29A - Venture Concept No. 2

Venture Concept No. 2

Opportunity
      My venture, Fast Fuel, is taking advantage of the opportunity of convenience fueling at gas stations when using cash. In gas stations all across America, the fuel pumps are designed to only take credit and debit cards while forcing cash customers inside to pay at the register. This is a hassle for millions of Americans who either always use cash or like to use cash when they currently have it. The amount of time that people can spend waiting in line at "convenience stores" can be upwards of 15 minutes depending on the length of the line, the amount of cashiers, and the amount of time each customer takes to pay. Although sometimes the wait might be minimal, this is never guaranteed and people should not have to rely on luck when in a hurry.      This opportunity can be marketed towards any American who possesses a gas vehicle and does not exclusively use credit and debit cards. This opportunity also provides convenience not just to the buyer, but also to others waiting in line (not for gas), the passengers in that same vehicle, and other customers who are waiting for spots at the pump on a busy day.      There are no forces or changes in the environment that are creating this opportunity. Gas stations have used this technique for decades and many consumers still continue to use cash. This market can be defined geographically as anywhere in the United States where motor vehicles are used. It can also expand overseas to other countries with the same problem. Demographically, everyone can take advantage of this opportunity as long as they own a motor vehicle.      Customers are currently satisfying their need by going into the convenience store to wait in line to pay for gas. They are not loyal to this scenario as if they are only paying for gas then everyone would be more inclined to save time and energy. This opportunity could be very large as the market size for this venture is endless. This opportunity's window should stay open forever unless gas stations start to integrate this product into their facilities or if the average customer begins to exclusively use credit and debit cards. However, the absence of purely liquid cash in the future is highly unlikely for many customers.


Innovation
      My service, and technically product, are incrementally innovative because they already exist in other industries. Although this product and service already exist, they are completely absent from the gas and oil industry because they current mindset is to force customers inside the store. The cash readers can already be found on vending machines worldwide, ticket machines, and even sometimes for admission to events. The process of implementing this same technology into the field of gas stations is new for the industry and would be something that many customers would have never used for the purpose of fueling their vehicle. The main plan of my innovation is to provide a consulting service for franchised gas stations with the networks to set them up with the cheapest suppliers. Whether its produced overseas or in the Midwest, the main goal is to deliver cheap and effective cash readers.      The cash reader works just like the ones on your everyday vending machine. You deposit the cash into the feeder, fuel up, then take the extra change (if you didn't put too much money in) after the fueling is over. The true profits of this venture will be the consulting contract that is written up. This will include the solutions, forecasts, supplier negotiations, and research on how the product does to see if it warrants and changes. The amount of money made through these contracts would depend on how heavily a company wishes to implement the product (either by amount of fuel pumps or amount of gas stations). It would be unjust to put a price tag on the earnings as it would heavily depend on that specific gas station franchise.


Venture Concept      Customers would be interested in this product as it would allow them to fill their vehicles up faster when using cash without going inside the store. No customer would not use the product unless they needed to go to the convenience store to buy other products as well as their gas. In terms of the gas station owners, they would potentially implement this product as it would free up lines in the store, free up lines at the pump, provide differentiation to their business as no one else utilizes this opportunity, and save money by providing an incentive to cash use because they do not have to pay companies to manage their accounts receivable. There are no other competitors because this is a very mature industry that has not changed in decades of service. The pricing of the consulting and supplier negotiation package would be something to consider as it may discourage its implementation. However, the price will be very low compared to the amount of savings and extra attraction the feature produces.      I would organize this business to be sole proprietorship with only a few employees if I could not handle the workload. Currently, I only see the business needing myself as once the first domino turns (first gas station implements this opportunity) then pursing the rest will be much easier. If the venture turned out to be extremely successful then I would hire other other consultants to take meetings with gas stations as well. It is not foreseeable that I would have any other positions in the business besides a secretary and other consultants if the business began to boom.


Three Minor ElementsThe main resource of this venture is the confidence and delivery of my pitches. Remaining calm and confident goes a long way in showing credibility and therefore earning trust and respect from clients. Once my opportunity has success, it will be walk in the park expanding it elsewhere.
The next step for the venture would be to conduct some surveys at local gas stations to see if customers think my idea would be viable for them.
In the next five years I would hope to be traveling frequently to partake in meetings throughout the country. I would also love to have another venture to tackle assuming I could produce another good idea. In the next decade I would like to be successful and be anywhere that I could apply my skills for success.

2. Most of the feedback I received said that they see potential in my idea as they think a decent amount of people would use this opportunity to justify increased benefits for the gas station owners. I was recommended to conduct random surveys at local gas stations to test whether or not my target audience would potentially use the reader if they were present. 

3. I was recommended to conduct surveys at local gas stations to test the viability of my opportunity on my target audience. I included this as my next step in my three minor elements because it would not take a long time and would provide confidence for my idea. Having reassurance and potentially reference data to present to gas station owners would definitely be critical for my success. I also went back and reemphasized the benefits that the owners would receive for implementing the readers. In the past I placed too much emphasis on the benefits to the end consumer rather than the target of my pitch.