Assignment 24A: Venture Concept No. 1

TnB Boat Services

Opportunity:        

There are several opportunities for unmet needs, some of which I have written in my phone, but today we will explore the possibilities of only one. This need exists in my hometown, Tampa, and is a well-known problem for most all boat owners. Owners settling for unprofessional, over paid workers to fix or redo their boats has come to be a theme here. This is relatively old and has always existed due to the fact that boats are known for being money traps right when you buy them. Companies that I have dealt with on my boat tend to be very late on deadlines, always lie to increase their paid hours working, and never do everything they say they will. Being a customer first hand of this need, and all of my friends being similar customers to other business’, I am 99% sure this unmet need exist for all boat owners in Tampa. All boat owners in Tampa have this need and they are all potential customers. They need my services to professionally service their boats and redo work on their boats for a fair charging price and in a timely manner. There are no forces that has brought this opportunity on, it has just been present for so long and everyone has settled for only mediocre work. The starting market is defined to only Tampa and surrounding areas as of right now, but if successful, the business could eventually spread worldwide. The customers are currently using mechanics that just “satisfy” their needs, but nothing more if even that. They will definitely leave their current solution and partake in my services if I provide better work for a better price. This opportunity is only in Tampa as of now, so it can only be so big, but if it succeeds it can spread across the world and become gigantic. The window of opportunity is closing, more people are becoming aware of this problem, but no one seems to do anything about it. It is easy for someone to do so, if they have the right amount of financial capital and experience in this industry.

Innovation:

I have been around boating my whole life and have fallen in love with the idea that my profession can revolve around it. I look to offer boat repairs and services to those in need in the Tampa region. No one in this demographic region has a “go-to” mechanic that does professional work at a reasonable price. I am offering this service to whoever needs these services and can benefit from them. My business will be located on water front and also be available by road. This will allow little boats to be trailered to my facility, while big boats may come by water, if too big for trailering purposes. All of these potential customers will turn to my business because it will provide professional, quality work at a low or fair price. My competencies include: professionalism, timeliness, fair price, and quality work. These aspects do not yet exist in the boat mechanic environment and I want to reap the potential benefits from this business. I will charge anywhere from the 50$ price range all the way up to 30,000$ price range. If it is a repair such as replacing a bilge pump, I would charge 10$ above the fair market price for the pump. This is a super easy job, usually taking 3-5 minutes and 10$ pay is definitely suitable. Some mechanics today will charge 300$ for such a repair because most boat owners do not know the simplicity of the operation. On the other hand, I would charge 30,000$ if a yaught pulls up by water and is asking my shop to perform a total replacement of the engine or remodeling the entirety of the boat. Clearly this job would take a lot longer than the bilge pump and would require way more resources and employees. I believe all of these elements fit together perfectly. I grew up around boating, love boating, and I aspire to make everyone’s boating life easier and smoother. All of these aspects of my business come together and will form something new that is not known to Tampa.

Venture Concept:

Now this is the easy part. My opportunity will completely be satisfied under the innovation. The opportunity showed us how the need for a professional boat mechanic in Tampa is something that does not yet exist in Tampa. The innovation shows us how I have thought to take advantage of this opportunity. My belief perfectly satisfies this opportunity and will provide the potential customers with a much better over-all experience with boat mechanics. Customers would switch to this service because they will believe my promises to give them exactly what they asked for when they ask for it. They will experience no surprises either on their boat or paycheck and this will leave them completely satisfied. They will refer friend to my services and this process will repeat itself over and over. The competitors are those that satisfy the potential customers today, but my services will supersede theirs and they will come to my business. The only potential liability is ensuring deadlines and professionalism in the work place and I must instill this to all of my employees. Mostly employee cooperation requires extreme detail for my service to win over competitors. Also, customer satisfaction is important because it will act as my advertisement through word of mouth and this is extremely important for my success. I would require a course before working for my company that would focus on professionalism for my mechanics. I would hire roughly hire 10 full-time employees and an additional 5 that are on standby in case we get backed up or a big project comes into play.

3      Minor Elements:

1.     My ventures secret sauce would definitely be professionalism and deadlines. If this did not exist I would have no way to supersede my competition, rather I would just fit in “equally.”

2.     I could also encourage clients to partake in watching the repairing of the boats for simple things that they could do themselves. However, this may take away from my business in little repairs, it would improve customer satisfaction and improve my word of mouth advertisements.

3.     This venture is a great starting point for my completion of this opportunity and I would love to be right in the middle of it in the next 5 years. This would lead me to personal happiness and for it to be successful, I must instill these components in the business continuously making sure that it will not fall short.