Existing Market
What's next for my recycling venture? I think there will be opportunities to grow and expand in the market. After discussing my venture with the three interviewees, they have given me their opinions on the matter. The interviewees think I should get ready to reduce prices, they think the $18 a month service may be a little pricey. They also talked about how expensive it may be to start up this venture, which is true. I asked, what should we plan for next as a company? They also said possibly expand, if the company succeeds. They didn't really have much more to offer than that. It's difficult to come up with other opportunities for recycling, but it's not impossible.
I think it would it be possible to grow and expand in the market. Reach other cities that don't provide people with curbside pickup. For this venture to grow I may need to reduce pricing. I would keep that in mind, but $0.60 a day is reasonable. For this venture to grow I will have to persuade future customers the benefits of recycling. With the internet, there are many ways to advertise a business.
The interviews helped me figure out what I need to expect. Their opinions are useful and can help contribute to making a stronger venture. I wish they would've given more information on venture though. But, I know it is tough to come up with other opportunities in this business. I know the opportunities are there I just have to find them.
New Market
My company would be in a business to consumer market, but with a radical change in markets, I would be a business to business market. For this venture to work I will have to obtain businesses to use my recycling service. This would be a mutual benefit. During these interviews, I have received useful feedback. My service would allow these companies to be more sustainable. They could show their customers that they green practicing company by recycling. Also, I may need to find alternative recyclables instead of just paper, plastic, batteries, and aluminum
I agree that my venture could help other companies practice green methods. Like the interviewees said, I could offer different types of recyclables. Some of these different types of recyclables could include rubber, glass, and metals. The more recyclables I can offer the more opportunities I have.
This market is just as attractive and possibly even more than the business to consumer market. I may be able to grow faster as a company I can receive more opportunities in these businesses. The interviews helped shaped more of my venture and allowed me to think more over my concept. It was surprising that the interviews were that useful. It gave me fresher ideas to be more innovative.
good stuff here man. the next steps look like there really falling into place. you have a great concept set up because this is something the world can really use and its something Gainesville can definitely capitalize on as well. The new market is also interesting and i like the choices you made in that aspect it seems like you really have a handle on how you'll dive into that. good job man keep it up!
ReplyDeleteHey Christian once again great work. I think you have put a lot of planning into this idea, and it is great to see it coming together. I think the new marke you selected could be even more profitable than your origninal business to consumer venture. Businesses have more invested in having a green/ eco friendly image than regular people so they would be much more willing to pay for something like your recycling program. Over all great job on the assignment. Keep it up!
ReplyDeleteHey Christian! While I read your post, I could not help but shake this idea that kept popping into my head. If you remember, I once mentioned to you how the best direction for you to take this business in is as a B2B market. By this I mean you should market your service to local governments who are looking to become more "green." An opportunity like this surfaced a few years back in the city of Hialeah FL. Before then, the city did not have any recycling services in place for it's citizens other than just having them drive with bins over to the landfill if they wanted to recycle. It was a pain and most people didn't do it. Since, the city has acquired a 3rd party to handle their recycling services. What this third party does is receive payment from the local government, and they are the one's who handle all of the recycling for the city. The citizens pay for this indirectly through taxes, and/or through monthly waste disposal fees that they would have already payed.
ReplyDeleteI think this is the best direction for you to take your business as citizens who are not already paying for something like this are less willing to pay more money for what many see as the same thing. Why should they pay more to get rid of the same waste? Yes education is an answer, however not everyone is willing to become educated on the issue. This is all disregarding the amount of effort it takes to educated someone on a topic such as recycling. I know it is important to educate people, however you need to remember that your business is to run your recycling business first, then you can invest in educating the public.