Venture Concept No. 2

Opportunity

People, in general, rarely clean their ceiling fan blades which enables dust accumulation and could potentially cause health risks. Dust becomes manifest after a prolonged time period of not being addressed. Different areas in the home or business are usually of a higher concern and get cleaned more frequently but ceiling fans are often neglected. Dust is the main driving force for this opportunity as well as the 'out of sight, out of mind' mentality adopted by most people. Everyone who owns a ceiling fan at home or in a business has the need to ensure cleanliness. This creates a market for this opportunity among all cultures, locations and ethnic backgrounds. Because of the vast amount of people who are affected, this opportunity has the capability of becoming huge. Currently people

use products such as a Swiffer duster to clean their fan blades and usually there are no specific time parameters to clean them. Sometimes it is an arduous task to clean fan blades so people will neglect them more often. They only decide to clean them when they become noticeable and "gross." Potential customers do not seem loyal to any particular product as they do not give much attention to their ceiling fans until the dust becomes visible which makes marketing this product essential. The window of opportunity will not be open very long as there are always people looking to come up with new ideas to market and profit.

Innovation

Covades

Become a Fan of your ceiling fan!

Covades are ceiling fan blade covers made of spandex which can easily be slipped over your existing fan blades with a Velcro enclosure at the end to keep the covers securely fastened. They are machine washable and can easily be placed on or removed from the fan blade. They are fashionable and come in sets of five in a variety of colors and designs to suit the needs of different customers with their existing room themes. They will also come in different fabrics which will be made to repel dust such as cotton. They will later come in transparent so the existing fan blades can still be displayed. Lastly they will come in different lengths to fit the most common fan blade lengths with special orders available for uncommon lengths. This product will be sold for $30 for each set of five with special order blades at $50 for a set of five. Licensed trademarked products will sell for $60. I will offer discounts to people/businesses who decide to purchase in bulk. I will sell this product on my own initially with the intent to secure major distribution deals in stores. Also, I will target places such as QVC or HSN on television to gain more initial exposure. 

Venture Concept

Covades will provide a fashionable alternative to the traditional ceiling fan blades while keeping them dust free. They will enhance the aesthetics of the current home or business atmosphere by adding an innovative, creative layer to an item which is often overlooked. Customers will switch to this product because the only alternative would be to clean their ceiling fan blades using traditional products such as a Swiffer duster or a cloth rag. My product will allow customers to truly adopt an 'out of sight, out of mind' attitude towards their ceiling fans when it comes to maintaining cleanliness while enhancing the atmosphere of the room by adding a new customization layer of effect. The current competitors are products which help to clean dust from surface areas. Since ceiling fans are suspended in the air, it makes cleaning the blades more cumbersome which is one of the reasons they do not get cleaned very often. Price points will play the biggest role in my concept as this product will have to be affordable. People do not often think of their fan blades so they may not want to pay a lot for this product. Making it relatively inexpensive for the benefits will persuade people to buy this product and word of mouth will increase sales volume.

Minor Elements

My most important resource would be my determination to make this product a success. I do not stop at failure but rather welcome it as I feel that is the best way to improve. My own efforts is what would make it hard for any competitor to copy as well as the excellent customer service I intend to provide which would also help with word of mouth sales. I would like to experiment with different materials such as wicker or wood to create a more contemporary feel to the product. I would also like to create different designs for the actual ceiling fan blades as opposed to the mundane rectangular fan blade. Afterwards, I would create Covades which would fit the new designs. I strive to make moderate to great returns with this venture in the next five years. As an entrepreneur, I would like to solve several other unmet needs in various areas especially ones concerning the health of individuals. I think this venture has helped to instill confidence that I am capable of finding and cultivating an opportunity. By reapplying the methodology I've learned in this course, I will be able to innovate in different areas which would be beneficial to many people. 

Feedback

I received mostly positive feedback throughout this course and concept. It was suggested that I should try to start on QVC or HSN to which I agree. I would start selling this product on my own with hopes of getting into major distribution to stores. I would also offer discounts for people or stores who buy in bulk all of which I included in my concept. Other suggestions for what I should be focusing on next included making it easier for people with higher ceiling fans to install my product which I will focus on for my next venture concept.