Opportunity
My opportunity would be
a company that is a supplier of all types of wakeboards and boots that
consumers can try out before they purchase it. With this service the people that
would be the potential customers would be people into watersports and
wakeboarding. Whether it be a father buying it for his son or daughter or an
adult buying it for themselves. The nature behind this need is that wakeboard
setups are very expensive. Because of this you want to make sure you are going
like what you spend your money on and not buy something you don’t like. With
this there are many different things that would force a change and that is a
higher demand for watersport boats. They are constantly having higher
competition between companies which is causing consumers to buy more products.
Because this sport takes place on the water geographically it would be best if
it was located in a central area with lakes nearby. Also, it would need to be
located in a little bit nicer area demographically because of the cost of all
of the materials. It would be best in a well populated area as well. Right now,
people usually buy based on the price of the product and that how they are
getting by. But, when they buy from a certain company they are usually loyal to
them and will usually only shop from them. I can say this from personal
experience and talking with pro riders and their experiences. This is a growing
opportunity with the fact that there is an increase in the demand for boats and
watersport related goods. This opportunity will be open for a little bit but
not for too long because of the growing demand. Someone will come up with a
similar company to do the same process.
Innovation
People always want to
try out the product before they buy it if they are unsure of how they will like
it. With new products you usually can’t do this, and it can cause some people
to purchase the wrong thing. They could buy something they think they like but
it actually turns out that they don’t like the product that they purchased.
With Wake Demo though they would be able to not face this problem. This company
will allow you to try out any wakeboard setup of your choice that you are
thinking about purchasing. When you come into the store you would pick out the
board and bindings that you like and then tell them that you want to demo it.
After that they will prep the board for the water and then come meet you at the
front. They way you get it though is that you have to pay 50 dollars to use the
product and leave your drivers license. At the end you do not get your money
back if you give the board back but if you like that one and decide to purchase
it then that 50 dollars goes towards your final purchase. It is proven that
people are more likely to buy a product if they have had the opportunity to try
it out beforehand. Because of this I will then be able to make a sale averaging
right around 500 dollars.
Venture
Concept
With the increase in
boats and consumer demand there will be in increase in my product because they
are compliments. Majority of consumers are not happy with their board after a
few years because of the new technology that comes out. Customers will buy my
product because of having the opportunity of trying it out first most other
companies do not offer this option. With this option customers will switch to
my company because I will be carrying all of the same products as other
companies if not more and will allow them to try it out beforehand. My main competitors
would be other watersports shops or companies that sell watersports gear. Their
main weakness is not allowing the consumer to try out the product before they
purchase it. My location would be right next to my work partners warehouse where
I could have my materials shipped. This will lower my costs because of how
close it is which will allow me to be able to lower the price for my potential
customers. Also, my customers would be very loyal because of the option to be
able to try it out before buying it. They could do this whenever they please
when looking to buy new products. My business would be located in the south and
consist of about 50 employees. Their roles would be to help the company do its
daily functions and to help see the merchandise.
Minor
Elements
My advantage
to my company would be my employees. My main board is all people that I know
and can trust with anything. They each bring great qualities to the table and
offer different characteristics. The secret sauce would be having a pro rider
as an employee because he knows an abundance of information and will constantly
attract business. The next thing that I would do for my existing customers
would be allowing for more demos on different goods as well. Its not only
wakeboards that face this problem many other watersports related goods are expensive,
and you cannot try them out. This would be the next step for the company to try
and improve and always keep on moving forward. With the completion of this
company I would want to see myself as a millionaire in five years with this company
and to also be a licensed boat dealer. As an entrepreneur I want to be successful
in the things that I create or put my mind too. In a decade I want to see
myself as an owner of many small business and very successful.
Hey Will. Your venture concept really summed up every idea that you have worked on, and hope to achieve. I think your idea will work well for you, because you have many things that not all new to the business competitors can acquire, including knowing people who work in the same industry. Working with people you trust can make getting started a smoother process, but it can also create unwanted conflict in the business environment, so both possibilities need to be considered. Also, Wake Demo is a great service to make your business unique, and while getting started could prove difficult, working with other businesses and people you know will be lead to your success.
ReplyDeleteHey Will,
ReplyDeleteI think that your most important element being your employees is perfect. This is also what I have chosen as mine. I plan on having experienced professionals of the industry and I know you do as well which will definitely gain our customers trust and therefore return customers. I believe that this trait of our companies will build a better sense of community with in the company but also with our customers as well.
Thanks, Zach L.