Venture Concept
Building a gas station and restaurant
combo is not ground breaking or new by any means. The reason to exploit this
opportunity is the strike while the iron is hot. There is a customer base that
has been proven and the opportunity is fresh and will succeed most likely by
the first person who can execute the plan properly.
Opportunity
The people that will be satisfied by my
concept are the drivers and passengers riding on the new US 301 bypass around
Starke, FL. These potential customers include families on vacation, business
travelers, and professional transport drivers. Their needs that I plan to fulfill
include both gasoline for their vehicles, food for their bellies, and other convenience
store items.
This need arose really over 20 years
ago when the state of Florida and US Department of Transportation proposed a
new bypass around Starke. The local government voted for this new road. It has
only become a reality over the past year when they broke ground and started construction
on the new bypass.
This market is made up of a very
diverse set of customers. Some being professional drivers and others being
people driving for vacation. As well as it varies from affluent people to
middle and low-income earners. As well as many different age groups. Currently
there are around 20,000 vehicles that drive through Starke on a daily basis and
the state expects that number to grow to approximately 30,000 vehicles by 2025.
So, this opportunity is very large. If only 5% of the vehicles stop by to use
the gas station and restaurant that will mean around 1,000 customers per day. The
window of opportunity for this is very small because land around the new route
is scarce and needs to be acquired immediately to assure the best location.
The great thing about this new route
is the customers are isolated to the road traveling north and south. Loyalty to
the old locations will be very low because to get to those old locations would
take a considerable effort to get off the new route and drive over to Starke.
Some customers may be loyal to certain restaurants and gas station brands.
Innovation
This idea is not very innovative as
there are hundred of thousands of gas station restaurant combos across the U.S.
The idea here is to capture an already existing market that is being moved due
the new route of US HWY 301. This concept will make money by selling gasoline/diesel,
food, and traditional convenience store items. All the items will be sold at
normal market value unless price competition requires us to sell it cheaper.
The focus on my stations will be
about cleanliness and service. Through my interviews I found people care most
about the cleanliness and quick service they receive at these types of stops. I
will use both nationally recognized names for the gas station and restaurant,
such as a franchise. This was the customer can reasonably assume the level and
service and the type of products we will carry.
Venture Concept
The new US HWY 301 bypass reroutes
that highway to a new area that has no gas stations or restaurants. So, I
intend to fill that need by placing stations there. I think the vehicles
driving by will be customers due to convenience. Most people driving along the
highway do not go out of there way to eat or buy gas they chose what is most convenient.
I do not think it will be hard to get them to switch because my gas stations
and restaurants will on the route and will not take a lot of effort to get to.
I really liked that you included a map in your post because it really helped to give a visual to your concept. I also think it was a good idea to explain how your venture would be different than competitors by including your selling point would be the service and cleanliness of your station. I think it would be interesting for you to have included a what’s next section to explain to readers how you plan to carry on in the future, and include any plans or ideas for expansion in concept.
ReplyDeleteBradley,
ReplyDeleteWhile I certainly do agree with your assessment that the idea is not new, it is about being first to the market. If you are able to develop a good reputation in the area then you will have a lot of repeat customers that will lead to a successful business.
Hi Bradley,
ReplyDeleteI thought you did a good job describing your venture concept. I especially liked your description of the history of the opportunity and detailed description of the demographics. I also agree that the map was a great addition. The map will help explain the opportunity for out-of-town or out-of-state investors who may be unfamiliar with the layout of the area. In my post, I talked a little about possible employees in my business. You might consider briefly including something about the number of employees you think you will need, so investors will have insight into some of the potential costs you may have once the business is running.
Ashley Decker
Hey Bradley,
ReplyDeleteI know where the area is that your are talking about with the new 301 being built because I work in the area. Although, many people do not know where you are talking about, so I think that it was a good idea that you included the picture. Also, I think that you have a great idea for your business idea. No, it is not innovative, but similarly to what you said, you have to 'get it when the gettin' is good.' I think that such a business would be very successful in the new area.
-Dakota Horlocker