Last Friday three of my children, my wife and I took to the streets for market research and a planning meeting. For the business plan project (due June 27, btw…time is ticking) I decided to work on a small business idea the kids and Theresa had been batting around since last summer.
The upside of this is that I get some additional time with some of the older kids while doing homework. It becomes a shared experience for all of us, and we take common ownership on the project (though they were disappointed that when I turn it in to Dr. Wayvon it only gets my name on it). I’ll still be doing the heavy lifting of the work and the analysis, but they’ll have contributions to the mission statement and the ideal customer and market segment, and they can help with some of the research. Dr. Wayvon doesn’t expect a lot of primary market research. We figured, though, since we have laborers, and we have the desire to potentially pull this off, doing a little bit extra so that we don’t have to go back and do it later is a good idea.
It was a nice outing for us. Peter, Toby, Elsie, Theresa and I visited our local competition. I haven’t decided yet if I’m going to release the idea for the project out into the wild yet….would hate for someone to steal our idea before we could try it. Then we had lunch and then coffee as we discussed our target market and what products we’d carry and what our pricing and marketing strategy might look like.
I’ll let you in more on how this plays out, and maybe even talk about the particular idea, but either way I’m very thankful that I can work on the project with some of my family and to be able to get some feeling of a group project while still doing all the necessary mechanics on my own.