Existing Market:
One of the first suggestions I received was something I thought about earlier on in the process, but forgot to explicitly call out in my venture concept and that is to have visibility for owners to check in on their pets through cameras and alerts. I planned to incorporate updates on dogs activity throughout the day like "Tucker just had lunch! Would you like to check on him?"
Other feedback I received was to also offer dog-walking services. This customer would feel more comfortable if they could just come to one company/person for their various dog-care needs, rather than having to search for another provider if they just want to hire an afternoon dog-walker.
Another additional service to add on according to someone who currently uses a boarding service once a week is drop-off or pick-up services for an additional fee. She said it would be great if she found out she had to work late while she was already at the office, if she could call and request that her dog is picked up.
New Market:
To target a poorer segment, we could offer the opportunity for people to volunteer their time or donate supplies in exchange for discounted day-care services later-on. Since the donation of time or supplies would reduce our variable costs, it would not lower our margins to offer a reduced price point for their people.
Based on interviewing dog-owners at my company with lower-salaries, they thought this was a good idea, in theory, but might not be that worth-wile in practice. While one person mentioned it would be nice to be able to bring their dog and volunteer at a "puppy playtime" and then cash that reward in at a later date, the other interviewee brought up the good point that if they were really in a pinch and needed our service, they probably wouldn't have the time to bank up enough savings to be able to afford it anyway. They said they would rather ask around to find someone who would check on their animals twice a day for free or a lower price.
I definitely need to brainstorm about the best way to enter this market for the people and my company.
Friday, November 15, 2019
Paw-Party Doggie Daycare Venture Concept
Opportunity:
The change in lifestyle and pace of life in recent generation causes time to be one of the most valuable resources. People today are expected to do more with the 24 hours in a day than any past generation. Young, working professional often struggle with their desire for a furry companion and the ability to provide the best care for their pet in their busy lifestyle. There is a need for a stable, safe, and stimulating care for their dogs while they are working late of the office, catching up on errands, or travelling. My market is in the Orlando and Lake Nona area. They are young, working women ages 21-28 who do not yet have children and live alone or with a partner who also leads a busy lifestyle. They are currently satisfying this need by stretching their schedule even more thin to go home every day at lunch, giving up other parts of their routine to offer the best care for their dogs and bouncing around between dog walkers, struggling to find someone who they can work with consistently. Not only do I not see this window closing anytime soon, but I see it opening even wider during the years to come.
Innovation:
My doggie-daycare service is incrementally innovative. While boarding facilities and dog-walking businesses exist, there is a need in the market for a more advanced and modern approach. People do not want to drop off their dog to a facility who will allow them out of a crate for an hour or 2. They want their dogs to be stimulated in a safe and fun environment so they can be socialized and exercised physically and mentally. The Orlando area mostly offers boarding for travelers because of the nearby airport. There are not option for locals who may want to have their dog got to day care a few times a week as a monthly subscription model or just for a few hours while they run errands.
I would offer hourly, daily, weekly and monthly packages. ($10/hour, $30/day, $150/week, $300/month). The monthly package would be up to 16 visits in the month (4x per week).
Venture Concept:
I will be offering a full-service dog day-care, featuring a specially designed play area to stimulate dogs mentally and physically through out the day. Dogs will spend All non-sleeping time in the various play areas, separated by level of activity. Our staff will be comprised of dog-trainers with a passion as strong as mine. The dogs will receive basic training as part of the weekly and monthly packages. Daily and hourly packages will receive foundation training/priming for training and positive reinforcement. There is no direct competition right now in the Orlando market. Local boarding offers no where near the same experience for the dogs. Many of the staff members of these boarding facilities speak openly about the lack of stimulation these animals receive. Our price points and packages are extremely flexible to fit every need and lifestyle. Our staff will consist of one trainer per 5 dogs and one-two veterinary professional at all times to ensure the highest level of care.
Our secret-sauce is that our entire team is filled with dog-owners and dog-lovers. We care for others' pets as if they were our own!
What's next? We are also partnering with local professional groomers and veterinary professional to offer a wide array of additional services. The owner of the local dog-bakery will be working with us to offer diverse meal-packages, customize-able for each dog's dietary needs.
In the future, I would want to open multiple locations, to offer our services for other communities.
The change in lifestyle and pace of life in recent generation causes time to be one of the most valuable resources. People today are expected to do more with the 24 hours in a day than any past generation. Young, working professional often struggle with their desire for a furry companion and the ability to provide the best care for their pet in their busy lifestyle. There is a need for a stable, safe, and stimulating care for their dogs while they are working late of the office, catching up on errands, or travelling. My market is in the Orlando and Lake Nona area. They are young, working women ages 21-28 who do not yet have children and live alone or with a partner who also leads a busy lifestyle. They are currently satisfying this need by stretching their schedule even more thin to go home every day at lunch, giving up other parts of their routine to offer the best care for their dogs and bouncing around between dog walkers, struggling to find someone who they can work with consistently. Not only do I not see this window closing anytime soon, but I see it opening even wider during the years to come.
Innovation:
My doggie-daycare service is incrementally innovative. While boarding facilities and dog-walking businesses exist, there is a need in the market for a more advanced and modern approach. People do not want to drop off their dog to a facility who will allow them out of a crate for an hour or 2. They want their dogs to be stimulated in a safe and fun environment so they can be socialized and exercised physically and mentally. The Orlando area mostly offers boarding for travelers because of the nearby airport. There are not option for locals who may want to have their dog got to day care a few times a week as a monthly subscription model or just for a few hours while they run errands.
I would offer hourly, daily, weekly and monthly packages. ($10/hour, $30/day, $150/week, $300/month). The monthly package would be up to 16 visits in the month (4x per week).
Venture Concept:
I will be offering a full-service dog day-care, featuring a specially designed play area to stimulate dogs mentally and physically through out the day. Dogs will spend All non-sleeping time in the various play areas, separated by level of activity. Our staff will be comprised of dog-trainers with a passion as strong as mine. The dogs will receive basic training as part of the weekly and monthly packages. Daily and hourly packages will receive foundation training/priming for training and positive reinforcement. There is no direct competition right now in the Orlando market. Local boarding offers no where near the same experience for the dogs. Many of the staff members of these boarding facilities speak openly about the lack of stimulation these animals receive. Our price points and packages are extremely flexible to fit every need and lifestyle. Our staff will consist of one trainer per 5 dogs and one-two veterinary professional at all times to ensure the highest level of care.
Our secret-sauce is that our entire team is filled with dog-owners and dog-lovers. We care for others' pets as if they were our own!
What's next? We are also partnering with local professional groomers and veterinary professional to offer a wide array of additional services. The owner of the local dog-bakery will be working with us to offer diverse meal-packages, customize-able for each dog's dietary needs.
In the future, I would want to open multiple locations, to offer our services for other communities.
Unfair Advantage
1. Social Capital- I have a lot of connections in my area with professionals in the pet-care industry from trainers and groomers to veterinary assistants.
V- This is extremely valuable as these connections could will help my establish and improve upon my business as well as lead to possible partnerships.
R- The industry's workforce is so large that I don't think it's rare at all to have connections.
I- Once again, even if one did not already have these connections, it would not be difficult to seek out people in the industry and make connections.
N- To a certain extent- this is non-substitutable. While some of the knowledge shared by these connections could be found in other avenues, a diverse network of connections established within an industry is irreplaceable.
2.Passion- I have had an indescribable love for animals and dogs, specifically, my entire life. I have dedicated more free time that I'd like to admit reading about dogs, talking to people about their dogs and experiences, and spending time with dogs.
V- Passion is beyond valuable in this scenario. Without passion, one may not have motivation to dedicate the time and effort it will take to start a successful business.
R- I believe passion is rare, to a certain extent. While many people are passionate about things in their life, I find it rare to interact with someone who is clearly able to identify their greatest passions.
I- You cannot imitate passion. However, passion could develop over time, but if you don't have it to begin with, you may not make it to that point.
N- One could reason that you could substitute passion with hard-work, however, hard-work is often motivated by passion.
3. Human Capital - The team I will be working with has ample experience and knowledge.
V- Their education and skill provides economic value.
R- Training and education is not rare in a professional field. It is often required.
I- Formal training and education cannot be imitated.
N- Formal education could, in theory, be substituted by a trade school or on-the-job training.
4. Location
V- My location is within 2 miles of the Orlando International Airport as well as densely populated neighborhoods and business centers. This will attract multiple forms of short-term and long-term demand for dog care.
R- I do think this realm of Orlando offers a unique mix of demographic that cannot be found in many other cities.
I- This particular location cannot be imitated, without great effort and investments to add similar traits to an existing area.
N- A great location cannot be substituted. Without a great location, you will not attract the same level of business.
5. Pre-existing customers
V- I already dog-sit for people that live within my range of target demographic and close to my location. It would be a quick transition to open my business with a handful of existing customers and also the additional business I would receive from their recommendations.
R- I think it is rare to start a new business and already have a base-group of clients.
I- You cannot fake having clients.
N- You cannot substitute existing clients.
6. Friends with experience starting a business
V- Some of my best friends have started business and are extremely experienced with seeking and pitching for investors. Their guidance and advise is extremely valuable.
R- I don't know many people in their early 20's who have as many (or any) friends with the level of investing and entrepreneurial experience that some of my best friends have.
I- You cannot imitate someone's first-hand experience.
N- It would take time, but you could seek out and make similar connections.
7. My leadership experience
V- I have almost 5 years of leadership experience within my current career. I have been in a team leader, supervisor, and management position over recent years and the skills and knowledge gained along the way is valuable.
R- Leadership experience is not rare. My level of leadership experience at my age is rare and certainly gives me an advantage over my peers.
I- You cannot imitate experience without actually gaining it.
N- There is no substitution for true experience.
8. My people-skills
V- I have very high "emotional intelligence" which is extremely valuable when offering a service and working with people.
R- I think the true ability to recognize, understand, and react properly to people's emotions based on cues and body language is extremely rare. Most people I know are pretty oblivious to these things.
I- You cannot imitate emotional intelligence.
N- While other things can help to make up for lack of people-skills, you cannot substitute that skill.
9. Critical-thinking skills
V- In my personal and professional life, I find that I think about things differently than my peers and can reach a creative solution for issues.
R- "Thinking outside the box" is relatively rare. The premise of this skill is that it's unique.
I- This trait cannot be replicated.
N- You could only substitute this by bringing someone on your team who possesses the trait.
10- Seeing the "Big Picture"
V- I am often complimented at work for being able to see the big picture--Understanding that things may be difficult in the short-run for long-term benefit.I can also be objective with my own work and acknowledge when what I've done could use improvement.
R- While many successful people must see the "Big Picture", I think it is rare to be able to be objective about yourself and your own work.
I- This skill cannot be imitated.
N- This skill cannot be substituted.
After reflecting, it was pretty clear to my that my passion is my most unfair advantage. This trait is such a pillar in a venture and it one of the most inimitable and non-substitutable resources.
V- This is extremely valuable as these connections could will help my establish and improve upon my business as well as lead to possible partnerships.
R- The industry's workforce is so large that I don't think it's rare at all to have connections.
I- Once again, even if one did not already have these connections, it would not be difficult to seek out people in the industry and make connections.
N- To a certain extent- this is non-substitutable. While some of the knowledge shared by these connections could be found in other avenues, a diverse network of connections established within an industry is irreplaceable.
2.Passion- I have had an indescribable love for animals and dogs, specifically, my entire life. I have dedicated more free time that I'd like to admit reading about dogs, talking to people about their dogs and experiences, and spending time with dogs.
V- Passion is beyond valuable in this scenario. Without passion, one may not have motivation to dedicate the time and effort it will take to start a successful business.
R- I believe passion is rare, to a certain extent. While many people are passionate about things in their life, I find it rare to interact with someone who is clearly able to identify their greatest passions.
I- You cannot imitate passion. However, passion could develop over time, but if you don't have it to begin with, you may not make it to that point.
N- One could reason that you could substitute passion with hard-work, however, hard-work is often motivated by passion.
3. Human Capital - The team I will be working with has ample experience and knowledge.
V- Their education and skill provides economic value.
R- Training and education is not rare in a professional field. It is often required.
I- Formal training and education cannot be imitated.
N- Formal education could, in theory, be substituted by a trade school or on-the-job training.
4. Location
V- My location is within 2 miles of the Orlando International Airport as well as densely populated neighborhoods and business centers. This will attract multiple forms of short-term and long-term demand for dog care.
R- I do think this realm of Orlando offers a unique mix of demographic that cannot be found in many other cities.
I- This particular location cannot be imitated, without great effort and investments to add similar traits to an existing area.
N- A great location cannot be substituted. Without a great location, you will not attract the same level of business.
5. Pre-existing customers
V- I already dog-sit for people that live within my range of target demographic and close to my location. It would be a quick transition to open my business with a handful of existing customers and also the additional business I would receive from their recommendations.
R- I think it is rare to start a new business and already have a base-group of clients.
I- You cannot fake having clients.
N- You cannot substitute existing clients.
6. Friends with experience starting a business
V- Some of my best friends have started business and are extremely experienced with seeking and pitching for investors. Their guidance and advise is extremely valuable.
R- I don't know many people in their early 20's who have as many (or any) friends with the level of investing and entrepreneurial experience that some of my best friends have.
I- You cannot imitate someone's first-hand experience.
N- It would take time, but you could seek out and make similar connections.
7. My leadership experience
V- I have almost 5 years of leadership experience within my current career. I have been in a team leader, supervisor, and management position over recent years and the skills and knowledge gained along the way is valuable.
R- Leadership experience is not rare. My level of leadership experience at my age is rare and certainly gives me an advantage over my peers.
I- You cannot imitate experience without actually gaining it.
N- There is no substitution for true experience.
8. My people-skills
V- I have very high "emotional intelligence" which is extremely valuable when offering a service and working with people.
R- I think the true ability to recognize, understand, and react properly to people's emotions based on cues and body language is extremely rare. Most people I know are pretty oblivious to these things.
I- You cannot imitate emotional intelligence.
N- While other things can help to make up for lack of people-skills, you cannot substitute that skill.
9. Critical-thinking skills
V- In my personal and professional life, I find that I think about things differently than my peers and can reach a creative solution for issues.
R- "Thinking outside the box" is relatively rare. The premise of this skill is that it's unique.
I- This trait cannot be replicated.
N- You could only substitute this by bringing someone on your team who possesses the trait.
10- Seeing the "Big Picture"
V- I am often complimented at work for being able to see the big picture--Understanding that things may be difficult in the short-run for long-term benefit.I can also be objective with my own work and acknowledge when what I've done could use improvement.
R- While many successful people must see the "Big Picture", I think it is rare to be able to be objective about yourself and your own work.
I- This skill cannot be imitated.
N- This skill cannot be substituted.
After reflecting, it was pretty clear to my that my passion is my most unfair advantage. This trait is such a pillar in a venture and it one of the most inimitable and non-substitutable resources.
Friday, November 8, 2019
Reading Reflection
The Art of Social Media: Power Tips for Power Users, Guy Kawasaki
1. Kawasaki emphasizes how crucial social media skills have become for personal and professional success. He includes practical advice for increasing your social media strength and presence in a way that is easy to take individual tips and implement his advice in small increments.
2. Social media is one of the biggest marketing tools we all have at our fingertips. IT is such a powerful tool for establishing an online presence as a company, interacting with current and existing customers, and painting a clear picture of what your offer and what makes you special.
3. I think the activity for this book is pretty obvious: create a Facebook, Instagram, twitter, etc. for your company and a few posts on each platform, implementing Kawasaki's tips.
4. I think the simplicity of a lot of the individual tips surprised me, but when the whole picture comes together, the little changes can have a BIG impact. For instance some of the tips like including a photo or graphic with every post, making the most out of your hash-tag allotments, and sharing your posts through all of your platforms, etc. seem pretty elementary, but all of these little changes will strengthen your social media presence.
Thursday, November 7, 2019
Elevator Pitch
Friday, November 1, 2019
Growing Your Social Capital
Corey is my Market Expert. She is a dog trainer, with 10 years of experiences. She works with all breeds of dogs and teaches classes ranging from puppies to senior dogs. She also works in a local pet store, where she often meets most of her potential clients for dog training. The customers she looks for are very similar to my prototypical customer: they want the absolute best for their dogs and are willing to pay to ensure their dogs have the best quality of life at all times. I met Corey when she approached my puppy and I about training classes and we are now attending weekly training classes with her. I could either take the practices I learn from Corey into my own pursuit or potentially extend an offer to work together in the future.
Joey is my Domain Expert. He is actually Corey's husband. He is a professional dog groomer and trainer, working at a dog day-care facility. I was asking Corey about her experience/knowledge with dog day-cares in the area when she mentioned that her husband works at one. He has worked at many similar facilities in the area and has a lot of knowledge about the industry. My business idea reflects what Joey wishes the facilities he has worked at were like. I think he could offer a lot of guidance as to what to avoid or incorporate.
Liz is my supplier. She owns a local dog bakery and grooming service. I met her at a farmer's market and then visited her brick and mortar store a few days later. She sells many different kinds of "gourmet" dog treats and grooming products. I think we could work together by utilizing or selling her products at my doggie day-care or perhaps even a "kickback" service where we offer coupons/gift cards for her store to our clients.
I am used to "networking" quite a bit at work, but this was one of the first times I found myself in this position in my day-to-day life. These connections came very easily because I am so passionate about the topic and because I live a similar lifestyle to my customer-base.
Joey is my Domain Expert. He is actually Corey's husband. He is a professional dog groomer and trainer, working at a dog day-care facility. I was asking Corey about her experience/knowledge with dog day-cares in the area when she mentioned that her husband works at one. He has worked at many similar facilities in the area and has a lot of knowledge about the industry. My business idea reflects what Joey wishes the facilities he has worked at were like. I think he could offer a lot of guidance as to what to avoid or incorporate.
Liz is my supplier. She owns a local dog bakery and grooming service. I met her at a farmer's market and then visited her brick and mortar store a few days later. She sells many different kinds of "gourmet" dog treats and grooming products. I think we could work together by utilizing or selling her products at my doggie day-care or perhaps even a "kickback" service where we offer coupons/gift cards for her store to our clients.
I am used to "networking" quite a bit at work, but this was one of the first times I found myself in this position in my day-to-day life. These connections came very easily because I am so passionate about the topic and because I live a similar lifestyle to my customer-base.
Idea Napkin No. 2
I did not change much from my original Idea Napkin because I received positive feedback. My peers felt my message was one that would resonate with dog-owners and also mentioned that I had the right business role in mind for myself. I did, however, elaborate on some of my answers because my idea has become more focused as the course progresses.
I believe these elements fit together to support the initial idea. The service we are offering meets the need of the customers we expect to serve.
1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
I am very dedicated and detail-oriented. I am an experience project manager and leader. I see myself overseeing day-to-day and big-picture operations and being very involved in the operations. I have experience working for small and large corporations, which I believe gives me an advantage to take the best practices from both "worlds".
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I am offering a full-service dog day-care. Customers can leave sign up for one-off hourly, daily, or weekly services as well as a monthly subscription service, offering up to 15 vistits total at a better value. We will also offer pick-up services and allow the owners visibility to their dogs' activities as well as notifications (i.e. Your dog just ate lunch, etc.)
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
My customers are working dog-owners, middle/upper-middle class, who lead busy lives, but want to make sure their dogs have access to socialization even if they are gone for the day.
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
My customers care because they love their dogs as if they are their children! They want the best for their pet and want to be able to ensure their dogs are happy, even if they have to stay late at the office.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
Our service is "for dog-lovers, by dog-lovers". We offer a higher-level of care and attention because we love their animals too! Our by-the-hour or by-the-day packages as well as drop-off or pick-up service sets us apart from competitors. Owners' ability to check in on their dog throughout the day allows our customers to fully trust us because they will see how well their dog is being cared for.
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