Week 15- Venture Concept No. 2

Venture Concept:

You can use the Snack Pack anywhere!

Opportunity:

I first came up with my “Snack Pack” idea when I had to come home early one day from swim practice simply because I was hungry. The problem I am aiming to solve is mid workout hunger. Often time’s people will become hungry during an intense workout, and this hunger leads them to suffer and for their workout to suffer. My product could also be used in everyday situations. These could include being stuck in a review session for a long time, or out hiking or kayaking. This does not need to be just for athletes. The good part about my product is there is nothing like it, so no one has it, yet there is always a need. The closest thing to my product is a Ziploc bag, but there are chances of your snack getting lost or dirty or broken. Another good thing about my product is that just about any person who is hungry and needs a quick snack would benefit from my Snack Pack.

Innovation:

I have created a product called the “Snack Pack”. The Snack Pack is a small reseal able pouch that is waterproof that holds a small snack. The snack is intended to be eaten mid-way or after a workout or anytime that the customer is hungry and they are not in an ideal place to pick up food. The pouch is easily attached to a water bottle, bike, backpack, or bag and can be easily accessed during the workout or activity. I will be selling the actual packs themselves, the water bottles, and other various mounts. I intend to sell the Snack Pack for about $10 with the water bottle-Snack Pack combination for about $15. All other mounts I expect to be about an extra $5.

Venture Concept:

Right now, the only thing close to my Snack Pack is a Ziploc bag. Ziplocs can be easily lost and/or broken, that is why people will buy my Snack Pack. My product attaches to a water bottle or bike and is therefore easily identified and accessible. It will also be made of extremely durable waterproof plastic, so it will not break. The biggest designing factors of my business are the production areas, packaging, and shipping. My product will most likely be sold on websites like Amazon, with no physical stores. I will have to find some place to produce, package, and ship my products out of. I will then need to set a price based on the cost of making my product. I would start off very small, with only a few employees, then I would grow as demand grew. I would employ people in every segment of the production process and I would also hire people to work customer service so I can make sure people are happy with their purchases.

3 minor elements:

·         My most important resources right now is my human capital and my networking. I have lots of experience so I can relate to my customers really well. I also have a lot of connections in the athletic industry such as swim teams, varsity teams, and club teams. I am also a student at UF with access to several areas that are heavily traveled by people. I could start advertising my product using these highly traveled areas.  I will use all of these resources to market and sell my product.

·         The next thing I want to tackle with my product is making the pack usable for older people. I am thinking about making another pack that can be used to store pills safely.

·         In five years I hope to have my business up and running and I hope to have a pretty solid customer base. My first target customer base will be all kinds of UF students. I will probably start advertising in the Plaza of the Americas and Turlington as soon as I can get my product up and running.

A few things I changed from my earlier Venture Concept:

·         I decided to expand which customers I would target. I was initially just targeting athletes, but now I am going to broaden my range to anyone who is at an activity where they need a snack. Many people said in the comments that they could use my Snack Pack and they are just sitting in the library. I was really missing a large section of possible customers.

·         People also said in my “What’s Next” post that I should try to cater to more age groups. That is why the next step I will take is catering my Snack Pack to older people.