Students Last Name Goes Here 1

ENTREPRENEURSHIP, INNOVATION AND CREATIVITY

by Students name

Course code+name Professors name University name City, State Date of submission

Students Last Name Goes Here 2

Table of Contents 1.0 Executive summary 1.1 Business ideas and goals 1.2 Marketing 1.3 Operations 1.4 Finance 2.0 Background 2.1 Mission statement 2.2 Company History 2.3 Business goals 3.0 Marketing 3.1 Market research 3.2 Market analysis 3.3 Marketing plan 3.3.1 Products/services and target market 3.3.2 Placement 3.3.3 Promotion and advertising 3.3.4 Pricing strategy 3.3.5 Evaluation of marketing 4.0 Operations 4.1 Legal and licensing requirements 4.2 Management details 4.3 Organization and structure and staffing 4.4 Professional advisers 4.5 Insurance and security issues 4.6 Business premises 4.7 Equipment required 4.8 Production process 4.9 Critical risk/contingency plans 5.0 Financial projections 5.1 Basic assumptions and information 5.2 Analysis of financial forecast 5.2.1 Capital expenditure forecast 5.2.2 Sales forecast 5.2.3 Cash flow forecast 5.2.4 Projected profit and loss statement Conclusion and future 6.0 Timetable 7.0 Appendices

Students Last Name Goes Here 3 Entrepreneurship, Innovation and Creativity 1.0 Executive summary 1.1 Business ideas and goals The idea of the business is to manufacture locally and retail business clothes combining classical style and modern accents. Possibility to order the suit or other business clothes in the preferable colour or size is considered to be one of the most essential proposals for the success. 1.2 Marketing The Company Clever and bright puts an emphasis on exceptional design, inflow of innovation, high quality of manufactured items. Business clothes will be sold directly at two clothing boutiques situated in Sydney and Melbourne near the biggest business centres. Target customers are successful business people aged 22-50 desiring to wear specially designed business clothes and having the opportunity to order any model according to their size and taste. Advertisements in the leading fashion journals, involving several FM stations, implementing cumulative discount system and memorable opening ceremony will be the part of new business promotion. 1.3 Operations The Company will be organized as a partnership with three members. They will invest AUD$ 15 thousand equally. Production will be organized in the rented sewing workshop in the suburb of Sydney; the readymade clothes will be transported to the two clothing boutiques in Sydney and Melbourne. 1.4 Finance To cover extensive capital expenditures AUD$ 30 thousand 4-year loan at St. George Bank Limited will be taken. The biggest expenses are sewing equipment, repair and equipment of boutiques, employees salaries, and rent of two stores at the business centres and sewing workshop.

Students Last Name Goes Here 4 2.0 Background 2.1 Mission statement

The mission of the boutique of business clothes Clever and bright is to propose high-quality, professionally tailored clothes for business woman and men with the range of main accessories with the possibility to design and tailor suit or business dress on order depending on the consumer tastes and variety of sizes especially bigger one or non-standard figure. 2.2 Company history

This clothing retail business is new. Clothing boutiques will be opened as a new business line. 2.3 Business goals

Companys business goals are the following: to penetrate the clothes market by attracting and keeping customers that prefer to wear

classical both strictly tailored clothes and stylized fashion clothing; to gain 0.6% of market share in retail clothing industry at the end of the first operating

year and 1% at the end of the second year. This forecast was made taking into consideration the figures provided by Productivity Commission of Australian Government (2011) where the biggest retailers in clothing industry Just Group and Specialty Fashion have 5 and 4 percent of the market share correspondingly; to open three more boutiques during first three years in Brisbane, Perth and Adelaide. In the short time frame, it is expected to minimize the ratio losses and volume of costs and reach the minimum level of income. In the long term run, in two years period the profit will be increased as a result of successful marketing policy and gaining the popularity among the target customers. Second year is expected to end with net profit of AUD$ 146 529. The number of staff employed will no vary greatly and will include 12 employees including partners-owners of

Students Last Name Goes Here 5 the business who will take an active part in all companys activities. Product range will include 6 clothing groups each offered in several colours and sizes. 3.0 Marketing 3.1 Market research

Statistical data and analytical materials from government departments and industry associations in particular Australian bureau of statistics, Australian Taxation Office, Department of Commerce, Business Licence Information Service, Australian Retailers Association were used for analysing the Australian textile, clothing and footwear industry, gathering the data about the market volume, its potential and growth possibility, getting information on competitors, their number and marketing strategy. Smith (2012) stated that the Australian clothing, textile and footwear industry is valued at close to $3 billion, with retail and wholesale sectors adding another $7.5 billion, and employs more than 200,000 people. 3.2 Market analysis

Retail clothing industry is influenced greatly by the increased activity and presence of global players and growing number of shopping websites. According to the Australian bureau of statistics (2011) for the period 2009-2010 clothing manufacturing is characterized by AUD$ 3477 mln of sales and services income, AUD$ 618 mln wages and salaries and AUD$ 1144 mln of industry value added. Employment number was 19655 workers. Concerning the survival rate of the new entries in retail business beginning from 2007, the percent of the survival is 56,9 percent in 2011 (Australian bureau of statistics 2012). The main competitors in fashion design clothes are Nick Gower and Jean-Claude Abouchar; Carla Zampatti (47 years at the market); Josh Goot, Dion Lee. Nick Gower and Jean-

Students Last Name Goes Here 6 Claude Abouchar presented at the market since 2008 as Grand Social, weekly sales amount to 600 items. In its first year in 2008, The Grand Social generated $450,000 in sales. By 2011, annual sales accounted already for $1.8 million. Carla Zampatti owned 14 stand-alone retail stores where tailoring and evening clothes are represented. 95 per cent of this fashion designer business is produced in Sydney. Josh Goot was awarded with Tiffany & Co Young Designer Award in 2005. His collections have the highest prices comparing to others modern fashion designers. Dion Lee used silk and wool from Italy and Japan. Designers collections are sold locally, and one store is opened internationally Net-a-Porter (Smith 2012). SWOT analysis of the chosen business is the following. Strengths that will allow the business to survive in the first operational year and provide profit in the further periods are: producing and retailing high quality clothes; well trained and dedicated staff providing high level of services and thus increasing the

level of satisfaction and frequency of repeated purchases; appealing to the narrow niche of business people and those one who want to close

modern business clothes with twist and some kind of challenge to the classic tailoring clothes; Weaknesses: huge funding for the beginning of the business; small scale of operations; relatively high price as for the beginner at this market; unknown label and brand;

Opportunities for the business are: to increase the market share by enlarging the business scale opening new boutiques all

around the country.

Students Last Name Goes Here 7 to attract more customers with non-standard figures and tailor the clothes specially y for

them accordingly increasing the price for such a services and items manufactured. government actions towards tax incentive for the small businesses;

Threats imply the following situations: worsening the economic situation in the country that will cause the reducing the expenses

for luxury goods such as proposed by Clever and bright specially designed clothes; small number of customers due to high price and unknown yet brand; new competitors entering the market with the lower prices and lower production and

maintenance costs; global players with their huge clothing stores and discounts, internet stores. 3.3 Marketing plan 3.3.1 Products/services and target market

The Clever and bright company will propose 6 main business clothing direction: womens and mens business suits (trousers), womens suits (skirts), womens dresses, womens skirts and blouses. Target customers of the company Clever and bright are 22-50 years business people desiring to demonstrate their individuality and perfect fashion tastes. They are working at different level of organizations from the specialists to top managers positions. Sydney and Melbourne two cities for the clothing boutiques opening- were chosen as the most intense cities in terms of population and economic activity. According to the Australian bureau of statistics (2011) the population of Sydney is 4.61 million people as for the June 2011. 31% of Sydney's population was aged 20 to 39 years. The population of Sydney at working age is 3.21 million people. This figure accounts for around two-thirds of the state's total population. The sex ratio is 98,2 males to 100 females. 4.17 million people live in Melbourne. Similarly with

Students Last Name Goes Here 8 indicators of Sydney, 31% of Melbourne's population is aged 20 to 39 years. People of working age (15 to 64 years) accounted for 69% of Melbournes population. The sex ratio for Melbourne is 97.4 in June 2011, indicating that there are 97.4 males for every 100 females. The key to success of implementing this business idea and competitive advantage of proposed goods consists of the following: - first two stores will be situated near the biggest business centres in Sydney and Melbourne that will get the business people more informed of the new brand; - possibility to tailor the business clothes for the specific events or individual sizes will be the great advantage; - high quality of all items will be proved by the certificates of quality; - the stores will propose business clothes both for men and women together with the main accessorizes like designed bags and belts; - strong advertisement company will accompany the open of these new boutiques. 3.3.2 Placement

Clever and bright business clothing boutique will be opened near the biggest business centres in Sydney and Melbourne. The advantages of the chosen places for the clothing boutiques opening is transport accessibility, location near the places of high pedestrian activity, the presence of the parking lot near the surrounding large business centres (Walsh 2009). 3.3.3 Promotion and advertising

Preconditions for the success of the chosen direction in business in particularly focused on specific customer tastes and needs are: favourable location; intuition and knowledge of the existing market in choosing the demanded product

Students Last Name Goes Here 9 providing such level of service that make the customer loyal to the brand; highly professional and dedicated staff; efficiently organized organisation process: from supply and production to logistics

systems; attention to details in routine daily operations and strategic planning; great attention to pricing strategy, promotion and advertising policy. It is planned to organize vivid and memorable ceremony of opening clothing boutiques. More than 100 invites will be sent to Companys potential customers and big corporations with hundreds of employees working at office. According to accepted schedule the opening of the new business clothing boutiques will be at November 2013 before the great period of December holidays. 5% discounts cards will be proposed to the 20 first buyers. The system of cumulative discounts cards will be introduced. According to Duffy (2004) such a system will be an effective tool to attract more customers. Naturally, the personal web site will be created with the aim to receive feedback from the Companys customers and enlarge the scale of sales. It will be also one of the steps in promotion the new business clothing stores, the source of information about Companys seasonal collections and the discounts proposed. Advertisements in the Fashion Journal, Cosmopolitan Australia as far as radio advertisements on several FM radio stations will be made. The Clever and bright will propose the possibility for the customers to return or exchange any business clothes that was bought within 14 days. It will be fulfilled with the aim to build trustful relationship with Companys customers and create a loyalty to brand. 3.3.4. Pricing strategy

Students Last Name Goes Here 10 To introduce new business and to raise consumers interest to the specifically designed and tailored business clothes low-price strategy or the penetration strategy will be chosen. According to Sullivan and Adcock (2002) such a strategy provides the new player at the clothing market to stimulate demand, to win over the competition and win market share. After the consumers will be aware of the brand and proved high quality of clothes produced price strategy will be shifted to setting higher price for each item. It is originally assumed that this business will be focused on wealthy buyers who are interested in quality, unique product, that is, a segment of the market where demand is independent of price movements. Prices were set upon the calculation of the full costs for production and retailing and were adjusted with the market trends according to the data provided by Smith (2012). The authors gave the statistics on the main Australian fashion designers - Nick Gower and Jean-Claude Abouchar; Carla Zampatti, Josh Goot, Dion Lee and the price range on their clothes. Nick Gower and Jean-Claude Abouchar propose their collections from AUD$ 500 to AUD$1600, Carla Zampatti sells the clothes from AUD$ 149 to AUD$ 1249, Josh Goots clothing line is proposed from AUD$195 to AUD$2945. Dion Lee produces two clothing lines: cheaper varying in price from AUD$180 to AUD$600 and more expensive one selling from AUD$250 to AUD$2500. Pricing range for the Clever and bright clothes from the AUD$200 to AUD$1300 for ready clothes and it is calculated in each specific case when the customer orders to tailor clothes for his size or taste. 3.3.5. Evaluation of marketing Evaluation of the marketing efforts in promotion and advertising will be checked on the quarterly time period based on the sales volumes, numbers of customers visiting the store and

Students Last Name Goes Here 11 making the purchase. Moreover, small questionnaires that will state the main service criteria will be propose for Companys customer to be filled in. Based on the obtained results the management of the Company will improve the quality of service or award the employees in case of positive feedbacks. 4.0 Operations 4.1 Legal and licensing requirements

The name of the business is Clever and bright. It will be organized as a partnership among the three partners with equal contributions to the share capital of 15 thousand AUD. 30 thousand AUD$ will be borrow as the long term loan at St. George Bank Limited at 7% interest rate. The loan will be paid off in 2017. The licenses will be needed for two business directions Clothing Manufacturing and Clothing Retailing. According to the Business Licence Information Service (2012) it is required to have street trader's license, national business name registration, registration of a trade mark, sound recording reproduction license agreement, TFN application/enquiry - partnership. 4.2 Management details

Ownership will be divided among three partners with equal share in profits. It should be mentioned that between three of the partners who will invest in this business, Steve Assad will be responsible for the purchasing of high quality materials, textiles and inventory control, second partner John P is a designer of women's and men's clothing lines, and third partner Mark P will be responsible for the production and sales. 4.3 Organization and structure and staffing

Retail industry especially clothing boutiques is labour intensive (Australian Retailers Association 2010) that is required salespeople who will keep the atmosphere of friendliness and

Students Last Name Goes Here 12 customers for enjoyable shopping. The task for management for successful business operating is to find four office employees for the clothing store who will be working with clients and four tailors sewing the clothes according to the sketches of the designers-partners. It is planned to hire two sales clerks who will be responsible for the correct merchandize of the clothes at the boutique and will be accountable for the final settlement with the customers, two sales consultants who will be charged to consult the customers on the needed size, quality of goods and others functions related to the customer service. All personnel will have 2 or more years of professional experience in retail business preferably in luxury goods or clothes selling. For the manufacturing process, four tailors will be hired. They will work at sewing workshop from 9 a.m. till 6 p.m. All requirements of the labour legislation according to the Australian Department of Commerce (2012) including paid vacation, sick leave and others will be fulfilled. The average rate of monthly wages for the sales clerks will be approximately $AUD 3500. Sales consultants will earn near $AUD 4500 monthly. Additionally, the sales plan and the incentives upon reaching the established sales figures will be introduced. $AUD 100 will be additional monthly bonus for attracting the client who would like to order special suit or dress designed. Tailors and dressmakers will earn near $AUD 3800 monthly (Australian bureau of statistics 2012). All positions will be proposed as permanent full time positions. 4.4 Professional advisers Grosvenor Management Consulting will be a consultancy company for the advices on the optimization of planned and actual expenses and reaching the target level of net profit. This company has several subsidiaries in Sydney, Melbourne and Canberra. The main office is situated at Level 12, 220 George Street, Sydney. Moreover, it is planned to use outsourcing

Students Last Name Goes Here 13 accounting services form Taylor Woodings Company with the headquarters in Sydney for the record-keeping and financial consultancies. 4.5 Insurance and security issues

To predict and secure all unexpected events in the operational activity of the clothing retailing clothing business insurance covering public liability, burglary, fire and other defined events, money, glass, shortage in turnover/business interruption, machinery/equipment breakdown, personal injury and illness, workers compensation will be needed. This insurance package costing will be provided from the Australian based insurance company NRMA insurance. 4.6 Business premises

The first store will be opened in the surroundings of the Grosvenor Street business centre. The appropriate 60 square meters store will be rent. Rent price is AUD$ 43 200 per annum. The same store will be opened in Melbourne near the Exchange Tower Business centre. The gross area will amount to 70 square meters. The expenses for rent this store are AUD$ 41 000 per annum. The stores will be relatively small in space because the emphasis is made on compactness and the right merchandise of clothes. It is very important to make an impressive interior design with an emphasis on the laconism and few accents in the form of men and women silhouette at office work. Spectacular signboard and well design showcases will be the first step in attracting target customers. Each of the stores will have one dressing room. 4.7 Equipment required

There are two lines of capital expenditures for this clothing business. First line of capital expenditures will be connected with the purchasing of professional equipment for the sewing

Students Last Name Goes Here 14 workshop. It will be two sewing machines, embroidery machine, two ironing presses, and irons (Johnes 2006). Together with the furniture the total amount of the capital expenditure for this direction will be $AUD 10 866. Second line of capital expenditures will be connected with the equipping of the boutiques. It will be necessary to repair the leased premises. New chandeliers, wallpapers, mirrors, accessories will be bought to keep the chosen classical style with modern bright touches. Signboard, cash registers, software for the recording of inventory and sales turnover, mannequins, shelving supplies, clothing slant-arm racks, fixtures, wooden hangers, Tagging supplies (sale, layaway and hand tags, loops for security) and packing supplies (protective covers) will be needed. The estimated costs for this equipment are $AUD 15 000. It is also needed to purchase accounting software costing near $AUD 1500. 4.8 Production process

The management of the company Clever and bright decided from two opportunities of business process: to concentrate the efforts on the outsourcing; to produce goods by itself that is to conduct in-house production. It will be clearly easier to buy a franchise of the world known company and to make money by selling copyright. The desire to propose unique clothes combining classics and modern, and allowing its owner to stand out from the crowd of ordinary suits and dresses prevailed. The partner responsible for the purchasing fabrics and accessories for business clothes tailoring chose the supplier. It is Sydney based company E&M Greenfield, a wholesale supplier of fabrics and haberdasheries operating 58 years at the market and collaborating with the fashion

Students Last Name Goes Here 15 industry. Fabrics that will be purchased are wool, silk, organza, lace, velvet, cotton for the total sum of $AUD 10 000. The office for the sewing workshop will be rented at the Sydney suburb. The cost for such a rent is $AUD 2000 monthly. Readymade clothes will be transported to the clothing boutiques. 4.9 Critical risk/contingency plans

The critical risks that should be taken into account are: - too low demand and sales for designed; - fire or other disaster; - loss of key supplier - loss or illness of key employee - illness of one of three business partners; - robbery. 5.0 Financial projections 5.1 Basic assumptions and information

It is assumed that inflation rate will not vary significantly and interest rates will be the same as in the year of business opening. It is also assumed that there will be some decrease in sales in summer and boost during the December-January holiday period. All information on current taxes was taken from the Australian Taxation Office (2012) information. 5.2 Analysis of financial forecast 5.2.1 Capital expenditure forecast

Manufacturing and retail business require extensive investing. The projected figure is given in the Table 1.

Students Last Name Goes Here 16 Table 1 Capital expenditure forecast Item Price for one item, AUD 3 458 1 750 800 150 Quantity Total Figure

Sewing machine Singer Embroidery machine Ironing press Iron Furniture (chairs, cabinets, shelves) Equipment for the boutiques Total amount

2 1 2 2

6 916 1 750 1 600 300 300

15 000

25 866

According to the Australian Taxation Office (2012), Company Clever and bright is an eligible small company for an income year, whereas it carried on a business in that year and had an aggregated turnover of less than AUD$2 million. That is why the Company can use the simplified depreciation rules: depreciating assets costing less than $1,000 each can be written off immediately and other depreciating assets with an effective life of less than 25 years are pooled in a general small business pool and deducted at the rate of 30% (Australian Taxation Office 2012). 5.2.2 Sales forecast

To prepare the sales forecast Companys products were divided into 6 categories: category 1 - womens business suits, category 1 - mens business suits (trousers), category 3 - womens

Students Last Name Goes Here 17 suits (skirts), category 4 - womens dresses, category 5 - womens skirts and category 6 womens blouses. 2-year forecast is presented in the Table 2. Table 2 Sales forecast (AUD$) Cat 1 units sold Sale price/ unit Cat 1 TOTAL Cat 2 units sold Sale price/ unit Cat 2 TOTAL Cat 3 units sold Sale price/ unit Cat 3 TOTAL Cat 4 units sold Sale price/ unit Cat 4 TOTAL Cat 5 units sold Sale price/ unit Cat 5 TOTAL Cat 6 units sold Sale price/ unit Cat 6 TOTAL Total year 1 150 1 000,00 150 000 170 1 115,00 189 550 120 800,00 96 000 150 1 200,00 180 000 250 300,00 75 000 175 400,00 70 000 760 550 year 2 200 1 100,00 220 000 200 1 115,00 223 000 160 900,00 144 000 190 1 300,00 247 000 300 350,00 105 000 250 450,00 112 500 1 051 500

5.2.3

Cash flow forecast

The cash flow forecast for two operational years is described in the Table 3. Table 3 Cash Flow Forecast (AUD$)
Cash on Hand 45 000 33 217

CASH RECEIPTS
Cash Sales Collections fm CR accounts 760 550 1 051 500

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Loan/ other cash inj. TOTAL CASH RECEIPTS Total Cash Available (before cash out) 30 000 790 550 835 550 1 051 500 1 084 717

CASH PAID OUT

Purchases (fabrics and accessories) Gross wages (exact withdrawal) Payroll expenses (taxes, etc.) Outside services Repairs & maintenance Advertising Accounting & legal Rent Telephone Utilities Insurance Interest Other expenses (specify) SUBTOTAL Loan principal payment Capital purchase (equipment) TOTAL CASH PAID OUT Cash Position 11 200 374 400 112 468 61 500 12 000 2 000 47 890 111 200 1 200 800 32 000 1 859 450 768 967 7 500 25 866 802 333 33 217 15 600 380 600 114 568 72 000 2 000 4 000 58 000 115 000 1 300 1 000 32 000 1 713 2 000 799 781 7 500 1 934 809 215 275 502

5.2.4

Projected profit and loss statement

Table 4 is the Projected profit and loss statement of the Clever and Bright Company Table 4 Projected profit and loss statement (AUD$)
Year 1 Sales Cost/ Goods Sold (COGS) Gross Profit Operating Expenses $760 550 250 400 $510 150 % 100,00% 32,92% 67,08% Year 2 $1 051 500 410 500 $ 641 000 % 100,00% 39,04% 60,96%

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Salary (Office & Overhead) Payroll (taxes etc.) Outside Services Repairs/ Maintenance Advertising Accounting and Legal Rent & Related Costs Telephone Utilities Insurance Interest Depreciation Total Expenses Net Profit

$192 000 57 621 54 000 12 000 2 000 24 500 108 200 1 200 800 35 000 1 859 4 256 $493 436 16 714

25,24% 7,58% 7,10% 1,58% 0,26% 3,22% 14,23% 0,16% 0,11% 4,60% 0,24% 0,56% 64,88%

$ 196 000 58 832 55 000 2 000 4 000 26 000 108 200 1 300 1 000 35 000 1 713 5 426 $ 494 471 146 529

18,64% 5,60% 5,23% 0,19% 0,38% 2,47% 10,29% 0,12% 0,10% 3,33% 0,16% 0,52% 47,03%

Conclusion and future The idea for this business appeared as a great desire to provide Australian business women and men with the possibility to create their own style while being clothed in classic and business style. It should be underline that the main idea for the business is to design and tailor clothes with twist that is to propose the fashion-conscious customers a modern look with sense of individuality and personal charm. Fashion is a good business for gaining good profits but efficient marketing policy should be applied. It is planned to increase production and enlarge the scale of sales by opening new clothing boutiques. 6.0 Timetable The following Table 5 provides the information on the milestones for the business opening at the beginning of November 2013. Table 5 Timetable of planned obligatory actions Date August 2013 Tasks to be achieved Obtain all needed licenses and permissions including registration for goods and

Students Last Name Goes Here 20 services tax and tax file number Find an appropriate stores for rent and signing the leasing contract

End of September 2013 mid-October 2013 June 2013

Hire professional service company to repair the stores

Buy sewing equipment and other equipment for the sewing workshop

October 2013 Purchase equipment for the clothing boutiques June 2013 Sign a contract with the fabrics and accessories supplier, find an office for the sewing workshop for lease

JuneProduce first clothes in the sewing workshop October 2013 End of Opening ceremony preparation (flyers and invitations sending) October 2013

7.0 Appendices Projected Balance Sheet (AUD$)

Year 1 Assets Current Assets Cash in bank Accounts receivable Inventory Prepaid expenses Other current assets Total Current Assets Fixed Assets Machinery & equipment Furniture & fixtures Leasehold improvements Land & buildings Other fixed assets (LESS accumulated depreciation on all fixed assets) Total Fixed Assets (net of depreciation) Year 2

45 000 12 080 57 080

33 217 14 881 48 098

16 487 6 865 (4 256) 19 096

18 421 7 621 (5 426) 20 616

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Other Assets Intangibles Deposits Goodwill Other Total Other Assets TOTAL Assets Liabilities and Equity Current Liabilities Accounts payable Interest payable Taxes payable Notes, short-term (due within 12 months) Current part, long-term debt Other current liabilities Total Current Liabilities Long-term Debt Bank loans payable Notes payable to stockholders LESS: Short-term portion Other long term debt Total Long-term Debt Total Liabilities Owners' Equity Invested capital Retained earnings - beginning Retained earnings - current Total Owners' Equity Total Liabilities & Equity

$ $

1 500 1 500 77 676

$ $

1 500 1 500 70 214

507 1 859 310 7 500 10 176

2 360 1 713 500 7 500 12 073

$ $

30 000 (7 500) 22 500 32 676

$ $

20 641 (7 500) 13 141 25 214

$ $

45 000 45 000 77 676

$ $

45 000 45 000 70 214

Students Last Name Goes Here 22 Reference List Australian Bureau of Statistics 2011, Experimental estimates for the manufacturing industry 2009-2010, viewed 25 September 2012, <http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/8159.0200910?OpenDocument>. Australian Bureau of Statistics 2011, Population by age and sex, regions of Australia, viewed 30 September 2012, <http://www.abs.gov.au/ausstats/abs@.nsf/Products/3235.0~2011~Main+Features~Aust ralian+Capital+Territory?OpenDocument>. Australian Bureau of Statistics 2012, Counts of Australian businesses, including entries and exits, viewed 26 September 2012, <http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/8165.0Jun%202007%20to %20Jun%202011?OpenDocument>. Australian Bureau of Statistics 2012, Regional wage and salary earner statistics, viewed 30 September 2012, <http://www.abs.gov.au/ausstats/abs@.nsf/0/693946A5F90463ADCA256E00007DC85 6?OpenDocument>. Australian Department of Commerce 2012, Labour relations, viewed 30 September 2012, <http://www.commerce.wa.gov.au/labourrelations/content/Employers/Pay_rates_leave_ and_conditions/Leave.html>. Australian Retailers Association 2010, State of the independent retail sector, viewed 27 September 2012,

Students Last Name Goes Here 23 <http://www.retail.org.au/Portals/0/Research/ARA%20Final%20Report_060810_2%20 (1).pdf>. Australian Taxation Office 2012, Tax basics for small business, viewed 24 September 2012, <http://www.ato.gov.au/businesses/content.aspx?doc=/content/25193.htm>. Australian Taxation Office 2011, Guide to depreciating assets, viewed 28 September 2012, <http://www.ato.gov.au/content/downloads/IND00270218n19960611.pdf>. Business Licence Information Service 2012, Licensing requirements, viewed 01 October 2012, <http://sa.bli.net.au/> Duffy, DL 2004, Multi-channel marketing in the retail environment, Journal of Consumer Marketing, vol. 21, no.5, pp. 356 359. Johnes, R 2006, The apparel industry, John Wiley & Sons, New York. Productivity Commission of Australian Government 2011, Economic structure and performance of the Australian retail industry, viewed 28 September 2012, <http://www.pc.gov.au/__data/assets/pdf_file/0019/113761/retail-industry.pdf>. Smith, MO 2012, The Australian fashion industry is adapting to tough times, The Australian, viewed 1 October 2012, <http://www.theaustralian.com.au/news/features/a-stitch-in-time/story-e6frg8io1226258017879>. Sullivan, M & Adcock, D 2002, Retail marketing, Thomson Learning, London. Walsh, S 2009, Australian fashion directions getting it right, International Specialised Skills Institute, viewed 25 September 2012, <www.issinstitute.org.au>.