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B283 Journal Lesson 10

July 6, 2013

My $100 challenge project is progressing.  I finished my prototype and last night I went to Sky Harbor Airport.  I looked for the shops that might be candidates for selling my security pocket.  I learned there is one company that owns five different shops in the airport.  I was surprised to find one of my competitor’s products selling for the same amount as online.  I expected the airport’s pricing to be higher.  I talked to clerks in two shops.  One had only been working there for three days.  The other shop happened to have four workers gathered at one spot.  I asked them about security pockets.  One lady didn’t think they had them.  Another said they did.  I asked her how often people ask for these pockets.  She indicated that it was not very often.  I learned that the airport is not as good a place for selling my product as I thought.  While there I talked to a woman manning the information counter.  She gave me an Idea for a product that is needed by the airlines.  I now have to do some research to see if there would be enough demand for it.

This week I learned about franchising.  I looked at the pros and cons.  Franchises appear to have less risk for your investment.  They can get up and running faster due to strong management systems that are already in place, name recognition, and cost cuts for bulk buying.  However, they usually require a large amount of money up front, a percentage of which must be your own.  You cannot do just anything you want because there are policies set up by the franchise contract that you must follow.  I decided I would do much better not being a part of a franchise, at least for now.  I love to be part of the creative process and like the idea of starting a business from scratch.

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