Existing Market
Step 1: I talked to many of my peers about my new concept. They all had similar views that this would attract many students and young people in their 20's and 30's. They think what is next for my venture is marketing the new restaurant spot and making it attractive to these customers. I also need to start looking for good prices on land and school busses.
Step 2: I think the next step for my venture would be creating a social network that would allow me to have the right people in my circle to help me get the best deals I can. My peers that I interviewed agreed that reaching out to create a social network would be the best step to follow first. They also mentioned that I should start looking for land now that would allow me to run this type of business.
Step 3: I think what makes the most sense to help me achieve this new venture is to start planning it way ahead of time to get all the logistics in order. I need to find and research people that could give me the right connections that would help this actually happen. I have a lot of ideas that I need to pick and choose from and I think talking and writing it all out will help me visualize what I need in order to be successful. I want to make it as eco-friendly as possible so I will need more research on the best material and places that have it. I need to hire a business partner that brings to the table skills and traits that would complement mine. Having two brains instead of one really helps with getting new perspectives on ideas.
New Market
Step 1: Right now my market is focused on young teenagers and adults that are looking for a fun place to hang out and get food. I also think this place could have potential to market to parents with kids. It would be expensive but very cool to add a playground on the land so that the kids can play while the parents relax and eat. This would be a whole new market of people that could utilize this new cool hang out spot.
Step 2: I think I could make this place very attractive to parents and their kids. I would add a playground like I said earlier so that the parents can sit with a drink and order food while the kids play. I would also have a rock wall or some other entertainment that kids would enjoy so they ask their parents to go there again.
Step 3: I talked with two new parents that have two young kids. I explained the concept and they thought it was a great idea! They liked how they didn't have to pay for a babysitter but still could enjoy their time going out to eat. They think that having a place that their kids and themselves could enjoy would be a great hit and that they would definitely dine there.
Reflection:
I was very happy with my interviews and their thoughts on my new market. I think this new market maybe even more of a hit than my first idea. I never realized how many different markets I could try and optimize with this idea. I am extremely happy to have done this exercise because it definitely made me open my mind to a lot of new ideas for this venture. Parents are a great market to choose because they want a place they can take their kids to and still have time to relax. I think this idea has a lot of potentials and I am excited to start brainstorming even more.
Kendall, I love this new idea and I would be so excited if a food truck like this came to my area. I think it's a really nice alternative from the activities that teens are limited too and could be a really fun experience for families if you were able to expand and have the playground you mentioned. If other vendors with new cuisines or products also came to the area there could be a designated area for this new market.
ReplyDeleteKendall,
ReplyDeleteI think creating a social network to better serve your venture concept is an excellent idea. You will need many resources to help get this venture off the ground. While you may already possess some of these resources, it doesn't hurt to have a network of contacts that can help you execute your plan. Great work and thanks for sharing!
Hi Kendall, I think your new idea has fantastic potential. I agree that while your primary market may be younger people without children that your venture could have great appeal to families as well. One great thing about food trucks is that they do not require the real estate of a brick and mortar restaurant. Because of this, I think the location with a okay area for children can would be your next step. Also, as an adult without children, I would like to play on a playground designed for adults. Its a little different than your idea, but it might fit the nostalgic theme of old school for adults to get the chance to play like kids again.
ReplyDeleteHi Kendall!
ReplyDeleteI think that you have a great plan for your market and the new market you found. I also found that the new market that I discovered as well would work really well for my venture, and it goes to show you that it is important to think outside of the box and brainstorm how one’s venture could be used in any kind of way.