25 A- What's Next?
Existing Market
Step 1: The next step would just be expanding and growing the business, whether that be in terms of what items/brands we carry or how many stores are open.
Step 2: So after interviewing people, a lot of them just mentioned expanding the different brands that the business would carry. Obviously when starting out I won't be able to have every brand I want to carry so just constantly growing that would be good. They also mentioned again growing the types of items, such as adding supplements or other fitness related items that aren't necessarily clothing. One person did mention maybe having an exclusive line only carried at my stores, so it could be exclusive with one of the brands we carry, or maybe one day we make some of our own clothing items.
Step 3: I think within 1-3 years of opening that I should have grown the items and brands that my business will carry. Between 3-5 years would be a good time to open up a second location if the business becomes successful. These two things are really important during the first 5 years for my business, because I think this is the time we could really establish ourselves. If the company gets big and popular enough to open up around the nation, making sure these first five years really establish the brand is important.
After the 5 year mark I want to look at opening another 3-5 stores across Florida, as this is where the original store would open. Once all of these stores are successful I think it would be time to franchise and open up in different states, so roughly the 7-10 year mark. Prior to this I think would be a good time to try and do an exclusive collection with one of the brands carried, or try and start an exclusive collection by the business.
New Market
Step 1: I think the most radically different market from what my business currently addresses would be a similar concept but for men.
Step 2: While conducting interviews for previous assignments, I had spoken to a few men that actually really liked the idea, and felt like doing something similar for mens clothing could be something. The idea would be similar to Champs and Footlocker, however it would carry all of those online brands but their mens fashion. I think for the mens version, the clothing would be a little more fitness/exercise based, rather than a strong focus on style because so many companies like this for men already exist.
Step 3: The people I interviewed really liked the idea of being able to buy from their online brands in store, while still being able to buy the typical brands they like to as well. They both agreed that they would really like the concept if it included a little supplement section as well a smoothie bar or something.
Step 4: I think what I learned the most that actually shocked me was the need for a business like men in this market. In my mind, men had so many opinions to find fitness apparel that I did not think there was a need, or even an interest, in a business like mine. That however, was wrong, and the guys I spoke to really liked the idea. I think this new market actually provides a really great opportunity for a similar business. I think the idea of carrying online brands mixed with traditional in-store items is what appeals most to this market. Additionally, I think if I were to start a business in this market I would start with having the supplement and smoothie bar section in the store, rather than grow into that like I would with my original idea. I would do this for two reasons. First to give it an additionally feature that sticks out from all of the other similar businesses. And secondly, because the men I spoke too really liked this idea on top of the apparel store idea.
Step 1: The next step would just be expanding and growing the business, whether that be in terms of what items/brands we carry or how many stores are open.
Step 2: So after interviewing people, a lot of them just mentioned expanding the different brands that the business would carry. Obviously when starting out I won't be able to have every brand I want to carry so just constantly growing that would be good. They also mentioned again growing the types of items, such as adding supplements or other fitness related items that aren't necessarily clothing. One person did mention maybe having an exclusive line only carried at my stores, so it could be exclusive with one of the brands we carry, or maybe one day we make some of our own clothing items.
Step 3: I think within 1-3 years of opening that I should have grown the items and brands that my business will carry. Between 3-5 years would be a good time to open up a second location if the business becomes successful. These two things are really important during the first 5 years for my business, because I think this is the time we could really establish ourselves. If the company gets big and popular enough to open up around the nation, making sure these first five years really establish the brand is important.
After the 5 year mark I want to look at opening another 3-5 stores across Florida, as this is where the original store would open. Once all of these stores are successful I think it would be time to franchise and open up in different states, so roughly the 7-10 year mark. Prior to this I think would be a good time to try and do an exclusive collection with one of the brands carried, or try and start an exclusive collection by the business.
New Market
Step 1: I think the most radically different market from what my business currently addresses would be a similar concept but for men.
Step 2: While conducting interviews for previous assignments, I had spoken to a few men that actually really liked the idea, and felt like doing something similar for mens clothing could be something. The idea would be similar to Champs and Footlocker, however it would carry all of those online brands but their mens fashion. I think for the mens version, the clothing would be a little more fitness/exercise based, rather than a strong focus on style because so many companies like this for men already exist.
Step 3: The people I interviewed really liked the idea of being able to buy from their online brands in store, while still being able to buy the typical brands they like to as well. They both agreed that they would really like the concept if it included a little supplement section as well a smoothie bar or something.
Step 4: I think what I learned the most that actually shocked me was the need for a business like men in this market. In my mind, men had so many opinions to find fitness apparel that I did not think there was a need, or even an interest, in a business like mine. That however, was wrong, and the guys I spoke to really liked the idea. I think this new market actually provides a really great opportunity for a similar business. I think the idea of carrying online brands mixed with traditional in-store items is what appeals most to this market. Additionally, I think if I were to start a business in this market I would start with having the supplement and smoothie bar section in the store, rather than grow into that like I would with my original idea. I would do this for two reasons. First to give it an additionally feature that sticks out from all of the other similar businesses. And secondly, because the men I spoke too really liked this idea on top of the apparel store idea.
Hey Maddi,
ReplyDeleteI think adding supplements and other fitness related products that aren't clothing would be a great way to attract a wider audience. Plus, it could even appeal to men who will come in to buy supplements rather than clothes. You then go on to completely switching to the opposite gender for your new market. I think this is an awesome idea! Men workout just as much as women, and I am sure that if they had a store that had every workout brand sold in one place, they would visit it. Men hate shopping, so offering the same concept to men is brilliant because they can be in and out in minutes and still buy everything they need.
Hi Maddi,
ReplyDeleteI think slowly adding new brands to your selection of inventory would gain a lot of new customers at a steady pace. I also think your timeline for your next steps are very productive for your company and allow sufficient time for growth but also innovation. The idea of entering a new market segment to attract men seeking the same product is a big opportunity too since it will open up a whole new demographic of customers
Hi Maddi,
ReplyDeleteIntroducing products related to fitness, other than clothing, is a super smart idea! In my opinion, health junkies often buy protein bars and vitamins that they view as dietary supplements. You could even make your own line of protein bars/vitamins instead of selling ones that are sold at supermarkets. I believe that "paleo" recipes are something that calls out to health junkies because they are made from very simple ingredients-- which also means they are easy to make! Another thing to consider is giving out free wellness shots, like shots of apple cider vinegar or celery juice, to your customers in the store! Its a super cheap way to enhance the shopping experience.
Hi Maddi,
ReplyDeleteI think the radically different market in introducing this concept with men's stores would be a great idea once establishing your existing market. While your original idea is great, you only are likely to gain female customers through this concept. By introducing a similar concept with men's fitness apparel, you would attract all groups of customers.