Risks and challenges
1. Competing profitably in a very competitive market.
We know that the fashion market is extremely competitive, however, we believe that our unique points of sale will help us differentiate ourselves from other brands. By using young designers from all over the world, and not having a fixed set of designers, we can hopefully ensure that we maintain unique, appealing designs that will help us have a creative edge on other companies
2. Finding suppliers that produce eco-sustainable products with high quality at a reasonable price.
This is very important for us as it is one for our key company values. We are currently in contact with various private suppliers we will have to quality check samples from each individual suppliers. If the quality/durability to price ratio of the product is good we will begin ordering larger orders. The quality needs to be very high, but the wholesale price needs to be low enough for OneWay Limited to be able to be profitable while selling products to the consumer at an affordable price
3. Finding suppliers that stock the eco-sustainable products that we are looking for.
OneWay LTD. will be starting with a limited product range to ensure that products and designs work. After that we look to branch out into different product categories such as snapbacks, beanies, sweatshirts and hoodies. We need make sure that we find eco-sustainable suppliers for each product and make sure that these can be made from eco-sustainable materials. However, having worked as an agent for the past 3 years,and having concluded big stock orders around the world, I am confident to be able to pull through in finding what we are looking for.
4. Finding young designers who believe in the project without expecting monetary rewards immediately.
So far we have been in contact with many young designers, however, many of them are looking for immediate monetary rewards for their work. We will buy some one off designs from some designers but on a limited basis, as we are looking for people who believe in our brand values and our mission and who are thus happy to work on commission.
5. Maintaining effective communication with all of our stakeholders.
As we hope to create a truly global brand, we will need to be able to be in constant communication with our designers, partners, suppliers and customers! This is a big challenge but we will eventually have separate teams that communicate with each group. Within the company we will create a flat organisation, where information flows freely between the different areas of the company. We will create a company portal where our employees can communicate efficiently and continuously.
6. Inventory and finance management
As the business grows and we start to produce a wider range of products, our stock flows, commission calculations and other financial elements will become more and more complicated. Stock-outs can be very costly but keeping high levels of inventory can also be equally as costly, so we need to achieve the right balance, unless we can succeed in developing an effective kanban system with our suppliers. With the money we hope to raise we will invest in software that will enable us to manage our stock and finances easily and accurately. Our Head of Operations has studied modules in supply chain management and accounting so has a lot of knowledge in these fields.
7. Problems associated with recycling process.
Even though this is one of our unique points of sale we must understand: how much does this process cost? Will people be willing to send back their clothing to us? How will we market it? This section will be handled by myself and our marketing team.
Learn about accountability on Kickstarter