Finalobelts- Lean Startup Machine NYC
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The document presents a business plan for Obelts, a proposed website that would allow customers to custom design belts. It discusses the problem of a lack of options for customizing quality belts. The hypothesis is that men and women would be interested in customizing belts that fit their style and size preferences. Market research found interest from men ages 25-60 and for gift-giving. The plan is to test interest in customization options and plus-sized belts through Facebook ads before establishing manufacturing partnerships and expanding customization offerings.
Finalobelts- Lean Startup Machine NYC
- 2. The Problem There isn’t a website that allows consumers to custom design quality and stylish belts.
- 3. The Solution Obelts: a “me-commerce” website that lets you custom design quality and stylish belts that look at fit exactly as you desire.
- 4. Hypothesis • Men and Women would be interested in Belt Customization • Customers often compromise on the style of their belts and find store experiences frustrating • Belts often don’t fit the customers the way they would like them to
- 5. Process Survey Monkey (surveyed 48 people), “Cold interviews” (surveyed 20 people), Craigslist Ads, Blank Label. Findings • Men ages 25 through 60 are especially interested • Women are also interested particularly in gifting. • 60% of respondents said they would give a custom belt as a gift, and 30% said maybe. • 96% of survey respondents said they were interested in Obelts. • People often make compromises when buying a belt. • Many people cannot find belts that fit. • Some are even embarrassed to buy them in retail stores.
- 6. 24 Hour Strategy We created two landing pages using Unbounce to test our hypotheses about these findings and we are currently running two ad campaigns on Facebook • People who want to customize stylish belts for Men • People who can’t find belts that fit in both online and retail stores
- 10. Critical Success Factors • anufacturing process is important because product must be of good quality. M • ffordability: Customers are willing to pay an average cost of $107.50 A • Belts will start at $60 and with customizations cap around $150 • eturn Policy: Obelts will allow customers to their belts if unsatisfied. We will then remake it and R send it to customer. • trategic partnerships with successful “Me-Commerce” Sites. S
- 11. Short Term Game Plan • Continued testing “Customizers” and Plus-size Markets • Focus on relatively small variety of customizations in beginning. Keep Manufacturing simple, and establish partnerships • Determine Manufacturing Logistics • Cost Analysis for profit margins Long Term Game Plan • nce we are a leader the “Customizers” and Plus-size Markets for men, we will begin targeting O women too. • ncrease customization options- other materials, band width, styles I • orizontal expansion- wallets, key chains, bracelets, watch-bands H We are going to pursue Obelts after LSM… Whoohooo! party on GARTH!