Existing Markets:
The
immediate expansion will involve hiring more people as demand starts to
increase. These employees will either be independent and have the same job as
me, or we would act as a team and each of us would have our own role. The
service can expand into a full package service.
One person
I questioned mentioned making propriety cleaning utensils/formulas/processes.
That definitely needs to come into consideration, but I feel as though that
would come about as a realization while working. One person mentioned
maximizing my efficiency while I wait for customers by driving Uber. Everyone
agreed that the package service with a team of people would be very useful, but
might not work because it would definitely be more expensive.
The most
ideal situation for me is that I oversee a bunch of employees. Based on my
feedback, focusing on the narrow market will ensure I optimize the service
provided. Taking on a broader range of services will only act to drive up the
prices and blur the focus of the business.
New Market:
The new
market would be people who aren’t particularly lazy or busy and don’t have a
ton of responsibilities they want finished for them. These people are actually
looking for something else to occupy their time. We would, surprisingly, have
to shift our focus towards entertainment. Combining the two would really come
out to a unique and interesting service. However, we’d become a group of
entertainers, and would also be able to drive up our prices as well. We’re no
longer selling convenience to the lazy, but entertainment to the successful.
This new
market and service seems a little too daunting for me. I’ve never been a
particularly entertaining guy. Finding people that fit into this market was
actually kind of difficult, which is comforting. It means the original market
segment is larger and has more potential to generate revenue.
I enjoyed reading about your existing and new market. I am interested to see how your business will flourish within the five years, and I am curious to see what you end up thinking of for these new adjustments. I also liked your idea of how you plan on expanding your current venture by hiring more people as demand increases. In entrepreneurship, it is important to stay on top of everything within your business, and be sure you have a good staff and work environment.
ReplyDeleteHey Mitchell,
ReplyDeleteI really liked reading your post because it was very clear and concise. I really feel like you understand your business and the specific markets that your business appeals to and I think that makes a very strong entrepreneur. I also believe that you should stick to the market of lazy and busy people because expanding your market into entertainment seems like it would be a bigger hassle and have more negatives associated with it than just staying in your own niche lane that you have created in your existing market.
Hi Mitch,
ReplyDeleteI enjoyed reading your your post because I liked reading your thoughts on existing and new markets. I think it would be beneficial to sell cleaning products to your existing market because it fits with your company. Also, I thought it was really interesting to have an entertaining aspect to your business for the new market. What kind of entertainment would you provide?
Your post was clear and to the point. You clearly have a clear idea and path that you want to take to make sure to make this venture concept into reality. It shows that you can take on more that what is expected of us at this stage and that you do have a business sense in you.
ReplyDelete