by Claire Siegrist, YEA! member
We have just finished week 6 in the Young Entrepreneurs Academy (YEA!) and I'm fleshing out my plan for an indoor dog park. I've learned that there's a big difference between a business idea and a business opportunity; ideas are easy, filtering the idea into an opportunity is a challenge.
Business ideas come from a hobby or interest and provide a solution to an unfilled need experienced by many. My dog, Maisy, counts on many vigorous games of fetch every day. We've had a gorgeous fall, but the slush is on its way. Where will we stay active during the cold, dark winter and the muddy season to follow?
We'd love a big, bright, comfortable place to run around in, and to play with our friends, in.
So, where's the business opportunity for my indoor dog park? I have specified the problem I'm solving, but need to identify who will buy it and how I will make money from it. There are 75 million dogs in the U.S., but how many are in Monroe County? How many of those belong to owners with the desire for an indoor dog park? What are they willing to pay? These are issues I have to resolve as I develop my business plan.
I also have to consider barriers to entry - like competition and start-up costs. To do this, I'll use the business plan template we were given to answer these questions.
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