Venture Concept No.2

Venture Concept Write-Up

The bathroom and kitchen has evolved tremendously over the past hundred years. With new technologies that include the toilet, washing machine, and microwave, people are always looking for new ways to make their life more convenient. My product offers this next great convenient appliance. I want to make the lives of Americans easier by selling the next great appliance. My product is a bathroom or kitchen sink that is automatic. This product is common in public places but I want to make it available to the everyday American. The user no longer has to put themselves at risk of germs and bacteria by touching a dirty lever. With the automatic sink you can quickly wash your hands win the most convenient way possible. This product is the future of all bathrooms as we have reached a point in our society that this idea is technologically possible and affordable for many Americans. 

What make my product different is the fact that I offer an installation package with a handyman while at the same time offering a high-tech product. My product offers variation from the normal, boring sink that people have in their homes. Not only will my sink be available in many different aesthetic designs but it will also impress any guests that you have in your home with the automatic dispensary of water. My product would offer a solution to every desire that someone would want in a home sink. It would offer a cleaner, faster, and more convenient way to wash your hands. While at the same time it would look very appealing to anyone that uses it. I would make my money off of the purchases and installation of the sinks. I will have a very drastic price range of sinks from a simple concept to a very elegant and fashionable design that fits the look of that you are aiming for in your bathroom or kitchen.

The goal of my company is to be the supplier of the next technological advancement appliance. We want to supply consumers with what will be the new norm of home bathroom and kitchen sinks. This is my vision because I believe it is a rare opportunity. There are many people out there who are willing to pay for the most convenient and high tech product on the market. There are also many people who have to replace their broken sinks and are looking for new alternative. The changes in environment that created this opportunity are the technological advances that we have made. This product is relatively new and therefore consumers need to be convinced of its worth before they feel comfortable putting it in their homes. My main focus geographically would be the United States but if I find that I am having success I would expand to Canada and other countries that I believe my product would be successful in. This is a universal product as everyone has a demand for sinks. Customers currently are using sinks that  have levers on the sides. These levers are dirty and unnecessary. My product offers an alternative to touching dirty levers. Once you wash your hands why would you want to put your hand back on a dirty lever to turn off the sink? This opportunity can be huge. Everyone uses sinks and people are constantly replacing, building, or upgrading their bathroom and kitchen sinks. This could be a very profitable opportunity. This window of opportunity may not be open for very long. I feel as if a large corporation may come up with a similar idea and put their plan into action. 

I believe customers will switch to this new product once they realize the benefits that my product has to offer. It is much better in many ways than the current product and therefore I believe customers would want to switch to the newer product. The competitors are any companies that sell sinks. I would be competing in the sink market which is very competitive. There are many very large players that if planned correctly would have a much better chance at being successful implementing my ideas than I would based on their brand name. I would start my company off with a website. From this website I would offer the consumers the product and installation and give them a specific price. I would then spend part of my funds on marketing. It is important that consumers know where to find our product. Once I begin making sales and expanding I would need to hire employees and inventory to keep up with the demand. This will allow me to progressively grow the company as I scale it to the amount of demand that I have. 

My unfair advantage is the way I can market my product. I believe that my product is undoubtedly the most convenient and easy product on the market. I would need to convince consumers to invest their money into my product using key words like convenience, cleanliness, and safest. The next opportunity that I would want to target with my venture is adding an automatic toilet as a product. This would change the dynamic of my company from a sink company to a bathroom appliance company. I believe the automatic toilet would work very well with selling an automatic sink as many people will be looking to buy both products at the same time. In five years I hope that my company will be such a hit in the United States that I will be able to make an easy decision to expand it to other countries. I hope that I have created a company that consists of many great and wonderful employees with whom I have grown close with. I hope that my company is respected and well-liked by all my consumers. I also hope that consumers genuinely enjoy my product and I am able to attain my goal of making their lives easier. I also hope that my company grows to become the most powerful player in my market. 

The feedback that I received reminded me of how saturated the market is for the product I am attempting to produce. I would use creative marketing techniques along with a personal installation to attract more customers. I would reach out to contractors and interior designers to make my sink the most recommended sink on the automatic sink market. I would also add an automatic toilet package to buy in compliance with the sink.I did not feel a need to change my venture concept but rather expand on what I previously created.