What’s working, and what needs work?
Since beginning this process of creating a business nearly two months ago, we have come quite a way to where we are now.
So far, we feel we have a strong foundation in who we are as a company and what our focus is. We have also completed some benchmarking to figure out other companies that are doing similar things, and we’ve figured out what makes us special against those companies.
Groupon — Groupon earns its money through a commission it generates on every coupon it sells. Retailers and businesses that offer their goods and services on the site are promised a minimum number of deals that are sold. When that threshold is reached, each deal coupon that is sold earns Groupon a 50% commission.
Airbnb experiences- Individual tickets for event, monthly packages rotation
We have also figured out possible experiences we could offer in the Cincinnati area. These include:
- Cincinnati Zoo
- Newport aquarium
- Museum center
- City tours
- Wine tasting
- golf courses/mini golf
- Laser Tag
- Movie theaters
- Trampoline parks
- Axe throwing places, gun range ?
- Concert venues
- The aronoff or playhouse in the park
- The Banks
Though we have felt confident in the above areas, we recognize that we have struggled to figure out how we’re going to make a profit. We started brainstorming some ideas on this as a team after last week’s class and here are some of our thoughts:
– Making profit: Businesses offer discounted experiences and or exclusive deals via us. We sell package deals to consumers. Enough money to pay businesses and a cut for us.
– Expenses: website, advertisement, employees