Venture Concept No. 1

Opportunity

1.  Who has the need?
1. Who has the need is applicable to everyone.  In my beginning stages of querying different people, each person stated that they liked the idea of having an on call concierge to bail them out in a pinch.  However, not every person felt all services were needed that I started out with and a key demographic made it very clear that they would not be able to afford these services, that demographic is students.
2. Nature of the need?
1. The nature of the need is not imperative; it is more of a want than a need but in a busy world where many people are balancing a household, job and children; or a busy executive who travels, assistance in the smallest fashion is appreciated.  It is also easier and cheaper to hire on an as needed basis, much like a cab company, than hiring a personal assistant.
3. The forces or changes in the environment are creating this opportunity is convenience.  People hire personal trainers, nanny’s, chef’s, drivers for the convenience factor.  This service is just the same.
4. The market has not expanded outside of the Central Florida area but geographically and demographically was conducted with in person surveys.
5. Customers are currently satisfying this need by piece mealing their needs from different vendors instead of a one stop shop.  They are hiring a separate person to be a nanny and pick-up their kids, a groomer to come to their house, etc.
6. I do not think the opportunity is big in all areas, but in large cities where individuals live a busy personal and social life and they are trying to find balance, it can truly become something huge.

Innovation

The services I am looking to provide is an on call concierge service.  Not all services will be included, such as oil changes or babysitting but a list of services would be available for lookup on the website or via the smartphone app.  The services will include, drop/off pick-up for airports, children school/after school activities, pet care (to and from the vet or groomers); it would include assistance in being the point of contact for catering events, could assist in making bank deposits, drop off/pick-up of car repair or detailing, dry cleaning drop/off pick-up.  Other services can be added upon reviewing of request and demand.  The cost for the service is a set $20 within a 10 mile radius of the pick-up location.  Thereafter, a charge of $1 per mile will be added for travel costs.

Venture Concept

1.  What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?
1. I think people would be willing to switch to this new product for convenience, trust and essentially a one stop shop.  You would have the same helpers working with you each time so you will establish a good rapport and level of comfortability. It will not be hard to switch do to my current connections and letters of recommendations.  I work with high ranked people in the business world and celebrities.  With their endorsements, that is a huge selling point.
2. Who are the competitors?  What are their possible weaknesses or vulnerabilities? 
1. There is not much competition.  Sure, you have your individual businesses but there is nothing currently on the market for a one stop shop, especially with the technology convenience of an app.
3. What role does packaging, your price points, distribution, customer support, the customer experience or the business location play in defining your business concept?
1. The price point is imperative.  I surveyed different age brackets and demographics and this service was not for everyone, primarily on price alone.  However, I have to weigh the benefits of capturing a few additional college students at a lower pricing point but losing the prestige of the business or letting them go and keeping a high end list of clientele where by business will be in demand.  I want it appear to be elite.  Customer satisfaction is key and the convenience and accessibility of being able to work with a one on one representative.
4. How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
1. The company would start out with just me.  If it grew to where I could not maintain the workload, I would add on my husband part-time.  If the company continued to grow, I would hire others, perhaps students  or mothers with kids in school and require they give me a block of “on-call” time.