Idea Napkin No. 2

Idea Napkin No.2

1)    You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Sawyer Lambert, similar to what I wrote in Idea Napkin No. 1. Similarly, I have always considered myself quite entrepreneurial and enjoy forming potential ideas. I have participated in a few business plan competitions while in college, one where I went to the finals. I am highly interested in investments or something finance related so that is what I am working towards. I see this business becoming a major role in my life if I were to start it.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

            My company is called ‘Juntos’, which means “together in Spanish”. Juntos is a company that will offer an online marketplace that connects buyers who are looking to make similar major purchases, allowing them to buy things together.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

            Juntos is a company that will offer to any customer who desires a product or property that is out of their price range. Since I received some good feedback on Idea Napkin No. 1 about specializing on a particular market instead of the broad approach of any market. Juntos will originally start in the real estate and season-ticket markets. Both of these markets will be good places for Juntos to bring like-minded buyers together so that these potential transactions can take place.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

            Customers will care because Juntos captures the uncaptured potential that takes place in markets where one participant cannot afford a product alone. Juntos will help buyers find other buyers who will help finance the cost. There is no other service that brings together like-minded buyers in this sort, so customers will pay our measly cost compared to the cost that they would have to pay if they were to try and finance a purchase by themselves.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

            Juntos provides many competitive advantages. First, Juntos is the only company that provides this sort of marketplace where similar-minded buyers can find each other to make purchases. Second, Juntos operates in the real estate and season-ticket markets, two markets which have a large base of buyers who want to purchase a home or season tickets but are unwilling to do so because they know they will not be using the home or tickets full time. Juntos will also provide a legal advantage as we will offer quick easy joint purchase legal contracts to both buyers. These contracts will also be easily customized to each buyers preferences which will allow the buyers to negotiate among themselves and find an agreement.

            Juntos will provide many advantages to both beginner buyers and seasoned buyers. For the beginner buyer, Juntos will allow them to possibly buy that vacation home they have always wanted with a reliable partner to help split the cost. Seasoned buyers/investment buyers can use Juntos to find other investment partners to purchase real estate all across different markets. I believe that these elements fit in together. One thing that I am still working on and considering is the primary markets that Juntos will operate in initially.

            Feedback Memo:

1.    First and foremost, I heard about my original post being too broad, needed specialization.

2.    How do you find reliable buyers?

3.    Who pays for the repairs?

4.    Who pays for insurance etc.?

5.    How does the legal side work?