29A - Venture Concept No.2

1. Opportunity
There are two major forces acting upon the world's population that are providing me with the necessary demand for my product. The first is the ever growing world population, people are moving into smaller homes with one another, meaning that there is an increasing need of small, movable furniture. The other force is the ever increasing mobility of people around the world, whether it be moving from one home to another, or moving out of one's home into an apartment, dorm, or other building. My market was originally defined by anyone living in a space in which they would need furniture that was compact, mobile or both. However, I have shifted my market to target these people, but more particularly retailers in need of these kinds of furniture, especially rental furniture retailers or suppliers of furniture for large buildings or apartment complexes. Currently, consumers are satisfying this need by buying cheap furniture that can be disassembled or simply paying moving companies to move bulky furniture from one space to the next. Retailers are satisfying this need by simply buying furniture that they can ship or sell. This opportunity is one that isn't world changing, but is significant enough that an entire market can be sold on it. The window of opportunity is one that will always stay open, but not without more competition coming in further down the line. The main issue I'd have with joining this market later would be other furniture companies patenting ideas that I'd have.
2. Innovation
As I'd stated in my previous venture concept, the product I'd wished to create has changed. However, now thinking back, it hasn't changed as much as my market for it has changed. The main concept of it is movable furniture. To elaborate, I'm referring to furniture that is able to be folded, compacted, or even rolled from place to place without excessive amounts of labor. Where I've changed my design is similar to how I've changed my market, this is to say I've changed it from being more accessible to the average consumer and cut down on costs by simplifying it to be more appealing to rental furniture retailers and business furniture suppliers. While my furniture isn't exactly the typical, industrial looking furniture you'd see in an office building, it certainly isn't going to be the center piece of any house any time soon.
3. Venture Concept
The reason companies would switch, or at least begin to purchase my product would be, the low costs I'd boast along with the utility of the furniture. While my furniture would be similar in cost to other lines of furniture people would buy, the costs of shipping and handling would significantly decrease with the product, meaning that both the customer and the supplier save money, meaning I also gain a slight profit from that. I can sell my furniture at a slightly higher price and still be saving my customer money. I imagine it would not be hard to enter the market and get supplier to begin ordering my product because of the amount of extra revenue they already have for purchasing and selling new products. My competitors would at first only be other furniture lines; all of us competing for space in stores all around the country. However, after my product takes off, I'll begin to see competition from other brands looking to copy my furniture line's design. The weakness my line would have would be not covering enough pieces of furniture or not being specific enough in my patents, allowing other lines to pick up the slack I'd inadvertently leave for them. The role of packaging and distribution is the most important when it comes to my line, as this would be where both suppliers and consumers would save money, the easy and plentiful transportation my product innately provides. As stated before, my price points would be slightly higher than competitors but would save money in the long run. The customer support and relation would only be business to business at first, meaning I'd have to be very charismatic in order to convince my market that my product is worth buying. My business would consist of mostly manufacturers and transporters moving my product wherever it needs to go, with a small group of managers and financial experts managing the logistical side of the company; this being the amount of units we're shipping, the costs, the profits, etc.

4. Changes/Summary from feedback
The piece of feedback I'd received involved praise for me maintaining my stance on who my market is. So in this post, I reiterated my market and did something that I think might help my business venture in the long run: I defined my market very specifically, keeping a wide view on the amount of people I can sell to. This is to say I was very specific in the people who would buy my product, but also defined multiple groups ensuring that at least one of the groups would purchase my product.

Below I've provided a very simplified look at how my relationship would be with my retailers.

(Source) https://difference.guru/difference-between-a-wholesaler-a-distributor-and-a-retailer/