11 A- Idea Napkin No. 1
1) You
In terms of my business (women's fitness apparel), I have a great deal of experience with this industry. I used to compete in physique/bikini competitions, so the gym and fitness apparel have been apart of my life for about 5 years. Over the last 5 years, I have seen how much the fitness apparel industry has grown, and how much the need for more stylish gym wear has as well. When I first started working out, there really were only a few main brands like Nike, Puma, Adidas- and now there are so many more. I have tried numerous brands throughout the years, and feel as though I have a pretty good knowledge about what brands work and what don't. Regarding my business concept, I could see this store first opening up here in Gainesville. I think it would do really well in a college town like this. I do however think if I were to open this store, I would want to open more locations, maybe franchise it. I think if it did well here, it could gain popularity and be successful all over.
In terms of my business (women's fitness apparel), I have a great deal of experience with this industry. I used to compete in physique/bikini competitions, so the gym and fitness apparel have been apart of my life for about 5 years. Over the last 5 years, I have seen how much the fitness apparel industry has grown, and how much the need for more stylish gym wear has as well. When I first started working out, there really were only a few main brands like Nike, Puma, Adidas- and now there are so many more. I have tried numerous brands throughout the years, and feel as though I have a pretty good knowledge about what brands work and what don't. Regarding my business concept, I could see this store first opening up here in Gainesville. I think it would do really well in a college town like this. I do however think if I were to open this store, I would want to open more locations, maybe franchise it. I think if it did well here, it could gain popularity and be successful all over.
2) What are you offering to customers?
This business will offer a way for customers to not only find all of their fitness apparel needs in one store (shoes, bags, clothing, accessories, etc.), but also a way to physically see and try on their favorite online fitness brands.
This business will offer a way for customers to not only find all of their fitness apparel needs in one store (shoes, bags, clothing, accessories, etc.), but also a way to physically see and try on their favorite online fitness brands.
3) Who are you offering it to?
The most important demographic of my customers are the fact that they are pretty much all going to be women, as this is a store that carries strictly women's fitness apparel. I think age wise this business also appeals to younger women, 15 to maybe 30. This is because a lot of the styles carried in this store have fun and unique designs, while this may appeal to some women outside of this demographic, I believe, for the most part, women older than this don't really care about fun unique styles. Another reason for this is due to the fact that majority of these brands are online brands that became popular over social media. So this business will appeal more to those who use social media and have heard of these brands before. Lastly, all of these customers have some sort of interest in fitness. These brands are a little more pricey, so typically the people that are willing to spend that much on gym clothes are into the gym and fitness. It could however, appeal to those who enjoy athleisure, but traditionally people who are buying fitness apparel have some sort of interest in fitness.
The most important demographic of my customers are the fact that they are pretty much all going to be women, as this is a store that carries strictly women's fitness apparel. I think age wise this business also appeals to younger women, 15 to maybe 30. This is because a lot of the styles carried in this store have fun and unique designs, while this may appeal to some women outside of this demographic, I believe, for the most part, women older than this don't really care about fun unique styles. Another reason for this is due to the fact that majority of these brands are online brands that became popular over social media. So this business will appeal more to those who use social media and have heard of these brands before. Lastly, all of these customers have some sort of interest in fitness. These brands are a little more pricey, so typically the people that are willing to spend that much on gym clothes are into the gym and fitness. It could however, appeal to those who enjoy athleisure, but traditionally people who are buying fitness apparel have some sort of interest in fitness.
4) Why do they care?
We live in a society that loves instant gratification, the faster we can get something the more pleased we are. This concept plays on that and gives consumers the options to get something immediately that they previously never could. The customers are already buying the clothing from these brands, with this business they will be able to go in and leave with the items they want, rather than have to order online, wait for it to ship, and possibly order the wrong size or get a damaged item. It also will carry not only clothing, but a variety of other fitness items, so customers can go in and leave with an entire new wardrobe if they need it.
We live in a society that loves instant gratification, the faster we can get something the more pleased we are. This concept plays on that and gives consumers the options to get something immediately that they previously never could. The customers are already buying the clothing from these brands, with this business they will be able to go in and leave with the items they want, rather than have to order online, wait for it to ship, and possibly order the wrong size or get a damaged item. It also will carry not only clothing, but a variety of other fitness items, so customers can go in and leave with an entire new wardrobe if they need it.
5) What are your core competencies?
There are no physical stores (that I know of) that carry a variety of women's fitness apparel. If there is one, there is not one that carries all of these online brands like this company would. Like stated previously, the store will also offer more than just clothing. It is a single physical store that can satisfy all of a woman's fitness apparel needs.
I personally think all of these elements fit together and create and good business idea. It specifically targets a set of customers, and satisfies a need that has never previously been done. The business specifically addresses the who, the what, and the why in a way that all links together and makes sense. The only issue I could really see with this idea is reaching out to those online brands and being able to sell their items. However, I think this could go well because they get to put their products into a physical location, and not have to worry about any of the overhead costs of running an in person store.
There are no physical stores (that I know of) that carry a variety of women's fitness apparel. If there is one, there is not one that carries all of these online brands like this company would. Like stated previously, the store will also offer more than just clothing. It is a single physical store that can satisfy all of a woman's fitness apparel needs.
I personally think all of these elements fit together and create and good business idea. It specifically targets a set of customers, and satisfies a need that has never previously been done. The business specifically addresses the who, the what, and the why in a way that all links together and makes sense. The only issue I could really see with this idea is reaching out to those online brands and being able to sell their items. However, I think this could go well because they get to put their products into a physical location, and not have to worry about any of the overhead costs of running an in person store.
Hi Madison,
ReplyDeleteI really appreciate that your business concept is related to something you’re very experienced with and would even be a customer to yourself. Seeing someone be interested in their projects really incentivizes customers to want it for themselves, and I think the demographic you offer it to is perfect. Society’s sense of urgency and growing love for online shopping are very hard to combine, but your solution exactly satisfied both. Great job!
Hi Madison,
ReplyDeleteI think it is great that you tie your experience in your competitions into this business idea. I believe that the best way to formulate a good business opportunity is to think of your own experiences. I can see here that you used your own experiences and expertise to sort out a great opportunity in the fitness brand apparel industry! Also, I think starting small in a college town and building from that would be great!