Venture Concept No. 2

Opportunity:

I found my opportunity at work.  I noticed a common theme that no one likes having to take their vehicle in for repairs or general maintenance, but this is an unavoidable obligation if you own or have a vehicle.  My customer base could be anybody who has vehicle or anyone who brings a vehicle in for service or repairs.  The nature of this need is for convenience.  This issue is not something that improves health or saves money.  This business is strictly customer convenience and satisfaction.  This opportunity is created by the requirement to maintain and sometimes repair a vehicle.  Being that for most people their automobile is their main source of commuting that have to take care of it.  This need is not currently getting satisfied as completely as this business would do.  Right now people could rent a vehicle, but having to take and pick up their vehicle from the facility is still something that just about everyone has to do.  I feel that there is a big opportunity here and that customers will jump at the chance to take advantage of what this business is offering.  The window that is currently open for this opportunity is getting smaller.  I think that in the near future either somebody else will come up with a similar business or independent facilities will start addressing this need more effectively on their own.

Innovation:

My business is about as straight forward as it gets.  We are a service that picks up and delivers your vehicle to a repair facility when you need any kind of work on your vehicle.  After the repairs or services are completed then we will deliver your vehicle back to you.  We also have the option for a loaner vehicle.  We start off by scheduling an appointment to have the vehicle picked up.  We set a time and location, and if you need a loaner vehicle that will be noted on the appointment.  We will have your paperwork for the loaner premade so that when we arrive you sign for it and take the keys in a seamless transition.  After we switch vehicles with you, we will take your vehicle and drop it off at the repair facility.  Upon delivery our driver will update you (via call or text your preference) informing you that your vehicle has reached its destination.  After the facility has completed their work we will schedule a second appointment with you to set up the delivery of your vehicle.  At that point we will drop off your vehicle and pick up the loaner from you.  When we switch vehicles we will walk around your vehicle and confirm that there is no damage and you will sign off.  What this service will do for you is allow you to get your vehicle serviced or repaired with as little inconvenience as possible.  You are free to go about your day with no interruptions and never have to worry about not having a vehicle to get around.  There will be no mileage limit on the loaner vehicle, but it is not allowed to leave the state.  You also have the ability to be at work, home, and school and not worry about having to leave or find time in your day to get your vehicle dropped off or picked up.  You now can even have your vehicle delivered to you while you are out to lunch.  With this service comes the peace of mind knowing that your vehicle is being driven by employees who must pass and receive certification to drive your vehicle and your vehicle is covered by a company that is insured in case of any issues that may arise while your vehicle is being picked up or delivered.  We are also a separate business from the dealership, so that if anything does arise during the pick up or delivery it can be handled in a timely and efficient manner.  There will, obviously, be addition regulations and qualifications for you to be able to get a loaner vehicle.  The driver must 21 or older and must have full coverage insurance including bodily injury.  They must also be able to provide a copy of their valid insurance and a valid driver license.  In addition to that a credit will be held on file.  The customer will be responsible for making sure that any gas used is refilled.  Charges for this service will be billed directly to the dealer and they will have the option to charge the customer for it or they could use as a tool to increase their customer satisfaction and cover the service for them.  My company would charge the facility a flat rate of $20 per pick up and drop off.  The cost should cover the amount of gas, employee costs, insurance, and cost of vehicles for the business.  If the customer also elects to have a loaner vehicle then there will be an additional $10 per day charge, which is over $20 less per day than a standard rental, from a rental car place.

Venture Concept:   

I feel that the customer’s move to this product will be quick and well received.  Most people today are always looking for an inexpensive way to make their day a little less stressful.  Right now, I have not found any direct competitors, but being that this is a customer service based business without any proprietary elements, it could be picked up and used by other businesses.  I think that pricing is one of the key points in this business.  If it is priced too high customers will not use it, but if it is too low it will be over used and end up costing money.  A service that is meant for convenience needs to be able to find the balance where customers will want to pay to do not have to deal with going to the repair facility.  I also think that dealerships would take advantage of the opportunity to possibly cover the cost of this service for their customers so that they can offer a service that nobody else has thus increasing their customer retention.  My business would start by trying to get in at one dealership and that way I could work out any issues in smaller scale and then grow from there.  Making sure all of the employees and vehicles are properly insured and trained would be the first step to ensuring the businesses success.

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

My unfair advantage is me.  By business will survive on customer service and retention.  My work ethic and ability to understand a customer’s needs is what will allow my business to prosper and others will struggle simply because they do not have me.

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers. 

After getting settled in the business, the next step I would take is the ability to allow the customer to pay direct with me for not only my services, but the dealership’s as well.

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

In 5 years I would like to be in multiple facilities.  I would still be planning on actively working out in the field, but have a larger fleet of vehicles and more employees.  In the next decade I would like to be overseeing the operation and directing everything from an office.  This first step of being in a dealership would help me get there by seeing what is actually going on in the field and understanding what is the best way to solve the businesses problems for not only my current and future customers but my current and future employees as well.     

Summary:

The biggest points of feedback I got were mostly positive.  The negative or parts that needed to be changed or addressed were pricing and concern for customer’s vehicle (insurance and employee driving).  Based on the comments I increased the rate of the service and made the loaner vehicle a per day rental.  I did also cover that, both, the company and employees would be fully insured and properly trained and certified.  I think that may concept overall is strong and did not make any other major adjustments to the venture.