24A – Venture Concept No. 1

Opportunity:

• Paying for cell phones is a huge expense nowadays but also essential because it seems that in these days, nobody can live without a phone. 
• People, even if they are not wealthy, own smartphones and they keep increasing in price as seen in the new iPhone X which starts at one thousand dollars.
• Without a phone, people are prone to being stuck in a dangerous situation or not being able to make plans and get in contact with others.
• People rely on their phones to get places with the Maps app, rely on it to get around with bus apps (like RTs), to connect with friends over texting and phone calls, and use social media like Facebook, Instagram, Snapchat. Other apps like internet, compass, exercise apps, calculator, photos, etc, are very important to society.
• So what happens when something happens to your phone? It is essential to have one, so what do you do when it breaks or gets damaged.
• People are forced to pay huge sums of money to either replace or fix their cell phones. This is a huge expense that people have no choice to endure. 
• People need a way to not stress that there phone could break at any moment because of a small mistake and have that small mistake cost them hundreds of dollars. 
• There is a need for a better type of phone insurance plan, where people do not have to pay a penny if something happens to there pone and they can get a new, working phone at no cost to them (other than paying for the insurance.)
• Who has this need? Every single person who owns a phone, which is almost everyone in middle school and older. 
• Potential customers will be younger children who own phones and who's parents are worried about them damaging their phones because of carelessness. Also, students in college and younger generations due to their lack of care to these devices sometimes. 
• Americans and europeans I think will be my biggest target market.
• This window of opportunity will be open for as long as people are so reliant upon their phones and there becomes no better substitution for my services.

Innovation

• My insurance service is an innovation because no other company offers what I am.
• As of now, when someone breaks their phone, they either have to deal with a broken phone or pay to fix it or pay for an entirely new phone. 
• My service will allow, for a yearly insurance plan fee, people to get free repairs to their current phone with no questions asked and immediately.
• Currently, you have to go to a certain store, pay a large fee, and then wait days or even weeks for your phone to be fixed. 
• With my innovative service, I will have locations in every state, and offer immediate services and 1 day shipping if you are not near a store.

Venture Concept

• I do not need to worry about making people switch from one product to another because there is no other service like mine
• My service is basically just an extra security measure to make sure people don't throw away more money when or if their phones break
• The only competitor that could exist would be repair shops if they were to lower their costs extremely, but even so, I would be Apple certified so people would trust my product more and in the long run it would be cheaper.
• Since I will be working with phone companies, we will not be in competition.
• I would have to have thousands of employees since I would have so many store locations, as well as employees to work in factories to ship out phones.

Price Points

• Obviously, my insurance cannot be outrageously expensive so people are still motivated to buy it, but also it needs to be expensive enough where I do not lose money on providing my unlimited free repairs.
• To make it more affordable, I will make a yearly or monthly fee for the insurance, so at first I may not make profit but in the long run, I will. 

Location

• I will have at least 10 stores per state so that they are widespread and easily accessible. With my 1 day shipping, if people happen to not be near a store, they can still get prompt service.