My opportunity is a way for service industry employees to budget efficiently every month since there is no real way to tell how much they'll make. My solution is an application that is designed to generate a minimum salary after a month of tips and hourly has been recorded. This will allow employees to have a better idea of their budget and be able to save each month.
Tuesday, May 31, 2016
Elevator Pitch No. 1
My opportunity is a way for service industry employees to budget efficiently every month since there is no real way to tell how much they'll make. My solution is an application that is designed to generate a minimum salary after a month of tips and hourly has been recorded. This will allow employees to have a better idea of their budget and be able to save each month.
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Melanie,
ReplyDeleteWhat a great idea. I have never had a job within the service industry but can imagine how hard it would be to predict a months income because most of income comes from tips, especially bar tending jobs! I think this idea could go further into the sales industry where most of your salary is commissioned based...might be another way to expand your idea! Sales are a volatile industry that could use a regulation application like yours. Great job on the pitch.
Cheers,
Margaret
This seems like such an obvious idea, I don't know why it hasn't been done. I know there are more complex budgeting systems, but a more specialized app like yours could really gain a lot of momentum from students and people who aren't interested in setting up very complex settings. I'd like to know how the pricing model on a concept like this would work too. Would it be a one time payment or subscription?
ReplyDeleteMelanie, I definitely agree that there is a need for more apps in the realm of budgeting and saving. I believe that there are many out there and I am curious to know what would make yours different? Would you basically set up a list of all of your expenses and throughout the month as you input your earnings it would develop a minimum salary to come out even and then any excess would be logged in as going towards your savings? I can see the opportunity for an app in the retail field because, as you put it, it is very volatile as far as one's income and therefore can be difficult to track exactly how your income is doing compared to your expenses. Great job!
ReplyDeleteHey Melanie, what a great idea that seems so simple but could make an impact with employees that make most of their money on tips. I believe that apps are one of the best ways to share your ideas with others. In terms of the pitch itself, it would be beneficial to go into greater detail on how the app would work and to be more convincing when trying to sell other people on your product. This maybe could be done by making the pitch longer and by standing up and being more dynamic. Overall the idea is great and people would want to use the app.
ReplyDeleteAt first I didn't see the need for your app, then I started to think back when I had a service job where I couldn't really tell how much I was making. It came to me that this idea is actually quite great! If you've ever used the myFitness app, it's somewhat addicting to see how far you've run and how fast you've become along the road. If you could setup your app to where the individual could input how much they make per hour and save that as a setting, it could allow them at the end of a shift to enter how much tip money they got plus the amount of hours and it could make a log book from your inputs. Great presentation and have a great day!
ReplyDeleteHey Melanie,
ReplyDeleteI know I commented on a previous post of yours about this idea, so I'll try not to repeat myself and share some new reflections!
It's hard to get an elevator pitch just right when you're not actually speaking to an audience. With that being said, I think to make yours better you could have used a little bit more enthusiasm, and reformatted your speech to add some length. In previous assignments, you mentioned this app would be for anyone earning an hourly wage; however, here you only talked about people in the food service industry, specifically servers and bartenders. Make sure to really capture what your product does, how it will directly affect people, and how you can make investors a profit. Otherwise, the idea behind the pitch is still a great opportunity!
Hey Melanie,
ReplyDeleteI also commented on an earlier post of yours but this time is a little different since you are pitching your idea. I can definetly see the need for this application and it is clear who you would market it to. Although it is hard to give an elevator pitch while sitting at your computer, I believe you did an excellent job! From this video, you can tell that you believe in your product and it is something you would use while working as a bartender.