Venture Concept No. 1

Opportunity: The way people engage with their online posts on social media. They want to look good and wearing trendy stuff.

Innovation: Nowadays, online payment and delivery services ease the rental business as it’s done very easily. The rental fees will be depending on the design, materials, and length of rental. There’s also a separate fee that customer will have to pay but they’ll get full return when they return the stuff on time and in good condition. I’m planning on a loyalty membership which customers can rent in a cheaper rate if they are frequent customers so this can create loyalty customers.

Venture Concept: Individuals will rent this product when they travel abroad and feel the needs of winter-wear items.

Price points: This is very important. If it’s too expensive, people would thought of buying instead. However, if it’s too low, it’ll take longer time to break even the costs that I purchased them from the brands. I think it’s important to have special sale contract with the brand in order to have a discount since I’ll probably have to buy them a lot at the starting point.

Distribution: I should first distribute to young adults customers since they have buyer power and easy to reach through social media.

Customer Service: There will be an admin who will directly contact with customers in case they have any enquiries. We will also have stylist team whom customer can consult on style and outfit ideas to match with our rental items. We will make prompt delivery across Bangkok, so that it can make them satisfied.

Location: Actually, all process can be done online; however, we will need a showroom to store all items, and customers can visit our showroom if they want to try them on before rent.

Employees:  I’ll start with hiring 5 employees. I’ll need one person to do graphic design, social media content, liable for all social media accounts, and marketing campaign. I’ll need two people to check storage, take care of showroom, deliver stuff to customers and check quality of products when customers return. I’ll need one person to do accounting and contacting with suppliers. Lastly, I’ll need one fashionista who will be the one who select styles, find new brands to rent, and also give recommendation to customers.

Unfair advantage: My political and entrepreneurial connections withheld the VRIN anaylsis.

For Me: I love doing things that I’m passionate about. In this case, I’m so happy that my business is related to fashion.