Venture Concept No. 1

      My business concept is one that could do very well in the world of dance. All throughout this class I have spent time deciding on the concept I wanted to create, who my target audience is, why people would like my product, and what is next. Through all of this I have learned so much about myself and my product. In this post, I will elaborate extensively on the points I have been analyzing all this time.

Opportunity: I saw my idea as an opportunity at the exact moment I discovered my target market. My group of consumers with unmet needs are all of the dancers in the world who can't keep spending money on expensive dance shoes right after their brand new pair gets a hole. My product is great for anyone who dances and therefore uses dance shoes. A large part of my target market  also includes dance moms and dads, the people who go out and buy their child the supply he/she needs for dance. I am closing out a large group of my market (those who don't dance), but the product truly just doesn't appeal to them in anyway. However, my "next" idea does appeal to a wider range of people. The idea is for a "skin patch", which basically is a super flexible patch with ultra-healing powers that goes on ripped pieces of skin on your toes. Sneakers and other types of shoes can cause painful tears in the skin that eliminate your ability to effectively practice, which is why people in any sport could utilize this product.
      I foresee my product being sold via a dance store online, so I guess my idea is more B2B than I thought. However, doing this would allow me to reach just about anyone geographically, since most sales would be done online. My product would also be in dance wear stores, so that people in that area could conveniently walk in and buy the product too.
      As of today, customers with this problem are satisfying their need by either dancing with hole-filled shoes or are going out and spending a lot of money on new shoes. My idea would eliminate the need to waste money on brand new shoes, especially if you just bought a pair. Current customers facing dance shoe problems are "loyal" to their methods of shoe fixing because it's the only option they really have. Once my idea exists, how they purchase dance shoes will forever be changed. This leaves my product with a pretty big window of opportunity in its market. I think this window should stay open until a better and cheaper product comes along, which is probably inevitable.
     Although a lot of popular dance websites exist, there is no other company doing what I am doing. There are patches on some dance websites, but they are only for attaching to your existing shoe to make it the best fit for the type of floor you use. My patches would be designed specifically for holes and also to fit the floor; not to mention that they will be incredibly durable.

Innovation: Unfortunately with all great ideas come other great products that can make your product become unsuccessful. Companies are constantly coming up with new ways to innovate, and it's a scary thing to analyze. The development of my "next" idea (the skin patch) is the way I have innovated my original product, because it adds value and opportunity to my concept. Now, let's take a closer look at my product: what exactly it is and how much it will cost.
      My shoe patch patch idea named "Pointe N' Fix" is an idea that revolves around something that has always been close to my heart, dance. As a dancer, I've always found that my brand new canvas ballet shoes begin to rip just a couple weeks into first using them. The same thing happens with my pointe shoes, which is especially troublesome, because a new pair of pointe shoes range from $100-$200. All dancers know exactly what I'm talking about, and my idea for a company sells patches of whatever material your dance shoe is made out of, and with a super strong glue already attached, you just adhere the appropriate piece to your shoe for a reliable, quick, and easy fix.
      Now, for what goes into my product to determine cost estimates. Dance shoes are rather expensive in nature, so I envision buying patches of the material might be pricey. Other than this, all  need is super strong yet flexible glue for adherence purposes, which shouldn't cost too much. My costs would approximately be:

• Cost to make a single patch: ($6.00 for material $3 for adherence glue)= $9.00 
• How much I would sell the patch for: $15.00
• Margins: $6.00 for each sale 
• Package will have a sleek, colorful design
• Instructions on package of how to adhere patch will be easy to follow and succinct

Venture Concept: Now that the details of my plan are more clear, I can finalize everything about my concept. In regard to my customers, they would want to use my product over other ways of shoe fixing because it is the cheapest and most reliable alternative. Like I mentioned earlier, there is nothing very similar to my product out on the market yet- so I don't envision it being hard for them to switch, but rather it will be hard for them to believe in the greatness of my product. Since many competitors don't exist, I think my biggest threat will be large dance wear/ dance shoe companies making a very similar product but stamp their brand onto it. My competitors weaknesses include not having a product similar to mine right now.
      The price of my product is very appealing, and since I'm not a widely known brand- packaging, customer support and experience, and distribution are defining factors in my venture concept. Furthermore, I would need a nice group of around 30 employees/staff to upkeep with my productions. I would of course oversee all operations, but I would need a COO and CFO to be my right and left hands as well.

      Overall, I think my most important resource would be myself. My idea, combined with my diligence and yearning for success cannot be replaced by any competitor. The next things on the list for my venture would be to grow my company (product) to as big as possible and then to eventually happily retire. Tying into my future plans, I do see myself still with my company after 5 years, but still retiring soon after. As an entrepreneur I want to continue to learn about and better myself in the ways of business.