This is the first week that JMADDY Gear got together in order to begin brainstorming for ideas. After many frustrations on finding out what product we where going to focus on we came up with an idea to focus on the JMU community. We decided to go with the name JMADDY Gear and come up with a line of products for both the student body and their dogs. We still are not sure that we can use the domain name JMADDY but as entrepreneurs we shall act as detectives and find this out soon! We still haven't found out our customer discovery yet but are set on focusing on a product that associates with dogs. At first we were set out on producing dog jerseys but realized that the cost associated with this may be costly and it may be too expensive for students thus creating a low profit margin for us. After much deliberation we decided that JMU dog bowls or Vineyard Vines styled dog collars may provide us with low cost and a high profit margin. As a team we will be eager to further act as detectives find out if JMU constitutes a large dog market for our products. Perhaps we can start a new trend labeled, "dogs of madison?" Only time can tell my friend.
Besides dog products we still are thinking about focusing on neon t-shirts and hats. Why? Because neon is cool and it will gain the attention of the student body!
Gain Creators:
- We are thinking about donating a percentage of our proceeds to a charity. For our dogs products perhaps donate a percentage to our local SPCA charter. For our neon product line we are still figuring out a charity to collaborate with.
- By focusing some of our proceeds to charity we hope that the customer feels like they are with JMADDY Gear in an effort to support a good cause!!
Customer Discovery:
Apparently there may be a huge dog market in Copper Beach. Copper Beach just installed several dog litter posts due to an increase influx of dogs.
While I was running last night I also spotted several dog litter post on the sidewalks of Devon Lane.
Southview Apartment just modified their leasing terms and now allow dogs which would add to our niche dog market.
The average range that we figured somebody would pay for a dog jersey ranges from $20 for a small dog to potentially $40 for a large dog.
Some people are actually willing to pay more for a snap-back neon hat v.s. a neon t-shirt. Potential revenue could possibly be 20 to $25 per hat and 10 to $15 dollars per tee.
Conclusion:
ON TO WEEK 2 of our entrepreneur journey. There's far too much to discover out there and TEAM JMADDY GEAR is eager to find out!
Besides dog products we still are thinking about focusing on neon t-shirts and hats. Why? Because neon is cool and it will gain the attention of the student body!
Gain Creators:
- We are thinking about donating a percentage of our proceeds to a charity. For our dogs products perhaps donate a percentage to our local SPCA charter. For our neon product line we are still figuring out a charity to collaborate with.
- By focusing some of our proceeds to charity we hope that the customer feels like they are with JMADDY Gear in an effort to support a good cause!!
Customer Discovery:
Apparently there may be a huge dog market in Copper Beach. Copper Beach just installed several dog litter posts due to an increase influx of dogs.
While I was running last night I also spotted several dog litter post on the sidewalks of Devon Lane.
Southview Apartment just modified their leasing terms and now allow dogs which would add to our niche dog market.
The average range that we figured somebody would pay for a dog jersey ranges from $20 for a small dog to potentially $40 for a large dog.
Some people are actually willing to pay more for a snap-back neon hat v.s. a neon t-shirt. Potential revenue could possibly be 20 to $25 per hat and 10 to $15 dollars per tee.
Conclusion:
ON TO WEEK 2 of our entrepreneur journey. There's far too much to discover out there and TEAM JMADDY GEAR is eager to find out!
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