Assignment 24A - Venture Concept No. 1 - Darren Liebegott - Services For Less

Assignment 24A - Venture Concept No. 1 - Darren Liebegott - Services For Less

Business Name: Services For Less

Opportunity:
The opportunity that I have realized through my business concept is that many customers of cable, internet, and cellular providers are unhappy with the rates they pay for these services. The forces in the environment that create the opportunity for my venture concept are that there are not many mediators that negotiate on the behalf of customers with regards to these providers. The market that I have chosen, both geographically and demographically, is primarily families in suburban areas that need to stay within a specific budget with their service costs. Many of the potential customers that I have interviewed have showed much interest in this mediation service. This opportunity has much potential since there are not many out there like it. The window of opportunity for this service is undefined, but it is important to act fast, as other entrepreneurs could be planning similar ventures.

Innovation:
The service that I am creating is innovative in that it helps to level the playing field between service providers of cable, internet, and cellular providers and their customers. This is accomplished by signing customers up to our service through an online platform, and via telephone hotline services. Once our customers have subscribed to the service, we work on the customer's behalf to find them the best rate for their services at a nominal fee. If we are unable to save the customer a set amount per month we will allow the customer to continue using our service for free until they are saving a certain amount per month. There will be different pricing tiers based upon the needs of the customer, and the amount of negotiating necessary to provide them with the rates they need.

Venture Concept:
During the beginning phases of this business, it will be challenging to gain the amount of customers that the service needs to sustain it. We will run promotions that give the service to customers for free and rely on word of mouth advertising from these customers. We will also use social media to push the brand name and help to gain loyal customers this way. Once the word is out that customers are saving hundreds of dollars per year by using our service, it will become easier to gain customers, and to also charge the appropriate rates. Competitors of this service are some of the low-end providers that already charge low rates. They have the advantage of providing the service at a low rate without the need for mediation. Their weakness is that they do not have the resources to reach all of their customer base to provide top-notch services, whereas we do not have to provide the actual services, rather we only negotiate the best rate for the quality of service that the customer requires. Another strength that my business plan provides is that it is not reliant on a physical location. Much of what needs to be done is customer support and technical, this provides the ability to outsource work or even work remotely. The most important aspect of this business is that we help customers save money while helping them to secure the services they need for their businesses and personal needs. Ongoing support for this business will be a continued growth of representatives as the business grows. Also, we will need to incorporate an in-house technical staff to run the website.

The Three Minor Elements:
My service's most important resource will be the social capital that I have to start the venture. This includes industry knowledge and business professionals that have a good understanding of what the service stands for. Having a strong social capital will help to foster the type of organizational culture that is required for long term success. The next step for this business will be to possibly franchise the service. If I can create a service that can be duplicated and copyright it, I will be able to charge others to run their own businesses. This will help to provide the end goal of lowering these rates for the customer across the board. This venture will help me to achieve my goal of being financially independent, and it will also help me to work towards creating other sustainable businesses in the future.