Business Idea and Marketing Strategy
Im His Priority® will be a clothing business that offers statement shirts for women and girls expressing their strong trust and confidence in God. Our target audience will be Women and girls seeking a unique and meaningful method to show their beliefs and values. Our brand will convey that everything else falls into place when God comes first. The statement shirts will be produced in various fonts and colors, allowing women and girls to express their style while openly professing their faith. I’m His Priority® will also sell various apparel products with faith-based statements, such as caps, hoodies, sweatshirts, and statement tees.
The company will utilize social media channels, including Instagram, Facebook, and Twitter, to target its desired demographic. For instance, Scarborough (2015) states that more than 40% of businesses using social networking sites report gaining at least one customer as a result of their efforts. The marketing plan includes developing a strong web presence by routinely sharing photos of our shirts being worn by satisfied customers (Scarborough, 2015).
Influence marketing will also be utilized to enhance brand recognition and expand reach. To market the product, it is planned to collaborate with influencers who share the brand values and views. It is also predicted that attending Christian conferences, events, and retreats will help advertise the products and raise brand awareness, as it will be possible to contact the target audience face-to-face.
Key Competitors and Their Strengths and Weaknesses
Many clothing brands sell faith-based clothing, including statement tees, which is the primary product offering of Im His Priority®. These companies include Elevated Faith, Faith Gear, Walk in Love, and Christian Strong. One of the competitors, Walk in Love, is a clothing business that uses its goods to inspire love and optimism. They sell a variety of apparel items featuring designs that promote love and kindness, including statement tees, sweatshirts, and caps.
One of the company’s strengths is its distinctive and innovative designs. They offer a wide range of statement shirts and other apparel products featuring appealing phrases and patterns that cater to a younger audience. They also have a strong social media presence, which helps them reach a larger audience and communicate effectively with their clients.
Meanwhile, Walk in Love’s weakness is the cost of its product. Their products can be more expensive than those of their competitors, which may deter price-sensitive buyers. Furthermore, while their designs are innovative and appealing, they may not appeal to customers seeking more traditional faith-based messages on their clothing.
Mission Statement
Im His Priority® aims to enable women and girls to express their religion and identity through fashion proudly. The company wants to inspire and encourage its clients to put their connection with God first and to live courageously and proudly as His chosen ones. As a boutique clothing line, Im His Priority® is committed to providing high-quality, fashionable clothing that reflects our customers’ faith and individuality. Statement shirts and other products are printed with intense and profound words that remind consumers of their identity in Christ.
Our target market comprises women and girls who value their faith and wish to express it in a meaningful way. They are self-assured, independent, and daring, and they want apparel reflecting their principles and ideas. They respect authenticity and originality and are not scared to be different. Im His Priority® is dedicated to providing its clients exceptional service and honesty.
Ownership Form of the Business
Im His Priority® would be owned by a single individual with complete control over the firm as a sole proprietorship ownership form. This is the most basic and widespread type of ownership, and it is straightforward and inexpensive to set up. A sole proprietorship offers the primary advantage of giving the owner control over the firm and allowing them to receive all earnings (Olazabal & Avila, 2022). Furthermore, there are no formalities or regulations to follow, and the business is taxed as a pass-through entity, which means that the owner’s tax return includes business income.
However, the biggest downside of a sole proprietorship is that the owner is personally liable for all the business’s debts and responsibilities (Rittenberg et al., 2022). This implies that the owner’s assets may be at risk if the company falls into debt or is sued. Furthermore, if the owner intends to raise capital or bring on additional owners or investors in the future, a sole proprietorship may not be the best choice.
As a sole proprietorship, Im His Priority® must examine numerous considerations, including tax consequences, liability exposure, management skills, and establishment cost. The owner’s tax return would include the company revenue, and the owner would be liable for paying self-employment taxes on the business profits. While a sole proprietorship provides no personal liability protection, establishing it is inexpensive and gives the owner complete control over all managerial decisions.
Overall, if the owner wants complete control over the business, has limited liability exposure, and does not anticipate significant tax implications or the need for outside investment, a sole proprietorship may be a good choice for Im His Priority®. However, it is crucial to determine the optimal ownership structure for the firm, identify potential risks, and consult with legal and financial advisors.
References
Olazabal, V. H. N. & Avila, N. M. G. (2022). Dynamic capabilities in sole proprietorships: theoretical model through grounded theory. Journal of International Entrepreneurship, 20, 591-618. Web.
Rittenberg, J., Haskins, J., & Watts, R. (2022). What is a sole partnership? Forbes. Web.
Scarborough, N. M. (2015). Entrepreneurship and effective small business management. Pearson Education.