24A- Venture Concept No. 1
Opportunity
The need that APTA Athletic Boutique will be satisfying is the need for a fitness apparel store for women. There are almost no physical stores that carry not only women's fitness items (ranging from clothing, to shoes, to accessories), but items that are high quality, unique, and comfortable. The stores that do carry these items tend to have very few different brands, and all carry similar, if not the exact same, basic items. The styles that this needs addresses can easily be found online, but there are no options for those who wish to go into stores to see, feel, or try on these items. The development and increasing popularity of not only a fit/healthier lifestyle, but these online fitness apparel brands, have really created this opportunity. The people with this need are women between the ages of 15 to about 30, who also have some sort of interest in fitness or health.
There are two ways in which these women are currently satisfying this need, and neither option really does so. The first way is by the already existing stores, where they can physically go in and physically shop, however many of the items or brands that they want won't be available here. The second option is by buying from these brands online. This satisfies the need to buy the styles and brands that they want, however does not for those who want the in-person shopping experience. Due to these brands only being available on these online stores, customers are pretty loyal to that. However, for the physical stores that already exist, I doubt there is much loyalty as the stores are not providing them with the products they want.
This could be a pretty big opportunity, as there are many people that struggle with online shopping. Many people struggle with buying the correct size and either don't order the items because of it, or are unhappy when they find that they did not order the correct size. The window for this opportunity may not exist for much longer. As these online brands grow more popular and successful by the day, they could eventually choose to act on this opportunity and open a store for their own brands.
Innovation
My innovation is a physical store front, that carries a variety of fitness products and brands. The store will specifically carry items from brand that are currently only sold online. It will make a profit by selling shoes, clothing, bags, and other fitness accessories from multiple different brands. It will either sell the items at a slightly higher price than usual, or receive a discount for bulk purchases from the original brands.
Venture Concept
Customers will choose to shop at my business because they are firstly, already buying the items. This business takes the worry of if the size is correct, and even shipping costs or issues out of the picture. The business provides an in person store with a variety of fitness items for women, so they can try on and see items before having to buy them. The only competitors are the few stores that sell fitness items such as Champs, Footlocker, etc., however all of them lack unique options and do not cater solely to women's needs. I think pricing, customer service, and location are all important because firstly, the brands I will carry already have established reputations, so we must make sure to represent them well. Additionally, location and price are crucial to the success of this. A small store front in like a strip mall type plaza with 10 or so employees would be a good start for this business.
Three Minor Elements
The most important resource for this business will be the partnerships and relationships built with the other companies whose products we sell. Building strong relationships with businesses will provide mine, a much smaller venture, with multiple different opportunities and benefits. This business can continue to grow and develop by either carrying more brands, more items, or even branching out into other aspects of fitness. What may start as an apparel store could lead to having supplements, equipment, and could even be a little retail section in the front of a gym one day. Five years from now I would like to see the first store have grown, and maybe even have a second or third store opened some where else. Ten years down the road if this store becomes successful enough it could become a natal business that provides franchising opportunities. The first venture helps not only start this process, but can provide a way to learn what does and does not work for this business before it reaches the national scale.
The need that APTA Athletic Boutique will be satisfying is the need for a fitness apparel store for women. There are almost no physical stores that carry not only women's fitness items (ranging from clothing, to shoes, to accessories), but items that are high quality, unique, and comfortable. The stores that do carry these items tend to have very few different brands, and all carry similar, if not the exact same, basic items. The styles that this needs addresses can easily be found online, but there are no options for those who wish to go into stores to see, feel, or try on these items. The development and increasing popularity of not only a fit/healthier lifestyle, but these online fitness apparel brands, have really created this opportunity. The people with this need are women between the ages of 15 to about 30, who also have some sort of interest in fitness or health.
There are two ways in which these women are currently satisfying this need, and neither option really does so. The first way is by the already existing stores, where they can physically go in and physically shop, however many of the items or brands that they want won't be available here. The second option is by buying from these brands online. This satisfies the need to buy the styles and brands that they want, however does not for those who want the in-person shopping experience. Due to these brands only being available on these online stores, customers are pretty loyal to that. However, for the physical stores that already exist, I doubt there is much loyalty as the stores are not providing them with the products they want.
This could be a pretty big opportunity, as there are many people that struggle with online shopping. Many people struggle with buying the correct size and either don't order the items because of it, or are unhappy when they find that they did not order the correct size. The window for this opportunity may not exist for much longer. As these online brands grow more popular and successful by the day, they could eventually choose to act on this opportunity and open a store for their own brands.
Innovation
My innovation is a physical store front, that carries a variety of fitness products and brands. The store will specifically carry items from brand that are currently only sold online. It will make a profit by selling shoes, clothing, bags, and other fitness accessories from multiple different brands. It will either sell the items at a slightly higher price than usual, or receive a discount for bulk purchases from the original brands.
Venture Concept
Customers will choose to shop at my business because they are firstly, already buying the items. This business takes the worry of if the size is correct, and even shipping costs or issues out of the picture. The business provides an in person store with a variety of fitness items for women, so they can try on and see items before having to buy them. The only competitors are the few stores that sell fitness items such as Champs, Footlocker, etc., however all of them lack unique options and do not cater solely to women's needs. I think pricing, customer service, and location are all important because firstly, the brands I will carry already have established reputations, so we must make sure to represent them well. Additionally, location and price are crucial to the success of this. A small store front in like a strip mall type plaza with 10 or so employees would be a good start for this business.
Three Minor Elements
The most important resource for this business will be the partnerships and relationships built with the other companies whose products we sell. Building strong relationships with businesses will provide mine, a much smaller venture, with multiple different opportunities and benefits. This business can continue to grow and develop by either carrying more brands, more items, or even branching out into other aspects of fitness. What may start as an apparel store could lead to having supplements, equipment, and could even be a little retail section in the front of a gym one day. Five years from now I would like to see the first store have grown, and maybe even have a second or third store opened some where else. Ten years down the road if this store becomes successful enough it could become a natal business that provides franchising opportunities. The first venture helps not only start this process, but can provide a way to learn what does and does not work for this business before it reaches the national scale.
Hey Maddi,
ReplyDeleteI thought you did a really good job on your venture concept! I know it seemed like a really long and intricate assignment, but once you begin to break down your ideas into brackets, it becomes much easier to understand the foundations of your opportunity. I think you have very valid reasons for the why it is that customers will be shopping at your stores. Eliminating shipping costs and ensuring that the clothes fits is a huge step ahead of online retailers. The fact that everything is offered in one place is also huge. Overall, great venture concept because it is straight to the point and precise.
Hi Maddi,
ReplyDeleteYou identified an opportunity to provide an important customer demographic with better apparel and purchasing experience. I think a fatal flaw that most of these name-brand retailers have, and you pointed this out in your opportunity section, is an element of standardization in their products. If you are able to balance unique apparel with customer experience, I think your venture will establish a profitable niche in the market.
Hi Maddi,
ReplyDeleteGreat job on your venture concept! I cant remember if i commented this before on one of your past blog posts, but I feel like your target market could include more than just ages 15-30. This is because people where "athleisure" no matter what age you are! Especially if your store is going to be in Florida, I find that Floridians wear yoga pants and sweats way more than people in big cities. Just something to consider!
Hi Maddi,
ReplyDeleteI think you are spot on with the fact that your most vital resource will be the partnerships and relationships built with other companies whose products you will be selling. Since you will be selling the apparel of private companies, forming a solid relationship with them will be huge in growing your business.