"LEAN RETAIL INNOVATION: BUILDING TOMORROW'S RETAIL BUSINESS TODAY ON A SHOESTRING BUDGET"
OVERVIEW:
This is an innovation entrepreneurship bootcamp program for Low-to-Moderate Income BIPOC (Black, Indigeneous, People of Color) participants. The program aims to provide a route to sustainability-focused entrepreneurship for LMI BIPOC people with limited resources and non-STEM backgrounds.
NUMBER OF SESSIONS: 8 (Sessions 1-3 will run once each and the remaining 5 sessions will be computer labs that teach the no cost and low cost tools we introduce as options for building the product in Session 2)
Session 1: Overview of Retail Trends
This session will provide an overview of retail trends and the opportunities they provide for starting innovative, sustainability-focused, low overhead retail business ventures. The retail landscape is constantly evolving, driven by changing consumer behaviors and technological advancements. Ecommerce trends have gained immense prominence, with a surge in online shopping due to its convenience and accessibility. Subscription business models are reshaping customer loyalty, offering curated and personalized experiences. Rental business models are thriving, allowing consumers to access products without the commitment of ownership. Sustainability is a growing concern, leading to the rise of upcycling and recycling initiatives that appeal to eco-conscious shoppers. Drop shipping has revolutionized supply chain management, enabling businesses to reduce overhead and inventory costs.
Session 2: Overview of Tools for Building your Product/Service (Minimum Viable Product-MVP) with Low Overhead
In this session, we delve into the essential tools and platforms that can help you bring your Minimum Viable Product (MVP) to life while keeping overhead costs at a minimum. We'll explore a range of accessible and user-friendly options that empower entrepreneurs to turn their ideas into reality without breaking the bank, such as:
Squarespace Website and Ecommerce Tools: Squarespace offers an intuitive website builder with powerful ecommerce capabilities, making it an excellent choice for crafting a professional online presence and launching your MVP. Learn how to leverage Squarespace's user-friendly interface to create a captivating online store that showcases your products or services effectively.
Reselling Platforms (Poshmark, Etsy, Mercari, etc): Discover how to tap into the booming world of reselling by utilizing platforms like Poshmark, Etsy, and Mercari. These platforms provide a low-cost way to start your retail journey by selling pre-owned or handmade items. We'll explore best practices for listing, pricing, and marketing your products to maximize your profits.
Amazon FBA (Fulfillment by Amazon): Explore the advantages of Amazon FBA as a scalable and low-overhead solution for launching and growing your business. Understand how this service can handle storage, shipping, and customer service, allowing you to focus on your MVP's core components and innovation.
Canva: Learn how to harness the design capabilities of Canva, a versatile graphic design platform that enables you to create eye-catching marketing materials, product images, and branding assets without the need for a professional designer.
ChatGPT: how to use this free artificial intelligence tool in helping you research for your business, draft marketing content, and develop your website.
This session equips you with a toolkit of cost-effective, accessible, and efficient tools and platforms, empowering you to transform your Minimum Viable Product-MVP concept into a tangible reality while maintaining a lean budget.
Session 3: Crafting a Winning Retail Concept: Customer Personas, Value Proposition, and Initial Testing
This enlightening session delves into the foundational steps for validating your retail product or service concept and ensuring that it resonates with your target audience. We begin by exploring the creation of customer personas, enabling you to gain deep insights into the wants, needs, and behaviors of your potential customers. Understanding your audience lays the groundwork for tailoring your offerings to meet their preferences effectively.
Next, we unravel the importance of crafting a compelling Customer Value Proposition (CVP). You'll discover how to articulate the unique value your product or service brings to the market and why customers should choose it over alternatives. We'll delve into strategies for communicating your CVP effectively, ensuring that it strikes a chord with your intended audience.
Finally, we'll explore the vital practice of initial customer testing through interviews. You'll learn how to conduct meaningful customer interviews to gather valuable feedback, validate your assumptions, and refine your retail concept. These interviews serve as a crucial step in the early validation process, guiding you towards building a retail business that truly resonates with real-world customer needs and preferences. Join us in this session to unlock the insights needed to ensure your retail venture's success from the very beginning.
Sessions 4-8: MVP Tools Workshops
These computer laps will give participants hands-on experience with the MVP Tools we introduced in Session 2: Squarespace, Poshmark, Amazon FBA, ChatGPT, Canva
