Opportunity Assessment
Our Opportunity Assessment utilized SWOT Analysis to determine the strengths, weaknesses, opportunities and threats of our proposed business idea.
Our Opportunity Assessment utilized SWOT Analysis to determine the strengths, weaknesses, opportunities and threats of our proposed business idea.
Strengths
Our strengths are primarily represented by our product channel. We have low or no cost raw materials that are located on-site. From a product standpoint, we do have a diversified product line that is designed to withstand the seasonal aspects of the nursery and greenhouse industry. We are also providing an alternate toxic waste diversion, a valuable service to dairy farmers who must comply with Federal Regulations. Lastly, we feel that the eco-consumer market is primed and ready for more accessible gardening innovations.
Weaknesses
We recognize that we are developing an idea with highly customized equipment that might result in high capital costs. We must not assume that the same machinery that manufactures plastic planters will work with our natural materials. We may have to design new machines or modify existing technology. The other potential weakness is the high volume/low margin nature of the product. We have to obtain a substantial, repeat purchasing customer base and strategic partnerships within the first 18 months to maintain sustainable growth. Otherwise our margins will be too small to maintain the business. Lastly, we must be strategic about customer perception; our business depends on it. As our customer discovery process proved, we must be very mindful about creating the right "image" for our product.
Opportunities
The Northern California market is primed and ready for organic, all-natural products that are easy to use, safe and make a difference in the environment, from both a production and the usage perspective. Hence the name, Full Circle Planters. There is only one other company in the continental US that is producing a similar product. They have small distribution channels and are not sold anywhere from middle of the United States to the West Coast. We also see a growing concern with garden and food security awareness issues. Customers are gravitating towards more eco-friendly, non-plastic, all natural products. Full Circle Planters is going to fill that need. We also see our strategic partnerships in both the product and service arenas as key opportunities. From a product point of view we have an opportunity to create lasting relationships with nurseries, growers and greenhouses that may help us develop future products (such as a large scale agricultural application). From a service point of view, we have an opportunity to prove our value in the waste removal/upcycling concept (and regulatory compliance) that will serve us well when we are looking to expand with other dairies in California.
Threats
Low barriers to entry are a threat to both of our lines of business. Our innovation lies within our product concept itself. Developing a high quality, consistent product with strong proprietary protection of our binding material is key to minimizing this threat. Also, we must foster high quality relationships with our Strategic Dairy Partner since our removal service can easily be replaced by existing waste removal businesses. Finally, our idea lacks any intellectual property which is key to driving a thriving, scalable business. However, as we see our product and idea as serving the greater good, we feel that we can strategically manage this threat.
Our strengths are primarily represented by our product channel. We have low or no cost raw materials that are located on-site. From a product standpoint, we do have a diversified product line that is designed to withstand the seasonal aspects of the nursery and greenhouse industry. We are also providing an alternate toxic waste diversion, a valuable service to dairy farmers who must comply with Federal Regulations. Lastly, we feel that the eco-consumer market is primed and ready for more accessible gardening innovations.
Weaknesses
We recognize that we are developing an idea with highly customized equipment that might result in high capital costs. We must not assume that the same machinery that manufactures plastic planters will work with our natural materials. We may have to design new machines or modify existing technology. The other potential weakness is the high volume/low margin nature of the product. We have to obtain a substantial, repeat purchasing customer base and strategic partnerships within the first 18 months to maintain sustainable growth. Otherwise our margins will be too small to maintain the business. Lastly, we must be strategic about customer perception; our business depends on it. As our customer discovery process proved, we must be very mindful about creating the right "image" for our product.
Opportunities
The Northern California market is primed and ready for organic, all-natural products that are easy to use, safe and make a difference in the environment, from both a production and the usage perspective. Hence the name, Full Circle Planters. There is only one other company in the continental US that is producing a similar product. They have small distribution channels and are not sold anywhere from middle of the United States to the West Coast. We also see a growing concern with garden and food security awareness issues. Customers are gravitating towards more eco-friendly, non-plastic, all natural products. Full Circle Planters is going to fill that need. We also see our strategic partnerships in both the product and service arenas as key opportunities. From a product point of view we have an opportunity to create lasting relationships with nurseries, growers and greenhouses that may help us develop future products (such as a large scale agricultural application). From a service point of view, we have an opportunity to prove our value in the waste removal/upcycling concept (and regulatory compliance) that will serve us well when we are looking to expand with other dairies in California.
Threats
Low barriers to entry are a threat to both of our lines of business. Our innovation lies within our product concept itself. Developing a high quality, consistent product with strong proprietary protection of our binding material is key to minimizing this threat. Also, we must foster high quality relationships with our Strategic Dairy Partner since our removal service can easily be replaced by existing waste removal businesses. Finally, our idea lacks any intellectual property which is key to driving a thriving, scalable business. However, as we see our product and idea as serving the greater good, we feel that we can strategically manage this threat.