- Who has the need?
- To be general, anyone could be in need of budgeting. This need would be specifically for people who struggle with money or have a hard time figuring out what they make every month and how to disperse it properly.
- The nature of the need?
- The best way to describe the nature of the need would be helping people who need that extra push. The need is very apparent for people to realize they need it. If someone can't budget, their bank account will show it.
- What are the forces or changes in the environment?
- The economy would be a huge affect on this need.
- How is the market defined geographically and demographically?
- This is pertaining to the service industry, anyone who doesn't have a set pay. It could be beneficial for anyone, but I see it being more useful for people who don't know what they're making everyday.
- How are customers currently satisfying this need? How loyal are they to whatever they use now?
- Some people use calendars and mark down what they make. I don't believe they're loyal to any ideas as of now. The app could notify you everyday to make sure you don't forget to jot down what money you made.
- How big is the opportunity?
- It's an app, so it's a great opportunity. It can target all markets and all areas.
- How long will the "window of opportunity" be?
- I don't think there's much time left to create this app. Everyday people are coming up with new ideas and new applications.
Innovation- The app will be set up like a calendar. It will be a free download with upgrades available. One way this app could make money would be by supporting other companies and advertising. There would be a charge for every time an advertisement was displayed on the layout of $100. By running at least 5 a day, that would make a decent profit overall. There will also be different levels. The first level would be a charge of $5 a month. That would include mapping out the least amount to budget for every month. The next level would be $10 a month and that would give options to input your bills, so that the app can calculate what is left over and how to spend it.
Venture concept
- What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
- Customers will switch to this product because of the convenience. Cell phones are used for everything nowadays.
- Who are the competitors? What are their possible weaknesses or vulnerabilities?
- The competition would be other budget apps.
- What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
- Customer service is going to be my number one priority. There will be someone available 24/7 to ensure that payments are processed correctly and that the glitches are sorted through in a timely manner.
- How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
- Whenever technology is involved, there has got to be a person who can fix glitches and technological problems. There will be a couple of people for marketing, so the word can get out about the app. I would like to hire someone who can work overnights that is somewhat tech savvy so that problems can be resolved at all times.
Minor Elements
My most important resource will be my customer service. It's very rare that you find good feedback on how well you were taken care of or accommodated when something isn't working the way it should.
The next new product would probably be a new app that links to this one and can pay your bills for you. It can also set aside money for vacations, but won't allow you to use it for anything else.
What's next for me would be managing. It would be nice to just sit back, hire good employees, and possibly travel the world while making money.
Congrats on working on this concept from start to finish. Like I've said before, I know there is a huge opportunity here for your target market. My bestfriend has been in the restaurant business for years and although she has been able to work he way up and now is a manager at Flemmings. I remember a point in her life where she was counting pennies because she didn't budget accordingly.
ReplyDeleteCongrats on working on this concept from start to finish. Like I've said before, I know there is a huge opportunity here for your target market. My bestfriend has been in the restaurant business for years and although she has been able to work he way up and now is a manager at Flemmings. I remember a point in her life where she was counting pennies because she didn't budget accordingly.
ReplyDeleteThere are other apps that are very similar to you idea out there already, in fact you may have seen advertisements for them on instagram if you use the instagram app. What sets your app apart from the others? Why should I choose yours? You say customers will switch because the app is able to be downloaded on a phone but so are other budget apps. Also your fonts are all different. It took me a little to figure this out but there's a button on the right of the toolbar when you are creating your post that looks like a "T" I believe. It erases all formatting reverting your text back to default font and style. Nice post.
ReplyDeleteHi, I like your idea on advertising so you can make some profits. However if you want to think long term its best not to do that. Many companies dont advertise until way later into their business. The reason for this is to build and increase company valuation. This is what many tech start ups in Silicon Valley do, they wait until they reach a large amount of daily active users. But if you dont think it will be that big and want immediate profits then your idea works great too. Its just something to think about.
ReplyDeleteHi, I like your idea on advertising so you can make some profits. However if you want to think long term its best not to do that. Many companies dont advertise until way later into their business. The reason for this is to build and increase company valuation. This is what many tech start ups in Silicon Valley do, they wait until they reach a large amount of daily active users. But if you dont think it will be that big and want immediate profits then your idea works great too. Its just something to think about.
ReplyDeleteHi Melanie,
ReplyDeleteI could definitely use a service like this! I like how thought out your venture concept is- it seems like you really took the helpful criticism and ideas to heart and improved the product since its inception! Great post and great entrepreneurship.
Hey Melanie,
ReplyDeleteI think you have a good idea going for you and if you found your niche then your product could profit nicely. I think that a lot of your time and energy should go towards marketing, especially in a competitive environment such as this one. Take all of the critiques with a grain of salt, but make sure that you still consider all of them. Isn't it cool to see how far your venture idea has come? Keep up the great work because the end is near!