1) You. I have experience with working in a clothing store. I am really excited about starting this company, and the benefits it can supply to others. This business venture would fit well into my current lifestyle. However, I may have to go to school part time instead of full time to expand the company.
2) What are you offering to customers? Many people can’t find their clothing size when they go shopping, whether in store or online, because they may have a unique body shape or their height and size combination may not be considered normal (tall and thin, big and short). My company is going to cater to the consumers who can’t find their size while shopping by offering them customized clothing. There are two experiences consumers can choose from: in-store or online. In the in-store experience, customers would be able to go into my store and get their measurements done by professional seamstresses/tailors. They would also be able to choose whichever design they want from a book of sketched clothing designs. The online experience would be similar and much simpler. Customers would get the opportunity to type in their clothing measurements into the company’s website and choose which design they want from a list on there.
3) Who are you offering it to? I am offering my products to consumers who usually have to wear a bigger clothing size or take too much time store hopping because they can’t find their size when shopping.
4) Why do they care? Customers would care about my company because it is very beneficial and convenient for those who can’t find clothes that fit them properly or usually can’t find clothes in their size without going to a million stores. These people shouldn’t be forced to buy clothes just because they fit them. They should be able to buy clothes of any design that they choose. Customers would pay the money because the store would be like any other luxury product, and sometimes we need to spoil ourselves.
5) What are your core competencies? Not many companies allow customers to create their own clothes. My company is going to be different from the clothing companies that offer ‘create your own clothes’ services because we are going to offer more designs to choose from and cheaper prices than our competitors. In addition to that, I want the company to be as well-known as retail stores like Macy’s and Dillard’s.
I think these five elements work well together to form a successful business. I made some adjustments to my previous business plan, but I think these adjustments fit well with the core idea of my business. The only thing I’m not sure about is how strong the company’s core competencies are.
I tried to include as much of the feedback I got on my last Idea Napkin as possible. I narrowed down my target population, served people with different body types, separated myself from other clothing stores, and tried to be clearer with my business plan explanation. I incorporated the feedback by changing my whole business plan to include the feedback while still catering to customers I wanted to initially.