25A What's Next?

Existing Market 
For the existing market that I am looking to target, I am simply looking to provide the service of building parklands in cities and towns in the southern region of the United States, with the possibility of potentially expanding into more standard construction services. I found three new potential customers for my service and explained to them my venture concept. I then asked each of them what I should be doing that I haven't already begun to plan. The first interviewee stated that he thought that if I thought I would be interested in potentially expanding into more standard construction services, then I have to start planning that right now. He thought that it would be wise for me to plan as much into the future as possible, so that I could be ready for any situation for when and if that time finally came. The second interviewee stated the same thing. He said that it was all about organization and planning, and that the more organized I am about the possible paths of my business, the more likely it was for my business to succeed, expand, and then continue to succeed. Finally, the last interviewee said that she thought it would be wise for me to think about ways for my business and service to further differentiate itself from that of other businesses. She also said that she thought it was wise to look for someone to hire to help run the business, who had more of a background in construction, otherwise I could be behind the curve when it came to the hands on parts of the business. Next, when I asked each potential customer about what they thought about my ideas of what different customers would want. Each of them answered in a very similar way. They all thought that there was definitely room for opportunity in my existing market, and that there were people that would definitely be interested in my service, but that if I were looking to expand, that it would take a lot of work, and they aren't sure that people would be willing to hire me for standard construction work as opposed to companies that they have previously worked with before.

One big path for my business has to be going about hiring the right people. As I stated in my venture concept, I thought it would be wise to hire accountants, engineers, architects, and construction crews. That being said, I think it would also be wise to take into account the feedback that I got, and have an associate that has more of a construction background help run the business. They could really help with more of the hands on construction aspects of the business.

Then, there is also the possible path of expansion. I am not quite set on that path yet, and I think that no matter where my business and service takes me, I should research what the steps are to expanding into more standard construction services are and research how costly that expansion could be. That being said, I also think that it would be wise to focus on the current service that I am looking to provide, that way I can look to ensure that the parkland service can be as successful as possible.

New Market
One market that I would like to look to reach out to is more of a charitable market, whether that be providing relief and rebuilding efforts, and parklands services to poorer areas here in the home country, or in a poorer country around the world. I think that it would be wise to offer these services at a reduced price, but it is also important to make sure that these price changes would not cost the business to lose money. I think that I could create value in this market by providing a service to those that truly need it, especially after a natural disaster like a hurricane or flood, to help the less fortunate rebuild their homes, and provide a parkland service to help prevent further destruction that could occur in future storms. After interviewing two people from this new market, they provided me with some very valuable information. The first person said that he thought that there was definitely always a need for some charitable service, especially after a natural disaster. That being said, he also said that a lot of relief funds come with the territory, and that some people can't afford to pay for the service at all, so it may be wise for me to research some pricing information. The next person said that she thought that there could never be too many charitable contributions especially when it comes to hurricane and flood relief, and that she thought that doing that kind of work could lead to a lot of goodwill creation, and more business in my profit generating services.

What I learned about this market is that there can never be too much charitable relief. One of the big takeaways that I got from research and interviews was information about pricing when it came to this type of business. I didn't think about the fact that after a disaster, some people simply would not be able to afford a costly service, no matter just how costly or cheap that service could be. If I were interested in targeting this service, then I would have to know exactly what price I were to charge, if I were to charge anything at all.

One big confirmation that I had after this process, was the idea of goodwill. There is no denying that goodwill and charitable contributions can present a business in a better light, and that those contributions can lead to more business. I feel like that is a big reason to expand into the non-profit sector of the construction business. By creating goodwill, I create an image that my company cares about society, the less fortunate, and the client in general. This market, however, does not appear to be as attractive as my current market focus, because I am looking to create and build a profitable business. I do not think that I would pivot the main focus of my business to the non-profit sector.