29A - Venture Concept No. 2

Opportunity

With death being one of the only guarantees in this world, there's a lot of opportunities within the aging population. Those around the age of 55-75 (eventually much younger) that are getting close to retirement or currently struggling through it are the ones with an un-met need that I'm in the process of addressing. Retirement can be terrifying if one doesn't have the necessary funds needed to sustain themselves and their loved ones. The nature of the need is reducing current and future expenses while creating an extra source of income for those who need it most to live comfortably. This hasn't been as big of an issue until now as 1/3 of baby boomers report they have nothing saved up for retirement. The demographic focuses dominantly on the United States, but could expand to other countries when the time is right. 401K's and IRA's are not as common as they used to be and has been failing to satisfy the needs of those looking to retire. There is a disconnect of loyalty there, but those who do have a plan in place seemingly remain loyal for the most part. This is a fairly big opportunity, and one that I'd expect to keep growing in the coming decades. Until the economy and government spending is restructured this opportunity will remain open and possibly continue to widen.

Innovation

My innovation is an easy-to-use platform acting as a financial firm that focuses on reducing current and future expenses while create another source of income through a wide range of assets. In retirement, the biggest expenses one will face is most likely to be medical bills. With one of our main focuses being to reduce future expenses, we'll look to create a network of medical minded gyms that target people in poor health and heavily reliant on prescription drugs. Through expert training, rehabilitating clients for better health can reduce the amount of drugs they need to take and reduce avoidable health issues in hopes to free up extra cash for retirement. By reducing some of the biggest bills one might face, they'll have more free money to invest in a specialized hedge funds with expected returns from anywhere between 5% and 15%. In order to make this a profitable business for me, I would profit off a percentage of the returns my clients pull in. There isn't a set number for income for my opportunity, but as the business grows, so will my profits.

Venture Concept

As more people near the age of retirement and realize they don't have the funds necessary to live out the rest of their lives comfortably, the greater the demand will be for my service. As 401K's and IRA's become less popular, alternative methods will be on the rise, and my service is positioned to help out my clients in an array of aspects and not just finically. My clients probably never had a retirement saving plan, so getting my clients to switch wouldn't be a huge concern. My clients would most likely be looking for a last ditch effort to make some supplemental income and would be willing to give it a test run. My competitors would be sparse in the exact same market, although I would receive some competition from outside industries, like banks and their mutual funds. In addition to the foundation I have identified above, I would take on a new target market, so my service has a longer life cycle to benefit my business and clients. The investments would be less risky as there would be more time to grow and develop. With that being said, implementing my business within the current market still makes the most sense, but growth is right around the corner. My business would be organized based off simplicity and the ability to be used easily and seamlessly with someones existing life. The idea seems feasible on paper, but the implication of the whole thing will be easier said than done. The start up will be the biggest obstacle to overcome and could expose some weaknesses and vulnerabilities. The overarching culture my business looks to inspire is thoughtfulness and caring for others. The whole goal of the opportunity is to create a positive experience for all.

Summary of Feedback

Majority of the feedback that I received was reinforcement to what I had already come up with. From the feedback, I received some guidance on how I should approach my current target market and how I can go about expanding into a new target market as well. I've come to realize that there is a lot of opportunity outside of my current market, and failing to tap into it, could be lost profit for both sides. Although the advantage that my outside target markets would have would take a while to see, the end results could be much more beneficial to them than my current market.

Changes Made

Although I didn't received any direct feedback on things to change, the feedback helped me realize that my target market could be bigger than I think. To take advantage of this recent finding, I changed my venture concept to reflect the possible opportunity and what it could mean for my business and them as clients. 

Photo from: https://www.benzinga.com/general/education/18/07/11952323/a-2018-midyear-update-the-10-best-performing-s-p-500-stocks