Venture Concept No. 2 ~ Assignment Twenty Nine

This is it guys... This is the final stretch...

This post is going to be similar to the first venture concept just because I haven't found anything major that has changed. So... Again... Who has my need? Well the market that I am after is college students as well as stay at home moms or working moms. The reason I am after women more than men is because more women care about design than men. Another potential market would be people in the flipping or renting business. If they don't want to pay their employees to paint, due to being over qualified or overpaid, that is where we come in! As for now, I have a couple markets that I could go after and pursue.

Like I stated before, there weren't any major forces or environment changes that could really affect my business. The only "force" that I could think of was style trends changing but this would end up working in my favor. I don't know if anyone remembers this but the white clean kitchens didn't used to be in style. The dark cabinets with tan granite countertops did. Now quartz is a huge hit. Most people had some shade of tan or brown walls along with those kitchens. Due to the style change and the need for a white kitchens, most people would want the colors of their walls to change too. Now they would probably choose some sort of grey or white. If people really want to change something, they will either do it themselves or hire someone else to do it. Some people don't care to keep up with trends and will keep their old kitchen and old wall paint colors for years and that is NOT the market that I am after. This is a pretty competitive market because there isn't a lot of skill when it comes to painting. Anyone can really do it. The advantage that I have is most people do not like manual labor and I love it.

Innovation is the next topic. It isn't new and anyone could really do it if they wanted to. I know a lot of people would probably look down on this because it would be hard to start. It is all about loyal customers... The reason why it fits my schedule so well is because I don't want to make the company huge right now because I still want to focus on school and my grades. I also want to have a source of income though and make my own hours instead of what I do now which is never sleep and work under someone else. Also, bargaining the price maybe isn't the best idea but I know it will work because I have done it before. Out of a study, the majority of people favored price over quality of work. Our company would still have quality work, but we might not be as professional as the people who have been doing it for 40 years.

My concept is still solving the problem of expensive renovations. When we had to renovate our house this semester because of the flood, we actually received a paint quote to just see how much it would be. The estimate was roughly $5,000 for a 1,800 square foot house. My boyfriend and I painted the entire thing in 3.5 days and saved $5,000. If we could do one job a week, that would definitely be a great living and income for us while we're both in school.

People want to help college students but once you're competition, they probably aren't as interested so the best thing to do is to start now! We are college students so we can give quality work and charge a cheaper price. If they want it done quickly, we will get it done because we are dedicated. Most people in our profession are pretty lazy. It is rare to find a completely motivated construction worker. The general contractor might be motivated but it is all about who you have under you and who is doing the physical work. The contractor can be as motivated as he wants but if he doesn't have someone doing the work, nothing will be done.

I tried to keep these separated but I think I mixed them a little bit again. I do think this post is better than my previous one though.

THREE MINOR ELEMENTS:

Most Important Resource:

My connections. Sometimes it isn't about what you know but who you know.

Next Venture:

I haven't been able to come up with another product or service to tag along on my painting business except for including other renovations.

Next for Me:

I don't want to be painting for the rest of my life but I do want to be a general contractor. I want to have a BIG family but also work while I have my family. I want five kids (call me crazy) and eventually live in the mountains. That is something that I didn't write in my last post. I am excited to graduate college (because I am not a huge fan of it ~ but... who is?!)


Reflection:

I received some good feedback about my last post. It is nice to hear that people back my idea and like the concept. It is a pretty simple one and there isn't a lot of risk. The startup is inexpensive and I have most of the materials anyway. Some say it is safe but because I am in college, I need a business like that. There wasn't much that I was told to change but I did change some of my statements this time around. I think I would have had more feedback on what to change if my concept was a little more complex but because it is simple, straight forward and easy to understand, it would be hard to mess up.