29A – Venture Concept No. 2
Opportunity:
The opportunity I found has to do with students and faculty at the University of Florida who like coffee but do not have the time to go to a store to wait in line for their coffee. These people have busy schedules and like to have a convenient option available for them when they need things. This is why I am starting a portable coffee bike. I will be able to meet customers in places like Turlington saving them time and cutting down on wait times with a flavored, premade coffee product. My customers are people who value quality coffee and their time equally causing them to seek a higher degree of efficiency in their schedules.
Waiting for coffee in a 20-minute line at Starbucks isn't always an option for people on campus. The nature of this need is that there is a lack of convenient coffee options on campus. In our increasingly convenience-driven society, students and faculty are searching for ways to fill their coffee addictions in a more efficient manner. Because the "coffee bike" is a relatively new concept, many people who spend significant time on our campus have never considered this as a fix to their problem. Thus, this has a bigger market potential than I currently know.
The average college-aged coffee drinker spends an average of $93 on coffee EACH MONTH. This is a tremendous market with great potential. I believe our company would gain a 10% market share very quickly because of the problem it fixes for students and faculty.
Innovation:
With my coffee bike, I will sell a premade, prepackaged, flavored iced coffee product in partnership with a local coffee company in Lake City, Florida. This product comes in a variety of sweetened flavors and is termed "coffee cooler". Every day we will sell one flavor of our coffee which will be different depending on the day. We will sell in two sizes: 16oz. and 24oz. Our prices will be rounded off at the nearest dollar, $4 and $6 respectively so that we will have a simple transaction process for our customers.
Venture Concept:
Currently, if you want coffee on the UF campus, you have only one option: go to a Starbucks. This isn't always convenient because there are so many students and faculty also waiting in their lines. My coffee bike will provide an alternative to this offering a quicker, more convenient option for my clients. As I begin to get more customers than I can handle, I will have to add more bikes to the business to reach the influx of clients. After we gain more of a presence on campus, our company could have multiple bikes in various locations on campus helping hundreds of students and faculty each time classes change. Being in convenient locations with a price affordable, great-tasting coffee option will allow us to have the reach I envision.
My Three Minor Elements:
1) The unfair advantage that my coffee bike will have is that I can sell coffee where the clients are so that they don't have to come to me. If I am able to meet them right where they are in places like the Plaza of the Americas, they will be more likely to buy from me vs. companies like Starbucks.
2) Once we get the basics of our business system down with each of our bikes, I want to be able to carry two flavors of coffee every day instead of one. Adding variety will help us reach more people. As long as we can maintain our speed in getting people through our lines, this could be a big next step for the business.
3) Within 5 years, I want to have 7 bikes all operating with two flavors profiting about $1,000 each day during the college semester. When the college is on break, we want to get licenses to sell in places like parades and malls. We can start providing for parties and other places until the students return.
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From the feedback I received, I have decided to add pictures to further illustrate my concept. These pictures will bring life to my post and help inspire the reader to continue analyzing my plan. I was in a position where very little feedback was given to me on my first venture concept post, however, pulling from other assignments, I was able to make some changes. I added two additional bikes to my "minor elements" portion of this assignment to help make additional profit. These bikes will be for targeting areas that students who are walking from off-campus apartments will cross on their way into campus. There is a lot of foot traffic in areas like this which is a major opportunity for me. These are the changes I have made with the feedback I have received. I believe these changes will enable my business to become more successful immediately.
Best,
Cason
The opportunity I found has to do with students and faculty at the University of Florida who like coffee but do not have the time to go to a store to wait in line for their coffee. These people have busy schedules and like to have a convenient option available for them when they need things. This is why I am starting a portable coffee bike. I will be able to meet customers in places like Turlington saving them time and cutting down on wait times with a flavored, premade coffee product. My customers are people who value quality coffee and their time equally causing them to seek a higher degree of efficiency in their schedules.
Waiting for coffee in a 20-minute line at Starbucks isn't always an option for people on campus. The nature of this need is that there is a lack of convenient coffee options on campus. In our increasingly convenience-driven society, students and faculty are searching for ways to fill their coffee addictions in a more efficient manner. Because the "coffee bike" is a relatively new concept, many people who spend significant time on our campus have never considered this as a fix to their problem. Thus, this has a bigger market potential than I currently know.
The average college-aged coffee drinker spends an average of $93 on coffee EACH MONTH. This is a tremendous market with great potential. I believe our company would gain a 10% market share very quickly because of the problem it fixes for students and faculty.
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| "A Coffee Bike" |
With my coffee bike, I will sell a premade, prepackaged, flavored iced coffee product in partnership with a local coffee company in Lake City, Florida. This product comes in a variety of sweetened flavors and is termed "coffee cooler". Every day we will sell one flavor of our coffee which will be different depending on the day. We will sell in two sizes: 16oz. and 24oz. Our prices will be rounded off at the nearest dollar, $4 and $6 respectively so that we will have a simple transaction process for our customers.
Venture Concept:
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| University of Florida Campus Map |
My Three Minor Elements:
1) The unfair advantage that my coffee bike will have is that I can sell coffee where the clients are so that they don't have to come to me. If I am able to meet them right where they are in places like the Plaza of the Americas, they will be more likely to buy from me vs. companies like Starbucks.
2) Once we get the basics of our business system down with each of our bikes, I want to be able to carry two flavors of coffee every day instead of one. Adding variety will help us reach more people. As long as we can maintain our speed in getting people through our lines, this could be a big next step for the business.
3) Within 5 years, I want to have 7 bikes all operating with two flavors profiting about $1,000 each day during the college semester. When the college is on break, we want to get licenses to sell in places like parades and malls. We can start providing for parties and other places until the students return.
-
-
From the feedback I received, I have decided to add pictures to further illustrate my concept. These pictures will bring life to my post and help inspire the reader to continue analyzing my plan. I was in a position where very little feedback was given to me on my first venture concept post, however, pulling from other assignments, I was able to make some changes. I added two additional bikes to my "minor elements" portion of this assignment to help make additional profit. These bikes will be for targeting areas that students who are walking from off-campus apartments will cross on their way into campus. There is a lot of foot traffic in areas like this which is a major opportunity for me. These are the changes I have made with the feedback I have received. I believe these changes will enable my business to become more successful immediately.
Best,
Cason
Hello Cason!
ReplyDeleteAs always, thank you for sharing and great job on this!
I love how you incorporated my feedback and added supporting images within your concept! I think it helped illustrate your concept more efficiently and creatively. Moreover, I think your addition of creating targeted areas of campus is an excellent edition as well.
I would be interested to know how you would manage, select, and change the two flavors each bike would have on hand during operation. Lastly, I enjoyed how you incorporated your exit strategy into your concept post - I believe I will add this to mine as well now!
Best,
Caitlyn Torres
Hi Cason!
ReplyDeleteFirst off, I really like the photos you included. You have always done a great job in explaining your ideas and exploring every avenue. You leave no stone unturned in these assignments which is admirable. Thanks for sharing and I think your idea has come together well!
Sarah
Cason,
ReplyDeleteI really enjoyed hearing about your venture concept! I personally would love to have a coffee cart around campus, that would be a faster and cheaper alternative to Starbucks. I think it's great to plan out every element of the business, as well as the potential market share.