25A – What’s Next?


Existing market:
I think the next thing for my service is physically getting it going. There is nothing like my service in the market right now. All three of my interviewees stated that the next step is for me to form the company because others get into the market. The health care industry is changing fast and their will be competitors soon.
I think to grow my service in the new market is very possible. There are not a lot of competitors right now, so we can set the standard for prices and service packages. We can start in urban areas and move our way into more rural areas once we get a foundation set.
Companies are always trying to find way to decrease turnover rates. With my service they will be able to do this easily because their employees will feel they are cared about more since they will have benefits they did not have before. They will stay with the company longer because they will see them in a new light.

New Market:
I feel if I targeted an older demographic my company would not be as successful. From my research and interviews, as people get older health care becomes more of a necessity. They are prone to more illnesses and require more benefits. I would have to change my business plan drastically if I were to want to be successful.
I think we could still have some value for the older demographics though. When you walk into department stores there are still a lot of middle aged people who work there. I am just unsure whether they would see value in my services since they probably have health care. The two people I interviewed said they pay for their own healthcare because they work 40 hours a week and can afford it.  They could not give me any helpful tips though on how to improve the business to adapt towards older demographics since the things they would need are expensive, which insurance companies already cover.
The new market would be very difficult to adapt to in my opinion. I would be adapting older people who have different needs that require higher priced medical expenses. The whole point of my company is to provide low income workers with affordable health care benefits for common illnesses.
I would probably stick to my existing market because this is where the most money is in. Unless the health care industry changes completely and becomes privatized then maybe I can lean towards older people. Everything would go down in price hopefully at that point and I would be able to afford the costs of providing higher priced services to older people.


Comments

  1. UnknownApril 8, 2018 at 9:32 AM

    Hey Nick, I agree with you 100% in terms of your existing market that your next step would be to physically getting it started, however I do think that there is still more planning to do before you can make that happen. For your new market, I think targeting to the older demographic along with the demographic you are targeting now has the potential to be special because not only would you get the growing family business but you would get the ones that seek out the health care the most. Overall, great job!

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  2. UnknownApril 8, 2018 at 8:22 PM

    Hey Nick. I think your service has a big advantage because it is innovative and has the advantage that it is the first of its kind. I liked your idea of starting in urban areas and moving out to rural areas. This will give your venture an opportunity to be surrounded with more people and more potential business. I agree with your take on your new market and how it would be tougher with an older demographic. I liked how you took the information from the new market but determined it would still be more useful to go with the existing market. Good job!

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  3. UnknownApril 8, 2018 at 9:41 PM

    Hey Nick,
    I agree that one of your next steps is to actually get everything started. I also agree with you that your service is targeted for a specific group of people and it would be difficult to add another market to the exact same service. Maybe you could add another service? Like some kind of health class/illness prevention class for schools around flu season?? Not exactly sure, just some kind of idea.

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