19 A- Idea Napkin No. 2
1) You
For my business concept, and the industry it's in, I feel as though I have a pretty good deal of experience in. For the last 5-6 years, the gym and fitness apparel have played a huge role in my life, as I used to compete in physique/bikini competitions. Even when I am out of competition prep, the gym and fitness play a huge role in my life. I personally am someone that loves having a cute outfit to wear to the gym. I have experienced what having a great (or a not so great) outfit can make you feel like at the gym, and how it can actually effect your workouts. I have watched the fitness apparel industry grow over these years from just a few dominating brands, to now way more than I can even count. I have tried all the popular brands, and know what brands are good and what ones aren't. If I were to start this business, I would ideally like to first open it up in a college town like Gainesville. Based on this success here, I think opening more locations and allowing franchising opportunities would be the next step.
2) What are you offering to customers?
My company is a physical store front, that will carry a variety of women's fitness apparel (shoes, bags, clothings, accessories) from customers favorite online apparel brands. It will not only be one store to meet all of their fitness apparel needs, but will allow women to come in and feel and try on items that were only available online.
3) Who are you offering it to?
One thing all of my customers have in common is a desire to live a fit, healthy, lifestyle. They all will most likely have some sort of interest in the fitness industry. The second thing they will all have in common is the fact that they are all women, because this store is aimed to cater to the fitness apparel needs of women only. Because the store aims to carry fun and unique styles, I think the age range is about 15-30 for this segment, however I do believe there will still be plenty of customers that fall outside of this demographic. This age range is exactly why I think opening it up in a college town would be a greta place to start, because they fall right into the middle of that target segment. I also think the brands, which are strictly online, have gained their popularity through social media. While older generations are starting to use social media, it is primarily dominated by younger ones, specially the target age I listed.
4) Why do they care?
In today's society, especially for younger generations, we love instant gratification. The faster we can get something the more pleased we are. I know even I do this when shopping online. If its not going to get to my doorstep in a few days, I won't order it. My business idea plays off of this concept. It gives consumers the option to walk into a store and get something immediately, from brands that they were never able to do this with. These customers are already buying the clothes from these brands. Rather than having to wait for the item to ship, and then it potentially not fit or come damaged, they can now go in and try on the items and leave with it right away.
5) What are your core competencies?
From what I know there are currently not only no women's fitness apparel stores, but no stores that carry the popular online brands. The only similar store was one called six 02, which carried more street-wear than gym wear, and has now been bought out by footlocker and pretty much only online now. This store will do both of these things, and because it will carry all aspects of fitness apparel, it will be one store that can suit all of a woman's fitness apparel needs. A woman could come in and essentially buy an entire new gym outfit in person, that she would only been able to order online before.
I think all of these fit together and make a strong business plan. I have my own personal experiences and knowledge of the industry which I believe is very beneficial for the business. The business idea specifically addresses the who, the what, and the why and they all flow together and make sense. It addresses a pretty specific target audience, and is a concept that hasn't been done before and satisfies a need that one has done yet. Like I stated in my first idea napkin, I think the only "flaw" would be in maybe trying to get those online brands into stores. However, I don't see why they wouldn't. They get the benefit of the product being in a store, without having to worry about any of the overhead costs of doing it.
Feedback
I received really great feedback on my first idea napkin, so I don't really think I had much to change. There was a comment on my personal experiences, and how they would be really beneficial for this business concept, so I wanted to include a little bit more of that. I also received feedback on the instant gratification concept, and how business concept really combined the love of online shopping and brands with that, so I made sure to include that in this idea napkin as well.
For my business concept, and the industry it's in, I feel as though I have a pretty good deal of experience in. For the last 5-6 years, the gym and fitness apparel have played a huge role in my life, as I used to compete in physique/bikini competitions. Even when I am out of competition prep, the gym and fitness play a huge role in my life. I personally am someone that loves having a cute outfit to wear to the gym. I have experienced what having a great (or a not so great) outfit can make you feel like at the gym, and how it can actually effect your workouts. I have watched the fitness apparel industry grow over these years from just a few dominating brands, to now way more than I can even count. I have tried all the popular brands, and know what brands are good and what ones aren't. If I were to start this business, I would ideally like to first open it up in a college town like Gainesville. Based on this success here, I think opening more locations and allowing franchising opportunities would be the next step.
2) What are you offering to customers?
My company is a physical store front, that will carry a variety of women's fitness apparel (shoes, bags, clothings, accessories) from customers favorite online apparel brands. It will not only be one store to meet all of their fitness apparel needs, but will allow women to come in and feel and try on items that were only available online.
3) Who are you offering it to?
One thing all of my customers have in common is a desire to live a fit, healthy, lifestyle. They all will most likely have some sort of interest in the fitness industry. The second thing they will all have in common is the fact that they are all women, because this store is aimed to cater to the fitness apparel needs of women only. Because the store aims to carry fun and unique styles, I think the age range is about 15-30 for this segment, however I do believe there will still be plenty of customers that fall outside of this demographic. This age range is exactly why I think opening it up in a college town would be a greta place to start, because they fall right into the middle of that target segment. I also think the brands, which are strictly online, have gained their popularity through social media. While older generations are starting to use social media, it is primarily dominated by younger ones, specially the target age I listed.
4) Why do they care?
In today's society, especially for younger generations, we love instant gratification. The faster we can get something the more pleased we are. I know even I do this when shopping online. If its not going to get to my doorstep in a few days, I won't order it. My business idea plays off of this concept. It gives consumers the option to walk into a store and get something immediately, from brands that they were never able to do this with. These customers are already buying the clothes from these brands. Rather than having to wait for the item to ship, and then it potentially not fit or come damaged, they can now go in and try on the items and leave with it right away.
5) What are your core competencies?
From what I know there are currently not only no women's fitness apparel stores, but no stores that carry the popular online brands. The only similar store was one called six 02, which carried more street-wear than gym wear, and has now been bought out by footlocker and pretty much only online now. This store will do both of these things, and because it will carry all aspects of fitness apparel, it will be one store that can suit all of a woman's fitness apparel needs. A woman could come in and essentially buy an entire new gym outfit in person, that she would only been able to order online before.
I think all of these fit together and make a strong business plan. I have my own personal experiences and knowledge of the industry which I believe is very beneficial for the business. The business idea specifically addresses the who, the what, and the why and they all flow together and make sense. It addresses a pretty specific target audience, and is a concept that hasn't been done before and satisfies a need that one has done yet. Like I stated in my first idea napkin, I think the only "flaw" would be in maybe trying to get those online brands into stores. However, I don't see why they wouldn't. They get the benefit of the product being in a store, without having to worry about any of the overhead costs of doing it.
Feedback
I received really great feedback on my first idea napkin, so I don't really think I had much to change. There was a comment on my personal experiences, and how they would be really beneficial for this business concept, so I wanted to include a little bit more of that. I also received feedback on the instant gratification concept, and how business concept really combined the love of online shopping and brands with that, so I made sure to include that in this idea napkin as well.
Hi Maddi,
ReplyDeleteGreat job with the napkin idea! I remember reading your last one and posting a comment, so I thought I would come back to your page to see how you improved! I agree that your personal experiences enhance the concept of your in-store athletic wear business idea. It allows the customer to identify with you and your mission!
Hi Madison,
ReplyDeleteI believe that your experience in this field would definitely help you on this business endeavor. I love your idea of beginning in a college town. I believe there is a big opportunity for this business in a college town as a lot of college students are into fitness apparel and working out. Also, I have never heard of a women's fitness apparel store like the one you are describing, which means less competition. Great post!
Hey Maddi!
ReplyDeleteAwesome job with your idea napkin! I really enjoyed reading this one. In your competencies section, you explained what your company has specifically that other companies don't have, and you mentioned a store that had a slightly similar business model called Six 02. It's funny you mention Six 02, I had a friend I was close with in high school who actually worked at a six 02 and she was pretty devastated when the store closed and she lost her job. I think it would be super awesome for your company to become a thing in the athletic community so that people like my friend could have jobs that they love to do!