24A – Venture Concept No. 1
This business concept is extremely unique and new to the market. It is the perfect combination of an opportunity and innovation, joining an unmet need in a specific area with a new idea that has not been done before. This creative business idea will pioneer the rental property industry and create a new sector that is innovative in the industry and offers something unique to satisfy the unmet need that creates the opportunity. This business offers students a more flexible lease allowing them to account for the unknown future. By offering semester-based leases aligned to the local University, this business gives students the opportunity to pay more for rent because they do not need to when they are gone or save more money on rent in general. By not being stuck in a lease, students are encouraged to travel and experience as much as possible. Additionally, the uncertainty of roommates can cause significant stress. By signing a shorter lease, these fears and stress are alleviated. This is being offered to college students who are not local to their college town. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money. Customers will care because this is a product that offers them something that is potentially nicer than something they can afford now for a lower price. Shorter leases save them money giving them the opportunity to spend more per month. Additionally this alleviates stress significantly by knowing they do not need to lock into a year long lease where they may not know where they are going to be in several months or who they want to live with. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money.
Hi Ben, your venture concept was a great summary about what type of concept you are looking at and the need within your market. The university markets need to utilize your concept all over the country to allow fairness to students when it comes to leasing options. Discretionary income is typically always low for a student so allowing them to save rent money allows them to have more money to spend in the local market helping their local economy!
ReplyDeleteHi Ben,
ReplyDeleteI really like your service, but i'm not sure i would go along with charging more per month. Personally I would pay more per month (depending on how much more) for a lease that only covers the school year. As long as the summed up cost of the shorter lease is considerably lesser. However, many people wouldn't come to the conclusion that it would be cheaper in the long run to pay more per month. I think its you have a good idea going here, and paying more per month could be achieved with good marketing. Well done!
Hi Ben,
ReplyDeleteI really enjoyed reading your first venture concept. The things we did differently was that I formatted mine starting with the opportunity, innovation, and lastly venture capital. I feel as if you condense the reading into subsections it will make it more attractive. With that being said, your venture concept was still great and I believe your business will do well! Nice work!