24A - Venture Concept #1 (Expert Car Buyers)

Opportunity

               The second largest purchase that people tend to make is buying an automobile. Unfortunately, when it comes this purchasing decision, most people are completely unprepared. They lack the knowledge of what vehicle suits their needs, what price would be a fair market value, and they lack the negotiation skills to protect themselves from devious car sales personnel that can easily take advantage of the unprepared. The main focus of my opportunity lies within the demographic group that gets preyed upon the most, single women. Divorcees and widowers are particularly sought after as potential targets. This is not a secret; it is well-known that the car sales industry is ripe with unscrupulous individuals.

Innovation

               I have the ability to come in with a network of industry professionals that can offer assistance to those that could use help gathering information, conducting market research involving to determine proper geographical pricing, and assist with the negotiation process. We can also review the extended warranty programs that the try and upsell to determine if it is worth the investment.

               Currently, there are no services that offer this line of assistance in the car buying process. We can analyze your personal living situation to determine what car will properly meet the individual’s needs. From there, we will have certified, factory-trained technicians examine the car to determine the mechanical condition of the vehicle. Once the car has been approved by our technicians, we have personnel that have experience within the industry working in the departments of sales and finance.

The internet and social media have changed the way that vehicles are marketed and sold. This allows us an opportunity to promote an effective marketing campaign to inform our potential clients of our services. Not only will this serve as a great promotional tool, but we can more efficiently advertise to our target market.

Venture

               I think that this idea has a good chance of success. First and foremost, people detest the feelings that they get when going car shopping. We have the ability, for a nominal fee, to remove the anxiety, the pressure, and the fear from the car-buying process. Secondly, the fee that they pay for the service will pay for itself. The network of professionals on staff will be able to save the customer more than what we charge them for our services.

               In the initial start-up stages, we will need a minimum of four people (2 technicians, 1 negotiator, and 1 administrative employee). In order to maximize our growth potential, we will have to develop a standardized training program to ensure consistency in our service. As growth occurs, we will have to onboard additional personnel at a rate commensurate with our growth. Typically, we will always need more technicians than any other position. In fact, some technicians have the aptitude to learn the art of negotiations, thereby making them a multi-functional employee.

Minor Details

               When it comes to an unfair advantage, I have a specific skillset that will outshine the competition. I am an Instructional System Designer that has been developing and delivering training programs for the last seven years. This will allow me to develop a system of training that can ensure a higher level of quality customer service with greater consistency.

               Once this venture gets launched properly, I want to chart out a plan for systemic growth. I am looking at expanding from a local business to a regional project within a 3-5 year timeline. I plan to have this business at a state-wide level by the end of the decade. At the end of the decade, I will look at franchising locations throughout other portions of the country. I will be able to offer a full training program with support from our established agents at various locations throughout the state. When that has been achieved, I am going fishing.