Instructions:
Please fill out each section of this report succinctly. I am only looking for a few sentences for each section.
- Brief Description of the Business Concept
Creating merch for different artists using secondhand T-shirts and tanks to support the slow fashion movement. The printed t-shirts could be reversed, giving each piece a uniqueness to it. There are enough clothes out there, no need to make more.
- The Market Need. Identify the void in the marketplace that your business idea is going to fill. This could be a problem your product or service will solve, an emerging market your product will help to define, or the absence of a product or service that people don’t even know they need.
It will help promote uniqueness and the use of secondhand clothing. All merch t shirts are from fast manufacturers making them bulky and all the same, and not sustainable. This supports the sustainable clothing trend whilst still being able to support artists.
- Your Solution. This is a more in-depth discussion of how your business idea is going to fill the void, solve the problem, or create a new market. It’s also your chance to discuss why your product or service is the answer and, more specifically, why YOU are the perfect person to bring the idea to market.
As someone who is passionate about sustainability and fashion, this idea brings admiration to uniqueness in clothing, and shows the endless possibilities of repurposing clothing, creating a smaller carbon footprint. Instead of making new shirts when there are already enough, this can give a life to the clothing that already exist.
- Your Proposed Business Model. This is a critical component for every stakeholder involved because this is the element of the Business Concept Statement that details how you are going to make money. You’ll want to discuss how you’re going to charge for your product or service, the business processes you plan to implement, and the resources you’ll need to make it a success.
The sources needed for the business would be people to go to different thrift stores and source all the clothing. Would also need to collab with graphic designers who design the band/artist merch. Would need access to a printer to get the design on the t shirts. A big part of this would be contracts on how much the artist would profit on it, wanting the production of the clothing to be cheap and still conscious.
- Your Unique Value Proposition (UVP). Explain how your product or service is different from others in the marketplace. Identify why someone would want to buy your product instead of one that’s already on the market. Your UVP is your differentiator—the reason your business will exist. Will it be your unparalleled customer service? A new technology? A higher-quality product? Better price points? Faster delivery? Or a combination of those things? Even something as simple as more attractive packaging can make all the difference for many consumers.
My target audience would be the younger generation who follow this sustainable trend. Sourcing the T shirts would be cheap, and we would ensure top quality and efficiency for getting the product delivered. The products would be sold after concerts and or through a site. Someone would want to buy this product due to the low carbon footprint and the artists that we will collaborate with. There will be fast delivery and well as educating the consumer on how green their purchase was.
- A Succinct Competitive Analysis. To be absolutely sure your new business idea will fill a hole in the market, you’ll need to look at your potential competition. Who else is currently providing products or services to your prospective customers? What are their strengths and weaknesses? Examine the competition’s annual revenue (or estimate it if you have to) and identify their market share. This will help you determine both the size of the market and its potential for disruption, innovation, or new products or services.
A similar competitor would be the company Merchery. Although they do not allow much creativity when it comes to design, you are able to make sustainable customizable t shirts and hoodies. Their strength is their transparency.
Annual revenue about $5M
- Quick Overview of Your Marketing Plan. How you market your business will be critical to its success. In some cases, your marketing plan may actually be your UVP. Establish buyer personas, develop a target audience, and assess and prioritize your ideal marketing verticals. Then, discuss how you plan to promote your business idea in a way that’s different from your competitors.
Marketing and social media would be a large part of our UVP. As well as having the artists promote us, explaining what is so special about us. We plan to create a specific aesthetic and use Instagram to reach our target audience
