The Perfect Business Plan

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Photo Credit: WDnet Studio via Pexels

Annie Rees opens up the vault to one of the most successful fashion business plans around in the North West.   

What is the secret for having a successful business? Meeting a consumer need, having an air tight business plan and sticking to your Unique Selling Point (USP) are just some of the components that will help make any business a success.

Successful businesswomen Janine is the owner of fashion boutique brand Victoria’s Vault, which is situated right in the heart of Preston.  Janine, a former University of Central Lancashire (UCLan) student, has owned her business for two years, and it continues to grow. “We’re a family business who sell high profile products with small price tags, suitable for all budgets.”

Selling ‘high street brands at back street prices’ has led to the business’s success, but the five star service customers receive has also encouraged consumer loyalty towards the brand. Warm, chatty and helpful staff allows the shop to feel relaxed, and creates an enjoyable experience for all their customers.  Multiple women have left reviews on Facebook saying very positive responses like,

“What a lovely little find this shop is!! Staff are soo lovely and helpful. Was a joy to shop there this morning. Amazing customer service also.”

So, for a successful business, is it just a brilliant business plan you need, or do you need some inspiration to motivate to make it a success? According to one of the world’s richest businessmen, Richard Branson, entrepreneurs need to be good self-motivators, stating in a Kissmetrics’ blog post that it is “important to understand what your main motivation is so that you can focus your efforts on reaching those goals.”

Janine had a clear idea in mind when she launched Victoria’s Vault. “I started my own business because I saw a gap in the market for affordable high fashion items. Everyone wants the high budget, high fashion wardrobe, but very few can actually afford it.”

The business plan consists of buying boxes of fashion pieces every Friday, without knowing the contents until they open them at the store.

“It’s like Christmas seeing what we get,” said Janine.  “Some items can be very high ticket, but we like being able to sell the items at an affordable price.”

Another business strategy that Victoria’s Vault use to good effect is promotional events.  One of their recent events was the five pound sale, when everything on the shop floor was five pound or less – safe to say they had a full shop that day!

 One women did take full advantage of their offer grabbing everything she could to the changing room, using the excuse of ‘I’m going on holiday I need some new outfits.’ We’ve all heard and used that one before have we not.

Victoria’s Vault use social media to advertise these promotional events, as well as to connect with their customers and advertise new items.  This allows their loyal customer base to keep up-to-date with the brand – particularly important for a shop with ever-changing stock.

The success of Victoria’s Vault is down to a business plan that works, a strong USP and the motivation to succeed in a competitive market. However, the key aspect that owner Janine has done is identified a problem that many people have and offered a solution – high fashion at affordable prices.

Janine said: “We’re happy that the business has proved to be a success, and that we have built up a good brand that customers are loyal to. I hope to keep progressing the business like we have for the past two years.”

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