24A – Venture Concept No. 1
Opportunity:
Roughly 70-80% of business fail within a year, for any number of reasons. One of the reasons businesses fail is because owners have lack business experience. This creates an opportunity for business coaching. In other words, people with successful experience can help people that are new to the field. I believe the opportunity exists because small business with very few employees will likely come across areas in which they have no expertise in and instead of hiring a full-time employee to handle it, they can hire a coach to help them for a short period of time. This market is not limited by geographically or demographically because there are businesses be created all over the country. I also believe that creates the window of opportunity to be very wide.
Innovation:
The service I am offering is business coaching, this will help struggling businesses or first time business owners with little to no experience connect with more knowledgeable and experienced professionals in their field. They will help improve the business in areas such as marketing, strategic planning, logistics, goal setting, and etc. What separates my business coaching idea from current business coaching businesses is that I want to create and app or a site that will have a wide range of coaches with experience or expertise in all different kinds of fields. This will allow my consumers to pick someone who will better suit his or her needs. Currently most business coaching businesses have one or two people offering their services and there limited to what their expertise is. While my service will allow for more experienced coaches in different field from restaurants to retail etc. I plan on making money by charging a small fee between 10-15% for every coach that uses my service to gain a client.
Venture Concept:
I believe that customers will switch to my service because my service offers more variety and my customers can find someone who fits their needs more.
My competitors are other business coaching companies in the area. Their possible weaknesses are that there limited to their location as well as they can only take on a limited amount of customers depending on how large their workforce is, which is usually small from what I have researched.
I believe that location plays a big part in my business plan because, I want to be able to find coaches who have expertise in their local area and one of my challenges I believe is finding coaches with enough experience and knowledge to fit my criteria. I believe customer support will be a very important need in my business plan because if there are any problems with any of my business coaches, that I want there to be a place or system that my customers can go to file complaints.
I plan on my business primarily being online and I would oversee everything except for the business coaching itself. I plan on looking to recruit potential coaches who would come and use my service as a way to connect with a client base.
Roughly 70-80% of business fail within a year, for any number of reasons. One of the reasons businesses fail is because owners have lack business experience. This creates an opportunity for business coaching. In other words, people with successful experience can help people that are new to the field. I believe the opportunity exists because small business with very few employees will likely come across areas in which they have no expertise in and instead of hiring a full-time employee to handle it, they can hire a coach to help them for a short period of time. This market is not limited by geographically or demographically because there are businesses be created all over the country. I also believe that creates the window of opportunity to be very wide.
Innovation:
The service I am offering is business coaching, this will help struggling businesses or first time business owners with little to no experience connect with more knowledgeable and experienced professionals in their field. They will help improve the business in areas such as marketing, strategic planning, logistics, goal setting, and etc. What separates my business coaching idea from current business coaching businesses is that I want to create and app or a site that will have a wide range of coaches with experience or expertise in all different kinds of fields. This will allow my consumers to pick someone who will better suit his or her needs. Currently most business coaching businesses have one or two people offering their services and there limited to what their expertise is. While my service will allow for more experienced coaches in different field from restaurants to retail etc. I plan on making money by charging a small fee between 10-15% for every coach that uses my service to gain a client.
Venture Concept:
I believe that customers will switch to my service because my service offers more variety and my customers can find someone who fits their needs more.
My competitors are other business coaching companies in the area. Their possible weaknesses are that there limited to their location as well as they can only take on a limited amount of customers depending on how large their workforce is, which is usually small from what I have researched.
I believe that location plays a big part in my business plan because, I want to be able to find coaches who have expertise in their local area and one of my challenges I believe is finding coaches with enough experience and knowledge to fit my criteria. I believe customer support will be a very important need in my business plan because if there are any problems with any of my business coaches, that I want there to be a place or system that my customers can go to file complaints.
I plan on my business primarily being online and I would oversee everything except for the business coaching itself. I plan on looking to recruit potential coaches who would come and use my service as a way to connect with a client base.
The three minor elements:
I plan on my secret sauce being the amount of coaches with experience and expertise in numerous fields that I can have using my service to gain clients. The wide variety of coaches that my customer can pick and choose their coach based on their needs will be my secret sauce.
The next opportunity for my venture is too add consulting services to maybe large companies or more successful ones. I believe this is a lucrative market because larger companies are likely to outsource a lot of their work and they will need consultants and my service could potentially link the up with potential consultants.
I would like to grow this venture to more cities across the country and hopefully in five years be able to achieve my goal and have my business in cities all across the country. As an entrepreneur I would hope to have started even more ventures that I can grow.
You have outlined a market and a need for your business in society, but I think it would be helpful if you expanded more upon how your coaching business is unique. From what I understand, a few businesses similar to the one described exist. You said that your secret sauce would be to have multiple experts on business coaching. I feel like if someone is an expert in business coaching, they would probably run their own business or act as a independent contractor. Again, I may be wrong as I am not an expert in this field, but I would like to know a little more detail as to how your business is going to stand out in a competitive market.
ReplyDeleteAlthough I think your service's specifics are somewhat vague, I really like your idea. Furthermore, this post really helped clear up some questions I had. Good post!
ReplyDeleteI like how you want to utilize the internet to coach and expand your market. This will be helpful in expanding your market so you don't have to worry about moving or adding more physical stores which can be costly. I agree with Elliot that the trained professionals might just want to open their own business, so maybe focusing on gaining a solid following of small business clients who want to work with your company specifically would be your "secret sauce." It sounds like your customer service goal might be leaning towards that already. Good work.
ReplyDelete