24A – Venture Concept No. 1

                Health care is a major issue in the United States because of the different views from both sides of the white house. One side believes everyone should contribute and share the benefits while the other side believes we should all go out and purchase health insurance for ourselves essentially or privatize the industry. I conducted a series of interviews this semester on the potential market for the company I am forming. Essentially it is a health services company that provides low cost medical benefits (such as flu shots, physicals, vaccines etc.) and health lessons to lead a healthier life. Throughout the semester, I have identified the opportunities, come up with an innovative service and a venture concept to pursue this opportunity and idea. 

                A lot of the people I interviewed this semester did not have health care benefits with their jobs and did not purchase health care insurance on the side. The typical employees I interviewed did not receive health care because they either didn’t work at a job that supplied it at their pay level (minimum wage) or worked part time at multiple jobs that does not give health care benefits for non-full time employees. Currently there is a major shift in the health care industry as Trump and his party eventually pass a new health care bill. Nobody knows for sure it will contain but it will definitely shake up the market and offer new opportunities for companies like mine. My company will mainly be focusing on urban geographical areas and in the 20 - 28 age group. I am targeting this age group because out of everyone I interviewed, people within this age group a large majority of the people did not have health care benefits from the company they worked for and no health care insurance period. They will benefit from my service because it will be very low cost to either them or their employee and very beneficial. This opportunity is huge because we would be able to start locally (Gainesville), expand to other others of the state and eventually to other urbanized areas around the United States. This window of opportunity will be open until and shortly after the new health care bill officially takes effect. If I wait too long after the health care bills implementation, other companies would have already swooped in and take most of the market.

                I believe my company is innovative in a couple of ways. There is not really a service out there that can be offered to businesses to supply low income workers with minimal health care services. A lot of times when somebody gets sick it could have been prevented. These are things such as the flu, diseases there are vaccines for and vitamins etc. My company would also come out to these businesses who purchase our services and give lessons on how to live healthy life styles and ways to keep the workplace clean. We would install sanitary stations around the offices and stores for customers and employees to use as well. By getting basic medical benefits, employees will not get sick as often, which means they will likely work more. Nobody wants to take off work because they are sick with a fever. In addition, providing healthcare benefits to minimum wage and part time employees might reduce the turnover rates within businesses. This is because the employees will see that the upper management cares for them, which is what lacks the most in the current marker. A lot of companies try to give their employees the bare minimum. Walmart was in the news awhile ago for paying their employees low wages and making them work long hours, especially on holidays. We would have many different types of service plans. All of them would consist of the company paying for them so that the employee does not see any of the cost reflected in their pay checks. There will be different tiers with better benefits for our health care plans. All our health care plans will come with sanitary station installations and free health lessons on how to live healthier lives and keeping the workplace clean. The prices would vary based on the area since a lot of health care prices are different based on the cities you reside in.

                I think my customers (businesses) will purchase my product because they are always finding ways to reduce turnover rates. This is very common in low wage jobs since anyone can do them. They downside of these high turnover rates though are they would have to train new employees all over again. The employees will also have an adjustment period. If you offer employees health care benefits through my service, they might see the company they work for in a better light. The only competitors I can think of are other health care companies who are pursuing the same demographic market. This will become more common as the health care industry changes through the Trump presidency. My company would have great customer service available 7 days a week from 8 am to 6 pm. We would have to start in urban areas since that is where most of our revenue will come from.

                My venture “secret sauce” I feel would be our customer support to our clients. We would have customer support available to the businesses and their employees if they ever have any questions on where they can go to use their medical benefits and when we will be in town for the lessons. Businesses would be able to contact us as well if they have any questions about pricing and their service plans. The next opportunity for my venture is hitting rural areas. I feel a lot of people forget about these areas since there are not as many people, but once we have a good foundation set that is our next move. In five years I would like to sell this company, or become a silent partner so I can focus on other things that is more relevant to my skills sets (technology).