Opportunity
My business concept is a mobile laundry service that picks up your dirty clothes, takes them to be cleaned and folded at the brick and mortar location, and then delivered back to the customer's house. The group of customers that my business concept is targeting is college students and single parents. Both college students and single parents have a need for a business like this so they can have one less thing to take care of in their busy lives. Most college students spend their time in class, studying, or doing extra curricular activist boost their resume. Having a trusted laundry service to handle their dirty clothes would give them one less thing to take care of. Single parents have even more to deal with than college kids. They have to work and provide for a child all on their own. Having a affordable laundry service to handle their laundry chore would give them peace of mind and more time to spend with their child. Currently, my business will only be working in the Gainesville and surround communities areas so geographically it is relatively small but the demographics of the customers are limitless. Customers satisfy their current laundry needs by either A) Doing their laundry at their residence or B) Taking their clothes to a laundromat to do their laundry. Both options take a lot of time and effort and my business concept would cut back on both. I believe customers would gladly give up their laundry duties and have someone else do it for them if it was affordable so I don't believe they are very loyal to their laundry chore. The opportunity is as big as I make it. The more the business expands the greater potential for customers. I believe the opportunity will always be there for a mobile laundry service because people are always trying to find easier ways to do things in life.
Innovation
Like I stated previously, my business concept is a laundry service that comes to your house or apartment and picks up your dirty laundry. Once the laundry is picked up it is taken back to a warehouse where it is then washed, dried, and folded. Once your load or loads of laundry is complete it will be delivered back to your house. If you wish to have the laundry delivered at a specific time, then that is done to the best of our ability. Most loads of laundry will be completed within a few short hours. There would be two different fees involved in a laundry service. The first fee would be for the actual laundry. I would charge $0.75 per pound of laundry. This fee will cover the washing, drying, folding, and maintenance of the machines. The next fee would be a mileage fee for pick up and delivery. The fee would be $0.50 per mile one way. For example, if you had 10 pounds of laundry and you lived 5 miles away from the warehouse your total charge would be $10, $7.50 for the laundry and $2.50 for the picking up and delivering.
Venture Concept
I think customers will be willing to switch from doing their own laundry at home or at the laundromat because it is very affordable and it allows them to do something else with their time instead of doing laundry. The only competitors that I know of are laundromat services that wash, dry, and fold clothes for you. I used to take my clothes to a laundromat that did these services for you and it was $0.80 per pound so my laundry service would not only do it for less per pound but also pick up and deliver your clothes to your residence. My low price points and convenience play major roles in my business. Being the most affordable and the most convenient will be key for my business to be successful. To start out the business, I would have 5 employees. I would have 2 drivers and 3 warehouse workers not including myself. I would like all 5 employees to be cross trained to perform every task in the company so drivers could help with the actual laundry and warehouse workers could make deliveries if necessary.
My most important resource will be myself. I will make sure I hire trustworthy, hard working employees who embrace my vision. Also, I will be able to do every aspect of the job and will train all employees to make sure everything is done correctly. I am a firm believer in leading by doing instead of leading by telling. In my experiences in life, I am more willing to work for someone if they are doing just as much work or more than they are asking me to do than if they are doing nothing and asking me to do everything. After I get the laundry service up and running I would like to expand it to dry cleaning for business professionals and doing heavier items such as sheets, comforters, and blankets. After successful launch, I would expand my business to surrounding major cities like Orlando, Tampa, and Jacksonville. All three of these cities have an abundance of my target demographic and would be a good stepping stone to making this a state-wide and potentially nationwide company.
Wednesday, March 30, 2016
Sunday, March 27, 2016
Week 11 Reading Reflection
1. The biggest surprise in the reading for me was the fact that many companies don't focus on innovation. Innovation seems like it would be a key focus for businesses to keep up with the change of times and try to find the new "it" product or service.
2. The author explained innovation strategy and its components very well. I understood the article in its entirety.
3. The first question I would ask the author is, "Why don't more businesses focus on innovation, especially, when companies like Google and Apple always seem to be innovating and are extremely successful?" The second question I would ask the author is, "Why do so many companies try to copy other company's successful innovations instead of coming up with a great innovation themselves?"
4. I really enjoyed this article. I did not know much about innovation or innovation strategy before reading this so there isn't anything that I would disagree with or say the author was wrong about.
2. The author explained innovation strategy and its components very well. I understood the article in its entirety.
3. The first question I would ask the author is, "Why don't more businesses focus on innovation, especially, when companies like Google and Apple always seem to be innovating and are extremely successful?" The second question I would ask the author is, "Why do so many companies try to copy other company's successful innovations instead of coming up with a great innovation themselves?"
4. I really enjoyed this article. I did not know much about innovation or innovation strategy before reading this so there isn't anything that I would disagree with or say the author was wrong about.
The Amazon Whisperer
The revenue drivers for my business concept are the machines and vehicles I have to wash and dry the clothes and deliver them back to the customers. The more efficient I am in doing this the more money I will make.
I believe the next service I should include is dry cleaning clothes and washing sheets and comforters. I think both of these services are things customers will also want to have washed for them.
Dry cleaning will be the next service that I include in my business. Having the option to have your nice suits and dresses dry cleaned would beneficial to customers because it would reduce the risk of shrinking items and some clothing must be dry cleaned or it will be ruined. This service would enhance customer satisfaction and user experience.
Here is a picture of a dry cleaner called the SWASH system I found on Amazon. I had to screen shot it from my phone because I couldn't get Amazon to work on my computer for some reason. The reviews for this product were 3.6 stars out of 5 stars. The customers said that this machine doesn't get all stains out of clothes and requires pods for cleaning. Each pod is $0.60. Some of the other negatives is it is a big machine and hard to maneuver. Some positives of the machine are it is very easy to use and only takes about 15 minutes per cycle.
It is a large machine, about 50 inches tall and about 36 inches deep and around 80 pounds. It is a sturdy metal machine. To use the machine you hang the article of clothing on the hanger inside, then load the swash pod and choose a cycle and it takes about 10 to 15 minutes for a cycle to complete.
I think the SWASH system would be a good product to add to my business because it would allow me to also dry clean clothes for relatively cheap. The machine was only $399.00 on Amazon so after a couple of months of dry cleaning it would pay for itself. Also, adding dry cleaning to my business could lead to more customers.
I believe the next service I should include is dry cleaning clothes and washing sheets and comforters. I think both of these services are things customers will also want to have washed for them.
Dry cleaning will be the next service that I include in my business. Having the option to have your nice suits and dresses dry cleaned would beneficial to customers because it would reduce the risk of shrinking items and some clothing must be dry cleaned or it will be ruined. This service would enhance customer satisfaction and user experience.
Here is a picture of a dry cleaner called the SWASH system I found on Amazon. I had to screen shot it from my phone because I couldn't get Amazon to work on my computer for some reason. The reviews for this product were 3.6 stars out of 5 stars. The customers said that this machine doesn't get all stains out of clothes and requires pods for cleaning. Each pod is $0.60. Some of the other negatives is it is a big machine and hard to maneuver. Some positives of the machine are it is very easy to use and only takes about 15 minutes per cycle.
It is a large machine, about 50 inches tall and about 36 inches deep and around 80 pounds. It is a sturdy metal machine. To use the machine you hang the article of clothing on the hanger inside, then load the swash pod and choose a cycle and it takes about 10 to 15 minutes for a cycle to complete.
I think the SWASH system would be a good product to add to my business because it would allow me to also dry clean clothes for relatively cheap. The machine was only $399.00 on Amazon so after a couple of months of dry cleaning it would pay for itself. Also, adding dry cleaning to my business could lead to more customers.
Sunday, March 20, 2016
Week 10 Reading Reflection
1. The part of the reading that stuck out to me the most was the cash-flow budget. I thought cash-flow was just the sales that the company made but the paragraph on cash-flow budget taught me that it also includes cash payments and loan proceeds. This tells me that there is more to making money in a business than just cash sales.
2. The portion of the reading that confused me the most was the paragraph on contributed capital. In the paragraph, there never was a definition of contributed capital so that is what confused me the most.
3. The first question I would ask the author is, "Which portion of financial preparation is the most important for an entrepreneur in your opinion?" I would ask this to get their prospective on which they though was the most important. The second question I would ask the author is, "Why would an entrepreneur use the internal rate of return method if it is so complex?" I would ask this because if I was starting a business I would like to use the easiest way possible.
4. I took financial accounting last summer and everything in this chapter was the same as what I learned in class so there is nothing that I disagree with the author on.
2. The portion of the reading that confused me the most was the paragraph on contributed capital. In the paragraph, there never was a definition of contributed capital so that is what confused me the most.
3. The first question I would ask the author is, "Which portion of financial preparation is the most important for an entrepreneur in your opinion?" I would ask this to get their prospective on which they though was the most important. The second question I would ask the author is, "Why would an entrepreneur use the internal rate of return method if it is so complex?" I would ask this because if I was starting a business I would like to use the easiest way possible.
4. I took financial accounting last summer and everything in this chapter was the same as what I learned in class so there is nothing that I disagree with the author on.
Growing My Social Capital
The first person I met was Jason Ballance. He is a ticket salesmen for the Tampa Bay Buccaneers. He works in the same industry that I would like to work in one day. He is a recent graduate from West Virginia University. He fills the first slot as a domain expert. He deals with season ticket holders for a professional sports team and that is what I wish to do after I graduate. Jason and I came in contact on a golf course by chance. The ranger of the course paired us up together to golf a round of 18 and we hit it off. Jason has recently been helping me send out my resume to other sport companies trying to help me find a job before I graduate. Including Jason in my network will enhance my opportunity to exploit an opportunity because he knows multiple sources in the industry.
The second person in my growing social capital is Dennis Langston. He is a long-time salesmen for Lozier. At Lozier, Dennis sells everything from automotive, pharmacy, and wine. He deals with a wide range of products. Dennis is filling the market expert portion of this assignment because he has a hand in so many different aspects of a corporation and he has been doing it for such a long time. I found Dennis through my father and we have each other's phone number for contacting each other. The nature of exchange I have with Dennis is he is sort of a mentor to me. He has shown me vital skills as to how to be a good salesmen. Including Dennis in my network will enhance my opportunity to exploit an opportunity because he will increase my ability as a salesmen.
The third person in my growing social capital is Frank Stanley. Frank is a Lieutenant Colonel in the U.S. Army Reserve and also a supervisor in a technology company. Frank constitutes as a supplier to my industry since he deals with U.S. Soldiers who enjoy sporting events and high end CEOs who use his technology company for services. I met Frank a few years ago while caring for my ailing aunt. He is married to my cousin and we have kept in contact ever since. Frank has offered me a place to stay and the opportunity to meet new people whether it be through the military or civilian work. Including Frank in my network will enhance my opportunity to exploit an opportunity because he knows so many people.
This experience will make me focus on people who are more seasoned in the working field, and more specifically the sales field. I think this is the most important aspect to my career field. This has differed from previous networking experiences because I used to just focus on people who had the same vision as me not people from all aspects of jobs in general.
The second person in my growing social capital is Dennis Langston. He is a long-time salesmen for Lozier. At Lozier, Dennis sells everything from automotive, pharmacy, and wine. He deals with a wide range of products. Dennis is filling the market expert portion of this assignment because he has a hand in so many different aspects of a corporation and he has been doing it for such a long time. I found Dennis through my father and we have each other's phone number for contacting each other. The nature of exchange I have with Dennis is he is sort of a mentor to me. He has shown me vital skills as to how to be a good salesmen. Including Dennis in my network will enhance my opportunity to exploit an opportunity because he will increase my ability as a salesmen.
The third person in my growing social capital is Frank Stanley. Frank is a Lieutenant Colonel in the U.S. Army Reserve and also a supervisor in a technology company. Frank constitutes as a supplier to my industry since he deals with U.S. Soldiers who enjoy sporting events and high end CEOs who use his technology company for services. I met Frank a few years ago while caring for my ailing aunt. He is married to my cousin and we have kept in contact ever since. Frank has offered me a place to stay and the opportunity to meet new people whether it be through the military or civilian work. Including Frank in my network will enhance my opportunity to exploit an opportunity because he knows so many people.
This experience will make me focus on people who are more seasoned in the working field, and more specifically the sales field. I think this is the most important aspect to my career field. This has differed from previous networking experiences because I used to just focus on people who had the same vision as me not people from all aspects of jobs in general.
Sunday, March 13, 2016
Week 9 Reading Reflection
1. The biggest surprise to me was that entrepreneurs make decisions based solely off of secondary data. I thought they would include some primary data in their decisions because the research would be based off of what they want instead of other's research.
2. The part of the reading that confused me the most was the paragraph about marketing philosophy. The author said all 3 could be successful but consumer-driven philosophy was the most successful. I was confused about whether or not to change your philosophy throughout your business and eventually end up as a consumer-driven philosophy business.
3. If I could ask the author two questions about the reading, my first question would be, "What is the best program to collect and analyze the data?" I would ask this question because I would want to know his opinion on collecting and analyzing data. The second question I would ask would be, "Would you prefer secondary or primary data for your research?" I would ask this question because I think primary data would be more useful but I would like the authors opinion.
4. I took a research class last semester so everything the author has said in this chapter was fairly familiar. I do not disagree with anything they have said.
2. The part of the reading that confused me the most was the paragraph about marketing philosophy. The author said all 3 could be successful but consumer-driven philosophy was the most successful. I was confused about whether or not to change your philosophy throughout your business and eventually end up as a consumer-driven philosophy business.
3. If I could ask the author two questions about the reading, my first question would be, "What is the best program to collect and analyze the data?" I would ask this question because I would want to know his opinion on collecting and analyzing data. The second question I would ask would be, "Would you prefer secondary or primary data for your research?" I would ask this question because I think primary data would be more useful but I would like the authors opinion.
4. I took a research class last semester so everything the author has said in this chapter was fairly familiar. I do not disagree with anything they have said.
Wednesday, March 9, 2016
Idea Napkin No. 2
1. I am the sole proprietor of All Bubble, No Trouble. My talents include being very personable, hard-worker, organized, and proficient. My skills include clerical work, sales, handling large amounts of money, being able to diffuse hostile situations. My experiences include being an assistant manager at Sonic Drive-In, being a paralegal for the United States Army, being a security guard at University Park Country Club, and a bank teller at Sunstate Federal Credit Union. My aspirations at All Bubble, No Trouble are to provide a cheap, fast, and efficient laundry service for the residents of Gainesville, FL so they can spend their time doing other various activities of their choice. I would like to become the go to laundry service for residents and businesses. All Bubble, No Trouble will likely consume most of my life in the beginning stages of the business until it becomes an established company. Once it becomes established, I hope to hire a good crew to run the day to day operations and focus solely on the big picture portion of the business.
2. At All Bubble, No Trouble I will be offering a laundry service that comes to your home or business and picks up your laundry. After pick up, I will wash, dry, and fold your laundry at my laundromat. After the cleaning, drying, and folding of the clothes is complete, I will deliver the clothes back to your home or business at the time you desire.
3. The main demographic that I will be my services too is college students and single parents who work multiple jobs. I will be focusing on college students because they live such a busy life with class, homework, volunteer work, and sometimes work that household chores sometimes get left on the back burner. Having a laundry service that takes care of one of those back burner chores can make their lives a little less stressful. Next, I will be focusing on single parents who work multiple jobs or put in long hours at one job. Single parents have a lot on their plate in providing for a household at work then coming home to raise children on their own. My laundry service will allow them to spend a little more time with their children that they wouldn’t normally get to spend while they are doing laundry.
4. Customers will pay money for me to take care of their laundry for them because it takes one less thing off their plate and lets them devote the time they previously spent doing laundry on something more important in their life. I plan to set up a mobile app for customers to be able to pay via the app and have a card swipe for my phone for customers who wish to pay for the services in person. Knowing that they will always have clean clothes without having to do it themselves will make their lives a little less stressful.
5. What sets All Bubble, No Trouble apart from other laundry services is the personal relationship we build together. I will treat every customer as if they are my only customer and their laundry is my laundry, not as if they are just another load. Building long, trusting relationships with my customers will be very important to me at All Bubble, No Trouble. What will set me apart from my competition is my low prices, my convenient pick up and drop off times, my attention to detail in their order, and most important the relationship I build with every customer.
I believe these aspects fit well in my business into my business concept. My biggest weakness for my business would be finding a location to actually do the washing, drying, and folding of the clothes and finding a vehicle to transport the clothes. Right now, my house and my vehicle would not work so I would have to find other avenues to make the business work.
Feedback Memo:
The biggest feedback I received from fellow students was the addition of a mobile app for my business. I think this is a wonderful idea once the business becomes more proficient and bigger. As a small business, I think an app would only make the business better.
Also, the price of the services were brought to my attention. All Bubble, No Trouble's services would be based off of weight of the clothes and distance of the pick up location to the wash location. Wash, dry, and fold services for $0.75 per pound of clothes and $0.15 per mile to and from the wash location. I feel like these are reasonable prices given I have paid $0.80 for wash, dry, and fold services previously in my life so I think $0.90 for the wash, dry, and fold services and delivery is very reasonable.
I have incorporated the feedback I received from my peers by establishing a price model for my services and accepting the idea of having a mobile app once the business is established and making money. I think both of these ideas are very beneficial to help my business become successful.
I didn't receive any other feedback from my peers. They supported my idea and were impressed with what I have done in my life so far!
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