24A- Venture Concept No.1

Old School Eats

Opportunity

I decided to be bold and develop a whole new opportunity than my previous one in this class. My new opportunity involves creating a restaurant venue outside by renovating old school busses that are no longer in use and turn them into food trucks. I would make sure to have everything used be recyclable or built from scratch with environmentally friendly material. I want this place to be as green as possible and help raise awareness of global warming. I think that there is a wide range of customers that would be interested in this new venture. I think it would attract the younger crowd as well as parents with kids who could play on the playground while they relax and eat. I think the nature of the need is that people are always interested in new hip places in town and that it would also provide awareness to global warming and the small things we can do to help prevent it.

·      What are the forces or changes in the environment creating this opportunity?

I think that if we're not careful, global warming is going to interrupt many businesses and everyone’s everyday lives.

·      How is this market defined geographically and demographically?

The market would be close to a city that will attract people all around its perimeter. Demographically I think it will bring in many ages because it will be kid-friendly as well.

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

I think people are always trying out new restaurants and are satisfying their needs by venturing out of their comfort zone. I think many restaurants are going as green as possible. For example, most places have replaced plastic straws with paper ones.

·      How big is this opportunity?

I think this opportunity is very important and a cool way for people to be outside and enjoy one another. Everyone is always in need of food and a cool place to hang out.

·      How long will the “window of opportunity” be open?

I think that this opportunity will always be open for people to open up a business. Global warming will only get more prevalent with time and I think it will always be around while we are alive.

Innovation

My innovation would be creating different restaurants by renovating old school busses for people to come and eat at. I want to create an eco-friendly environment where people can also relax and enjoy themselves. This would work by buying about an acre of land where there will be a cool patio to eat, restaurants, and a kid-friendly park. I would make money by selling drinks and food to the people who are using the facility. The drinks and food would be priced at normal restaurant prices. For example, a pizza would be $15 and chicken tenders and fries would be $8.

Venture Concept

I think that renovating old school busses and turning them into restaurants would create a very unique ambiance that people would be interested in checking out. Having this restaurant stand out and have something different than all others will attract the attention it needs to be noticed. I also think that making it a green and earth-friendly place will bring the attention we have to live sustainably. I think people would be willing to hang out and buy food at a local food truck area where you can relax and bring your kids.

·      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

I think it may be a bit harder to have customers switch from their usual restaurant spots, but I think people are always looking for new cute, and fun things to do around them. I think if we have a great environment and treat the customers like family, we could convince them to switch over.

·      Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

My competitors would be restaurants that are already established in my area. They will be hard to beat because they have already established their customers. I think their weakness would be that they don’t have as a unique environment as what we would be offering to them.

·      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? This role is a huge part of my business concept and I definitely need to spend more time creating plans for each of those details. I need to find an ideal location that will be close enough in range for my customers to drive to. I also want to make sure that each customer has a great experience while eating.

·      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?  I would need a business partner to help with the marketing and organizing while I would focus on the finances going into the business. I would need at least three employees for each food truck but other than that it will mostly be serving yourself.

The Three Minor Elements

I think my most important resource would be that the restaurants will be inside renovated school busses which is something that is not typically done and unique. I think this will create an unfair advantage because this restaurant will easily stick into our customer's heads and they would be more likely to talk about it.

I think my next venture would be to add on to the compound the restaurant is on. For example, have a free library and have a community garden that people can use freely. This will give our customers more to do and add more to the ambiance.

I see in my next five years finally saving up for the land to establish this business. It will take a lot of work, but I think with my work ethic and passion for this will finally allow me to start putting it all together. My vision is to create a fun and cool environment where everyone is welcome.