MOGI Is Exactly The Bag You Need, At Precisely The Moment You Need It!
Help us raise funds to make yoga mobile for everyone. Your contribution to our goal of $5,000 will go towards manufacturing and start up costs. Anything additional we raise will go towards warehousing, distribution, marketing & sales.
Company Overview & Business Plan
MOGI, under the umbrella of Chasing Nirvana Yoga, LLC will launch a line of yoga/bike products to fill the void that the yogi/cyclist crossover endures. MOGI has set the following objectives:
- To launch the product line by September 6, 2016 (after Labor Day)
- To increase the number of bags sold month over month
- To create the foundation of departments and possibly hire personnel in sales & marketing within the next year
Keys to Success
The keys to success for MOGI line include:
- Kickstarting the project to fundraise initial manufacturing fees & start up costs
- Selling at retail prices via mymogi.com & Amazon
- Selling wholesale to bike shops and yoga studios
- Exhibiting in yoga marketplaces, at festivals such as Yoga Journal Live, Wanderlust and possibly 108 Events
- Marketing through social media
The product line MOGI is looking to become established in 2016 by one individual owner. MOGI is looking to target individuals who partake in both yoga and cycling. City dwellers looking to take a yoga class at a studio across town, yoga teachers trying to get from one class to the next, mountain bikers who want to practice when they get to the summit, beach goers that enjoy yoga in the sand, etc. We are looking to become the go to yoga mat pannier company.
MOGI will be sold via the four major market tiers listed below:
- Direct to Consumer: Via online sales through www.mymogi.com
- Small Businesses: Local yoga studios that offer a retail space & local bike shops
- Large Businesses: Big box retailers such as Wal-Mart, K-Mart, Target, REI, TJ Maxx, Marshalls, Dicks Sporting Goods, Kohls,& LL Bean
- License Idea to Large Competitors: Such as but not limited to Lulu Lemon, Athleta, Gaiam, Lucy, Jade, & Manduka
Target Market Segment Strategy
MOGI will focus on each market tier outlined above. We will start by focusing on direct to consumer sales via marketing through our Kickstarter campaign and social media platforms. Finding companies in each of these four buckets that have a need for our product is the main objective.
Competition and Competitive Edge
Major competitors in the yoga and bike / sporting goods industry include Lulu Lemon, Athleta, Gaiam, Lucy, Jade, & Manduka Currently none of these competitors offer this product which will give us the competitive edge in the marketplace.
Website Marketing StrategyThe website for MOGI has a two tiered objective.
- Online ordering
- Online payments
Company Growth Plan
MOGI would like to grow into 5 departments:
- Sales and Business Development
- Production & Shipping
- Legal & Accounting
- Product Development
At the inception of MOGI, our main emphasis will be direct-to-consumer sales, marketing & production. MOGI’s strategy will be to build a customer base via our marketing plan outlined above. As the company grows in revenue we would like to initially hire a sales representative to expand our sales to the second tier of our target market segmentation (small businesses). We would also like to hire an in house marketing coordinator to leverage our social media campaigns.
Risks and challenges
We have already completed the research and development phase for MOGI and are ready for manufacture as soon as we have the funds. That said, we do not expect many challenges to occur, however, life seems to always surprise you. We will stay alert to the manufacturing process, importation of goods, and distribution of product.Learn about accountability on Kickstarter
- (46 days)