Opportunity. My business plan has an opportunity with makeup enthusiasts. They are people who are very familiar with how makeup works, and they love wearing false eyelashes. The unmet need is that eyelash glue is very stubborn, so there needs to be a product or service that can help remove remaining eyelashes glue after an attempt to wash off all makeup from the face. People are always longing for the best eyelash glue that can keep the false eyelashes intact through rain, wind or sweat. Therefore, eyelash glue manufacturers make the glue stronger and waterproof, which is harder to remove. The market is defined to be from 18 to 38 years old. They are most likely to reside in the suburban or urban areas. The market is composed of mostly women, but men can also wear false eyelashes and other makeup products. They can be from any race. The customers currently satisfy the need by using different methods like micellar water, facial cleanser or picking at the glue until it comes off. They think the method that they are using is not efficient enough because the glue is still stubborn which can also pull off their own natural lashes. The opportunity is big because the beauty industry is always getting bigger. With the use of social media, cosmetics is gaining more attention because people want to do the same looks that they see. The “window of opportunity” will not be open for too long because anyone can come out with a product to help with the unmet need. So I would have to act on it fast.
Innovation. The product I am trying to create is an eyelash adhesive remover. I would want it to be like a balm that the customers are able to lightly rub on their natural eyelashes to remove the stubborn eyelash glue. It would be safe for the eyes. The product is meant to break down the glue and to become detached from the natural eyelashes. For a tub of the product, I would want to sell it for $30. Along with the product, I would want to sell a service. If the customers want to go through a treatment, then it would include the eyelash adhesive remover product and a lash serum. After the remover is used, the lash serum would be used to protect the natural lashes’ health. The treatment would be sold for $75.
Venture concept. My innovation will help solve the unmet need of removing the stubborn eyelash glue that is left on the natural eyelashes and eyelids. Customers will buy my innovation because they do not want to keep the eyelash glue on their eyes because it is unsafe and it does not look clean. The customers will switch to this product because they already spend a lot of money on beauty products so they will pay to remove the eyelash glue. Also, it is to help with the health of the lashes, so it is a cleaning product which is important. Makeup enthusiasts know it is important to work on the skin before putting on makeup. It is important to have a good and clean foundation, which is the face, before putting on any cosmetics. Customers might be a little skeptical at first to try the product, but they should try it first before making a decision if they do not like it. The competitors are brands that have cleaning balms or eye makeup remover, such as Clinique or Lancome. Their weaknesses are that they do not have products specifically to remove the eyelash glue. Packaging is very important when it comes to beauty products. So the packaging for my product should look prestige. I believe the price point is valid because beauty products are marked with high prices because of the name and the distribution. Also, I think the customer support and customer experience will be great because I have the customer in mind when creating the business plan. Since it is a new business, I would have about 10 people help me with the business. I would need help sorting out the products for delivery. Most of the work would be done in a warehouse. So customers would have to make the purchases online.
Most important resource. I have beauty experience by working with different people and doing different makeup for different occasions. I think the quality is unique to have because I know what the customers are looking for in products or what products they want to see be created.
Next step for venture. The next step for the venture is to look for a formula. It is important to get the right formula that I know customers will like to use. It has to be effective.
Next step for me. In five years, I want to see the business do really well. I hope that there are other products launched within the brand name. My goal is to work in the beauty industry, so I think the venture would help me go far into it.
Part 2: Feedback
The feedback I got on my first venture concept and "What's Next?" assignment were overall positive from my peers. They said that my business idea is good and well thought out. However, my existing market gave me feedback on my idea. They told me that I should consider putting my business online before having a brick-and-mortar. Also, they said I should create a line of false eyelashes.
Part 3: Changes
I changed my venture concept based on what my existing market told me. I changed my idea from a physical location to an online business. The reason why I changed it to online is to raise awareness for my brand before I have a physical location to sell the products and services.
I liked how you reflected off of your feedback to make an adjustment to your venture concept that will further benefit your business. I like the idea of changing your idea from a physical location to an online business, as the online platforms will help raise awareness about your business quickly and effectively. With an online business, its important to consider things such as promoting your business through social media, setting up an effective website, and utilizing search engine optimization.
ReplyDeleteI definitely agree with your market on this one. Although I did not read your initial concept, I am glad you were able to flesh it out further. In the class’s lecture, the professor said there is no reason to start a business with an actual store because that is not how businesses you begin in today’s environment of online marketplaces.
ReplyDeleteI've loved your idea from the start and think the opportunity/need and your product come together very well. I love the idea of switched it from a physical store to a online business. That would definitely make things more manageable as a college student, especially at the beginning. I also think it's cool that your Hope business is both a product and service with different pricings.
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