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  • Business viability? Opinions?

    updated 5 days, 22 hours ago 0 Member · 1 Post
  • Margaret

    Member
    September 22, 2022 at 6:13 pm

    I’m in the process of trying to startup a service business in my very niche hobby community. Think ‘rent the runway’ but for my specific community. I have created a business plan, looked at total addressable market, reviewed competitors (there are none), etc. there are however similar services in different niche communities, but nothing quite like this. I’ve started to drill down a bit further in my market research and I’ve learned that someone did try to do this before but failed (she had two whole customers in one year). I reached out to her to pick her brain and she was kind enough to chat with me. My gut feel when speaking to her is the execution was flawed and the prices were too high, but I don’t want to be naive and overly confident. Buttt…is it the jockey, or is the horse. Although on balance I am beginning to feel apprehensive that maybe the idea isn’t as strong as I originally thought it was. I’ve worked through the logistics of cycling through the garments, the cleaning process, shipping, etc and I’ve just asked for people in the community on a FB group if they’d be willing to test the pipes and go through the ordering process and report back with any feedback and hiccups. My main concern at this point is that the demand just might not be there, even though the general consensus is super positive. Question: how would you approach this at this stage. Is the only way to really know to just do it and iterate from there, or am I getting valuable info from the market (someone tried and failed, this doesn’t exist for a reason, etc). Thank you all so much. – by /hq/Previous-Factor9686 – –

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