1. Opportunity:
The
group that I have found have a need is professional workers. I have run into
several who seek fitted clothing, and also seek to wear professional clothing
that is unique.
In
an environment where internet sales are at an all-time high, a business like
this can reach anyone able to take their own measurements if they want custom
fit, or who is seeking a unique clothing line versus the fair found in stores
such as Dillard’s that is mass produced.
We
would focus on a United States market. He demographic would probably be those
18-35, since they are in the professional market and more likely to shop
online.
There
are local tailoring shops that can be used to fit clothing; there are also a
few short-run clothing lines such as Zara which garner a lot of loyalty.
Since
we combine the allure of Zara with the customization of a tailor shop, this
opportunity could be huge.
People
always will need clothing, and as more United States workers enter professional
jobs versus service jobs, this opportunity could continue to grow for quite
some time.
Innovation:
It
is a clothing line, made in America. We would start with a local store and do
online sales. The clothing would be short run clothing, with materials designed
by a local artist. It would target the professional market. There would be an
option to have the outfit tailored for an additional cost. An example of prices
would be $40 for a men’s button-up long sleeve dress shirt. Men’s suits would
run anywhere from $300-800 depending on cut and material. Tailoring prices
would vary as to how much one wants tailored. For instance, a men’s suit might
cost $18 to tailor the pants cuffs.
Venture
Concept:
We
are at a time where finding unique ways to stand out in order to get the job,
get the promotion, etc. is invaluable. My clothing line will allow customers to
step their “game” up a notch using unique and sharp looking clothing. Customers
who are tired of looking like everyone else will switch to this product. As
long as our prices are comparable to major department stores such as Dillard’s
then getting people to switch will be medium-hard. Our competitors will be the
higher end department stores, as well as places like Zara who are short run in
their clothes as well. They do not offer customization, and we also are
targeting more of the professional while they are more high end casual.
Packaging
at this price point is invaluable. No one wants a $40 shirt packaged in a
Ziploc. Because it is made in America and of high quality materials, a higher
price point is necessary, and would be expected by the customer. While we want
to start with one local store, we want a huge online presence to keep overhead
down. Our one local store would also house the production area. It would give
us a place to test the popularity of designs before they are made in any
quantity. In the beginning I see having 6-8 employees. Two to run the store,
and 4-6 to make the clothing. The actual fabric and notions would be purchased
from another company, although all fabric would be designed by us. My partner
would be in charge of design of the clothing as well as the fabric designs. I
would manage the employees and the monetary aspects of the business until we
grew enough to take on a manager. As the clothing line grows, more physical
locations can be opened. If the line manages to go country wide then more production
areas would need to be set up as well. This could also allow for making clothing
specific to the area. For instance, in Florida we do not need jackets made for
extremely cold weather but up North they do.
The
three minor elements
Our
most important resource will be my partners artistic abilities. Since we will
be using his unique designs, no one will have a look quite like ours.
In
the beginning we are targeting the male clothing market. Later, we would like
to go into women’s clothing.
In
five years I want this business to be less dependent on me and have a
management team in place that pretty much runs it. I also envision a warehouse
full of employees and sewing machines! I would also like this business to be
able to offer what a lot of businesses don’t- things like child care and paid
maternity and paternity leave. In the next decade I want to have moved on to
other opportunities and be looking at semi-retirement in the next fifteen
years.
2. I had two people recommend I target the millennial market,
versus the slightly older market I thought would be better. Since they are both
millennials and interested, perhaps I should look further into this. Another
said that more than one store might be necessary.
3. I changed the age I am targeting and added in a plan for
more stores and production areas in the future.
