Venture Concept No 2

Opportunity

Who has the need? What is the nature of the need?

For my business concept, the customers that have the need for my services would be customers with businesses that are not doing as well in spreading awareness about their services. More specifically, my company would deal with small-business owners, usually within college towns like Gainesville that are trying to spread awareness and to draw crowds into their businesses. This would apply to not only restaurants and small food stores, but to entertainment hubs such as bars and small clubs within college areas that just need more help getting business in their direction. Customers are currently satisfying this need through promotions teams for clubs and entertainment establishments, however for the food locations, usually local advertisement is what is drawing in customers. 

Innovation

For this business idea that I have had throughout the semester, I wanted to create a public relations company, possibly named Inspiration PR, that would be able to assist these small businesses in spreading awareness through promotional campaigns and really getting the public involved and engaged in their cause. What it would do is find out the specific problems that are leading to the failures and highlight what is already currently successful. Once this is determined, some qualitative and quantitative research would be conducted to help figure out what the customer’s customers want from the business. These research methods are of little to no cost because surveys can be conducted online for free and if focus groups are held, the major cost would involve incentives for the participants. After the research is conducted and the problems are identified, we would work to find a specific programming plan that, once put into play, would be evaluated to see how affective it was for the client. Essentially where the money comes in would be actually conducting the programming necessary for the campaign to take place. For example, if we wanted to implement a social media campaign or to shoot a video, the client would essentially pay us for these things to get accomplished at a better quality and for a larger audience. Social media is also a huge component in what we do. We not only use social media for research purposes, but to assist those on a larger scale. 

Venture Concept

Essentially, my public relations company would help spread awareness of these small businesses and establishments in ways that will attract more customers and get the name of the company out. It would also help to establish not only brand awareness but also trust between the customers and our clients. They want to go to places that are trusted and well known, usually through word of mouth. Through utilization of our services, we can help these companies get ten steps ahead. It would be rather hard to probably try and get customers to come because for small businesses to spend money on things they may not feel is necessary would be an issue. However, these businesses trying to tackle these things on their own actually end up costing more money than they probably expected. 

• ·      A few things that I believe will make my venture more unique is the fact that I have traveled and lived in different places, therefore I have had experience with all different types of people and have seen what appeals to them. This also allows me to bring in multiple influences that can give me ideas toward campaigns for clients.
• ·      The next opportunity that I would want to tackle with my venture would probably be to broaden my services to not only small businesses but to medium or larger ones. More opportunities however would essentially include more staffing if this were the case.
• ·      In five years with this venture, I hope to see myself successful and possibly with multiple PR facilities throughout college areas. Over the next decade, I would like to see this venture grow into a company similar to Ogilvy. 

In all honesty, the feedback that I received from my last venture concept as well as my "What's Next" assignment was all positive. There was not much constructive criticism given as far as how my concept could be changed. There were comments about how others would utilize my services to assist them with their own venture concepts, as well as the uniqueness of creating a PR firm as opposed to creating a product or brand. However, the one piece of feedback that I did take into consideration when completing this assignment again was the mention that social media would be one of my biggest competitors. Therefore, in this venture concept, I decided to address that concept by incorporating the usage of social media for PR purposes as well.