Assignment 25

Existing Market 

1. I believe what is next for my venture would be local expansion. What I mean is a larger building, in a better location, with increased advertising.

2. The people I talked to mostly seemed worried about keeping my business secure. How to manage customers, tools, and access to amenities. The general consensus is that the business can work, but would need hard supervision.

3. Before setting my business off, I would need to devise a way to keep my capital secure. I can imagine that I would need a camera system with a server to hold the last week or so worth of footage. I would also would need to hire a man to work this system, or maintain it in the event it breaks. I also would need a way to secure the property. With people's cars in my hands, It is my responsibility to insure that their cars are safe. Something I have seen at Gun Ranges are videos that people must watch before participating. For safety, there will always be a safety video on operating tools and lifts for the customers to view. For first time people, this will be mandatory.

New Market

1. A new market I would want to penetrate would be the market of people that dont work on their car themselves, but instead go to the dealer/shops.

2. A concept for this market could be something like ride share, but for working on cars. Customers that would normally take their car to a shop can have the ability to contact other customers at my business and negotiate prices for the work to be done at my business. The key here is that the prices are negotiable and can be done for free or for a premium depending on the work. What sets this apart from a real shop, is that you aren't stuck with that shops price. You can find someone that will change your brakes for $100 cheaper than the shop, at my location with a discounted rate. There is also the chance that my business will have a stock of old parts that you can use for cheap instead of a shop charging you to ship a new part. 

3. The main concern from the people I talked to is the quality of the work being done. How do you know if the person you hired will do a good job? I believe this is a VERY valid concern and I believe it is one that is hard to solve. If my company was bigger, I could possible allocate resources to creating a social media place that customers can chat and discuss work to be done. Others can give reviews of their work and people can develop a portfolio that potential (out of market) customers can view.

4. This market will be very hard to penetrate. I believe that many people will be hesitant to try my business given the pretenses above. My expectations were that people would be weary of working on their own car/others working on it at my business. These expectations are correct. I was also expecting to hear things relating to securing my business. Keeping things from being stolen or abused. The new market would be very costly to incorporate, and would require extensive marketing analysis and customer research. It would not be impossible to reach, but would require much more work to utilize than my current market.