Assignment 25A

What's Next?

1.) What I think is next: The next step in furthering my business venture would be researching the cost of making this product and a facility.Testing a prototype of my wheelchair ramp is another crucial step as well. Also, talking to more business owners about their likelihood of purchasing my product would be helpful.
2.) Existing market interviews: I interviewed a local business owner, restaurant owner, and movie theater owner. They all agreed that my product sounds extremely innovative and that they would consider purchasing one for their business.They all agreed that I should be testing a prototype and researching a production facility. One business owner added that customers might expect other products like canes or walkers with an innovative twist.
3.) Path for the future: For growth to happen in my existing market, I need to target businesses that have wheelchair ramps and those that do not. By targeting both kinds of businesses, I have a larger target market and more opportunities for growth. I also need to design a working prototype and begin testing it for faults. Once this product is tested, I can begin making and selling the product. I would need to hire employees and find a production facility.
4.) New market: A radically different market to target would be rental apartments and rental homes. Installing wheelchair ramps in these homes could be extremely helpful to renters in wheelchairs.
5.) Creating value: This venture would create value because people in wheelchairs can now live in homes with stairs or a front porch because of the addition of this wheelchair ramp. The apartment communities or rental home companies can now rent to more individuals with this ramp installed.
6.) New market interviews: I interviewed two individuals who own apartment communities. They agreed that being able to have these ramps in their homes would increase their rental options because they can now accommodate those in wheelchairs. They both thought that I should market my product with the fact that my product can be hidden, stored easily, and works like a conveyor belt.
7.) Reflection: This market is not quite as attractive as my existing market. My aim is for businesses to accommodate those in wheelchairs. Apartments and homes are also extremely valuable markets to sell my product. The praise for my product was surprising. I was expecting these owners to be turned off by the investment required for my product. They were extremely receptive and would buy my product if I decided to move forward with this idea.