Venture Idea Name:
Love and Baskets
Group Members:
Alexis Ryan, Bridey Joyce, Cristina Williams, Alyssa Hidalgo, Curtis Vrabec, Alina Landa
Description:
The idea came about by noticing that sorority sisters spend a significant amount of time during initiation making gift baskets to give to new members. These baskets could include things like custom blankets, picture frames, and mugs, crafts, perfume, letters, ribbons, candles, badge boxes, etc… and they are often costly to put together. The Love and Baskets Venture involves making simple, customizable baskets for college/undergrad/postgrad women who are looking to save time and money when putting together a gift basket. The basket is convenient for the customer and still personal for the recipient. Chapters could purchase baskets and customizable products in bulk, assemble the baskets, and sell them to a targeted market.
Marketing Ideas:
Target Market:
College and postgrad women, particularly members of Greek Life during Fall & Spring initiation
Flyers/newsletters, tabling at fairs, website/social media page, Pinterest inspiration page, visit Greek houses during chapter meetings/dinners.
Revenue and Expenses:
Probable Expenses:
Wicker baskets with handles, customizable contents (paintable mugs, frames, crafts, etc…), other standard contents (perfume, blankets, etc…)
Bulk orders could reduce the costs and Chapters should always pursue discounts or donations
Sources of Revenue (price, bundles, diverse markets, etc…):
Price depends on the cost of basket and contents, market research around the question of price would be important. Ask the target market if they’d be willing to pay for something like this, if so, how much? What would they like to see in the basket? These questions and similar ones will help you determine what to purchase and how much to sell the baskets for.
Profits and Other benefits of Venture (Marketing for an upcoming event, advance ticket sales, social value created, etc.):
Fair trade coffee and reusable mugs benefit social and environmental causes. Awareness of these causes could also be raised during sales or at the sales booths.
Challenges:
Finding the right price, buying baskets and contents at a reasonable price, making sure the baskets are customizable enough for the members of Greek Life.
Tips:
Do market research! Search for a craft or boutique store willing to sell you multiple products at bulk/discounted prices. Start with just a few baskets, make them really well and sell them to your friends in Greek Life. Then ask for feedback so you can scale this the right way.
Would you recommend to other chapters?
Still an untested idea. If a Chapter can find a way to get the baskets and contents for a good price, make them unique and maybe customizable, and sell them for the right price then this is a great idea. Especially if the Chapter members are already involved in Greek Life. This seems like a time and capital intensive idea, but if the market research points to a profitable opportunity and the Chapter is willing to commit time to assembling baskets, this has a lot of potential. It could even expand beyond the campus and become its own business.
Learn about building a business model for your Venture here!
Copy it and edit it a version for your Chapter here.
Contact info:
Alyssa Hidalgo (UCF) – alyssah@knights.ucf.edu
Christina Williams (Duke) – christina.c.williams@duke.edu
Alexis Ryan (Idaho) – sryan@titleonecorp.com
