Venture Concept No. 2

Opportunity: 

Social media and online platform makes everything easier.

People travel more nowadays, and love to share their lifestyles on social media.

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.To add on, I learn that I could also buy some second hand stuff that are still in good condition from my customer, or providing option for customers that they can rent their stuff, so I can cut cost of purchasing inventory.

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

Customer Service: The goal is to try to be connected with customers as possible.

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.To add on from my feedbacks, many people love the showroom idea, so I might create that to be like a fitting room for customers to come and try as well as mix and match while consulting with my team stylists.

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. I'm still going with this idea as my venture concept no1

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

For Me: I have done a lot of research on various types of winter-wear. I know that what kind of materials are suitable with which temperature. Also, I did research on where can I buy those products with the best quality and reasonable price.