IRIS VINTAGE
A second-hand styling service.
THE ASK
Create a viable business plan based around a product or service for a Shark Tank simulation where the ask is a $100,000 and the use of a retail space.
MEET THE TEAM
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Alexis Bland
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Madden Cook
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Sadie Kinzer
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Meghna Vemuri
PROCESS
PROCESS
WHAT IS IRIS?
Iris Vintage is a second hand styling service operating solely on personal consultations where customers detail their budget, style, and desired pieces and receive an affordable bundle that matches their needs and upholds a sustainable shopping cycle. Our mission is to cultivate a community centered around individuality and sustainability to inspire self-confidence and expression.
RESEARCH
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Utilized Simply Analytics software, VALS methodology, and primary research to create an accurate target customer.
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Conducted market research on the second-hand and vintage industries using reports from sources like Mintel and Shopify.
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Explored the intricacies of sourcing second-hand clothing and identified key suppliers along with a preliminary buy plan.
FINANCIALS
My team completed a comprehensive First-Year Sales Plan completed with predictions in fixed costs, sales and gross profits, monthly sales plan, profit and loss, and cash flow forecasts. This aspect of the business plan taught me strategic pricing and inventory control to maintain markup and achieve an operable gross profit.
THE OUTCOME
Although I have little personal desire to start an entrepreneurial journey, this project expanded my skills in financial planning, creative ideation, and market research. Working with my amazing team, who are also good friends of mine, stressed the importance of trust and respect in collaboration on a business venture. My biggest takeaway was the financial portion of the project which refreshed my knowledge of pricing strategies and retail math.