Before I applied for the admission into London College of fashion international preparation of fashion course, I had a conviction that I wanted to pursue a modeling course. I knew very well that a modeling course would equip me with business skills for the future. Besides, I knew the course would equip me with the necessary skills start and to run a model business. Ideally, I was aware that for an entrepreneur to run a model agency, it is important to understanding the requirements for starting the business. For example, an entrepreneur hoping to start a model agency needs to understand the registrations process, establishments, marketing, invoicing, and office work and accounting.
The two projects were helpful in equipping with the skills I needed to start a modeling agency and to understand the existing market in the U.K. From the beginning of the course, I had the interest to know how modeling business operates and the requirements to establish a similar business. I needed to learn the basics of running a modeling business from the already existing modeling agencies. The research on ULTOROI (the existing modeling agency) was to serve as motivation and the source of information regarding the requirement for starting a modeling business in the future. I knew the two projects would prepare me for the business world that I would be joining in the future.
At the beginning of the projects, I knew I needed to understand how to break down the cost for starting a business. Additionally, I had an idea that all businesses need a logo and goals. As a result, I knew the research on the existing modeling agency was an opportunity to understand the basic requirements for the starting a modeling business and all the requirements. I was interested to know how to make invoices and the best approaches to market the services from a modeling business. The research on the ULTOROI was an opportunity to understand the challenges that modeling agencies endure before it is fully established in the modelling industry. As an entrepreneur, I knew most businesses are risky and I was ready to learn from the example of others the various ways of risk management.
Research, review, Analysis, Application and Evaluation
The first step of my research was on business idea regarding my project. I need to understand all that the modeling business entails. Ideally, before the start of any business, there is a need to understand the legal procedures required in the process of establishing the business. Notably, when the business is new, it is paramount understanding how to lay a foundation for the business. A new business needs a name, identification of the location, mission, and objectives. As a result, I read a book by Casson 2010 that contained all the descriptions of a business. The book gave me ideas regarding the details of a modeling business. Reading the book by Casson published in 2010, was an opportunity to understand how to come up a business name, promotional strategies to popularize the products and services of a modeling agency and strategies to enter into the medaling industry successfully.
The research on stages of developing a business idea was helpful in triggering creativity and imaginations. Ideally, the features of an entrepreneur are that one should be creative, risk taker and problem solver. However, my research into the business aspect of a modeling agency helps me to develop a vivid picture regarding the future of the business. The research was helpful in understanding the challenges that face the business before it becomes profitable. For example, at the start of the business, the cash is limited and therefore the expenses are more than the profits. I read the Webb, n.d I was able to understand various sources of finances to run the business. I learn the essence of developing good relationships with financial institutions before the business is fully established. I read the work of Correia et al. 2015 where I learn the essence of financial management, office work, and accounting. The reading provided the knowledge regarding the importance of having an office to serve the customers. I also learned that competition existing in the modeling industry and therefore the need to learn the tactics to cope with the competition as the business is in the process of growth. Additionally, I read the work of Edge 2012, where I was able to understand the requirements for an effective accounting process. The bookkeeping is a legal requirement of every business and thus reading from the Edge 2012 was an imperative exercise. I learned the need to consult the company before the start of modeling agency on the recommended method for the bookkeeping.
In the process of research, I realized the importance of market analysis before the starting the business. Ideally, it is imperative to understand the demand for the products and services from the agency. In every business, there are competitions and therefore the need to consider the implications of the competitors in the success of the business venture. After starting the business, there is a need to ensure that the business is experiencing a steady growth. I read the (Webb, n.d.) and I realized that the business needs to grow in revenue, diversification of products and services, and to increase the number of the labor force. The work of Casson 2010 was informative regarding ways to develop the business and to ensure uniform growth in the business. For example, one of the ways to ensure that the business is developing is interacting with the customers and asking them the best ways to improve the quality of service and the products. As a result, the product undergoes different stages of developments.
After the research on modeling as a business, it was crucial to undertake an extensive research on modeling industry in London. First, I read about the reputable modeling agency in the in London. The research about the success of OLTOROI was a source of confidence and support to my entrepreneurship techniques. Reading about OLTOROI helped me understand that in Europe, talent is important and therefore starting a modeling agency was desirable. As I was reading about modeling agencies in London, I realized that modeling is a profitable business in the country because it is an avenue to develop creative minds. Talent is important in modeling because the customers need the best products and services. In the reading, it was apparent that integrity is a virtue that supports the success of businesses in London. I learn of the need to uphold uniqueness and transparency to establish a strong business relationship. The ULTOROI case study was an avenue to understand the various segments that modeling covers in London. For example, the existing modeling businesses in London, Utilizes the avenues such as the showrooms, promotions, plus size and the runways.
The study of ULTOROI was an opportunity to understand the secret of success in the modeling industry in London. For example, most of the modeling agencies in London have a slogan that captures the attentions of the customers. I learned how to create a slogan, mission, and visions statement that regulates the activities of the agency. The modeling business in not new in Europe and therefore the need to lay a strong foundation that helps the new business to establish. I also learn that modeling relies on talents and unique marketing strategies. The customers need assurance of quality services before they commit to spending their resources on the service.
The study of the business environment in London satisfied my curiosity regarding the profitability of the business venture. The research was based on hypothesis and thus the findings answered the hypothetical questions. Additionally, the research answered the research questions that were the focus of the work. Often, the feasibility study of the business seeks to unveil the information regarding the profitability of the business venture. The considerations during the study of profitability of the business are the competitions, the customers and legal requirement before the business begins. For the study of the existing modeling agency in London, the challenges in the market and the nature of the market in the Europe was crucial. The study of the nature of modeling industry was the source of information regarding the probability of success of the business in the environment. For example, I realized that registering a business in London is simple and requires the knowledge of what to focus the efforts for the success of the business.
In conclusion, I learned many things from the research. For example, I learned the entire modeling industry in London and the steps that one need to take to succeed in the modeling industry. The research gave me an insight regarding the business skills that I need to venture into the business in London. The research was a source of motivation to my career because I learned the many challenges that I need to overcome before the business is established in London. The research about the modeling made me hopeful and triggered motivation to pursue a modeling career. For example, it was motivational to understand the legal binding in the process of registering a company and the necessary skills to make the business succeed.
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