Introduction
In the dominant sphere of entrepreneurial ventures, the concept choice plays the key role in success achievement. In this essay, the author will focus on a business prospect that dwells in the clothing industry. The idea to evaluate this business will be to take the ‘testing your idea viability’ manual, identify any potential flaws that can be fatal.
Business Idea
The core business idea is building a clothing brand that targets a diversity of customers by providing fashionable and eco-friendly clothing options. The emphasis will be on making a brand that is related to the people who appreciate fashion together with the care about the environment.
Description of Product or Service
The main product line of the business is going to be the assortment of clothing items made out of sustainable and socially-responsible resources. From range of styles the product line will stretch from one to another depending on the taste and preference of the customers. From casual wear to formal clothes, the goal here will be to incorporate eco-friendly practices into the fashion industry.
Description of the Market
The clothing venture’s market is widely spread covering different demographics to psychographics First of all, the business plans to draw in the market, which consists of eco-friendly customers who are looking for fashionable and green market. Demographically, the target audience is the people of 18 to 45 years who reside in urban areas with supreme focus. Psychographically, the “green-minded” customer extols eco-friendly practices, and prefers quality in fashion, and in the same vein he is rational and indulges the latest tech.
Customer Relationships
To facilitate optimal customer relationship management, the business will direct its energies towards ergonomics potential through multiple channels. Social media platforms, a customer-friendly e-commerce website, and personalized customer service will be used to create the sense of community and loyalty among the customers (Sumarliah et al., 2021). Keeping on posting new articles concerning sustainability and how fashion works will be a key factor in strengthening communication with the community.
Value Proposition
The proposition is formed around giving fashion-forward people a way to shop for guilt-free clothing. Through creating stylish wearables using sustainable materials, the company hopes to meet the increasing market need for conscientious fashion decisions (Salmi & Kaipia, 2022). The brand will use high quality materials, make products affordable and implement ethical production practices which will set the brand apart in the competitive market.
Goals
The main objective of the apparel enterprise is to create a brand within two years of its operation which will be known and trusted within the local market. Furthermore, the business targets 20% annual sales growth and extends its products reach to incorporate accessories and shoes. These aims are to be in line with the mission of the company trying to be one of the leaders in the eco-fashion industry.
Partnerships
For collaboration, eco-conscious suppliers, local artists who are inclined towards sustainability and influencers in the sustainability space will be approached in order to uplift the brand’s credibility and outreach. As well, establishing strategic business relations will enable finding of renewable sources and ethically manufactured goods (Strydom & Kempen, 2021).
Key Resources
Core assets for the startup consist of a design group, a manufacturing staff, an effective supply chain, and a well-located e-commerce platform. Adopting technology in sustainable production processes and marketing tools will be the major factors to decide the winning company.
Competitors
The apparel sector is highly competitive, combining different categories or players like fast-fashion chains alongside niche sustainable fashion brands. Competitors consist of well-known brands that may have different levels of commitment to sustainability and the new ones just emerging into the market. It will distinguish itself from its competitors based on a strong approach towards clarity, authenticity and full transparency of sustainable supply chains.
Revenue Model
The revenue model will be built on the direct sales through the online platform and we may consider the physical stores launch in future. The stream of income will consist of partnerships, limited edition versions and subscription-based model. The prices are carefully crafted so they would signify the values of sustainable practices and quality craftsmanship.
Conclusion
The fashion business idea has a lot of prospect but in addition with a strong emphasis on sustainability and fashion. A clear market analysis, establishment of strategic partnerships and a revenue model that will help in making all the necessary investment will help in navigating the competitive environment. The ‘testing your idea viability’ template crucial part yields detailed insights of the emerging flaw which will serve as a guide in providing better proposition for successful entrepreneurial journey in the fashion frontier.
References
Salmi, A., & Kaipia, R. (2022). Implementing circular business models in the textile and clothing industry. Journal of Cleaner Production, 378, 134492.
Strydom, M., & Kempen, E. (2021). Towards economic sustainability: how higher education can support the business operations of emerging clothing manufacturing micro enterprises. International Journal of Sustainability in Higher Education, 22(7), 1469-1486.
Sumarliah, E., Usmanova, K., Fauziyah, F., & Mousa, K. (2021). Managing the risks in the clothing supply chain considering the coronavirus pandemic. Operations and Supply Chain Management: An International Journal, 14(4), 576-587.
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