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 22-50, 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.
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.
