Wham Bam, (thank you Ma'am)

We read a concise article for class this week which raised some very good questions.  My initial realization was that I didn't have a concise, captivating answer to these questions, so I sat down with Monty, and we fleshed them out.  This exercise really helped focus the two of us, and I think it could only become more valuable as the team grows, and changes.

1. Why did you bother starting this business?

This question is the most natural to answer for me.  I'm tired of my stuff wearing out.  I try to fix it, but it appears that consideration for repair has completely gone out of the window in products today.  I usually succeed in repairing my own products after expelling enough effort and capitol to negate the value of repair over replacement.  The invaluable take away from these experiences are the insights and knowledge gleaned from seeing how things are put together, how things brake, and how things can be fixed currently.  This gives me a good foundation for addressing these issues proactively when designing products for Canvas and Hide.

2. What are you actually doing?

The answer to this question will have to remain broad for now.  Our purpose is to build products that are not only resilient, repairable, and updatable, but to build products that people will want to keep, fix, and improve.  At this point we are focusing on personal storage (bags) utilizing the materials of canvas and leather.  We see our initial market segment as being transportation cyclists and outdoors types, but we are interested in exploring opportunities that meet our core values.

3. Who else is doing this?

I'll answer this in two ways.  Our direct competitors could be Patagonia and Velo-Orange Bicycles.  To find a similar mission, we can look to companies and brands such as Red-Wing Boots, Dodge Trucks, and the Porsche 911.

4. Why are you going to win?

Thats a great question that invites a certain amount of egocentricity that I don't subscribe to.  We may not win.  We are here because we believe that this is a battle worth fighting, and we want to give our client base the opportunity to push back. We will have to balance our dedication to quality with our customers willingness to pay premium prices.  It will be a slow road that may require exploration into different approaches and strategy reconstruction.  Our ever present asset will be our dedication to the end goal.  Cutting corners has become second nature in consumer goods, and our crusade against inferior, under built products will be our differentiator, and our call to arms.

5. How are you going to make money?

We will sell soft goods (not to be confused with soft wares) initially through crowd funding, before growing into an online retailer.  We intend to partner with small retail businesses to provide on site sales, but avoid dealing with wholesalers and the existing distribution network.  We feel this is the largest value drain for both the company (value creator) and consumer (value supporter).  We believe that this strategy will allow us to launch at a competitive price point while building brand trust, and loyalty. 

6. How will you know how you are doing?

A crucial part of resilience and repairability is to support products after they are sold, and even discontinued.  We offer factory repairs, as well as affordable repair hardware for users who prefer to do their own repairs at home.  By tracking our repairs, and polling past purchasers we can see how many of our bags withstand both the rigors of use and the evolution of user needs and preferences.  The longer the lifespan of our bags, the better our brand and the more successful we are at furthering our company purpose.

If you would like to read the original article, please follow the link below
http://under30ceo.com/6-questions-find-killer-business-idea/#v3JglkIC6EVjtQrL.99