Venture Concept No. 2

Not So Vintage Clothing, Co.


Opportunity

• Clothing companies, in particular women's clothing companies, tend to either sacrifice quality for the sake of price, or charge an outrageous amount of money for high quality items.
• People want to be able to purchase trendy t-shirts for an affordable price without having to worry about the shirt being ruined after one trip through the washing machine.
• The environmental forces allowing this to occur include companies who wanted to keep costs low and sell high. Companies might not want to sacrifice quality, but in order to make their products affordable to the general public they might have to.
• The market is mostly in America and contains people around ages 13 to early 20's. The market contains males and females, but the predominant demographic is female.
• Currently, customers satisfy the need by thrifting, which is time consuming. Some people are very loyal to this method as they see it less as a chore and more as a hobby, while others would happily give it up to shop online or from one trusted retailer,
• The opportunity is fairly large as pretty much all young adults want clothes that are affordable and fit the current style trends.
• The window of opportunity will be open for a while because people will pretty much always have a need for affordable, trendy tees. Furthermore, t-shirts can be resigned to fit with the culture as it inevitably changes over time.

Innovation 

• The company is an online t-shirt retailer specializing in cute trendy tees that have both high quality and a low price point.
• It works by using overseas manufacturing, which is cheap in labor, but having direct managers from the company on site to make sure the quality is still intact. There will be designers who keep up with the latest trend to keep the shits cute and relevant.
• The shirts will be about $10 each, but will vary depending on the demand for each design and the type of shirt it is.

Venture Concept

• Customers who switch to this sort of company will be those who value style and quality and who dislike going thrifting. Getting people to switch will involve marketing, mainly though the use of social media, which targets young people who are the target market for this opportunity.
• Competitors include large stores such as Forever 21, which doesn't have the highest quality, but has extremely affordable clothing.  Also online retailers such as TagPop, which sends customers "mystery tees" which have already been thrifted for the customer's convenience.
• Weaknesses of large stores include the low quality clothing which falls apart easily. Weaknesses of retailers like TagPop is that customers aren't allowed to choose what shirt they receive, its all a mystery.
• The company would be organized with a few different sectors, overseeing production, IT, and designers.
• Overseeing Production- these are the managers who are directly watching the shits being manufactured and who are in charge of keeping them to the upmost quality.
• IT- they are in charge of the website. Keeping it up to date and making sure that there are no bugs. They also will create online ads for social media.
• Designers- They are in-charge of keeping up with the latest style trends and creating the t-shirt designs that will cater to those with a sort of early 90s skater style.

Minor Elements

 - Unfair Advantage:

• The unfair advantage will mostly be the worldview of the company, which the customer will actually be able to relate to. More often than not, I feel as if many clothing retailers who engage in online marketing or are attempting to sell to young adults have a distorted view of a young person's experience. It feels like a bunch of 40 year old men who are trying to infiltrate a world they don't understand. Because of this, the company and products don't reflect the core customer base. My company will be different as it will actually reflect the customer and their wants.

- What's Next:

• Growth of the company would be the next goal. Just attempting to spread out and introduce new products that cater to a larger market. Maybe instead of just focusing on 90s skater style tees, we start producing tees that reflect the style of other types of people who have a different outlook. Possibly attempting to open up an actual physical store would be a nice goal to have as well. I think that it would be really cool if the company opened up store fronts that functioned as little coffee shops as well as a t-shirt store.

- For Me:

• Personally, I really like the idea of the coffee shop t-shirt store cross over. I think it would be really cute and possible would have some footing in the market that I am trying to to reach. I would like to have furthered my experience as an entrepreneur in decade. Maybe I will be starting a new venture on another opportunity of which I have yet to find. I think this first venture would have helped me because it is something that reflects me personally and putting it into action would teach me how to start an venture. Also, it would show me if I could turn something I'm passionate about into a successful company.

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Summary

    A lot of the feedback I received was people saying they liked the coffee shop idea. So in this revision of the Venture Concept I tried to keep an emphasis on it as the future of the business. I also tried to emphasis the market that we will be reaching and how we will be different from other companies. Some of the feedback I received was people saying that they were concerned because there are so many competitors and alternatives out there. However, this company will be different as we will keep costs down, but also maintain the quality of the clothing.

What I Changed

   I didn't change too much of the venture concept. I just included a few more points about how our products will be of the upmost quality and we will be more than just a retro t-shirt company. I added some points about how we will attempt to grow the business into a joint t-shirt/coffee shop because a few people expressed how they liked that idea.