Idea Napkin No. 2

1. I'm a business administration major here at the University of Florida. I'm also a member of the Innovation Academy, which has given me many useful skills and knowledge I can take into the business world. Personally, I hope to run my own medical practice sometime in the future. This idea could potentially give me a start into owning my own business and give me the experience I need to be a successful entrepreneur.

2. I'm offering customers an easy way to get headphone at the gym, and at the library for an affordable price.

3. Currently I'm offering this product to gym goers, as well as students in libraries. The headphones will be in a vending machine so that if for some reason you don't have your headphones with you or you simply don't want to waste your good headphones at the gym, you have an alternative. For the library, the same vending machine will be available for affordable priced headphones for those who wish to use them to watch lectures or listen to music while studying. I plan on the price at the gyms and libraries being about $1-3 depending on the location and relevance. The headphones will not be long lasting or high quality, but will be able to work for your workout or study session, in order to keep them at a low price.  Have also considered the idea of headphones in commercial gyms of higher quality for a higher price of around $5-15. If you go to the gym and listen to music, and are a student who utilizes the library, your part of the demographic.

4. Countless times, people have been at the gym with the miserable reality of having nothing to listen too, or worse have to listen to the horrific music the gym plays. It's proven that music is an excellent motivator at the gym, without headphone you lack the proper motivation to get a good workout.  This also happens when students go to the library.  Headphones are essential at the library to watch lectures and review videos, and many students like listening to music when doing homework. 

5. There isn't any existing market similar to this in America, hopefully I can take advantage of that and doing something no one else has. Best buy has done something similar in airports and it seems to be working well for them.

I think all the factors above plus my customer interviews prove that this is a viable business model. One thing I am concerned about is repeat business. For example, how many times will someone forget their headphones and buy new ones before they always remember headphones. Also, headphones are normally a product you by once and don't buy again until you need new ones. Based on my feedback, I have found that the economically priced headphones could become popular.

5 main points I got from my feedback are

1.     My product is a utilizable idea that many students seem to have expressed interest in.

2.     I need to demonstrate the price of my product in order to give people a better feel of what they would be spending.

3.     I needed to discuss my product more in detail about the quality of headphones.

4.     I can possibly branch this idea to commercial gyms such as LA fitness, and provide higher quality headphones at a higher price.

5.     I can also provide vending machines at the gym that contain other items such as snacks in water. For this idea I believe this is already happening in commercial gyms, but UF currently does not do this.