29A – Venture Concept No. 2

Opportunity

When it comes to dog products, most people have basic items: a leash, a collar, and a roll of poop bags. These items are common to have for people so they may take their dogs to dog parks and other public areas. When people have yards, they often let their dog(s) loose in the backyard, allowing for their dog to take their time sniffing around to find the ideal place for their business. Not all people have the luxury of a fenced-in yard, therefore they must walk their dog through the neighborhood. While walking the dog, people often would like to have entertainment by using their phones. Using the phone requires two hands, but when the dog does its business in someone’s yard, it is the owner’s responsibility to ensure the business is picked up. No one enjoys holding dog poop bags. The bag is warm and mushy. It is entirely an unpleasant experience. There should be a way to solve this problem with a product.

With increasing awareness of health, people choose to walk their dogs rather than let their dogs loose in the backyard. Walking the dog every day is a great way to ensure the dog keeps in shape and helps the human feel happier as exercise helps the mind and body. Spending time with the dog, watching the dog’s excitement as he/she sniffs new smells is joyful. Therefore, not only do people without backyards need something to hold the dog poop with, people who choose to exercise their dogs in public and residential areas also feel need something to hold the poop bags.

Social media users enjoy showing off their pets and the newest, cutest outfits the dog is modeling. People also enjoy matching outfits/accessories with their dogs. There is a demand for matching accessories for dogs and their owners. This opportunity is large.

These opportunities presented are always existing as long as people have dogs.

Currently, people often throw their dog poop bags in trash cans when they are in dog parks. When in front of apartment complexes near The University of Florida, people leave the poop on the sidewalk edges and in the grass. When people are in neighborhoods and care about being responsible, they pick up their dog’s poop in bags and hold the bags until they get back home to their own trusty trash can. As for matching, people tend to stick with giving their dogs cute outfits and suffering as they cannot match their dog’s cute outfit.

Innovation

I propose a pet product line which would feature innovative pet products to better address the demand of pet owners. This pet line would include the Poop Pocket: a bag which may clip on to a belt loop or the leash, and be used to hold the bag of poop while the person walks their dog, allowing for a free hand for the human during their walk. Additionally, there would be a line of collars, harnesses, and leashes in XS, S, M, L, XL which will have matching colors and patterns to the human version of accessories, including bandanas, silk scarfs, and t-shirts (which would both have a cute logo of the company on them).

The products would be sold online, directly from the manufacturer. It would also be sold to retailers such as groomers, PetSmart, Petco, and Pet Supermarket.

The Manufacturer’s Suggested Retail Price (MSRP) for a collar would be $9.99-$12.99, depending on the size selected. The MSRP for the harness would be $22.99-$25.99. The MSRP for the leash would be $14.99. The MSRP for the Poop Pocket would be $13.99. The MSRP for the bandana would be $9.99. The MSRP for the silk scarf would be $12.99. The MSRP for the t-shirts would be $19.99. With a purchase of $25, there would be free shipping to anywhere in the US.

Venture Concept

The competitors for a line of pet products such as this would include MeUndies because they have matching bandanas for the owners and dogs called “BuddyBands”. From the looks of their website, MeUndies isn’t very successful with their BuddyBand line because it isn’t easy to get to that part of their website. It is certainly not where they are getting their money from. No one is selling a Poop Pocket or anything remotely similar. There are keychains with the empty poop bag rolls on them, but no one has touched the full poop bag problem yet. Other manufacturers of pet leashes and harnesses and collars would be a part of the competition.

The weak point of the pet collar, leash, and harness producer is their dependence on brick and mortar stores. Additionally, they do not reach the consumer directly. They depend on other businesses to do the selling work for them. Because of this, they do not earn the profit they could earn if they went direct to the consumer. My pet product line sold directly to the consumer would be more profitable than the other manufacturers, and I would also be selling the products to the same stores if they allowed me to. My products would be American Made, enabling for better branding and reputation and quality.

The business would manufacture the products and would be able to grow with demand. There would be data collected from purchases to determine what sizes sell the most and adjust to make more of the popular sizes and less of the unpopular sizes. Through this innovative way of adjusting the market, my business would have an advantage.

Final Thoughts

The most important resource would be having a head start in manufacturing and is the first one on the market. Through brand name recognition and American-made reputation, the quality products produced would be worth the extra money. This would build customer loyalty.

The next venture I would pursue would be mass producing face masks. Sure, the demand would not last much longer as high as it is now, but I believe people will gain an urgency to keep an emergency quarantine pack.