Venture Concept No. 1 - Assignment 24A

Intro

In the world of makeup, there are so many products out there to help women to express themselves. Whether it be colorful eye shadow, bold eyelashes, or winged eye liner, the possibilities are endless. What a woman should not have to worry about though is her mascara running down her face when she unexpectedly gets emotional at a social event, or when it starts pouring when she walks to her car. A waterproof product is essential in this time of crisis, or else her entire makeup regime may be ruined! But what can she do? She does not like to buy waterproof mascara, it is not the same as her favorite mascara from the Sephora Collection, and she knows she’ll never use the whole tube in time.

This is why a waterproof overcoat is necessary.

Opportunity

My potential customer is exactly the woman I have described above. Women who do not like waterproof mascara for various reasons- it does not come off as well when they wash their face, it is not necessary for all occasions and in turn they end up wasting most of the tube. I fall into this category of potential customers and my product is exactly what I am looking for. Having a waterproof overcoat that you could apply over top your normal mascara would solve these issues that my market has.

Currently, waterproof mascara is all these women have- and I, as a member of this market, am not satisfied. Too often I end up wasting more than half a tube because I only need every once and awhile for weddings or possibly beach days. I think that if women knew this product was an option, they would take advantage of it and make the switch.

Innovation

Since my own need is one of the reasons for coming up with this waterproof overcoat, I know that it is an innovative and creative product, or else I would not have the need. That being said, here is exactly what I have come up with: a waterproof overcoat that you apply over your favorite brand of mascara. The product contains ingredients that allow a longer shelf life than most waterproof mascaras, so it will last longer and will not be wasted.

When it comes to making money, I will have to look into how much it is actually going to cost to manufacture my overcoat. I believe it will cost around the same amount of a tube of regular mascara, but on the packaging I will be sure to include that it will last longer than most tubes- allowing the customers to know that they are getting more bang for their buck.

Venture Concept

Today, people are all about convenience. They are also all about saving money. So with a waterproof product that lasts longer than the normal three month lifespan of a tube of mascara, these ladies will fulfill both of these. My overcoat can be used on the days that they need it, knowing that they did not waste money on a product they will only use a couple times before it is no longer good. I believe that when the customer becomes aware of my overcoat, they will no longer buy waterproof mascara.

To further my business venture, I will have to enlist someone to produce a prototype for me, once that is done I will use my pitch to get makeup manufacturers on board to sell it alongside their mascara. Perhaps sell them in the same packages together to give the buyer a deal. I think my best option would be to partner with a makeup company, or maybe multiple, that are already established in order to get a boost from the use of their brand on my product. I think that with the partnership and my patent, we would be able to last in the market for a little while before competitors try and copy my product. If I get multiple companies on board though, it would allow my customers to be able to buy whichever brand they normally buy in mascara. Doing that would also eliminate the competition because everyone would be selling my overcoat with their products.

Beyond the help of big name makeup companies, I am going to include a travel size option in my product line. Allowing customers to buy the smaller tube so that they can take it with them in their purse or backpack even. The travel size tube would draw everyone as well because who doesn’t love mini items?

My Most Important Resource

Beyond my actual product, I think my own go-getter attitude and organizational skills will help me stay ahead of the game when it comes to dealing with competitors. Since I am a part of my target market and since the other women in my life were primary targets as well for my product, I can have them help give me advice on what I should do next with my product.

What’s Next For the Product?

After I have success with the waterproof overcoat, I will launch my travel sized tube that I mentioned earlier. My customers will already have fallen in love with the overcoat, so when the travel size option emerges they will be thrilled! They can store one in their makeup bag and one in their purse!

What’s Next For Me?

After launching my overcoat and the travel size tube, I will probably sell my patent to the makeup company or companies that I have partnered with and make sure I get royalty for my product, since it was my invention and all. However, I am not much of an entrepreneur so I may have to move on from my successful waterproof overcoat and look towards the future I have in the business world.