This week we are going to discuss my business plan (Napkin Idea).
Who am I?
First, let me tell you about who I am. My name is Travis Bowen and I am a second year Finance major from Clearwater, Florida. I am really good at getting along with others and solving problems. I also consider myself pretty enthusiastic and ambitious. My experiences include working as a personal trainer at the gym and interning as a research assistant for a profressor here at the University of Florida.What am I offering?
As person who loves watches, I absolutely hate the fact that I can only own three of them. Every time I go into a store, I instantly look at the watches to only dream about one day wearing them. Also, I often find myself not being able to wear a watch because it is not the right occasion or it does not quite match my outfit. What I want to offer is a company that rents out watches. Customers would pay a monthly service fee to be able to come in and try out different watches for different occasions.
Who am I offering it to?
This concept would apply to pretty much anyone, but specifically college students and young adults. Many younger individuals who just graduate college have trouble putting together a nice wardrobe. Many people in their early 20s need to attend job interviews, weddings, and other nice events that require dressing up. Having a watch can add the perfect touch a nice outfit.
Why do They Care?
People notice a nice watch, and it can really make a good first impression. Also, there are a ton of times where it would be nice to wear a specific watch for one occasion without actually having to purchase it. My company would allow individuals to both try out different watches before purchasing them or just use them for one occasion. Watches can be a lot of money, and it would be extremely convenient to have the ability to switch up watches whenever you like.
Core Competencies?
A business that rents watches has never been seen before. It is unique in its own way that it allows customers to practically own a wide variety of watches for a monthly price. Styles constantly are changing, so why not keep renting out watches for a low monthly price instead of paying hundreds of dollars for it to go out of style in a couple of years.
I believe that all of these elements fit perfectly into my business plan. The only criticism I can give myself is that I am really only targeting a small percentage of people and it is an extremely niche company. But, I think my business can bring watches back into style. If people had more money, they would definitely like a couple more watches to wear. Whenever creating a completely new business you are taking a risk, but other companies like Netflix have implemented similar ideas and have proven to be really successful.
I love the business concept that you have here. I think proper etiquette including dressing up should be brought back from the past. I never personally leave without wearing something from my watch collection. It's true that smart watches may be more convenient but I believe that a classic automatic or mechanical watch should be worn more since they are absolute art and have more of a meaning (philosophically). If you want to rent out watches I personally think it has to be at least something like Omega, Breitling, or Rolex. Otherwise I don't know if I would personally rent watches otherwise (maybe except for the seiko skx or an orient watch for a pretty low price).
ReplyDeleteHi Travis,
ReplyDeleteI like your business idea. At first I was a bit skeptic about it because I didn't really relate to it personally but then I thought about companies that rent out designer handbags and how there actually is a market for that therefore there must be one for watches. I think watches are timeless pieces, I always just seem to forget mine because I'm not in the habit of wearing one every day but there are people who do, like my father, and being able to switch them up would be pretty neat. Check out my idea http://carolinalafuent3003.blogspot.com/2016/02/idea-napkin-no-1.html
Hi Travis,
ReplyDeleteI think this is an amazing idea. As an Amazon text book renting student, I fully support the idea of renting instead of buying.
I personally do not wear watches on a regular basis, but I would definitely rent one of those very nice watches to go with my nice suit if I were to attend something important. (and pick out something specific for the occasion) I also believe the same principle can apply to female customers.
However, I am afriad there is a wall you will need to break. A watch is no simple accessory, it is a symbol of status and wealth, and owning it is part of the game. (But on the other hand we have people renting out dresses and suits to attend weddings.) I wonder how the less progressive people would look at this business concept. But I do believe there is a customer base that would be highly receptive to this idea.
my blog: http://eny3003ablec.blogspot.com/2016/02/idea-napkin-no-1.html
Hey Travis! I like your idea! I don't wear watches often, but I would hope to be able to use this one day. I think it would be smart to make it strictly on-line and maybe market to luxury or high-class people that would take advantage of this. Also, it would be great to expand your idea to women's accessories as well, such as watches, necklaces, rings, etc (Maybe not earrings since those are personal items). I know that's not your thing, but you could increase your profit that way.
ReplyDeleteHello Travis,
ReplyDeleteI enjoyed reading about your idea. I wear watches all the time and I think this would be great. Would membership subscribers have to pay more per month for the higher-end luxury watches, or is it just one flat monthly rate? What about insurance? I like the idea of having the ability to switch your watch every month without actually buying a new watch. I also think this could be a interesting boutique idea.
Please check out my post at: http://prosper95.blogspot.com/2016/02/idea-napkin-no-1.html