We are a group of students from Taylor’s University that has successfully qualified for the Top 5 teams in the Maybank-Moneytree YES 4 Business Plan Challenge. In our business plan, Rent a Glam, we aspire to carry out an online business where we plan to rent out designer dresses and suits for fashionable men and women. Along with the outfits, accessories will be recommended and also rented out to customers who would like to get a complete look from our website.
The main aim of this business plan is to give both men and women to try on outfits from different designers and allow them to have more selections of outfits for different occasions. We would like to engage the Malaysian fashion designers so that in the course of providing for the Malaysian customers, we are also allowing the designers to make their brands more integrated in the community. Besides, when men and women are wearing the designer outfits, they will get noticed by others and therefore it helps to promote the designer brands.
What makes us different from other on-line business that also offers outfits renting services are:
(i) we strives to offer a wider range and selection of dresses/suits
(ii) we are offering at a lower price (around 20% of the retail price)
(iii) focusing mainly on outfits designed and created by Malaysian fashion designers
(iv) full access to customers in all areas as it is all done online
We are very interested to carry this plan out and let consumers to have a whole new level of experience with the Malaysian fashion industry. The success of similar websites such as Rent The Runway (US) and Girl Meets Dress (UK) made good examples of such business.
We are now currently looking for funds so that we can actually start this whole business plan.
We currently have 3 mentors who are guiding us namely Jolene Sim, Tan Su Zhen and Ngui Ing Ing. Su Zhen and Jolene are the founders for Mainstream Online Buzz Sdn Bhd (MOB) and former graduates of the Maybank MoneyTree YES Challenge. MOB is a social media agency that helps brands attract and retain quality customers via social media channels like Facebook, Twitter and Blogs. Ngui Ing Ing is a successful entrepreneur who has many years of experience and knowledge.
We have also contacted Saito college. One of the lecturer in Saito, Mr Roger has agreed to assist us in getting a collaboration with the college as the fashion designing course is very new and just started to enroll students. Besides, we had also proposed to the fashion design lecturers, who are also fashion designers themselves, to have their designs showcase in our website. We will continue to visit colleges to get collaborations with their fashion design faculty.
Other than that, we have also a few well known bloggers who have agreed to advertise our website in their blogs and showed support to our business plan. The bloggers are Shopaholic’s Den and Shopping Roll. We will continue to reach out to different personnel in various related industries in order to guide us in our business.
Start up and revenue model
Start up amount Website 100 Dresses (40*1,000) 40,000 – around 40 dresses at RM 1,000each Suits (15*1,000) 15,000 – around 15 suits at RM 1,000 each Store room (6*700) 4,200 – A store room of RM 700 per month and included 6 months. Advertising cost 5,000 So we can roughly say that RM 65,000 is needed to start the business
For the first 3 months, we are targeting 5-10 rentals per month and this will cover the monthly expenses only. Then for the months onwards, we are expecting amount of rentals to increase so that some part of our revenues will cover the cost of capital. So for the next 6, 9 and 12 months, expected rental will be 20, 35 and 40 respectively.
We will be targeting to break even after 15 months where our cost of capital will be covered and 60 rentals should be made in each month.
For the subsequent months until the second year, an estimation of 40-100 rentals each month should be made in order to make profits that range between RM 8,000- RM 20,000 (refer to the contribution margin per piece of outfit). We will be reinvesting the profits to provide more choices to the customers, which will be made accordingly to the amount of profits.
For the third year to 5 years, we will be targeting at 200-500 rentals per month, and will be planning to open a physical shop, as well as expanding our business to other areas.
Contact Person: Oliver Yan
phone number: 010 241 7596