29A – Venture Concept No. 2

Opportunity.

An opportunity was recognized when I left my hometown and arrived at college where my main method of transportation changed from wheels to my own two feet. Gainesville’s comical and annoyingly true nickname, Rainsville, become something I loathed and hoped to always avoid. Soggy feet were never appealing and would literally “rain on my parade” during important meetings, trying to get to class, as well as having fun with friends. I came upon a water repellant spray in the mall and with that initial idea, scoured the internet for the best ones to figure out which one was the effective. Like myself, those who need it are those who find that they spend a lot of their time outdoors, whether it is by choice or not. All individuals that have a need for this product want comfort and durability. Whether it be a businessman walking down Wall Street, a hiker on the Appalachian, or a soccer player on wet grass. All three of these individuals are part of the market for this product but in very different ways. Some might the water repellence’s ability to protect their _­expensive shoes and keep its appearance while others prioritized the durability of the shoes due to excess water exposure. This opportunity is created when faced with adverse weather or compromising environmental (water specifically) factors. The market isn’t constrained to one geographic location but to anywhere that has an unpredictable environment.

This opportunity could be huge with business, outdoors (like hiker), and athletic shoes markets and the individuals who gravitate towards those brands. Customers are currently taking the risk of getting their shoes wet and wearing them out quicker. They may use already provided water repellant brands that may not actually be made for their type of shoe, creating more problems. The window of opportunity will be open as long as people value their shoes enough to invest in their up-keeping.

Innovation.

My product is a centralized location to get all your different type of shoes water repelled and have access to knowledgeable employees who know the art of maintaining good shoes as well as what water repellant and other protective products will be beneficial to the shoe at hand. To reduce risk, I will be adding another revenue driver- shoe repair- to the business plan to be complementary to the initial plan. This way it will give customers a more comprehensive feel and experience with the brand and business. Each individual will be coming and their shoe will be given a rack price to fix with an added price if the shoe is a special material or have materials that are expensive or limited. This system is similar to currently existing shoe repair shops. For the original business, the water repelling will have a differential pricing system where there will be a price for water repelling five shoes, ten shoes, and so on with a lower average price per shoe as the quantity paid for goes up. If a customer decides to bring in all their shoes, say twenty pair of shoes to water repel, they can bring them in, we would water repel the most important pair and prioritize that one and ship it to their house if they need it immediately. If they are not in a hurry, we will clean, and treat their shoes overnight and they can pick it up the next day. We can also give them the option of shipping it back to their house or an extra fee. Additionally to add to the ease of doing business, customers can also ship their shoes to us, and we can repair them and/ or spray them and ship it back if it makes life more convenient for our customers.

Venture Concept.

This is a very niche product for a select group of people. Not everyone will find the need for this product. However, this niche environment is perfect to establish close relationships with those that value this service. It is face with competition from individuals who can have access to the same water repellant sprays and reparation materials that we will have. However, in the future, it would be nice to create our own product, so to differentiate ourselves and better the product for our customers.  They would come to us for the personalization and the customer service. Yes, they can do it by themselves, but they value their time and believe it could be more better spent living and playing than spending time thinking about their shoes holding them back. Our goal is to give them the confidence that their shoes will withstand the elements with them no matter where they are. If there is a defect in our service, we will have guaranteed and free reparation service. The weakness with our competition is that there is no centralized location for protection for all different types of shoes. This company would be an all comprehensive business. There would initially only be a few impassioned employees who cared about the art of shoe up keeping and who are very knowledgeable about the product so to grow up a customer base. Without a storefront, we will be engaged with social media as a marketing platform as well as a distribution channel. The lack of a physical location will hopefully be changed in the next few years. Additionally, we will also engage with retail businesses to put our products onto the shelves. However, initially, the flexibility of fast shipping will also be something we will take full advantage of, allowing us to reach more clients no matter where they live, making this enterprise a national one rather than just a local business.

The Three Minor Elements.

Our most important resource will be our passion for the product. The employees will be the evangelizer of the product. Their knowledge and customer service acumen will set us apart. The artisanal feel of the business will bring a sense of nostalgia and sense of pride in the products that one purchases. In a time of constant change, disposable products, materialism, this business will be championing preservation and a calling to be sustainability, minimalism, as well as quality over quantity. In the future, I hope that this company can help save our planet and living a life of passion for things we love.

2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

I receive great advice and positive feedback. People valued how I was expanding my revenue drivers and catering to different markets to reduce risk. They thought the sustainable aspect and life-style branding was important and a factor that differentiated my business.

3) Describe how you changed your venture concept, based on what you learned from the feedback.

Someone commented that he would more commonly find this product in a retail store. This motivated me to expand my business, shift my market focus, and connect with retail businesses who can put my products on the shelf.

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