Venture Concept No. 2

Opportunity
Although clear coats and car paints have gotten better throughout the years, bird poop and bug splatters can still damage them. Despite entire businesses being dedicated to cleaning cars, I still see an opportunity still available. This opportunity being an "on the go" car wipe, my product is targeted towards people who have cars, like to keep their cars clean even when they are busy and don't have time to take them to the car wash. I believe the need isn't immediate but rather conditional like they don't always want to keep their car clean but if they see something like bird poop they want to clean it off as soon as possible.

Innovation
Although my product isn't very innovative, it is rather convenient for whoever buys it.  Everyone probably experienced seeing a stain on their car but because they were already preoccupied they didn't have time to clean it off. But that is where my product comes in, it is essential a package the size of an alcohol swab that is specially designed to wipe off messes like bird poop or bug splatters. You don't need another rag or soapy water and you can literally do it whenever and wherever. I've thought about it and the best way to sell it is as a subscription-based service, each month the customer pays $15 for a box of 50 wipes and each wipe cleans off about 5 messes before you have to throw it away.

Venture Concept
My product is meant to save people time and money. The reason why it saves them time is that they don't have to drive all the way to a car wash and get their whole car clean because of a small stain. Instead, they can invest in my car wipes and wipe away small messes even when they're in a rush. It saves them money too because the average base tier car wash costs about $5 but my product has 50 wipes a box for $15. There aren't really any competitors for my product unless car wash places are included. I believe price points are a big deal due to the fact it is an elastic market and the price can determine whether my product gets sold or not. I would organize the business as me being the owner and doing most of the work behind the scenes while I have several employees (5-7) helping me market the product to potential customers.

The Three Minor Elements
The most important part of my product is getting as many people to sign up for the subscription, this is due to the fact for every person who signs up I get $15. This can be done by going to car meets and demonstrating my product to people and convincing them to buy it. The next product I would try to develop is a spray that you can wipe on your car that acts as an additional coat of protection against bird poop or bug splatters. In 5 years, I want to be bought by a larger company and sell my share of my business so I can explore other business ventures.

I didn't receive any feedback from my first venture concept or the what's next assignment but based on all my prior feedbacks, I expect people to like my product and idea because I usually receive positive feedback. One thing I would suggest to myself would most likely be to develop other uses for my product besides the exterior of the car. I didn't change my venture concept too much due to the fact I did not receive much feedback.