. This is going to help people improve their
lifestyle upward.

4. Benefit segmentation : The benefits that people are going to get is going to help t
hem get the chance to all kinds of varied costumes within their budget. People can easil
y wear outfits within their range and get all those luxury vibes they dream of. In our eye
s, people would get all kinds of tastes and which is going to boost their confidence.

5. Volume segmentation : The users of our product will be women and men. We Will pay
attention to all our user groups in the future. But currently as a startup we are going to focus o
n women and men.
 Financing the business

Total capital of the business & sources of the funds

The company is a partnership owned company. There are total six partners.
Partners gave 70% of the capital and the rest 30% are loan taken from friends
and family.
Capital given by the partners are 1800000
Loan taken from friends and family are 800000
Total capital is 2600000

Allocation of the funds

Purchase of female clothes =1160000

Purchase of male clothes=280000
Purchase of pickup van=550000
Marketing=610000
 Income Statement
Name 2021 2022 2023
Revenue 1500000 1700000 2000000
Expenses:
Dry wash 24000 36000 48000
Rent 72000 72000 72000
Salary 360000 360000 360000
Advertising 60000 65000 75000
Depreciation 22000 21120 20275
(4%)
Vehicle 20000 20000 20000
maintenance
Insurance 6000 8000 10000
Office supplies 700 800 1000
Utilities 38000 38000 38000
Telephone bill 800 950 1100
Loan 250000 250000 300000
Repayment
Total expenses (853500) (871870) (945375)
Earnings before ( 646500) (828130) ( 1054625)
tax
Income tax 96975 124220 158194
15%
Net income (549525) (703910) (896430)
 Conclusion

RentIT™ Clothing Rental Services, Inc. is a licensed rental service . Our key aim is to provide
our consumer with the highest standard of goods . This is a business model, this thought
came to our mind when we were stuck inside our home during the Covid 19 lockdown. So
we thought that now is the perfect time to start a business, because a lot of wedding
celebrations, birthday parties and other things are going on, and we all know that people
want to purchase new clothes on those days, but because of the pandemic scenario, it's
getting dangerous and people don't feel safe going to shop and buy or rent items. And
sometimes people don't like buying costly cloths on a single day, so they'd like to rent it out
for 2 or 3 days. So our "RentIT" renting service will let them rent their preferred brand or
designer cloths. We will offer 100% of the initial inventory and a free pick-up and
distribution scheme on the first order . We’ll deliver the ordered product in the destination
within 24 hours of the order and all our staff and delivery boys will follow all the safety
rules .
 References

a. Understanding Business by Nickels 11th Edition : https://l.facebook.com/l.php?u=https

%3A%2F%2Fci5.googleusercontent.com%2Fproxy
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HIshDAV3Nbf5R6QGoKro4lbpVpP9NlapozNV-zeWTf-hQKSoTXog%3Ds0-d-e1-ft%23https
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ogRuf0VZQZbVPYf2G0z9JNWh766qjEXkX6ZL6zGFxHvWpG36YlRuCrI-
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ujVsQo6WiY4iBoClcIQAvD_BwE&h=AT16s6dlyASqxU08WfzG2qVOQJA8ZlIn93QCY6k
UssHbWgPtzMKC7XpDO9w2-JSTifFVLh1bvIfEfCJzkGgxlgIHE7lVmc9-aJpmN3-
iBjv_S3Nd70RRyLY4eRNSGA0w46RN-159qTdVEJE&s=1

e. Butterfly by Shagufta : https://www.facebook.com/ButterflybyShagufta/

f. Anzara : https://l.facebook.com/l.php?u=https%3A%2F%2Fbiyebazaar.com%2Fvendor
%2F166%2FANZARA&h=AT1wAjfns3zuNaFY13a6xQFuSraMBxvLp0Pu41a5D6N7VnNO6Nf9MM7ax_
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eqLqXE4xU&s=1
g. Anuradha Vakil : http://www.anuradhavakil.com/index1.html