24A- Venture Concept No. 1

24A- Venture Concept No. 1

• Opportunity:
• At least 85% of people in America aged 12-24, have experienced some form of minor acne. Acne affects up to 50 million Americans per year.
• The need is for young adults to have clear skin and not get irritated by products that use harmful ingredients.
• The forces that allow this happen are puberty, stress, hormones, and even other factors that lead to acne. There is a huge window of opportunity until we discover how to control these factors. Most likely. there will always be a window of opportunity for this product since we cannot control stress, hormones, or other factors that lead to acne.
• There is no satisfactory resolution to this issue. Many interviewees stated that they try a bunch of different skin care products but cannot find a perfect match for their skin type. There are many products that irritate your skin and that use harmful ingredients.  Interviewees spend a lot of time looking for the right match for the specific skin type. I would state that many interviewees are not satisfied with this current solution to acne.
• Potential customers: Individuals (mostly women 12-24) who have skin care issues due to stress, hormones, or other factors that contribute to acne. My product is also open to males (ages 12-24) who would like to alleviate their acne problem and have clearer skin.
• Innovation:
• For individuals with a limited budget, I will have one simple formula that contains only 4 ingredients. I will have a survey for consumers to take that indicates their skin type. From there, I will add an ingredient to customize their skin product, so that it efficiently clears up their acne while using harmless, organic ingredients. My product will be used as a foam that is applied to the face, but the foam comes in different colors/scents similar to a bath bomb. My product will be fairly simple to use and will not require 3 or 4 products to go with it. My product will cost around $10-12 since that is the typical range I buy my skin care products at.
• A more expensive version of my product will be $15 and it will be more customizable for the user's skin type. It will also have a different type of packaging and more of a variety of scents used. 
• Venture Concept:
• Individuals will buy my product if they want to find a viable solution to their acne. They will be able to buy a customizable skincare product online.
• Individuals will switch to my product because my ingredients will be harmless and organic. My products will also be customized to fit their specific skin type, which sets it apart from most skincare products today. I don't think it will very hard for individuals to switch to my product since most consumers are looking for organic, all-natural products.
• One of my major competitors would be Proactiv, a skin care product that is sold in stores nationally. It started out being spread through info-commercials. Proactiv has experience in the market, yet for some skin types their products are harmful and irritating. 
• Price points: I think i can be expensive, but there will be fewer people buying my product. If I market my product right, I will make sales regardless
• Distribution: I want to first distribute my customized skin care products online through delivery. I think that would be the most efficient way to distribute my products since most young adults prefer to order products online. I would then increase my advertisement and eventually put my products into stores if they get enough attention. 
• Customer Service: Customer service is up of the utmost importance for our company. I have will my employees trained to always provide a pleasant customer service experience so that my product has a good reputation. 
• Location: Close to universities, colleges, towns with a lot of young people, malls, and supermarkets. The skin care products will be ordered online.
• Packaging: My packaging will look high-quality. I want my packaging to really draw in customers so that they don't look at other skin care products. I think that if I have a package creative enough, it will convince customers to learn more about my products. I want my package to list the organic ingredients that it contains and the benefits of picking my Smart Wash skin care product.
• Employees: I estimate that I will have around 40 employees to start with.
• Engineers to create the product, the customized products, and test the products.
• Dermatologists to test the credibility of the product
• Marketers- These are the ones who will know all about the product, all the details that make my product unique from the rest. The marketers will be the ones to really sell the product to the buyer's market.
• Web Designers
• Designers- They will design the product's packaging and make a package that captures the buyer's attention.

I am a student at a university with many students that are stressed from classes and other facts that may contribute to the formation of acne.

• Unfair Advantage: My business and personal connections that I discussed in the VRIN analysis. I believe that business experience and having connections with entrepreneurs will help me flesh out this venture. I also have connections with a dermatologist and chemical engineer, which would be significantly beneficial when developing the product. Skincare products and routines have recently become a growing trend throughout social media with young teenagers and adults. 
• What's next: I want to give consumers a harmless, organic skin care product that will not irritate their skin and that isn't complicated to use. On top of that, I want to give them something customizable, something that the skin care industry lacks. So, most likely I will expand the products to stores or even add different kinds of skin care products to get into a bigger buyer market.
• For me: I'd like to help others with their issues, so maybe I will create another startup that has to do with a different field. In 5 years, I hope to have started launching my product and gaining profit. In 10 years, I want to have moved on to my next venture that has to do with helping others.