24A – Venture Concept No. 1

Kicks for Kash

Opportunity

The people that have a need for my business product are anybody of all ages that enjoy shoes and fashion in general. Overall, the idea behind this need is that people enjoy dressing up and putting an image out to other people of how they dress. Waking up everyday and deciding what to wear for a particular day is what every human goes through each day if they have a sense or care for fashion. This market segment is represented by people primarily in their teenage or mid 20 years in life because that would be the products that attract them the most. The forces that are helping this opportunity grow the most is the influence of social media and what celebrities are wearing each day. If I have these particular items that people want, then I can attract the demographic region into my store easily. This opportunity will be open for a very long time because I can just adapt to the most recent trends in fashion that people enjoy the most and exchange my inventory out to what is more popular at a season. People could be satisfying this need by settling for non-authentic items that imitate the more expensive items. The level of loyalty of using fake items to wear is probably hard to measure because no one likes to tell anyone that their clothing is a "knock off." The need in terms of what people like to buy would not be very strong because these items could be potentially bought off ebay for very high prices and avoid waiting until my store opens up in the next couple of years. I would say that this opportunity is not the biggest in terms of who likes shoes and clothes at such high prices in a college town where students like stores more like Forever 21 where shirts cost under $10. However, if we market my business properly than it should have some great potential.

Innovation

My innovation is a fashion boutique that offers the highly limited pieces of clothing and shoes that are hard to find at reasonable prices. My ideal business concept would create a store here in Gainesville, FL on Archer Rd that is based upon a consignment shop theory where people can buy, sell, and trade authentic high end fashion and sneakers. What I would be selling is shoes, hoodies, shorts, shirts, basically anything clothing related and also little gadgets that are streetwear related. Prices will range from $20-$10,000. For instance, I would be making the money by offering people what they bring in to consign in that a percentage goes to me in order so I can make money and pay for my employees and air conditioning. With my ever so strong passion for shoes and this venture, even this assignment was simple to write about because of how much I have to say about this topic and that I could write way too much!

Venture Concept

This sneaker store in the heart of Gainesville, FL will provide the ultimate solution of providing people in the fashion industry the chance at higher end clothing and sneakers that are primarily only offered in wealthy areas like NYC or Miami. I believe people would switch to my new business product because people could actually see particular items in person and make stronger and more confident decisions. Buying things online entails paying for shipping, and the risk of damage to the item. The hardest initial challenge for my business would be getting my business name out in peoples mouths. However, if I take advantage of social media I could build better word about my fantastic business that I run. I believe the biggest competitor would be the mall where stores like Champs are located with more affordable prices. However, many wealthy students come to UF and are attracted to high fashion and can afford these items that I would be selling. My store would be pretty small, so I would only need like 5 rotating employees that are knowledgeable about the products that I am selling and the prices that everything goes for. The customer experience would be what I focus mainly on through methods of great customer service, returns, trying on things, and providing good music for the atmosphere inside the store. 

Minor elements

My business venture's secret sauce would be the many connections that I have to help support the amount of inventory in my store. People I know have lots of shoes and clothes that they are currently trying to sell. Through this tactic my store would not be empty when it first opens, but rather be filled with lots of stuff that attracts many people. This would be hard for other start up competitors who decide to join my business targeted market if they do not have the type of high level inventory that I will guarantee to my costumers.
In five years of my venture, I would like to have all of the necessary requirements to open up my next store in California to expand my target market to the west coast where I would like to move to someday because of the nice weather and celebrities. As far as my business in five years, I would potentially sell it off to someone if it reaches a multi million dollar business stake. This first venture will effect my entrepreneurial experiences to come in 10 years because it will be a great real life experience of how challenging it can be at some points to own your own business independently with none to little help.