This week Thursday we had our third Board of Advisors meeting. At this particular meeting we really focused on discussing future possibilities regarding the website and Casey presented the latest update on the prototype. To concluded the meeting, as a team we took a fairly in depth internal and external look at NYX by conducting a SWOT analysis.
Conducting our SWOT analysis really allowed our team to step back and get a picture of where our business model excels and where we could potentially make changes to limit our weaknesses and threats. Sometime in the near future (likely this coming Friday) as a team we will revisit out BMC and make some new adjustments based on a lot of the information we've been working on in the last month. Probably one of the areas that we may need to address is how we can figure out ways to access multiple revenue streams.
Additionally we've begun working on the financials for our company with some of the assumptions. This upcoming week will be sure to be a busy one with all that's going on. Nonetheless, we are all excited to keep things rolling and keep up the momentum gained over the past two weeks.
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We need to revisit multiple different aspects that we have developed in the past. Multiple revenue streams would add a lot of value, but since we are already so stretched it will be hard. I once saw a lecture that said the "perfect" business could offer a product, a service and an educational aspect. We could start with that an try to develop something.
That is an interesting concept, when you think about it, Lululemon has kind of followed that strategy in a certain respect. The only thing we would really need to look into is how we would incorporate a service into our model. We could definitely provide education. I think initially we really need to focus initially on making a great product and build a community that is as passionate about athletics as we are. Culture and branding is huge in the sporting apparel industry and it is definitely one of our key success factors.