Venture Concept No.1

(1) opportunity:

There is an opportunity for a massively untapped market. In a day and age where appearance is everything, especially to the younger generations, how people dress has grown increasingly important. Many people avoid certain styles because major companies only cater to certain body types. Social media plays a large role in this. Where style and fashion are changing at such a rapid pace that by the time you find that perfect fit, its no longer in style. The fashion industry is enormous but hardly anyone is trying to make customization easily accessible or affordable. This market is largely targeted toward the younger generation. Older generations are not so concerned with their looks 24/7. Potential customers are currently satisfying this need by shopping with the same name brands they feel comfortable with. They are afraid to branch out because it would take time to figure out how other companies size and fits work for them. Potential customers are also wearing the same pair of jeans from three-four years ago because "nothing will ever fit them as good". If there was an easy solution to these clothing problems, they would jump on board almost immediately. This is a big opportunity because no one is doing anything like it. This concept is new and has the potential to grow quickly.

(2) Innovation: what it is, what it does, how it works, how you will make money, what exactly are you selling and how much

My service will provide an essentially online tailoring service. An app will walk you through how to take measurements and ask simple questions about the clothing. The United States Postal Service will be our main way of transporting clothing. Tailors will fix the clothes sent in to match the measurements and then be sent back to the customer to try on. If it does not fit right we will refit them at no extra charge. The customer will pay for shipping unless they are sending more than ten items of clothing. Many of the prices are determined by the material being used and the time it takes for the items to be stitched. For one item, a cost of around $15, plus shipping, would seem reasonable with an upcharge of around $5 for every additional item of clothing. Again prices will vary due to material and time.

(3) venture concept:

My innovation will allow people of all shapes and sizes to wear the clothes they always wished they could. Customers will use my product to not only look better but feel better about themselves. I do not think it will be very hard to get them to use my service since there really is no competition for it. However, my service, like any other, has its weaknesses. Not having direct access to the person you are tailoring for is a struggle for the tailors and can result in errors. We can only provide so much guidance as far as measuring goes and clothes would be inaccurately altered if they are inputted wrong. Shipping comes with its own challenges, especially since we will be relying on USPS. Customer support and experience is probably the biggest aspect of this business. If customers are unsatisfied or frustrated with our systems or operation they will not come back. Location is not such a big issue since USPS can ship anywhere.

Three minor elements:

My most important resource will be experienced, tailors. They are the driving force of the company because without the service is up to par no one will use us again. The next possible step in my venture actually comes from advice someone gave me. I could have a local store in a town that does on call, at home tailoring. Almost an on the go van-type thing where the tailors can come to your house take measurements and have all the equipment to tailor in a van. Five years from now I would like to have multiple of these door to door location type things.